FRELvsFRIETF Comparison
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Fidelity MSCI Real Estate Index ETF (FREL) and First Trust S&P REIT Index Fund ETF (FRI) belong to the same industry segment: US Real Estate. FREL's top 2 sector exposures are Finance and Technology. In contrast, FRI's top sector exposures are Finance. FREL is less expensive with a Total Expense Ratio (TER) of 0.084%, versus 0.49% for FRI. FREL is up 6.82% year-to-date (YTD) with +$285M in YTD flows. FRI performs better with 12.92% YTD performance, and +$24M in YTD flows. Run a side-by-side ETF comparison of FREL and FRI 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 FRI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FREL FRI | -4.83%-4.20% | -2.01%-0.50% | +6.82%+12.92% | +4.22%+12.52% | +28.82%+37.18% | +6.27%+20.30% |
| Flows | FREL FRI | +$21M+$146K | +$28M+$17M | +$285M+$24M | +$338M+$21M | +$311M+$38M | -$230M+$13M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FREL FRI | +13.66%+12.95% | +13.71%+13.16% | +16.85%+16.71% | +18.95%+18.83% |
| Max drawdown | FREL FRI | -8.08%-8.57% | -8.45%-8.57% | -17.46%-18.74% | -34.35%-31.41% |
| Max drawdown duration | FREL FRI | 52d53d | 44d53d | 441d434d | 1621d1496d |
Trading data
FREL | FRI | |
Last sale 9/18/2026 at 1:30 PM | $27.93 | $30.28 |
| Previous close 09/17/2026 | $28.43 | $30.56 |
| 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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FREL | FRI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
FREL | FRI | |
|---|---|---|
| Last price | $27.93 | $30.28 |
| 1D performance | -1.76% | -0.92% |
| AuM | $1.41 B | $189.58 M |
| E/R | 0.084% | 0.49% |
Characteristics
FREL | FRI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | First Trust |
| Benchmark | MSCI USA IMI Real Estate 25/25 Index | S&P United States REIT Index |
| N° of holdings | 121 | 121 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 2, 2015 | May 8, 2007 |
| ESG | No | No |
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Exposure
Countries
FREL
USA
99.48%
Other
0.52%
FRI
USA
95.67%
Other
4.33%
Sectors
FREL
Finance
98.47%
Other
1.53%
FRI
Finance
95.67%
Other
4.33%
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Diversification
FREL
Total weight of top 15 holdings out of 15
57.46%
FRI
Total weight of top 15 holdings out of 15
61.1%
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%
FRI
Welltower, Inc.
12.17%
Prologis, Inc.
9.53%
Equinix, Inc.
4.65%
Digital Realty Trust, Inc.
4.61%
Simon Property Group, Inc.
4.46%
Realty Income Corp.
4.28%
Public Storage
3.93%
Equity Residential
3.45%
Ventas, Inc.
3.27%
Iron Mountain, Inc.
2.66%
Extra Space Storage, Inc.
2.26%
VICI Properties, Inc.
2.11%
Essex Property Trust, Inc.
1.34%
Invitation Homes, Inc.
1.20%
Kimco Realty Corp.
1.18%
Frequently asked questions about FREL and FRI
How have the FREL and FRI ETFs performed in 2026?
As of September 18, 2026, FREL is up 6.82% year-to-date (YTD), while FRI has returned 12.92%. That puts FRI better performer ahead so far this year.
Which ETF is attracting more investor money: FREL or FRI?
Year-to-date, the FREL ETF saw +$285M in flows, compared to +$24M for FRI.
Which ETF is more volatile: FREL or FRI?
Over the past year, FREL had a volatility of 13.71%, while FRI experienced 13.16%.
Which ETF is bigger: FREL or FRI?
As of September 18, 2026, FREL holds $1.41 B in assets under management (AUM), while FRI manages $189.58 M.
What sectors do the FREL and FRI ETFs invest in?
FREL leans toward sectors like Finance. Meanwhile, FRI focuses on Finance.
What are the top holdings of the FREL ETF and FRI ETF?
FREL top holdings include Welltower, Inc., Prologis, Inc. and Equinix, Inc.. FRI holds in its top three: Welltower, Inc., Prologis, Inc. and Equinix, Inc..
Which ETF is more diversified: FREL or FRI?
FREL holds 122 securities with 57.46% of its assets in the top 15. FRI has 121 securities and a top 15 weight of 61.1%.
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Latest news about FREL & FRI
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August 2, 2024
FREL
Real Estate Sector Declines on Fed Minutes
May 27, 2024
FREL
Real Estate Sector Suffers Third Weekly Loss Amid Rising Treasury Yields
April 22, 2024
FREL
Real Estate Sector Gains Momentum After Dovish Fed Comments
December 19, 2023
FREL
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