IYRvsFRELETF Comparison
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iShares U.S. Real Estate ETF (IYR) and Fidelity MSCI Real Estate Index ETF (FREL) belong to the same industry segment: US Real Estate. IYR's top 3 sector exposures are Real Estate, Financials and Industrials. In contrast, FREL's top sector exposures are Real Estate, Industrials IYR is more expensive with a Total Expense Ratio (TER) of 0.38%, versus 0.08% for FREL. IYR is up 7.61% year-to-date (YTD) with -$583M in YTD flows. FREL performs better with 7.91% YTD performance, and +$252M in YTD flows. Run a side-by-side ETF comparison of IYR 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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IYR vs FREL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | IYR FREL | +8.75%+8.83% | +5.22%+5.64% | +7.61%+7.91% | +11.17%+12.16% | +28.51%+29.52% | +16.47%+16.37% |
| Flows | IYR FREL | -$220M-$16M | -$257M-$4M | -$583M+$252M | +$577M+$304M | +$814M+$175M | -$2.07B+$98M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | IYR FREL | +14.84%+14.88% | +13.28%+13.43% | +16.76%+16.94% | +18.73%+18.91% |
| Max drawdown | IYR FREL | -8.50%-8.45% | -8.50%-8.45% | -17.49%-17.46% | -33.67%-34.35% |
| Max drawdown duration | IYR FREL | 44d44d | 44d44d | 141d441d | 1576d1576d |
Trading data
IYR | FREL | |
Last sale 4/29/2026 at 5:04 PM | $101.17 | $28.85 |
| Previous close 04/28/2026 | $101.74 | $29.02 |
| Consolidated volume 04/28/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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IYR | 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 4/29/2026 at 5:04 PM
Live
Closed
IYR | FREL | |
|---|---|---|
| Last price | $101.17 | $28.85 |
| 1D performance | -0.57% | -0.59% |
| AuM | $4.04 B | $1.42 B |
| E/R | 0.38% | 0.08% |
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Exposure
Countries
IYR
USA
99.6%
Other
0.4%
FREL
USA
99.19%
Other
0.81%
Sectors
IYR
Real Estate
94.16%
Other
5.84%
FREL
Real Estate
95.17%
Other
4.83%
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Diversification
IYR
Total weight of top 15 holdings out of 15
63.05%
FREL
Total weight of top 15 holdings out of 15
57.23%
Top 15 holdings
Data as of March 31, 2026
IYR
WELLTOWER INC
9.96%
PROLOGIS REIT
9.18%
EQUINIX INC COMMON STOCK REIT
4.69%
DIGITAL REALTY REIT
4.63%
SIMON PROPERTY GROUP REIT
4.58%
REALTY INCOME REIT
4.40%
AMERICAN TOWER CL A REIT
4.39%
PUBLIC STORAGE REIT
3.40%
CBRE GROUP
3.13%
VENTAS REIT
3.09%
CROWN CASTLE INTERNATIONAL
2.82%
IRON MOUNTAIN
2.40%
VICI PROPERTIES INC
2.32%
EXTRA SPACE STORAGE REIT
2.21%
AVALONBAY COMMUNITIES REIT
1.84%
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 IYR and FREL
How have the IYR and FREL ETFs performed in 2026?
As of April 27, 2026, IYR is up 7.61% year-to-date (YTD), while FREL has returned 7.91%. That puts FREL better performer ahead so far this year.
Which ETF is attracting more investor money: IYR or FREL?
Year-to-date, the IYR ETF saw -$583M in flows, compared to +$252M for FREL.
Which ETF is more volatile: IYR or FREL?
Over the past year, IYR had a volatility of 13.28%, while FREL experienced 13.43%.
Which ETF is bigger: IYR or FREL?
As of April 27, 2026, IYR holds $4.04 B in assets under management (AUM), while FREL manages $1.42 B.
What sectors do the IYR and FREL ETFs invest in?
IYR leans toward sectors like Real Estate. Meanwhile, FREL focuses on Real Estate.
What are the top holdings of the IYR ETF and FREL ETF?
IYR top holdings include WELLTOWER INC, PROLOGIS REIT and EQUINIX INC COMMON STOCK REIT. FREL holds in its top three: WELLTOWER INC, PROLOGIS REIT and AMERICAN TOWER CL A REIT.
Which ETF is more diversified: IYR or FREL?
IYR holds 62 securities with 63.05% 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 IYR & FREL
Exploring Sector Rotation: Value vs. Growth
August 5, 2024
IYR
Two Ways to Get Real Estate Income with ETFs
August 2, 2024
FREL
Real Estate Sector Declines on Fed Minutes
May 27, 2024
IYR
FREL
Real Estate Sector Suffers Third Weekly Loss Amid Rising Treasury Yields
April 22, 2024
IYR
FREL
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Real Estate ETFs Hit Again by the Rise in Treasury Yields
April 15, 2024
IYR
Real Estate ETFs Hit Again by the Rise in Treasury Yields
April 15, 2024
IYR
Real Estate Sector Hit by Stronger-Than-Expected Inflation Data
March 19, 2024
IYR
Real Estate Sector Gains Momentum After Dovish Fed Comments
December 19, 2023
IYR
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