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 (FREL) operates within the Real Estate category, which ETFValuer currently tracks with 11 funds. Issued by Fidelity Investments, the fund has accumulated assets under management of $1.45 billion while trading at a price of $29.97. It holds an overall rank of #318 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 55.2 out of 100. The fund offers an expense ratio of 0.084% and provides a dividend yield of 3.29%. The combination of its substantial asset base and mid-tier ranking suggests a level of investor adoption consistent with a large-cap index product in a specialized sector. Its cost structure remains competitive relative to the broader market, supporting its position as a cost-effective vehicle for real estate exposure.

Over the most recent trading day, the fund declined by 0.40%, followed by a weekly loss of 1.45%. Momentum shifted positively over the month with a gain of 1.80%, which accelerated to a 3-month return of 5.45%. This upward trajectory continued into the half-year period, delivering a 6-month return of 9.97% and a year-to-date gain of 13.53%. The 1-year return stands at 11.28%, while the 3-year return totals 30.95%. The data indicates a pattern where short-term volatility gave way to sustained growth over longer horizons, with the 3-year performance significantly outpacing the most recent 1-year figure.

FREL carries a volatility label of Low and a beta of 1.00, indicating that its price movements generally align with the broader market while maintaining a lower perceived risk profile. The fund's Sharpe ratio of 0.45 suggests a moderate risk-adjusted return relative to the volatility experienced. During market downturns, the fund experienced a maximum drawdown of -17.54%, reflecting the potential for significant temporary losses despite the low volatility classification. This combination of a beta of 1.00 and a substantial maximum drawdown implies that while the fund tracks market direction closely, it has been subject to notable declines during adverse periods. The low volatility label contrasts with the magnitude of the drawdown, suggesting that the fund's risk profile is characterized by steady market correlation rather than extreme daily swings.

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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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 2026-06-01) — 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 5.16% and average daily volume is 251K/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 $1.45B 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