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FRELvsFPROETF Comparison

ETF 1

FREL

Fidelity MSCI Real Estate Index ETF

This fund is part of

US Real Estate

+0.35%

Full FREL fund page

VS

ETF 2

FPRO

Fidelity Real Estate Investment ETF

This fund is part of

Uncategorized Equities

+1.14%

Full FPRO fund page

Fidelity MSCI Real Estate Index ETF (FREL) belongs to the US Real Estate segment. Fidelity Real Estate Investment ETF (FPRO) is part of the Uncategorized Equities segment. Both ETFs have the same top 2 sector exposures: Finance and Technology. FREL is less expensive with a Total Expense Ratio (TER) of 0.084%, versus 0.57% for FPRO. FREL is up 7.77% year-to-date (YTD) with +$285M in YTD flows. FPRO performs better with 10.02% YTD performance, and +$1M in YTD flows. Run a side-by-side ETF comparison of FREL and FPRO below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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FREL vs FPRO performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/17/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FREL FPRO	-4.35%-4.65%	-1.15%-1.40%	+7.77%+10.02%	+5.37%+9.22%	+29.96%+31.77%	+6.67%+9.75%
Flows	FREL FPRO	+$25M-	+$27M-$622K	+$285M+$1M	+$341M+$58K	+$311M-$591K	-$230M-$814K

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FREL FPRO	+13.55%+13.49%	+13.68%+13.57%	+16.86%+16.54%	+18.94%+18.83%
Max drawdown	FREL FPRO	-7.56%-7.13%	-8.45%-7.71%	-17.46%-16.55%	-34.35%-33.01%
Max drawdown duration	FREL FPRO	51d53d	44d44d	441d511d	1621d1565d

Trading data

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	FREL	FPRO
Last sale 9/17/2026 at 1:30 PM	$28.43	$24.15
Previous close 09/17/2026	$28.34	$24.08
Consolidated volume 09/17/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of August 31, 2026

1-year trailing difference

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FPRO

is actively managed and doesn’t replicate an index

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	FREL	FPRO
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 9/17/2026 at 1:30 PM

Live

Closed

	FREL	FPRO
Last price	$28.43	$24.15
1D performance	+0.32%	+0.29%
AuM	$1.44 B	$15.69 M
E/R	0.084%	0.57%

Characteristics

	FREL	FPRO
Management strategy	Passive	Active
Provider	Fidelity	Fidelity
Benchmark	MSCI USA IMI Real Estate 25/25 Index	-
N° of holdings	121	107
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	February 2, 2015	February 2, 2021
ESG	No	No

More FREL data on Trackinsight

More FPRO data on Trackinsight

Exposure

Countries

FREL

USA

99.48%

Other

0.52%

FPRO

USA

99.96%

Other

0.04%

Sectors

FREL

Finance

98.47%

Other

1.53%

FPRO

Finance

98.35%

Other

1.65%

Diversification

FREL

Total weight of top 15 holdings out of 15

57.46%

FPRO

Total weight of top 15 holdings out of 15

73.96%

Top 15 holdings

Data as of July 31, 2026

FREL

Welltower, Inc.

9.25%

Prologis, Inc.

7.92%

Equinix, Inc.

5.21%

Simon Property Group, Inc.

4.74%

American Tower Corp.

3.98%

Digital Realty Trust, Inc.

3.96%

Realty Income Corp.

3.66%

Public Storage

3.42%

Ventas, Inc.

2.79%

CBRE Group, Inc.

2.70%

Iron Mountain, Inc.

2.30%

Crown Castle, Inc.

2.03%

Extra Space Storage, Inc.

2.01%

VICI Properties, Inc.

1.81%

AvalonBay Communities, Inc.

1.69%

FPRO

Prologis, Inc.

10.08%

Equinix, Inc.

8.94%

Welltower, Inc.

8.65%

American Tower Corp.

8.63%

Digital Realty Trust, Inc.

4.69%

Public Storage

3.85%

Kimco Realty Corp.

3.85%

Simon Property Group, Inc.

3.81%

STAG Industrial, Inc.

3.66%

Realty Income Corp.

3.33%

Ventas, Inc.

3.23%

CBRE Group, Inc.

3.10%

Iron Mountain, Inc.

2.75%

NNN REIT, Inc.

2.72%

UDR, Inc.

2.67%

Frequently asked questions about FREL and FPRO

How have the FREL and FPRO ETFs performed in 2026?

As of September 17, 2026, FREL is up 7.77% year-to-date (YTD), while FPRO has returned 10.02%. That puts FPRO better performer ahead so far this year.

Which ETF is attracting more investor money: FREL or FPRO?

Year-to-date, the FREL ETF saw +$285M in flows, compared to +$1M for FPRO.

Which ETF is more volatile: FREL or FPRO?

Over the past year, FREL had a volatility of 13.68%, while FPRO experienced 13.57%.

Which ETF is bigger: FREL or FPRO?

As of September 17, 2026, FREL holds $1.44 B in assets under management (AUM), while FPRO manages $15.69 M.

What sectors do the FREL and FPRO ETFs invest in?

FREL leans toward sectors like Finance. Meanwhile, FPRO focuses on Finance.

What are the top holdings of the FREL ETF and FPRO ETF?

FREL top holdings include Welltower, Inc., Prologis, Inc. and Equinix, Inc.. FPRO holds in its top three: Prologis, Inc., Equinix, Inc. and Welltower, Inc..

FRELvsFPROETF Comparison

Fidelity MSCI Real Estate Index ETF

Fidelity Real Estate Investment ETF

FREL vs FPRO performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FREL and FPRO ETFs performed in 2026?

As of September 17, 2026, FREL is up 7.77% year-to-date (YTD), while FPRO has returned 10.02%. That puts FPRO better performer ahead so far this year.

Which ETF is attracting more investor money: FREL or FPRO?

Year-to-date, the FREL ETF saw +$285M in flows, compared to +$1M for FPRO.

Which ETF is more volatile: FREL or FPRO?

Over the past year, FREL had a volatility of 13.68%, while FPRO experienced 13.57%.

Which ETF is bigger: FREL or FPRO?

As of September 17, 2026, FREL holds $1.44 B in assets under management (AUM), while FPRO manages $15.69 M.

What sectors do the FREL and FPRO ETFs invest in?

FREL leans toward sectors like Finance. Meanwhile, FPRO focuses on Finance.

What are the top holdings of the FREL ETF and FPRO ETF?

FREL top holdings include Welltower, Inc., Prologis, Inc. and Equinix, Inc.. FPRO holds in its top three: Prologis, Inc., Equinix, Inc. and Welltower, Inc..

Which ETF is more diversified: FREL or FPRO?

FREL holds 122 securities with 57.46% of its assets in the top 15. FPRO has 107 securities and a top 15 weight of 73.96%.

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