FPRO vs. FREL
FPRO (Fidelity Real Estate Investment ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds from Fidelity. FPRO is actively managed, while FREL is passively managed. Over the past 5 years, FPRO returned 3.29%/yr vs 2.52%/yr for FREL. Their 0.98 correlation means they have historically moved very closely together. FPRO charges 0.59%/yr vs 0.08%/yr for FREL.
Performance
FPRO vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, FPRO achieves a 16.14% return, which is significantly higher than FREL's 13.99% return.
FPRO
- 1D
- 0.25%
- 1M
- 1.59%
- 6M
- 13.72%
- YTD
- 16.14%
- 1Y
- 17.24%
- 3Y*
- 10.99%
- 5Y*
- 3.29%
- 10Y*
- —
- ALL TIME*
- 7.24%
FREL
- 1D
- 0.13%
- 1M
- 1.01%
- 6M
- 12.32%
- YTD
- 13.99%
- 1Y
- 15.37%
- 3Y*
- 10.31%
- 5Y*
- 2.52%
- 10Y*
- 5.52%
- ALL TIME*
- 5.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $89.69K | $152.37K | $130.11K | |
| $5.93M | $7.27M | $7.17M |
FPRO vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FPRO Fidelity Real Estate Investment ETF | 16.14% | 2.60% | 5.63% | 10.93% | -25.02% | 40.20% |
FREL Fidelity MSCI Real Estate Index ETF | 13.99% | 3.09% | 5.05% | 11.74% | -26.21% | 36.85% |
Correlation
The correlation between FPRO and FREL is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.98 |
The correlation between FPRO and FREL has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
FPRO vs. FREL — Risk / Return Rank
FPRO
FREL
FPRO vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) 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.
| FPRO | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.83 | +0.43 |
| Martin ratioReturn relative to average drawdown | 7.00 | 5.90 | +1.10 |
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Drawdowns
FPRO vs. FREL - Drawdown Comparison
The maximum FPRO drawdown since its inception was -32.81%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for FPRO and FREL.
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Drawdown Indicators
| FPRO | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.81% | -42.61% | +9.80% |
Max Drawdown (1Y)Largest decline over 1 year | -7.67% | -8.45% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -16.83% | -17.54% | +0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -32.81% | -34.40% | +1.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.61% | — |
Current DrawdownCurrent decline from peak | -1.62% | -1.88% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -12.30% | -9.82% | -2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 2.61% | -0.14% |
Volatility
FPRO vs. FREL - Volatility Comparison
Fidelity Real Estate Investment ETF (FPRO) and Fidelity MSCI Real Estate Index ETF (FREL) have volatilities of 4.28% and 4.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPRO | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 4.30% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.42% | 10.70% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 13.83% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.71% | 18.93% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 20.73% | -2.42% |
FPRO vs. FREL - Expense Ratio Comparison
FPRO has a 0.59% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
FPRO vs. FREL - Dividend Comparison
FPRO's dividend yield for the trailing twelve months is around 2.44%, less than FREL's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPRO Fidelity Real Estate Investment ETF | 2.44% | 2.69% | 2.50% | 2.83% | 2.67% | 1.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FREL Fidelity MSCI Real Estate Index ETF | 3.21% | 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 0.97, FPRO 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.
FREL has higher volatility (4.30%) compared to FPRO (4.28%). In terms of maximum drawdown, FPRO dropped -32.81% vs FREL's -42.61%.
On 5-year performance, FPRO leads with 3.29% vs 2.52% for FREL. On fees, FREL is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPRO has performed better with a 3.29% return vs 2.52%. 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 0.59% for FPRO.
FREL has the higher dividend yield at 3.21%, compared with 2.44% for FPRO.
Their fees differ too: 0.59% for FPRO and 0.08% for FREL.
FPRO currently has the higher Sharpe Ratio (1.27 vs 1.12), 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.
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