FREL vs. SPDW
FREL (Fidelity MSCI Real Estate Index ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, FREL returned 6.17%/yr vs 10.64%/yr for SPDW. A 0.54 correlation means they provide meaningful diversification when combined. FREL charges 0.08%/yr vs 0.04%/yr for SPDW.
Performance
FREL vs. SPDW - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 12.39% return, which is significantly lower than SPDW's 14.86% return. Over the past 10 years, FREL has underperformed SPDW with an annualized return of 6.17%, while SPDW has yielded a comparatively higher 10.64% annualized return.
FREL
- 1D
- 1.01%
- 1M
- 3.49%
- YTD
- 12.39%
- 6M
- 12.21%
- 1Y
- 13.87%
- 3Y*
- 10.11%
- 5Y*
- 2.49%
- 10Y*
- 6.17%
SPDW
- 1D
- 0.29%
- 1M
- 1.53%
- YTD
- 14.86%
- 6M
- 16.65%
- 1Y
- 31.27%
- 3Y*
- 19.01%
- 5Y*
- 9.30%
- 10Y*
- 10.64%
FREL vs. SPDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 12.39% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
SPDW SPDR Portfolio World ex-US ETF | 14.86% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 9.90% | 22.41% | -14.22% | 25.81% |
Correlation
The correlation between FREL and SPDW is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.54 |
The correlation between FREL and SPDW shifts across timeframes, from 0.45 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FREL vs. SPDW — Risk / Return Rank
FREL
SPDW
FREL vs. SPDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and SPDR Portfolio World ex-US ETF (SPDW). 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 | SPDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.33 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.58 | -1.05 |
| Martin ratioReturn relative to average drawdown | 4.80 | 9.95 | -5.15 |
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Drawdowns
FREL vs. SPDW - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for FREL and SPDW.
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Drawdown Indicators
| FREL | SPDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -60.02% | +17.41% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -11.55% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -13.53% | -4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -30.21% | -4.19% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -34.98% | -7.63% |
Current DrawdownCurrent decline from peak | 0.00% | -0.99% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -9.93% | -12.89% | +2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 2.99% | -0.31% |
Volatility
FREL vs. SPDW - Volatility Comparison
The current volatility for Fidelity MSCI Real Estate Index ETF (FREL) is 4.74%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 6.86%. This indicates that FREL experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FREL | SPDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 6.86% | -2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 9.79% | 14.23% | -4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.54% | 16.51% | -2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.89% | 16.66% | +2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.70% | 17.31% | +3.39% |
FREL vs. SPDW - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is higher than SPDW's 0.04% expense ratio. However, 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. SPDW - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.20%, more than SPDW's 2.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.20% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
SPDW SPDR Portfolio World ex-US ETF | 2.87% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Frequently Asked Questions
FREL and SPDW have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDW has higher volatility (6.86%) compared to FREL (4.74%). In terms of maximum drawdown, FREL dropped -42.61% vs SPDW's -60.02%.
On 10-year performance, SPDW leads with 10.64% vs 6.17% for FREL. On fees, SPDW is cheaper at 0.04% per year. On volatility, FREL has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDW has performed better with a 10.64% return vs 6.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.08% for FREL.
FREL has the higher dividend yield at 3.20%, compared with 2.87% for SPDW.
FREL is categorized as REIT, while SPDW is Foreign Large Cap Equities. FREL tracks MSCI USA IMI Real Estate Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.08% for FREL and 0.04% for SPDW.
SPDW currently has the higher Sharpe Ratio (1.80 vs 0.95), 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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