FSREX vs. FREL
FSREX (Fidelity Series Real Estate Income Fund) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds from Fidelity. Over the past 10 years, FSREX returned 5.34%/yr vs 5.83%/yr for FREL. A 0.73 correlation means they provide meaningful diversification when combined. FSREX charges 0.00%/yr vs 0.08%/yr for FREL.
Performance
FSREX vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, FSREX achieves a 1.91% return, which is significantly lower than FREL's 10.01% return. Over the past 10 years, FSREX has underperformed FREL with an annualized return of 5.34%, while FREL has yielded a comparatively higher 5.83% annualized return.
FSREX
- 1D
- 0.20%
- 1M
- 0.81%
- YTD
- 1.91%
- 6M
- 2.01%
- 1Y
- 7.07%
- 3Y*
- 8.75%
- 5Y*
- 4.15%
- 10Y*
- 5.34%
FREL
- 1D
- 0.96%
- 1M
- -0.29%
- YTD
- 10.01%
- 6M
- 10.30%
- 1Y
- 11.38%
- 3Y*
- 10.69%
- 5Y*
- 2.43%
- 10Y*
- 5.83%
FSREX vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSREX Fidelity Series Real Estate Income Fund | 1.91% | 8.93% | 9.87% | 8.29% | -11.78% | 15.78% | 0.58% | 16.02% | -0.73% | 5.91% |
FREL Fidelity MSCI Real Estate Index ETF | 10.01% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between FSREX and FREL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.73 |
Over the past year, the correlation between FSREX and FREL has dropped to 0.42 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.
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Return for Risk
FSREX vs. FREL — Risk / Return Rank
FSREX
FREL
FSREX vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Real Estate Income Fund (FSREX) and Fidelity MSCI Real Estate Index ETF (FREL). 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.
| FSREX | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +3.37 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.15 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 1.35 | +2.15 |
| Martin ratioReturn relative to average drawdown | 15.40 | 4.23 | +11.17 |
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Drawdowns
FSREX vs. FREL - Drawdown Comparison
The maximum FSREX drawdown since its inception was -32.02%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for FSREX and FREL.
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Drawdown Indicators
| FSREX | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.02% | -42.61% | +10.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.06% | -8.45% | +6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -5.12% | -17.54% | +12.42% |
Max Drawdown (5Y)Largest decline over 5 years | -15.22% | -34.40% | +19.18% |
Max Drawdown (10Y)Largest decline over 10 years | -32.02% | -42.61% | +10.59% |
Current DrawdownCurrent decline from peak | 0.00% | -2.12% | +2.12% |
Average DrawdownAverage peak-to-trough decline | -2.54% | -9.91% | +7.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 2.70% | -2.23% |
Volatility
FSREX vs. FREL - Volatility Comparison
The current volatility for Fidelity Series Real Estate Income Fund (FSREX) is 0.64%, while Fidelity MSCI Real Estate Index ETF (FREL) has a volatility of 4.96%. This indicates that FSREX experiences smaller price fluctuations and is considered to be less risky than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSREX | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 4.96% | -4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 10.15% | -8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.43% | 13.80% | -11.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 18.89% | -14.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 20.72% | -12.83% |
FSREX vs. FREL - Expense Ratio Comparison
FSREX has a 0.00% expense ratio, which is lower than FREL's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FSREX vs. FREL - Dividend Comparison
FSREX's dividend yield for the trailing twelve months is around 5.06%, more than FREL's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.32% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
FSREX Fidelity Series Real Estate Income Fund | 5.06% | 5.64% | 6.05% | 7.43% | 9.99% | 3.58% | 6.24% | 6.62% | 5.87% | 5.49% | 5.22% | 4.33% |
Frequently Asked Questions
FSREX and FREL have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FREL has higher volatility (4.96%) compared to FSREX (0.64%). In terms of maximum drawdown, FSREX dropped -32.02% vs FREL's -42.61%.
FSREX currently has the higher Sharpe Ratio (2.97 vs 0.83), 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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