FELG vs. FREL
FELG (Fidelity Enhanced Large Cap Growth ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both exchange-traded funds - FELG is a Large Cap Growth Equities fund actively managed by Fidelity, while FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index. FELG is actively managed, while FREL is passively managed. Over the past year, FELG returned 20.00% vs 11.39% for FREL. At a 0.21 correlation, their price movements are largely independent. FELG charges 0.18%/yr vs 0.08%/yr for FREL.
Performance
FELG vs. FREL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FELG achieves a 2.26% return, which is significantly lower than FREL's 11.53% return.
FELG
- 1D
- -1.73%
- 1M
- -3.56%
- YTD
- 2.26%
- 6M
- 0.98%
- 1Y
- 20.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FREL
- 1D
- 1.38%
- 1M
- 1.09%
- YTD
- 11.53%
- 6M
- 11.94%
- 1Y
- 11.39%
- 3Y*
- 11.20%
- 5Y*
- 2.76%
- 10Y*
- 5.97%
FELG vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FELG Fidelity Enhanced Large Cap Growth ETF | 2.26% | 18.44% | 35.45% | 4.37% |
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 12.90% |
Correlation
The correlation between FELG and FREL is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023 | 0.21 |
The correlation between FELG and FREL shifts across timeframes, from 0.08 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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
FELG vs. FREL — Risk / Return Rank
FELG
FREL
FELG vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Growth ETF (FELG) 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.
| FELG | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.15 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.35 | -0.11 |
| Martin ratioReturn relative to average drawdown | 4.14 | 4.23 | -0.09 |
Loading charts...
Drawdowns
FELG vs. FREL - Drawdown Comparison
The maximum FELG drawdown since its inception was -23.89%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for FELG and FREL.
Loading charts...
Drawdown Indicators
| FELG | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.89% | -42.61% | +18.72% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -8.45% | -7.72% |
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 | -6.32% | -0.77% | -5.55% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -9.91% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.84% | 2.70% | +2.14% |
Volatility
FELG vs. FREL - Volatility Comparison
Fidelity Enhanced Large Cap Growth ETF (FELG) has a higher volatility of 6.15% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 5.15%. This indicates that FELG's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FELG | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 5.15% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 12.66% | 10.21% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.29% | 13.84% | +2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.00% | 18.90% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.00% | 20.72% | -0.72% |
FELG vs. FREL - Expense Ratio Comparison
FELG has a 0.18% expense ratio, which is higher than FREL's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FELG vs. FREL - Dividend Comparison
FELG's dividend yield for the trailing twelve months is around 0.36%, less than FREL's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FELG Fidelity Enhanced Large Cap Growth ETF | 0.36% | 0.38% | 0.44% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FREL Fidelity MSCI Real Estate Index ETF | 3.28% | 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
FELG and FREL have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FELG has higher volatility (6.15%) compared to FREL (5.15%). In terms of maximum drawdown, FELG dropped -23.89% vs FREL's -42.61%.
On 1-year performance, FELG leads with 20.00% vs 11.39% for FREL. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FELG has performed better with a 20.00% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.18% for FELG.
FREL has the higher dividend yield at 3.28%, compared with 0.36% for FELG.
FELG is categorized as Large Cap Growth Equities, while FREL is REIT. Their fees differ too: 0.18% for FELG and 0.08% for FREL.
FELG currently has the higher Sharpe Ratio (1.24 vs 0.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for FELG 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