FSRNX vs. FREL

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Real Estate Index Fund (FSRNX) and Fidelity MSCI Real Estate Index ETF (FREL).

FSRNX is a passively managed fund by Fidelity that tracks the performance of the MSCI US IMI Real Estate 25/25 Index. It was launched on Aug 9, 2011. FREL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Real Estate Index. It was launched on Feb 2, 2015. Both FSRNX and FREL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FSRNX vs. FREL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Index Fund (FSRNX) and Fidelity MSCI Real Estate Index ETF (FREL). The values are adjusted to include any dividend payments, if applicable.

FSRNX vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRNX Fidelity Real Estate Index Fund	-0.56%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%
FREL Fidelity MSCI Real Estate Index ETF	0.98%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%

Returns By Period

In the year-to-date period, FSRNX achieves a -0.56% return, which is significantly lower than FREL's 0.98% return. Over the past 10 years, FSRNX has underperformed FREL with an annualized return of 3.12%, while FREL has yielded a comparatively higher 5.16% annualized return.

FSRNX

• 1D: 0.44%
• 1M: -7.86%
• YTD: -0.56%
• 6M: -3.07%
• 1Y: -0.02%
• 3Y*: 5.74%
• 5Y*: 2.79%
• 10Y*: 3.12%

FREL

• 1D: 1.43%
• 1M: -6.56%
• YTD: 0.98%
• 6M: -1.57%
• 1Y: 1.45%
• 3Y*: 6.30%
• 5Y*: 2.68%
• 10Y*: 5.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSRNX vs. FREL - Expense Ratio Comparison

FSRNX has a 0.07% 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%.

FREL

Fidelity MSCI Real Estate Index ETF

FSRNX

Fidelity Real Estate Index Fund

Return for Risk

FSRNX vs. FREL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSRNX

FSRNX Risk / Return Rank: 7
FSRNX Sharpe Ratio Rank: 7
FSRNX Sortino Ratio Rank: 6
FSRNX Omega Ratio Rank: 6
FSRNX Calmar Ratio Rank: 7
FSRNX Martin Ratio Rank: 8

FREL

FREL Risk / Return Rank: 16
FREL Sharpe Ratio Rank: 15
FREL Sortino Ratio Rank: 14
FREL Omega Ratio Rank: 14
FREL Calmar Ratio Rank: 17
FREL Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSRNX vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) 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.

	FSRNX	FREL	Difference
Sharpe ratio Return per unit of total volatility	0.05	0.09	-0.03
Sortino ratio Return per unit of downside risk	0.19	0.24	-0.05
Omega ratio Gain probability vs. loss probability	1.03	1.03	-0.01
Calmar ratio Return relative to maximum drawdown	0.06	0.20	-0.14
Martin ratio Return relative to average drawdown	0.24	0.77	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSRNX vs. FREL - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 0.05, which is lower than the FREL Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of FSRNX and FREL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSRNX	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.09	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.14	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.25	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.23	+0.09

Correlation

The correlation between FSRNX and FREL is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSRNX vs. FREL - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.79%, less than FREL's 3.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRNX Fidelity Real Estate Index Fund	2.79%	2.77%	2.86%	2.84%	2.66%	1.25%	3.33%	4.52%	3.62%	2.27%	3.40%	2.57%
FREL Fidelity MSCI Real Estate Index ETF	3.56%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%

Drawdowns

FSRNX vs. FREL - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, roughly equal to the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for FSRNX and FREL.

Drawdown Indicators

	FSRNX	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-42.61%	-1.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-12.42%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-34.40%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-42.61%	-1.65%
Current Drawdown Current decline from peak	-11.07%	-9.83%	-1.24%
Average Drawdown Average peak-to-trough decline	-9.77%	-10.05%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.19%	-0.01%

Volatility

FSRNX vs. FREL - Volatility Comparison

The current volatility for Fidelity Real Estate Index Fund (FSRNX) is 4.21%, while Fidelity MSCI Real Estate Index ETF (FREL) has a volatility of 4.55%. This indicates that FSRNX 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.

Volatility by Period

	FSRNX	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.55%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	9.29%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	16.41%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	18.85%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	20.67%	+0.74%