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. VNQ's top 3 sector exposures are Finance, Technology and Consumer Services. In contrast, FREL's top sector exposures are Finance and Technology. VNQ is more expensive with a Total Expense Ratio (TER) of 0.13%, versus 0.084% for FREL. VNQ is up 4.05% year-to-date (YTD) with +$1.77B in YTD flows. FREL performs worse with 3.67% YTD performance, and +$255M 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 10/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VNQ FREL | -5.72%-5.85% | -7.93%-8.22% | +4.05%+3.67% | +2.01%+1.52% | +35.49%+35.03% | +5.23%+4.84% |
| Flows | VNQ FREL | +$593M-$28M | +$481M-$5M | +$1.77B+$255M | +$2.27B+$296M | +$1.36B+$288M | -$285M-$280M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VNQ FREL | +12.43%+12.52% | +13.71%+13.78% | +16.56%+16.69% | +18.83%+18.92% |
| Max drawdown | VNQ FREL | -10.92%-11.15% | -10.92%-11.15% | -17.41%-17.46% | -34.43%-34.35% |
| Max drawdown duration | VNQ FREL | 66d66d | 66d66d | 441d441d | 1621d1621d |
Trading data
VNQ | FREL | |
Last sale 10/2/2026 at 1:30 PM | $89.50 | $27.14 |
| Previous close 10/01/2026 | $89.17 | $27.03 |
| Consolidated volume 10/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 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 10/2/2026 at 1:30 PM
Live
Closed
VNQ | FREL | |
|---|---|---|
| Last price | $89.50 | $27.14 |
| 1D performance | +0.37% | +0.41% |
| AuM | $35.92 B | $1.34 B |
| E/R | 0.13% | 0.084% |
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 | 137 | 117 |
| 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
98.92%
Other
1.08%
FREL
USA
99.78%
Other
0.22%
Sectors
VNQ
Finance
97.88%
Other
2.12%
FREL
Finance
98.65%
Other
1.35%
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Diversification
VNQ
Total weight of top 15 holdings out of 15
60.89%
FREL
Total weight of top 15 holdings out of 15
60%
Top 15 holdings
Data as of August 31, 2026
VNQ
Welltower, Inc.
10.22%
Prologis, Inc.
8.07%
Equinix, Inc.
6.38%
American Tower Corp.
5.06%
Simon Property Group, Inc.
4.26%
Digital Realty Trust, Inc.
4.25%
Realty Income Corp.
3.51%
Public Storage
3.13%
Equity Residential
2.88%
Ventas, Inc.
2.74%
CBRE Group, Inc.
2.64%
Iron Mountain, Inc.
2.12%
Crown Castle, Inc.
2.05%
Extra Space Storage, Inc.
1.84%
VICI Properties, Inc.
1.73%
FREL
Welltower, Inc.
9.53%
Prologis, Inc.
7.88%
Equinix, Inc.
5.51%
American Tower Corp.
4.58%
Simon Property Group, Inc.
4.44%
Digital Realty Trust, Inc.
4.02%
Realty Income Corp.
3.64%
Public Storage
3.42%
Equity Residential
3.09%
CBRE Group, Inc.
2.91%
Ventas, Inc.
2.74%
Iron Mountain, Inc.
2.27%
Crown Castle, Inc.
2.15%
Extra Space Storage, Inc.
1.99%
VICI Properties, Inc.
1.82%
Frequently asked questions about VNQ and FREL
How have the VNQ and FREL ETFs performed in 2026?
As of October 2, 2026, VNQ is up 4.05% year-to-date (YTD), while FREL has returned 3.67%. 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 +$1.77B in flows, compared to +$255M for FREL.
Which ETF is more volatile: VNQ or FREL?
Over the past year, VNQ had a volatility of 13.71%, while FREL experienced 13.78%.
Which ETF is bigger: VNQ or FREL?
As of October 2, 2026, VNQ holds $35.92 B in assets under management (AUM), while FREL manages $1.34 B.
What sectors do the VNQ and FREL ETFs invest in?
VNQ leans toward sectors like Finance. Meanwhile, FREL focuses on Finance.
What are the top holdings of the VNQ ETF and FREL ETF?
VNQ top holdings include Welltower, Inc., Prologis, Inc. and Equinix, Inc.. FREL holds in its top three: Welltower, Inc., Prologis, Inc. and Equinix, Inc..
Which ETF is more diversified: VNQ or FREL?
VNQ holds 138 securities with 60.89% of its assets in the top 15. FREL has 118 securities and a top 15 weight of 60%.
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