REET vs. FREL
REET (iShares Global REIT ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - REET tracks the FTSE EPRA/NAREIT Global REIT Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, REET returned 4.29%/yr vs 5.83%/yr for FREL. Their correlation of 0.94 suggests significant overlap in exposure. REET charges 0.14%/yr vs 0.08%/yr for FREL.
Performance
REET vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, REET achieves a 10.82% return, which is significantly higher than FREL's 10.01% return. Over the past 10 years, REET has underperformed FREL with an annualized return of 4.29%, while FREL has yielded a comparatively higher 5.83% annualized return.
REET
- 1D
- 0.96%
- 1M
- 0.34%
- YTD
- 10.82%
- 6M
- 11.49%
- 1Y
- 14.51%
- 3Y*
- 11.34%
- 5Y*
- 2.71%
- 10Y*
- 4.29%
FREL
- 1D
- 0.96%
- 1M
- -0.29%
- YTD
- 10.01%
- 6M
- 10.30%
- 1Y
- 11.38%
- 3Y*
- 10.69%
- 5Y*
- 2.43%
- 10Y*
- 5.83%
REET vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REET iShares Global REIT ETF | 10.82% | 7.97% | 2.65% | 10.28% | -24.10% | 32.43% | -10.48% | 24.42% | -5.27% | 7.48% |
FREL Fidelity MSCI Real Estate Index ETF | 10.01% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between REET and FREL is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.94 |
The correlation between REET 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
REET vs. FREL — Risk / Return Rank
REET
FREL
REET vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global REIT ETF (REET) 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.
| REET | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.15 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.35 | +0.26 |
| Martin ratioReturn relative to average drawdown | 5.76 | 4.23 | +1.53 |
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Drawdowns
REET vs. FREL - Drawdown Comparison
The maximum REET drawdown since its inception was -44.59%, roughly equal to the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for REET and FREL.
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Drawdown Indicators
| REET | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -42.61% | -1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -9.04% | -8.45% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -18.02% | -17.54% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -32.11% | -34.40% | +2.29% |
Max Drawdown (10Y)Largest decline over 10 years | -44.59% | -42.61% | -1.98% |
Current DrawdownCurrent decline from peak | -1.42% | -2.12% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -9.91% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 2.70% | -0.18% |
Volatility
REET vs. FREL - Volatility Comparison
The current volatility for iShares Global REIT ETF (REET) is 4.30%, while Fidelity MSCI Real Estate Index ETF (FREL) has a volatility of 4.96%. This indicates that REET 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.
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Volatility by Period
| REET | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 4.96% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 10.15% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.52% | 13.80% | -1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 18.89% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.87% | 20.72% | -1.85% |
REET vs. FREL - Expense Ratio Comparison
REET has a 0.14% expense ratio, which is higher than FREL's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
REET vs. FREL - Dividend Comparison
REET's dividend yield for the trailing twelve months is around 3.40%, more than FREL's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.32% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
REET iShares Global REIT ETF | 3.40% | 3.67% | 3.64% | 3.27% | 2.43% | 3.18% | 2.65% | 5.25% | 5.73% | 3.84% | 5.37% | 3.56% |
Frequently Asked Questions
With a correlation of 0.94, REET 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.
FREL has higher volatility (4.96%) compared to REET (4.30%). In terms of maximum drawdown, REET dropped -44.59% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.83% vs 4.29% for REET. On fees, FREL is cheaper at 0.08% per year. On volatility, REET has been the lower-risk option at 4.30%. 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 5.83% return vs 4.29%. 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 0.14% for REET.
REET has the higher dividend yield at 3.40%, compared with 3.32% for FREL.
REET tracks FTSE EPRA/NAREIT Global REIT Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.14% for REET and 0.08% for FREL.
REET currently has the higher Sharpe Ratio (1.17 vs 0.83), 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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