FREL vs. ISCMF
FREL (Fidelity MSCI Real Estate Index ETF) and ISCMF (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while ISCMF is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 3 years, FREL returned 11.20%/yr vs 16.78%/yr for ISCMF. At a correlation of -0.02, they often move in opposite directions. FREL charges 0.08%/yr vs 0.19%/yr for ISCMF.
Performance
FREL vs. ISCMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FREL achieves a 11.53% return, which is significantly lower than ISCMF's 22.87% 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%
ISCMF
- 1D
- 0.00%
- 1M
- -4.99%
- YTD
- 22.87%
- 6M
- 22.87%
- 1Y
- 31.30%
- 3Y*
- 16.78%
- 5Y*
- —
- 10Y*
- —
FREL vs. ISCMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -18.31% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 22.87% | 19.65% | 3.13% | -9.58% | -5.82% |
Correlation
The correlation between FREL and ISCMF is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022 | -0.02 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FREL vs. ISCMF — Risk / Return Rank
FREL
ISCMF
FREL vs. ISCMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and iShares Diversified Commodity Swap UCITS ETF (ISCMF). 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 | ISCMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 2.31 | -1.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 5.53 | -4.17 |
| Martin ratioReturn relative to average drawdown | 4.23 | 11.85 | -7.62 |
Loading charts...
Drawdowns
FREL vs. ISCMF - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, which is greater than ISCMF's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for FREL and ISCMF.
Loading charts...
Drawdown Indicators
| FREL | ISCMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -25.42% | -17.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -5.69% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -7.62% | -9.92% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -5.26% | +4.49% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -13.35% | +3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.65% | +0.05% |
Volatility
FREL vs. ISCMF - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) and iShares Diversified Commodity Swap UCITS ETF (ISCMF) have volatilities of 5.15% and 5.11%, 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.
Loading charts...
Volatility by Period
| FREL | ISCMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 5.11% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 15.45% | -5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 17.84% | -4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 14.29% | +4.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 14.29% | +6.43% |
FREL vs. ISCMF - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than ISCMF's 0.19% 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. ISCMF - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.28%, while ISCMF has not paid dividends to shareholders.
| 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% |
ISCMF iShares Diversified Commodity Swap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FREL and ISCMF have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FREL has higher volatility (5.15%) compared to ISCMF (5.11%). In terms of maximum drawdown, FREL dropped -42.61% vs ISCMF's -25.42%.
On 3-year performance, ISCMF leads with 16.78% vs 11.20% 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 3-year period, ISCMF has performed better with a 16.78% return vs 11.20%. 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 0.19% for ISCMF.
FREL has the higher dividend yield at 3.28%, compared with 0.00% for ISCMF.
FREL is categorized as REIT, while ISCMF is Commodities. FREL tracks MSCI USA IMI Real Estate Index, while ISCMF tracks Bloomberg Commodity Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FREL and 0.19% for ISCMF.
ISCMF currently has the higher Sharpe Ratio (1.76 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.
Find the right allocation for FREL and ISCMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer