KBWY vs. FREL
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - KBWY tracks the KBW Premium Yield Equity REIT Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, KBWY returned 1.43%/yr vs 5.92%/yr for FREL. Their correlation of 0.83 suggests significant overlap in exposure. KBWY charges 0.35%/yr vs 0.08%/yr for FREL.
Performance
KBWY vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 19.61% return, which is significantly higher than FREL's 9.50% return. Over the past 10 years, KBWY has underperformed FREL with an annualized return of 1.43%, while FREL has yielded a comparatively higher 5.92% annualized return.
KBWY
- 1D
- 2.17%
- 1M
- 5.12%
- YTD
- 19.61%
- 6M
- 21.19%
- 1Y
- 25.66%
- 3Y*
- 10.27%
- 5Y*
- 2.59%
- 10Y*
- 1.43%
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%
KBWY vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 19.61% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
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 KBWY and FREL is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015 | 0.83 |
The correlation between KBWY and FREL has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.
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Return for Risk
KBWY vs. FREL — Risk / Return Rank
KBWY
FREL
KBWY vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.16 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 1.36 | +1.42 |
| Martin ratioReturn relative to average drawdown | 6.63 | 4.29 | +2.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KBWY | FREL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 0.87 | +0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.13 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.29 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.26 | -0.06 |
Drawdowns
KBWY vs. FREL - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for KBWY and FREL.
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Drawdown Indicators
| KBWY | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -42.61% | -15.07% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -8.45% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -17.54% | -12.39% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -34.40% | +2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -42.61% | -15.07% |
Current DrawdownCurrent decline from peak | -8.88% | -2.22% | -6.66% |
Average DrawdownAverage peak-to-trough decline | -14.18% | -9.95% | -4.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 2.68% | +1.20% |
Volatility
KBWY vs. FREL - Volatility Comparison
Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a higher volatility of 4.49% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.16%. This indicates that KBWY'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
| KBWY | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 4.16% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 9.42% | +2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 13.28% | +3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.63% | 18.86% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.05% | 20.68% | +6.37% |
KBWY vs. FREL - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
KBWY vs. FREL - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 8.46%, more 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% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.46% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
KBWY and FREL have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWY has higher volatility (4.49%) compared to FREL (4.16%). In terms of maximum drawdown, KBWY dropped -57.68% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.92% vs 1.43% for KBWY. On fees, FREL is cheaper at 0.08% per year. 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.
Over the 10-year period, FREL has performed better with a 5.92% return vs 1.43%. 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 0.35% for KBWY.
KBWY has the higher dividend yield at 8.46%, compared with 3.29% for FREL.
KBWY tracks KBW Premium Yield Equity REIT Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.35% for KBWY and 0.08% for FREL.
KBWY currently has the higher Sharpe Ratio (1.56 vs 0.87), 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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