FREL vs. O
FREL (Fidelity MSCI Real Estate Index ETF) is REIT fund tracking the MSCI USA IMI Real Estate Index, while O (Realty Income Corporation) is a stock. Over the past 10 years, FREL returned 5.45%/yr vs 4.22%/yr for O. Their 0.77 correlation means they have sometimes moved together and sometimes differently.
Performance
FREL vs. O - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FREL achieves a 13.84% return, which is significantly lower than O's 16.77% return. Over the past 10 years, FREL has outperformed O with an annualized return of 5.45%, while O has yielded a comparatively lower 4.22% annualized return.
FREL
- 1D
- -0.63%
- 1M
- 0.87%
- 6M
- 10.95%
- YTD
- 13.84%
- 1Y
- 15.22%
- 3Y*
- 9.36%
- 5Y*
- 2.38%
- 10Y*
- 5.45%
- ALL TIME*
- 5.66%
O
- 1D
- -0.45%
- 1M
- 0.47%
- 6M
- 7.15%
- YTD
- 16.77%
- 1Y
- 19.09%
- 3Y*
- 7.48%
- 5Y*
- 3.93%
- 10Y*
- 4.22%
- ALL TIME*
- 13.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.85M | $7.21M | $7.16M | |
| $289.37M | $324.64M | $369.00M |
FREL vs. O - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 13.84% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
O Realty Income Corporation | 16.77% | 12.20% | -2.11% | -4.55% | -7.38% | 23.95% | -11.60% | 21.27% | 15.94% | 3.67% |
Correlation
The correlation between FREL and O is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.77 |
The correlation between FREL and O has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.
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. O — Risk / Return Rank
FREL
O
FREL vs. O - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and Realty Income Corporation (O). 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 | O | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.86 | -0.09 |
| Martin ratioReturn relative to average drawdown | 5.75 | 4.24 | +1.51 |
Loading charts...
Drawdowns
FREL vs. O - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum O drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for FREL and O.
Loading charts...
Drawdown Indicators
| FREL | O | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -48.45% | +5.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -11.10% | +2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -22.36% | +4.82% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -34.48% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -48.28% | +5.67% |
Current DrawdownCurrent decline from peak | -2.01% | -3.39% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -9.82% | -9.18% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 4.87% | -2.26% |
Volatility
FREL vs. O - Volatility Comparison
The current volatility for Fidelity MSCI Real Estate Index ETF (FREL) is 4.44%, while Realty Income Corporation (O) has a volatility of 6.31%. This indicates that FREL experiences smaller price fluctuations and is considered to be less risky than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FREL | O | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 6.31% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 12.91% | -2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.88% | 16.57% | -2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 19.04% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 25.67% | -4.94% |
Dividends
FREL vs. O - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.21%, less than O's 5.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.21% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
O Realty Income Corporation | 5.07% | 6.19% | 5.37% | 5.33% | 4.68% | 3.87% | 4.51% | 3.69% | 4.19% | 4.45% | 4.18% | 4.41% |
Frequently Asked Questions
FREL and O have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
O has higher volatility (6.31%) compared to FREL (4.44%). In terms of maximum drawdown, FREL dropped -42.61% vs O's -48.45%.
O currently has the higher Sharpe Ratio (1.25 vs 1.09), 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 O
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