FREL vs. FUTY
FREL (Fidelity MSCI Real Estate Index ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. Both are passively managed. Over the past 10 years, FREL returned 5.45%/yr vs 9.06%/yr for FUTY. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.08% expense ratio.
Performance
FREL vs. FUTY - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 12.55% return, which is significantly higher than FUTY's 8.15% return. Over the past 10 years, FREL has underperformed FUTY with an annualized return of 5.45%, while FUTY has yielded a comparatively higher 9.06% annualized return.
FREL
- 1D
- 0.54%
- 1M
- 0.14%
- 6M
- 11.10%
- YTD
- 12.55%
- 1Y
- 12.83%
- 3Y*
- 8.49%
- 5Y*
- 2.39%
- 10Y*
- 5.45%
FUTY
- 1D
- 0.67%
- 1M
- 3.12%
- 6M
- 8.03%
- YTD
- 8.15%
- 1Y
- 13.91%
- 3Y*
- 14.30%
- 5Y*
- 10.19%
- 10Y*
- 9.06%
FREL vs. FUTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 12.55% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
FUTY Fidelity MSCI Utilities Index ETF | 8.15% | 16.40% | 23.20% | -7.46% | 1.12% | 17.53% | -0.80% | 24.89% | 4.36% | 12.52% |
Correlation
The correlation between FREL and FUTY is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.63 |
The correlation between FREL and FUTY shifts across timeframes, from 0.49 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FREL vs. FUTY — Risk / Return Rank
FREL
FUTY
FREL vs. FUTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and Fidelity MSCI Utilities Index ETF (FUTY). 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 | FUTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.56 | -0.04 |
| Martin ratioReturn relative to average drawdown | 4.77 | 3.29 | +1.48 |
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Drawdowns
FREL vs. FUTY - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, which is greater than FUTY's maximum drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for FREL and FUTY.
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Drawdown Indicators
| FREL | FUTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -36.44% | -6.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -8.93% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -17.35% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -25.11% | -9.29% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -36.44% | -6.17% |
Current DrawdownCurrent decline from peak | -0.87% | -2.80% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -6.02% | -3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 4.24% | -1.55% |
Volatility
FREL vs. FUTY - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) has a higher volatility of 4.90% compared to Fidelity MSCI Utilities Index ETF (FUTY) at 4.31%. This indicates that FREL's price experiences larger fluctuations and is considered to be riskier than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FREL | FUTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 4.31% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 10.63% | 11.67% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.98% | 14.68% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.93% | 17.10% | +1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 19.08% | +1.64% |
FREL vs. FUTY - Expense Ratio Comparison
Both FREL and FUTY have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
FREL vs. FUTY - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.25%, more than FUTY's 2.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.25% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
FUTY Fidelity MSCI Utilities Index ETF | 2.57% | 2.67% | 2.96% | 3.31% | 2.72% | 2.70% | 3.07% | 2.82% | 3.11% | 3.03% | 3.35% | 4.33% |
Frequently Asked Questions
FREL and FUTY have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FREL has higher volatility (4.90%) compared to FUTY (4.31%). In terms of maximum drawdown, FREL dropped -42.61% vs FUTY's -36.44%.
On 10-year performance, FUTY leads with 9.06% vs 5.45% for FREL. Both ETFs have the same 0.08% expense ratio. On volatility, FUTY has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FUTY has performed better with a 9.06% return vs 5.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL and FUTY have the same expense ratio: 0.08% per year.
FREL has the higher dividend yield at 3.25%, compared with 2.57% for FUTY.
FREL is categorized as REIT, while FUTY is Utilities Equities. FREL tracks MSCI USA IMI Real Estate Index, while FUTY tracks MSCI USA IMI Utilities Index.
FUTY currently has the higher Sharpe Ratio (0.95 vs 0.92), 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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