FREL vs. IVRA

Last updated Jul 14, 2026

FREL (Fidelity MSCI Real Estate Index ETF) and IVRA (Invesco Real Assets ESG ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while IVRA is a ESG fund actively managed by Invesco. FREL is passively managed, while IVRA is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. FREL charges 0.08%/yr vs 0.59%/yr for IVRA.

Performance

FREL vs. IVRA - Performance Comparison

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

Returns By Period

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%

IVRA

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FREL vs. IVRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FREL Fidelity MSCI Real Estate Index ETF	12.55%	3.09%	5.05%	11.74%	-26.21%	40.46%	2.38%
IVRA Invesco Real Assets ESG ETF	11.70%	10.20%	13.07%	9.13%	-10.00%	32.74%	1.28%

Correlation

The correlation between FREL and IVRA is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 22, 2020	0.83

Over the past year, the correlation between FREL and IVRA has dropped to 0.62 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

FREL vs. IVRA — Risk / Return Rank

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

FREL

FREL Risk / Return Rank: 33
FREL Sharpe Ratio Rank: 31
FREL Sortino Ratio Rank: 29
FREL Omega Ratio Rank: 29
FREL Calmar Ratio Rank: 37
FREL Martin Ratio Rank: 39

IVRA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IVRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and Invesco Real Assets ESG ETF (IVRA). 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	IVRA	Difference
Sharpe ratio: Return per unit of total volatility	0.92	—	—
Sortino ratio: Return per unit of downside risk	1.34	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.52	—	—
Martin ratio: Return relative to average drawdown	4.77	—	—

Drawdowns

Drawdown Indicators

	FREL	IVRA	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	—	—
Current Drawdown Current decline from peak	-0.87%	—	—
Average Drawdown Average peak-to-trough decline	-9.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	—	—

Volatility

Volatility by Period

	FREL	IVRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.72%	—	—

FREL vs. IVRA - Expense Ratio Comparison

FREL has a 0.08% expense ratio, which is lower than IVRA's 0.59% expense ratio.

Dividends

FREL vs. IVRA - Dividend Comparison

FREL's dividend yield for the trailing twelve months is around 3.25%, while IVRA 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	3.25%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%
IVRA Invesco Real Assets ESG ETF	16.80%	5.68%	3.71%	2.47%	2.30%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FREL and IVRA in my portfolio?

FREL and IVRA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FREL or IVRA?

On fees, FREL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FREL or IVRA?

FREL is cheaper with a 0.08% expense ratio, compared with 0.59% for IVRA.

Which ETF pays a higher dividend yield, FREL or IVRA?

IVRA has the higher dividend yield at 16.80%, compared with 3.25% for FREL.

What is the main difference between FREL and IVRA?

FREL is categorized as REIT, while IVRA is ESG. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.08% for FREL and 0.59% for IVRA.