DVRE vs. FREL
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
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with DVRE having a 10.42% return and FREL slightly lower at 10.01%.
DVRE
- 1D
- 1.61%
- 1M
- -1.62%
- YTD
- 10.42%
- 6M
- 11.27%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FREL
- 1D
- 0.96%
- 1M
- -0.29%
- YTD
- 10.01%
- 6M
- 10.30%
- 1Y
- 11.38%
- 3Y*
- 10.69%
- 5Y*
- 2.43%
- 10Y*
- 5.83%
DVRE vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DVRE WEBs Real Estate XLRE Defined Volatility ETF | 10.42% | -11.17% |
FREL Fidelity MSCI Real Estate Index ETF | 10.01% | -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 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DVRE vs. FREL — Risk / Return Rank
DVRE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FREL
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.15 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.35 | — |
| Martin ratioReturn relative to average drawdown | — | 4.23 | — |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| DVRE | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -3.61% | -2.12% | -1.49% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -9.91% | +3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.70% | — |
Volatility
DVRE vs. FREL - Volatility Comparison
Loading charts...
Volatility by Period
| DVRE | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.96% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.15% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 25.31% | 13.80% | +11.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.31% | 18.89% | +6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.31% | 20.72% | +4.59% |
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 0.90%, less than FREL's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVRE WEBs Real Estate XLRE Defined Volatility ETF | 0.90% | 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 | 3.32% | 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
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.
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.
FREL is cheaper with a 0.08% expense ratio, compared with 0.89% for DVRE.
FREL has the higher dividend yield at 3.32%, compared with 0.90% for DVRE.
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.
Find the right allocation for DVRE and FREL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer