FREL vs. IYR
Compare and contrast key facts about Fidelity MSCI Real Estate Index ETF (FREL) and iShares U.S. Real Estate ETF (IYR).
FREL and IYR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FREL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Real Estate Index. It was launched on Feb 2, 2015. IYR is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Real Estate Index. It was launched on Jun 12, 2000. Both FREL and IYR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FREL vs. IYR - Performance Comparison
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FREL vs. IYR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 0.98% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
IYR iShares U.S. Real Estate ETF | 1.00% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
Returns By Period
The year-to-date returns for both investments are quite close, with FREL having a 0.98% return and IYR slightly higher at 1.00%. Both investments have delivered pretty close results over the past 10 years, with FREL having a 5.16% annualized return and IYR not far behind at 5.02%.
FREL
- 1D
- 1.43%
- 1M
- -6.56%
- YTD
- 0.98%
- 6M
- -1.57%
- 1Y
- 1.45%
- 3Y*
- 6.30%
- 5Y*
- 2.68%
- 10Y*
- 5.16%
IYR
- 1D
- 1.61%
- 1M
- -6.37%
- YTD
- 1.00%
- 6M
- -1.43%
- 1Y
- 1.10%
- 3Y*
- 6.35%
- 5Y*
- 2.80%
- 10Y*
- 5.02%
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FREL vs. IYR - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than IYR's 0.42% expense ratio.
Return for Risk
FREL vs. IYR — Risk / Return Rank
FREL
IYR
FREL vs. IYR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and iShares U.S. Real Estate ETF (IYR). 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 | IYR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | 0.07 | +0.02 |
Sortino ratioReturn per unit of downside risk | 0.24 | 0.20 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.03 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 0.20 | 0.18 | +0.02 |
Martin ratioReturn relative to average drawdown | 0.77 | 0.68 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FREL | IYR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | 0.07 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.15 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | 0.25 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.32 | -0.09 |
Correlation
The correlation between FREL and IYR is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FREL vs. IYR - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.56%, more than IYR's 2.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.56% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
IYR iShares U.S. Real Estate ETF | 2.38% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
Drawdowns
FREL vs. IYR - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum IYR drawdown of -74.13%. Use the drawdown chart below to compare losses from any high point for FREL and IYR.
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Drawdown Indicators
| FREL | IYR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -74.13% | +31.52% |
Max Drawdown (1Y)Largest decline over 1 year | -12.42% | -12.20% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -33.75% | -0.65% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -42.32% | -0.29% |
Current DrawdownCurrent decline from peak | -9.83% | -9.14% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -12.98% | +2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 3.19% | 0.00% |
Volatility
FREL vs. IYR - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) and iShares U.S. Real Estate ETF (IYR) have volatilities of 4.55% and 4.57%, 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 | IYR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 4.57% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 9.29% | 9.34% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 16.24% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.85% | 18.71% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.67% | 20.30% | +0.37% |