FREL vs. XLRI
FREL (Fidelity MSCI Real Estate Index ETF) and XLRI (State Street Real Estate Select Sector SPDR Premium Income ETF) are both exchange-traded funds - FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index, while XLRI is a Derivative Income fund actively managed by State Street. FREL is passively managed, while XLRI is actively managed. Over the past year, FREL returned 13.65% vs 9.42% for XLRI. Their correlation of 0.94 means they have usually moved in the same direction. FREL charges 0.08%/yr vs 0.35%/yr for XLRI.
Performance
FREL vs. XLRI - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 13.87% return, which is significantly higher than XLRI's 8.42% return.
FREL
- 1D
- -0.03%
- 1M
- 1.59%
- 6M
- 10.74%
- YTD
- 13.87%
- 1Y
- 13.65%
- 3Y*
- 10.27%
- 5Y*
- 2.27%
- 10Y*
- 5.51%
- ALL TIME*
- 5.65%
XLRI
- 1D
- 0.17%
- 1M
- 2.16%
- 6M
- 6.13%
- YTD
- 8.42%
- 1Y
- 9.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.68M | $7.24M | $7.19M | |
| $78.22K | $70.16K | $66.18K |
FREL vs. XLRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 13.87% | -1.88% |
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF | 8.42% | -0.57% |
Correlation
The correlation between FREL and XLRI is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025 | 0.94 |
The correlation between FREL and XLRI has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.
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Return for Risk
FREL vs. XLRI — Risk / Return Rank
FREL
XLRI
FREL vs. XLRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) and State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). 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 | XLRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.33 | +0.30 |
| Martin ratioReturn relative to average drawdown | 5.24 | 4.65 | +0.58 |
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Drawdowns
FREL vs. XLRI - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, which is greater than XLRI's maximum drawdown of -7.12%. Use the drawdown chart below to compare losses from any high point for FREL and XLRI.
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Drawdown Indicators
| FREL | XLRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -7.12% | -35.49% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -7.12% | -1.33% |
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 DrawdownCurrent decline from peak | -1.97% | -0.64% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -9.82% | -1.53% | -8.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.03% | +0.59% |
Volatility
FREL vs. XLRI - Volatility Comparison
Fidelity MSCI Real Estate Index ETF (FREL) has a higher volatility of 4.08% compared to State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI) at 2.85%. This indicates that FREL's price experiences larger fluctuations and is considered to be riskier than XLRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FREL | XLRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 2.85% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 8.70% | +1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.77% | 10.98% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 11.06% | +7.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 11.06% | +9.67% |
FREL vs. XLRI - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than XLRI's 0.35% expense ratio.
Dividends
FREL vs. XLRI - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.21%, less than XLRI's 14.30% 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% |
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF | 14.30% | 6.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, FREL and XLRI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FREL has higher volatility (4.08%) compared to XLRI (2.85%). In terms of maximum drawdown, FREL dropped -42.61% vs XLRI's -7.12%.
On 1-year performance, FREL leads with 13.65% vs 9.42% for XLRI. On fees, FREL is cheaper at 0.08% per year. On volatility, XLRI has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FREL has performed better with a 13.65% return vs 9.42%. 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 0.35% for XLRI.
XLRI has the higher dividend yield at 14.30%, compared with 3.21% for FREL.
FREL is categorized as REIT, while XLRI is Derivative Income. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.08% for FREL and 0.35% for XLRI.
FREL currently has the higher Sharpe Ratio (1.00 vs 0.86), 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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