DVRE vs. FREL

Last updated Jul 17, 2026

DVRE (WEBs Real Estate XLRE Defined Volatility ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - DVRE tracks the Syntax Defined Volatility XLRE Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. With a 0.98 correlation, they move nearly in lockstep. DVRE charges 0.89%/yr vs 0.08%/yr for FREL.

Performance

DVRE vs. FREL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Real Estate XLRE Defined Volatility ETF (DVRE) and Fidelity MSCI Real Estate Index ETF (FREL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DVRE having a 15.22% return and FREL slightly lower at 15.20%.

DVRE

• 1D: 2.75%
• 1M: 1.58%
• 6M: 8.75%
• YTD: 15.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FREL

• 1D: 2.29%
• 1M: 3.12%
• 6M: 11.39%
• YTD: 15.20%
• 1Y: 15.36%
• 3Y*: 9.58%
• 5Y*: 2.82%
• 10Y*: 5.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DVRE vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025
DVRE WEBs Real Estate XLRE Defined Volatility ETF	15.22%	-11.17%
FREL Fidelity MSCI Real Estate Index ETF	15.20%	-1.98%

Correlation

The correlation between DVRE and FREL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.98

Return for Risk

DVRE vs. FREL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DVRE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FREL

FREL Risk / Return Rank: 39
FREL Sharpe Ratio Rank: 37
FREL Sortino Ratio Rank: 35
FREL Omega Ratio Rank: 34
FREL Calmar Ratio Rank: 44
FREL Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DVRE vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Real Estate XLRE Defined Volatility ETF (DVRE) and Fidelity MSCI Real Estate Index ETF (FREL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DVRE	FREL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.10	—
Sortino ratio: Return per unit of downside risk	—	1.59	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.83	—
Martin ratio: Return relative to average drawdown	—	5.71	—

Drawdowns

DVRE vs. FREL - Drawdown Comparison

The maximum DVRE drawdown since its inception was -15.88%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for DVRE and FREL.

Drawdown Indicators

	DVRE	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-15.88%	-42.61%	+26.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.45%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.61%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.94%	-9.86%	+3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.69%	—

Volatility

Volatility by Period

	DVRE	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.18%	14.04%	+11.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	18.95%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.18%	20.72%	+4.46%

DVRE vs. FREL - Expense Ratio Comparison

DVRE has a 0.89% expense ratio, which is higher than FREL's 0.08% expense ratio.

Dividends

DVRE vs. FREL - Dividend Comparison

DVRE's dividend yield for the trailing twelve months is around 0.86%, less than FREL's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVRE WEBs Real Estate XLRE Defined Volatility ETF	0.86%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FREL Fidelity MSCI Real Estate Index ETF	3.17%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%

Frequently Asked Questions

Can I hold both DVRE and FREL in my portfolio?

With a correlation of 0.98, DVRE and FREL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, DVRE or FREL?

On fees, FREL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVRE or FREL?

FREL is cheaper with a 0.08% expense ratio, compared with 0.89% for DVRE.

Which ETF pays a higher dividend yield, DVRE or FREL?

FREL has the higher dividend yield at 3.17%, compared with 0.86% for DVRE.

What is the main difference between DVRE and FREL?

DVRE tracks Syntax Defined Volatility XLRE Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: WEBs and Fidelity. Their fees differ too: 0.89% for DVRE and 0.08% for FREL.