VNQvsFRELETF Comparison
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Vanguard Real Estate ETF (VNQ) 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: Real Estate and Industrials. VNQ is more expensive with a Total Expense Ratio (TER) of 0.13%, versus 0.08% for FREL. VNQ is up 3.37% year-to-date (YTD) with +$179M in YTD flows. FREL performs worse with 2.93% YTD performance, and +$269M in YTD flows. Run a side-by-side ETF comparison of VNQ 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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VNQ vs FREL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/07/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VNQ FREL | -2.45%-2.60% | +3.36%+1.90% | +3.37%+2.93% | +14.79%+14.30% | +23.39%+23.41% | +16.23%+15.68% |
| Flows | VNQ FREL | -$227M+$44M | +$264M+$268M | +$179M+$269M | +$162M+$310M | -$416M+$143M | +$417M+$138M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VNQ FREL | +14.24%+14.51% | +15.23%+15.30% | +16.86%+16.98% | +18.78%+18.87% |
| Max drawdown | VNQ FREL | -8.32%-8.45% | -8.32%-8.45% | -17.41%-17.46% | -34.43%-34.35% |
| Max drawdown duration | VNQ FREL | 36d35d | 36d35d | 141d441d | 1556d1555d |
Trading data
VNQ | FREL | |
Last sale 4/7/2026 at 1:30 PM | $90.49 | $27.46 |
| Previous close 04/07/2026 | $90.36 | $27.42 |
| Consolidated volume 04/07/2026 | ||
| 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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VNQ | 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 4/7/2026 at 1:30 PM
Live
Closed
VNQ | FREL | |
|---|---|---|
| Last price | $90.49 | $27.46 |
| 1D performance | +0.14% | +0.15% |
| AuM | $34.81 B | $1.37 B |
| E/R | 0.13% | 0.08% |
Characteristics
VNQ | FREL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Fidelity |
| Benchmark | MSCI US Investable Market Real Estate 25/50 Transition Index | MSCI USA IMI Real Estate 25/25 Index |
| N° of holdings | 127 | 115 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 23, 2004 | February 2, 2015 |
| ESG | No | No |
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Exposure
Countries
VNQ
USA
98.95%
Other
1.05%
FREL
USA
99.26%
Other
0.74%
Sectors
VNQ
Real Estate
95.01%
Other
4.99%
FREL
Real Estate
95.6%
Other
4.4%
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Diversification
VNQ
Total weight of top 15 holdings out of 15
58.6%
FREL
Total weight of top 15 holdings out of 15
57.84%
Top 15 holdings
Data as of February 28, 2026
VNQ
WELLTOWER INC
8.80%
PROLOGIS REIT
8.27%
EQUINIX INC COMMON STOCK REIT
5.97%
AMERICAN TOWER CL A REIT
5.61%
SIMON PROPERTY GROUP REIT
4.15%
REALTY INCOME REIT
3.82%
DIGITAL REALTY REIT
3.80%
PUBLIC STORAGE REIT
3.03%
CBRE GROUP
2.74%
VENTAS REIT
2.53%
CROWN CASTLE INTERNATIONAL
2.43%
EXTRA SPACE STORAGE REIT
2.00%
IRON MOUNTAIN
2.00%
VICI PROPERTIES INC
1.88%
AVALONBAY COMMUNITIES REIT
1.57%
FREL
PROLOGIS REIT
8.42%
WELLTOWER INC
8.34%
AMERICAN TOWER CL A REIT
5.53%
EQUINIX INC COMMON STOCK REIT
4.82%
SIMON PROPERTY GROUP REIT
4.27%
DIGITAL REALTY REIT
3.89%
REALTY INCOME REIT
3.79%
PUBLIC STORAGE REIT
3.09%
CBRE GROUP
2.87%
CROWN CASTLE INTERNATIONAL
2.45%
VENTAS REIT
2.37%
IRON MOUNTAIN
2.17%
VICI PROPERTIES INC
2.09%
EXTRA SPACE STORAGE REIT
2.06%
AVALONBAY COMMUNITIES REIT
1.68%
Frequently asked questions about VNQ and FREL
How have the VNQ and FREL ETFs performed in 2026?
As of April 7, 2026, VNQ is up 3.37% year-to-date (YTD), while FREL has returned 2.93%. That puts VNQ better performer ahead so far this year.
Which ETF is attracting more investor money: VNQ or FREL?
Year-to-date, the VNQ ETF saw +$179M in flows, compared to +$269M for FREL.
Which ETF is more volatile: VNQ or FREL?
Over the past year, VNQ had a volatility of 15.23%, while FREL experienced 15.3%.
Which ETF is bigger: VNQ or FREL?
As of April 7, 2026, VNQ holds $34.81 B in assets under management (AUM), while FREL manages $1.37 B.
What sectors do the VNQ and FREL ETFs invest in?
VNQ leans toward sectors like Real Estate. Meanwhile, FREL focuses on Real Estate.
What are the top holdings of the VNQ ETF and FREL ETF?
VNQ top holdings include WELLTOWER INC, PROLOGIS REIT and EQUINIX INC COMMON STOCK REIT. FREL holds in its top three: PROLOGIS REIT, WELLTOWER INC and AMERICAN TOWER CL A REIT.
Which ETF is more diversified: VNQ or FREL?
VNQ holds 145 securities with 58.6% of its assets in the top 15. FREL has 129 securities and a top 15 weight of 57.84%.
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