JRE vs. FREL
JRE (Janus Henderson U.S. Real Estate ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds. JRE is actively managed, while FREL is passively managed. Over the past 5 years, JRE returned 4.22%/yr vs 2.38%/yr for FREL. Their 0.96 correlation means they have historically moved very closely together. JRE charges 0.65%/yr vs 0.08%/yr for FREL.
Performance
JRE vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, JRE achieves a 21.26% return, which is significantly higher than FREL's 13.84% return.
JRE
- 1D
- -0.56%
- 1M
- 1.57%
- 6M
- 18.21%
- YTD
- 21.26%
- 1Y
- 25.57%
- 3Y*
- 11.22%
- 5Y*
- 4.22%
- 10Y*
- —
- ALL TIME*
- 5.28%
FREL
- 1D
- -0.63%
- 1M
- 0.87%
- 6M
- 10.95%
- YTD
- 13.84%
- 1Y
- 15.22%
- 3Y*
- 9.36%
- 5Y*
- 2.38%
- 10Y*
- 5.45%
- ALL TIME*
- 5.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.85M | $7.21M | $7.16M | |
| $46.81K | $44.87K | $37.37K |
JRE vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
JRE Janus Henderson U.S. Real Estate ETF | 21.26% | 2.97% | 7.65% | 8.79% | -23.47% | 16.20% |
FREL Fidelity MSCI Real Estate Index ETF | 13.84% | 3.09% | 5.05% | 11.74% | -26.21% | 14.51% |
Correlation
The correlation between JRE and FREL is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021 | 0.96 |
The correlation between JRE and FREL has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
JRE vs. FREL — Risk / Return Rank
JRE
FREL
JRE vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson U.S. Real Estate ETF (JRE) 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.
| JRE | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.20 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 1.78 | +1.84 |
| Martin ratioReturn relative to average drawdown | 11.81 | 5.75 | +6.06 |
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Drawdowns
JRE vs. FREL - Drawdown Comparison
The maximum JRE drawdown since its inception was -31.69%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for JRE and FREL.
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Drawdown Indicators
| JRE | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.69% | -42.61% | +10.92% |
Max Drawdown (1Y)Largest decline over 1 year | -7.14% | -8.45% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -18.37% | -17.54% | -0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -31.69% | -34.40% | +2.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.61% | — |
Current DrawdownCurrent decline from peak | -2.97% | -2.01% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -12.26% | -9.82% | -2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 2.61% | -0.43% |
Volatility
JRE vs. FREL - Volatility Comparison
Janus Henderson U.S. Real Estate ETF (JRE) has a higher volatility of 5.05% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.44%. This indicates that JRE'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.
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Volatility by Period
| JRE | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 4.44% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 10.70% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.93% | 13.88% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.75% | 18.92% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.69% | 20.73% | -2.04% |
JRE vs. FREL - Expense Ratio Comparison
JRE has a 0.65% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
JRE vs. FREL - Dividend Comparison
JRE's dividend yield for the trailing twelve months is around 4.64%, more than FREL's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.21% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
JRE Janus Henderson U.S. Real Estate ETF | 4.64% | 5.81% | 2.20% | 2.77% | 2.87% | 0.90% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, JRE and FREL 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.
JRE has higher volatility (5.05%) compared to FREL (4.44%). In terms of maximum drawdown, JRE dropped -31.69% vs FREL's -42.61%.
On 5-year performance, JRE leads with 4.22% vs 2.38% for FREL. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JRE has performed better with a 4.22% return vs 2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.65% for JRE.
JRE has the higher dividend yield at 4.64%, compared with 3.21% for FREL.
They also come from different issuers: Janus Henderson and Fidelity. Their fees differ too: 0.65% for JRE and 0.08% for FREL.
JRE currently has the higher Sharpe Ratio (1.87 vs 1.09), 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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