IYR vs. FREL

Last updated Apr 2, 2026

Compare and contrast key facts about iShares U.S. Real Estate ETF (IYR) and Fidelity MSCI Real Estate Index ETF (FREL).

IYR and FREL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IYR is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Real Estate Index. It was launched on Jun 12, 2000. 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 IYR 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

IYR vs. FREL - Performance Comparison

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

IYR vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYR iShares U.S. Real Estate ETF	1.34%	3.38%	4.41%	11.89%	-25.51%	38.74%	-5.23%	28.21%	-4.33%	9.31%
FREL Fidelity MSCI Real Estate Index ETF	1.32%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%

Returns By Period

The year-to-date returns for both stocks are quite close, with IYR having a 1.34% return and FREL slightly lower at 1.32%. Both investments have delivered pretty close results over the past 10 years, with IYR having a 5.06% annualized return and FREL not far ahead at 5.19%.

IYR

• 1D: 0.34%
• 1M: -6.30%
• YTD: 1.34%
• 6M: -1.15%
• 1Y: 1.38%
• 3Y*: 6.47%
• 5Y*: 2.87%
• 10Y*: 5.06%

FREL

• 1D: 0.33%
• 1M: -6.44%
• YTD: 1.32%
• 6M: -1.31%
• 1Y: 1.72%
• 3Y*: 6.41%
• 5Y*: 2.75%
• 10Y*: 5.19%

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

IYR vs. FREL - Expense Ratio Comparison

IYR has a 0.42% expense ratio, which is higher than FREL's 0.08% expense ratio.

IYR

iShares U.S. Real Estate ETF

FREL

Fidelity MSCI Real Estate Index ETF

Return for Risk

IYR vs. FREL — Risk / Return Rank

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

IYR

IYR Risk / Return Rank: 14
IYR Sharpe Ratio Rank: 13
IYR Sortino Ratio Rank: 13
IYR Omega Ratio Rank: 13
IYR Calmar Ratio Rank: 14
IYR Martin Ratio Rank: 15

FREL

FREL Risk / Return Rank: 14
FREL Sharpe Ratio Rank: 14
FREL Sortino Ratio Rank: 13
FREL Omega Ratio Rank: 13
FREL Calmar Ratio Rank: 15
FREL Martin Ratio Rank: 16

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.

IYR vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Real Estate ETF (IYR) 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.

	IYR	FREL	Difference
Sharpe ratio Return per unit of total volatility	0.09	0.11	-0.02
Sortino ratio Return per unit of downside risk	0.23	0.26	-0.03
Omega ratio Gain probability vs. loss probability	1.03	1.03	0.00
Calmar ratio Return relative to maximum drawdown	0.12	0.14	-0.03
Martin ratio Return relative to average drawdown	0.45	0.56	-0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYR vs. FREL - Sharpe Ratio Comparison

The current IYR Sharpe Ratio is 0.09, which is comparable to the FREL Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of IYR 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

	IYR	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	0.11	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.15	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.25	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.23	+0.09

Correlation

The correlation between IYR and FREL is 0.99, 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

IYR vs. FREL - Dividend Comparison

IYR's dividend yield for the trailing twelve months is around 2.37%, less than FREL's 3.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYR iShares U.S. Real Estate ETF	2.37%	2.48%	2.57%	2.75%	2.92%	2.06%	2.58%	3.05%	3.53%	3.73%	4.41%	3.92%
FREL Fidelity MSCI Real Estate Index ETF	3.55%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%

Drawdowns

IYR vs. FREL - Drawdown Comparison

The maximum IYR drawdown since its inception was -74.13%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for IYR and FREL.

Drawdown Indicators

	IYR	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-74.13%	-42.61%	-31.52%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-12.42%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-33.75%	-34.40%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-42.32%	-42.61%	+0.29%
Current Drawdown Current decline from peak	-8.83%	-9.53%	+0.70%
Average Drawdown Average peak-to-trough decline	-12.97%	-10.05%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.22%	0.00%

Volatility

IYR vs. FREL - Volatility Comparison

iShares U.S. Real Estate ETF (IYR) and Fidelity MSCI Real Estate Index ETF (FREL) have volatilities of 4.61% and 4.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYR	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.59%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	9.28%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	16.38%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	18.84%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.30%	20.67%	-0.37%