FREL vs. DFGEX

Last updated Jun 4, 2026

FREL (Fidelity MSCI Real Estate Index ETF) and DFGEX (DFA Global Real Estate Securities Portfolio) are both REIT funds. Over the past 10 years, FREL returned 5.67%/yr vs 3.81%/yr for DFGEX. With a 0.95 correlation, they move nearly in lockstep. FREL charges 0.08%/yr vs 0.14%/yr for DFGEX.

Performance

FREL vs. DFGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Real Estate Index ETF (FREL) and DFA Global Real Estate Securities Portfolio (DFGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FREL having a 7.59% return and DFGEX slightly higher at 7.93%. Over the past 10 years, FREL has outperformed DFGEX with an annualized return of 5.67%, while DFGEX has yielded a comparatively lower 3.81% annualized return.

FREL

• 1D: -0.14%
• 1M: -1.00%
• YTD: 7.59%
• 6M: 6.51%
• 1Y: 9.81%
• 3Y*: 9.05%
• 5Y*: 2.09%
• 10Y*: 5.67%

DFGEX

• 1D: 0.18%
• 1M: -0.70%
• YTD: 7.93%
• 6M: 7.73%
• 1Y: 10.77%
• 3Y*: 9.23%
• 5Y*: 1.99%
• 10Y*: 3.81%

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

FREL vs. DFGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FREL Fidelity MSCI Real Estate Index ETF	7.59%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%
DFGEX DFA Global Real Estate Securities Portfolio	7.93%	7.92%	1.92%	9.54%	-23.84%	31.03%	-6.71%	26.32%	-4.12%	5.95%

Correlation

The correlation between FREL and DFGEX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015	0.95

The correlation between FREL and DFGEX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FREL vs. DFGEX — Risk / Return Rank

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

FREL

FREL Risk / Return Rank: 22
FREL Sharpe Ratio Rank: 21
FREL Sortino Ratio Rank: 20
FREL Omega Ratio Rank: 20
FREL Calmar Ratio Rank: 24
FREL Martin Ratio Rank: 26

DFGEX

DFGEX Risk / Return Rank: 11
DFGEX Sharpe Ratio Rank: 11
DFGEX Sortino Ratio Rank: 10
DFGEX Omega Ratio Rank: 11
DFGEX Calmar Ratio Rank: 12
DFGEX Martin Ratio Rank: 14

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.

FREL vs. DFGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and DFA Global Real Estate Securities Portfolio (DFGEX). 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.

	FREL	DFGEX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.88	-0.13
Sortino ratio: Return per unit of downside risk	1.10	1.26	-0.17
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	1.17	1.13	+0.03
Martin ratio: Return relative to average drawdown	3.67	3.97	-0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FREL vs. DFGEX - Sharpe Ratio Comparison

The current FREL Sharpe Ratio is 0.75, which is comparable to the DFGEX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of FREL and DFGEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FREL	DFGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	0.88	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.12	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.22	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.33	-0.07

Drawdowns

FREL vs. DFGEX - Drawdown Comparison

The maximum FREL drawdown since its inception was -42.61%, roughly equal to the maximum DFGEX drawdown of -42.67%. Use the drawdown chart below to compare losses from any high point for FREL and DFGEX.

Drawdown Indicators

	FREL	DFGEX	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	-42.67%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-9.04%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-17.37%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.40%	-32.78%	-1.62%
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	-42.67%	+0.06%
Current Drawdown Current decline from peak	-3.93%	-2.42%	-1.51%
Average Drawdown Average peak-to-trough decline	-9.95%	-9.65%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.57%	+0.11%

Volatility

FREL vs. DFGEX - Volatility Comparison

Fidelity MSCI Real Estate Index ETF (FREL) has a higher volatility of 3.75% compared to DFA Global Real Estate Securities Portfolio (DFGEX) at 3.45%. This indicates that FREL's price experiences larger fluctuations and is considered to be riskier than DFGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FREL	DFGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.45%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	9.27%	8.64%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.17%	11.68%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.84%	16.27%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.67%	17.71%	+2.96%

FREL vs. DFGEX - Expense Ratio Comparison

FREL has a 0.08% expense ratio, which is lower than DFGEX's 0.14% 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. DFGEX - Dividend Comparison

FREL's dividend yield for the trailing twelve months is around 3.34%, less than DFGEX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFGEX DFA Global Real Estate Securities Portfolio	3.77%	4.07%	3.78%	3.36%	5.70%	4.50%	2.29%	6.95%	5.09%	0.64%	0.32%	2.45%
FREL Fidelity MSCI Real Estate Index ETF	3.34%	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 FREL and DFGEX in my portfolio?

With a correlation of 0.94, FREL and DFGEX 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 is riskier, FREL or DFGEX?

FREL has higher volatility (3.75%) compared to DFGEX (3.45%). In terms of maximum drawdown, FREL dropped -42.61% vs DFGEX's -42.67%.

Which has better risk-adjusted returns?

DFGEX currently has the higher Sharpe Ratio (0.88 vs 0.75), 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.