FRIvsFRELETF Comparison
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First Trust S&P REIT Index Fund ETF (FRI) and Fidelity MSCI Real Estate Index ETF (FREL) belong to the same industry segment: US Real Estate. Both ETFs have the same top 3 sector exposures: and Real Estate. FRI is more expensive with a Total Expense Ratio (TER) of 0.49%, versus 0.08% for FREL. FRI is up 13.39% year-to-date (YTD) with -$3M in YTD flows. FREL performs worse with 8.05% YTD performance, and +$252M in YTD flows. Run a side-by-side ETF comparison of FRI and FREL 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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FRI vs FREL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/30/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FRI FREL | +10.21%+8.54% | +10.20%+5.37% | +13.39%+8.05% | +18.47%+11.83% | +38.83%+29.10% | +30.10%+15.81% |
| Flows | FRI FREL | -$3M-$17M | -$8M-$6M | -$3M+$252M | -$4M+$299M | +$10M+$175M | +$68M+$88M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FRI FREL | +14.23%+14.66% | +13.25%+13.46% | +16.99%+16.93% | +18.98%+18.91% |
| Max drawdown | FRI FREL | -7.64%-8.45% | -7.64%-8.45% | -18.74%-17.46% | -31.41%-34.35% |
| Max drawdown duration | FRI FREL | 44d44d | 44d44d | 434d441d | 1496d1578d |
Trading data
FRI | FREL | |
Last sale 5/1/2026 at 5:32 PM | $30.81 | $29.18 |
| Previous close 04/29/2026 | $30.88 | $29.21 |
| 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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FRI | FREL | |
|---|---|---|
| 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 5:32 PM
Live
Closed
FRI | FREL | |
|---|---|---|
| Last price | $30.81 | $29.18 |
| 1D performance | -0.23% | -0.10% |
| AuM | $165.19 M | $1.42 B |
| E/R | 0.49% | 0.08% |
Characteristics
FRI | FREL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | First Trust | Fidelity |
| Benchmark | S&P United States REIT Index | MSCI USA IMI Real Estate 25/25 Index |
| N° of holdings | 112 | 113 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 8, 2007 | February 2, 2015 |
| ESG | No | No |
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Exposure
Countries
FRI
USA
96.29%
Other
3.71%
FREL
USA
99.19%
Other
0.81%
Sectors
FRI
Real Estate
93.43%
Other
6.57%
FREL
Real Estate
95.17%
Other
4.83%
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Diversification
FRI
Total weight of top 15 holdings out of 15
60.4%
FREL
Total weight of top 15 holdings out of 15
57.23%
Top 15 holdings
Data as of March 31, 2026
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%
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%
Frequently asked questions about FRI and FREL
How have the FRI and FREL ETFs performed in 2026?
As of April 30, 2026, FRI is up 13.39% year-to-date (YTD), while FREL has returned 8.05%. That puts FRI better performer ahead so far this year.
Which ETF is attracting more investor money: FRI or FREL?
Year-to-date, the FRI ETF saw -$3M in flows, compared to +$252M for FREL.
Which ETF is more volatile: FRI or FREL?
Over the past year, FRI had a volatility of 13.25%, while FREL experienced 13.46%.
Which ETF is bigger: FRI or FREL?
As of April 30, 2026, FRI holds $165.19 M in assets under management (AUM), while FREL manages $1.42 B.
What sectors do the FRI and FREL ETFs invest in?
FRI leans toward sectors like Real Estate. Meanwhile, FREL focuses on Real Estate.
What are the top holdings of the FRI ETF and FREL ETF?
FRI top holdings include WELLTOWER INC, PROLOGIS REIT and SIMON PROPERTY GROUP REIT. FREL holds in its top three: WELLTOWER INC, PROLOGIS REIT and AMERICAN TOWER CL A REIT.
Which ETF is more diversified: FRI or FREL?
FRI holds 128 securities with 60.4% of its assets in the top 15. FREL has 127 securities and a top 15 weight of 57.23%.
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Latest news about FRI & FREL
Two Ways to Get Real Estate Income with ETFs
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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