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. With a 0.96 correlation, they move nearly in lockstep. 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 11.53% return, which is significantly higher than XLRI's 6.71% return.
FREL
- 1D
- 1.38%
- 1M
- 1.09%
- YTD
- 11.53%
- 6M
- 11.94%
- 1Y
- 11.39%
- 3Y*
- 11.20%
- 5Y*
- 2.76%
- 10Y*
- 5.97%
XLRI
- 1D
- 1.31%
- 1M
- 1.23%
- YTD
- 6.71%
- 6M
- 7.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FREL vs. XLRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | -1.88% |
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF | 6.71% | -0.57% |
Correlation
The correlation between FREL and XLRI is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025 | 0.96 |
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Return for Risk
FREL vs. XLRI — Risk / Return Rank
FREL
XLRI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.15 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | — | — |
| Martin ratioReturn relative to average drawdown | 4.23 | — | — |
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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% | — | — |
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 | -0.77% | -0.54% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -1.65% | -8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | — | — |
Volatility
FREL vs. XLRI - Volatility Comparison
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Volatility by Period
| FREL | XLRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 10.99% | +2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 10.99% | +7.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 10.99% | +9.73% |
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 3.28%, less than XLRI's 12.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.28% | 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 | 12.24% | 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 0.96, 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.
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.
FREL is cheaper with a 0.08% expense ratio, compared with 0.35% for XLRI.
XLRI has the higher dividend yield at 12.24%, compared with 3.28% 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.
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