FREL — Fidelity MSCI Real Estate Index ETF

FREL Price Performance — Growth of $10,000

Value of a $10,000 investment in FREL over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

FREL Drawdown

The "underwater" chart: FREL's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Fidelity MSCI Real Estate Index ETF is a Real Estate category fund issued by Fidelity Investments with $1.48 billion in assets under management. It holds a C grade and ranks 6 of 11 within its category, placing it at #358 of 458 tracked ETFs overall. The fund’s 0.084% expense ratio sits below the category median of 0.13%, while its 3.30% dividend yield exceeds the median of 3.19%. Top 10 holdings comprise 47.5% of assets, with Welltower Inc representing the largest single position at 8.6%.

The fund has delivered a 1-year return of +7.21%, trailing the category median of +7.67%, despite a strong year-to-date gain of +10.20%. Short-term performance shows recent weakness with a 1-month decline of -2.74%, contrasting with the 3-month gain of +1.16%. The current price of $29.09 sits at 59.8% of its 52-week range, indicating it is closer to its high than its low. The ETFValuer grade has remained unchanged at C over the last 35 tracked days, and price history is available for 3.0 years.

With a beta of 0.98, the fund’s movements closely mirror the broader market, supported by a low annualized volatility of 13.60%. A Sharpe ratio of 0.16 suggests modest risk-adjusted returns relative to the risk taken. The maximum drawdown of -17.54% highlights the extent of peak-to-trough losses during the recorded period. Liquidity is characterized by an average daily volume of 281,466 shares and a bid/ask spread of 5.75%.

AI-generated summary based on the data on this page.

FREL Top Holdings

Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 47.5% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how FREL's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With FREL

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with FREL's top 10 — XLRE overlaps most, holding 10 of the same companies as FREL's top 10 (47.5% of FREL's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.78% (as of 2026-09-04) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 15.30 (as of 2026-09-07) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

FREL Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 5.75% and average daily volume is 281K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.48B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: FREL is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

FREL Performance History

How FREL Compares to Other Real Estate ETFs