FREL vs. BBRE
FREL (Fidelity MSCI Real Estate Index ETF) and BBRE (JPMorgan BetaBuilders MSCI US REIT ETF) are both REIT funds - FREL tracks the MSCI USA IMI Real Estate Index while BBRE tracks the MSCI US REIT Index. Both are passively managed. Over the past 5 years, FREL returned 2.76%/yr vs 5.12%/yr for BBRE. With a 0.96 correlation, they move nearly in lockstep. FREL charges 0.08%/yr vs 0.11%/yr for BBRE.
Performance
FREL vs. BBRE - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 11.53% return, which is significantly lower than BBRE's 16.14% return.
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%
BBRE
- 1D
- 0.74%
- 1M
- 1.26%
- YTD
- 16.14%
- 6M
- 16.77%
- 1Y
- 16.90%
- 3Y*
- 13.41%
- 5Y*
- 5.12%
- 10Y*
- —
FREL vs. BBRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -2.92% |
BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 16.14% | 2.09% | 8.24% | 13.85% | -24.68% | 42.99% | -7.55% | 26.06% | -2.41% |
Correlation
The correlation between FREL and BBRE is 0.96 - 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 (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2018 | 0.96 |
The correlation between FREL and BBRE has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
FREL vs. BBRE — Risk / Return Rank
FREL
BBRE
FREL vs. BBRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE). 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.
| FREL | BBRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 2.10 | -0.75 |
| Martin ratioReturn relative to average drawdown | 4.23 | 6.60 | -2.37 |
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Drawdowns
FREL vs. BBRE - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, roughly equal to the maximum BBRE drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for FREL and BBRE.
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Drawdown Indicators
| FREL | BBRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -43.61% | +1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -8.07% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -18.92% | +1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -31.15% | -3.25% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -0.91% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -10.46% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.57% | +0.13% |
Volatility
FREL vs. BBRE - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) have volatilities of 5.15% and 5.19%, 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
| FREL | BBRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 5.19% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 10.23% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 13.98% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 18.81% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 22.54% | -1.82% |
FREL vs. BBRE - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than BBRE's 0.11% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FREL vs. BBRE - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.28%, more than BBRE's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 2.70% | 3.24% | 3.19% | 3.68% | 2.62% | 1.70% | 3.17% | 2.19% | 1.96% | 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
With a correlation of 0.96, FREL and BBRE 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.
BBRE has higher volatility (5.19%) compared to FREL (5.15%). In terms of maximum drawdown, FREL dropped -42.61% vs BBRE's -43.61%.
On 5-year performance, BBRE leads with 5.12% vs 2.76% 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, BBRE has performed better with a 5.12% return vs 2.76%. 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 0.11% for BBRE.
FREL has the higher dividend yield at 3.28%, compared with 2.70% for BBRE.
FREL tracks MSCI USA IMI Real Estate Index, while BBRE tracks MSCI US REIT Index. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.08% for FREL and 0.11% for BBRE.
BBRE currently has the higher Sharpe Ratio (1.22 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.
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