RINC vs. FREL

Last updated Jun 4, 2026

RINC (AXS Real Estate Income ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - RINC tracks the Gapstow Real Estate Income Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. RINC charges 0.89%/yr vs 0.08%/yr for FREL.

Performance

RINC vs. FREL - Performance Comparison

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

Returns By Period

RINC

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FREL

• 1D: -0.14%
• 1M: -1.00%
• YTD: 7.59%
• 6M: 6.51%
• 1Y: 9.81%
• 3Y*: 9.05%
• 5Y*: 2.09%
• 10Y*: 5.67%

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

RINC vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RINC AXS Real Estate Income ETF	0.00%	7.75%	-5.74%	1.71%
FREL Fidelity MSCI Real Estate Index ETF	7.59%	3.09%	5.05%	10.41%

Correlation

The correlation between RINC and FREL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 29, 2023	0.55

Over the past year, the correlation between RINC and FREL has dropped to 0.34 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

RINC vs. FREL - Sectors Allocation Comparison

Sectors	RINC	FREL
Real Estate	100.0%	97.6%
Basic Materials	-	1.2%
Communication Services	-	0.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Financial Services	-	0.0%
Healthcare	-	-
Industrials	-	-
Technology	-	0.3%
Utilities	-	-

Return for Risk

RINC vs. FREL — Risk / Return Rank

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

FREL

FREL Risk / Return Rank: 22
FREL Sharpe Ratio Rank: 21
FREL Sortino Ratio Rank: 20
FREL Omega Ratio Rank: 20
FREL Calmar Ratio Rank: 24
FREL Martin Ratio Rank: 26

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.

RINC vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS Real Estate Income ETF (RINC) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	RINC	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.75	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.11	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.25	—

Drawdowns

Drawdown Indicators

	RINC	FREL	Difference
Max Drawdown Largest peak-to-trough decline	—	-42.61%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.45%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.61%	—
Current Drawdown Current decline from peak	—	-3.93%	—
Average Drawdown Average peak-to-trough decline	—	-9.95%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.68%	—

Volatility

Volatility by Period

	RINC	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.17%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.84%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.67%	—

RINC vs. FREL - Expense Ratio Comparison

RINC has a 0.89% expense ratio, which is higher than FREL's 0.08% expense ratio.

Dividends

RINC vs. FREL - Dividend Comparison

RINC's dividend yield for the trailing twelve months is around 2.16%, less than FREL's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREL Fidelity MSCI Real Estate Index ETF	3.34%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%
RINC AXS Real Estate Income ETF	2.16%	6.04%	10.85%	3.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RINC and FREL in my portfolio?

RINC and FREL have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RINC or FREL?

On fees, FREL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RINC or FREL?

FREL is cheaper with a 0.08% expense ratio, compared with 0.89% for RINC.

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

FREL has the higher dividend yield at 3.34%, compared with 2.16% for RINC.

What is the main difference between RINC and FREL?

RINC tracks Gapstow Real Estate Income Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: AXS and Fidelity. Their fees differ too: 0.89% for RINC and 0.08% for FREL.