FREL vs. ICF
FREL (Fidelity MSCI Real Estate Index ETF) and ICF (iShares Cohen & Steers REIT ETF) are both REIT funds - FREL tracks the MSCI USA IMI Real Estate Index while ICF tracks the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, FREL returned 5.97%/yr vs 5.74%/yr for ICF. With a 0.97 correlation, they move nearly in lockstep. FREL charges 0.08%/yr vs 0.34%/yr for ICF.
Performance
FREL vs. ICF - 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 ICF's 15.92% return. Both investments have delivered pretty close results over the past 10 years, with FREL having a 5.97% annualized return and ICF not far behind at 5.74%.
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%
ICF
- 1D
- 1.27%
- 1M
- 0.93%
- YTD
- 15.92%
- 6M
- 16.49%
- 1Y
- 13.22%
- 3Y*
- 12.09%
- 5Y*
- 3.56%
- 10Y*
- 5.74%
FREL vs. ICF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
ICF iShares Cohen & Steers REIT ETF | 15.92% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
Correlation
The correlation between FREL and ICF 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 (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.97 |
The correlation between FREL and ICF 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. ICF — Risk / Return Rank
FREL
ICF
FREL vs. ICF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and iShares Cohen & Steers REIT ETF (ICF). 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 | ICF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.62 | -0.27 |
| Martin ratioReturn relative to average drawdown | 4.23 | 4.57 | -0.34 |
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Drawdowns
FREL vs. ICF - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for FREL and ICF.
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Drawdown Indicators
| FREL | ICF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -76.74% | +34.13% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -8.20% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -17.25% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -34.74% | +0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -40.22% | -2.39% |
Current DrawdownCurrent decline from peak | -0.77% | -0.86% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -14.15% | +4.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.90% | -0.20% |
Volatility
FREL vs. ICF - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) and iShares Cohen & Steers REIT ETF (ICF) have volatilities of 5.15% and 5.09%, 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 | ICF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 5.09% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 10.64% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 14.22% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 18.97% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 20.63% | +0.09% |
FREL vs. ICF - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than ICF's 0.34% expense ratio.
Dividends
FREL vs. ICF - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.28%, more than ICF's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ICF iShares Cohen & Steers REIT ETF | 2.42% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
Frequently Asked Questions
With a correlation of 0.96, FREL and ICF 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 (5.15%) compared to ICF (5.09%). In terms of maximum drawdown, FREL dropped -42.61% vs ICF's -76.74%.
On 10-year performance, FREL leads with 5.97% vs 5.74% for ICF. 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 10-year period, FREL has performed better with a 5.97% return vs 5.74%. 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 0.34% for ICF.
FREL has the higher dividend yield at 3.28%, compared with 2.42% for ICF.
FREL tracks MSCI USA IMI Real Estate Index, while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FREL and 0.34% for ICF.
ICF currently has the higher Sharpe Ratio (0.94 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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