FUTY vs. FREL

Last updated Jun 5, 2026

FUTY (Fidelity MSCI Utilities Index ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both exchange-traded funds - FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index, while FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, FUTY returned 9.10%/yr vs 5.92%/yr for FREL. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.08% expense ratio.

Performance

FUTY vs. FREL - Performance Comparison

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

Returns By Period

In the year-to-date period, FUTY achieves a 3.78% return, which is significantly lower than FREL's 9.50% return. Over the past 10 years, FUTY has outperformed FREL with an annualized return of 9.10%, while FREL has yielded a comparatively lower 5.92% annualized return.

FUTY

• 1D: 0.60%
• 1M: -4.86%
• YTD: 3.78%
• 6M: 1.95%
• 1Y: 12.10%
• 3Y*: 13.73%
• 5Y*: 9.26%
• 10Y*: 9.10%

FREL

• 1D: 1.78%
• 1M: 0.45%
• YTD: 9.50%
• 6M: 8.69%
• 1Y: 11.47%
• 3Y*: 9.95%
• 5Y*: 2.45%
• 10Y*: 5.92%

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

FUTY vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUTY Fidelity MSCI Utilities Index ETF	3.78%	16.40%	23.20%	-7.46%	1.12%	17.53%	-0.80%	24.89%	4.36%	12.52%
FREL Fidelity MSCI Real Estate Index ETF	9.50%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%

Correlation

The correlation between FUTY and FREL is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015	0.62

The correlation between FUTY and FREL shifts across timeframes, from 0.46 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

FUTY vs. FREL - Sectors Allocation Comparison

Sectors	FUTY	FREL
Utilities	99.2%	-
Energy	0.5%	0.1%
Industrials	0.2%	-
Basic Materials	-	1.2%
Communication Services	-	0.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.0%
Healthcare	-	-
Real Estate	-	97.6%
Technology	-	0.3%

Return for Risk

FUTY vs. FREL — Risk / Return Rank

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

FUTY

FUTY Risk / Return Rank: 25
FUTY Sharpe Ratio Rank: 25
FUTY Sortino Ratio Rank: 24
FUTY Omega Ratio Rank: 24
FUTY Calmar Ratio Rank: 29
FUTY Martin Ratio Rank: 24

FREL

FREL Risk / Return Rank: 26
FREL Sharpe Ratio Rank: 25
FREL Sortino Ratio Rank: 24
FREL Omega Ratio Rank: 24
FREL Calmar Ratio Rank: 29
FREL Martin Ratio Rank: 30

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.

FUTY vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Utilities Index ETF (FUTY) 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.

	FUTY	FREL	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.87	-0.01
Sortino ratio: Return per unit of downside risk	1.23	1.26	-0.03
Omega ratio: Gain probability vs. loss probability	1.15	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	1.36	1.36	0.00
Martin ratio: Return relative to average drawdown	3.05	4.29	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUTY vs. FREL - Sharpe Ratio Comparison

The current FUTY Sharpe Ratio is 0.85, which is comparable to the FREL Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FUTY and FREL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FUTY	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.87	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.13	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.29	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.26	+0.29

Drawdowns

FUTY vs. FREL - Drawdown Comparison

The maximum FUTY drawdown since its inception was -36.44%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for FUTY and FREL.

Drawdown Indicators

	FUTY	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-36.44%	-42.61%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.45%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.35%	-17.54%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-34.40%	+9.29%
Max Drawdown (10Y) Largest decline over 10 years	-36.44%	-42.61%	+6.17%
Current Drawdown Current decline from peak	-6.72%	-2.22%	-4.50%
Average Drawdown Average peak-to-trough decline	-6.03%	-9.95%	+3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	2.68%	+1.30%

Volatility

FUTY vs. FREL - Volatility Comparison

Fidelity MSCI Utilities Index ETF (FUTY) has a higher volatility of 5.52% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.16%. This indicates that FUTY's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUTY	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	4.16%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	9.42%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	13.28%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	18.86%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	20.68%	-1.63%

FUTY vs. FREL - Expense Ratio Comparison

Both FUTY and FREL have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FUTY vs. FREL - Dividend Comparison

FUTY's dividend yield for the trailing twelve months is around 2.60%, less than FREL's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREL Fidelity MSCI Real Estate Index ETF	3.29%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%
FUTY Fidelity MSCI Utilities Index ETF	2.60%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FUTY and FREL in my portfolio?

FUTY and FREL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUTY or FREL?

FUTY has higher volatility (5.52%) compared to FREL (4.16%). In terms of maximum drawdown, FUTY dropped -36.44% vs FREL's -42.61%.

Which ETF is better, FUTY or FREL?

On 10-year performance, FUTY leads with 9.10% vs 5.92% for FREL. Both ETFs have the same 0.08% expense ratio. On volatility, FREL has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FUTY or FREL?

Over the 10-year period, FUTY has performed better with a 9.10% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FUTY or FREL?

FUTY and FREL have the same expense ratio: 0.08% per year.

Which ETF pays a higher dividend yield, FUTY or FREL?

FREL has the higher dividend yield at 3.29%, compared with 2.60% for FUTY.

What is the main difference between FUTY and FREL?

FUTY is categorized as Utilities Equities, while FREL is REIT. FUTY tracks MSCI USA IMI Utilities Index, while FREL tracks MSCI USA IMI Real Estate Index.

Which has better risk-adjusted returns?

FREL currently has the higher Sharpe Ratio (0.87 vs 0.85), 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.