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 3 sector exposures are Real Estate and Industrials. In contrast, FRI's top sector exposures are Real Estate FREL is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.49% for FRI. FREL is up 9.68% year-to-date (YTD) with +$242M in YTD flows. FRI performs better with 13.39% YTD performance, and -$3M 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 04/30/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FREL FRI | +10.18%+10.21% | +6.87%+10.20% | +9.68%+13.39% | +12.91%+18.47% | +31.05%+38.83% | +17.09%+30.10% |
| Flows | FREL FRI | -$27M-$3M | -$21M-$8M | +$242M-$3M | +$289M-$4M | +$165M+$10M | +$78M+$68M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FREL FRI | +14.93%+14.23% | +13.53%+13.25% | +16.94%+16.99% | +18.92%+18.98% |
| Max drawdown | FREL FRI | -8.45%-7.64% | -8.45%-7.64% | -17.46%-18.74% | -34.35%-31.41% |
| Max drawdown duration | FREL FRI | 44d44d | 44d44d | 441d434d | 1579d1496d |
Trading data
FREL | FRI | |
Last sale 5/1/2026 at 1:30 PM | $29.15 | $30.83 |
| Previous close 04/29/2026 | $29.21 | $30.89 |
| Consolidated volume 04/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of April 30, 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 5/1/2026 at 1:30 PM
Live
Closed
FREL | FRI | |
|---|---|---|
| Last price | $29.15 | $30.83 |
| 1D performance | -0.21% | -0.19% |
| AuM | $1.43 B | $165.19 M |
| E/R | 0.08% | 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 | 113 | 112 |
| 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
99.19%
Other
0.81%
FRI
USA
96.29%
Other
3.71%
Sectors
FREL
Real Estate
95.17%
Other
4.83%
FRI
Real Estate
93.43%
Other
6.57%
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Diversification
FREL
Total weight of top 15 holdings out of 15
57.23%
FRI
Total weight of top 15 holdings out of 15
60.4%
Top 15 holdings
Data as of March 31, 2026
FREL
WELLTOWER INC
8.42%
PROLOGIS REIT
8.14%
AMERICAN TOWER CL A REIT
5.32%
EQUINIX INC COMMON STOCK REIT
4.80%
SIMON PROPERTY GROUP REIT
4.15%
DIGITAL REALTY REIT
4.09%
REALTY INCOME REIT
3.77%
PUBLIC STORAGE REIT
2.97%
CBRE GROUP
2.82%
VENTAS REIT
2.64%
CROWN CASTLE INTERNATIONAL
2.38%
IRON MOUNTAIN
2.09%
VICI PROPERTIES INC
2.02%
EXTRA SPACE STORAGE REIT
1.96%
AVALONBAY COMMUNITIES REIT
1.65%
FRI
WELLTOWER INC
11.30%
PROLOGIS REIT
10.09%
SIMON PROPERTY GROUP REIT
4.86%
EQUINIX INC COMMON STOCK REIT
4.84%
DIGITAL REALTY REIT
4.75%
REALTY INCOME REIT
4.64%
PUBLIC STORAGE REIT
3.55%
VENTAS REIT
3.17%
IRON MOUNTAIN
2.43%
VICI PROPERTIES INC
2.39%
EXTRA SPACE STORAGE REIT
2.29%
AVALONBAY COMMUNITIES REIT
1.90%
EQUITY RESIDENTIAL REIT
1.67%
ESSEX PROPERTY REIT
1.28%
WP CAREY INC
1.24%
Frequently asked questions about FREL and FRI
How have the FREL and FRI ETFs performed in 2026?
As of April 30, 2026, FREL is up 9.68% year-to-date (YTD), while FRI has returned 13.39%. 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 +$242M in flows, compared to -$3M for FRI.
Which ETF is more volatile: FREL or FRI?
Over the past year, FREL had a volatility of 13.53%, while FRI experienced 13.25%.
Which ETF is bigger: FREL or FRI?
As of April 30, 2026, FREL holds $1.43 B in assets under management (AUM), while FRI manages $165.19 M.
What sectors do the FREL and FRI ETFs invest in?
FREL leans toward sectors like Real Estate. Meanwhile, FRI focuses on Real Estate.
What are the top holdings of the FREL ETF and FRI ETF?
FREL top holdings include WELLTOWER INC, PROLOGIS REIT and AMERICAN TOWER CL A REIT. FRI holds in its top three: WELLTOWER INC, PROLOGIS REIT and SIMON PROPERTY GROUP REIT.
Which ETF is more diversified: FREL or FRI?
FREL holds 127 securities with 57.23% of its assets in the top 15. FRI has 128 securities and a top 15 weight of 60.4%.
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Latest news about FREL & FRI
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May 27, 2024
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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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