RWR vs. FREL
RWR (SPDR Dow Jones REIT ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - RWR tracks the Dow Jones U.S. Select REIT Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, RWR returned 5.51%/yr vs 5.97%/yr for FREL. With a 0.97 correlation, they move nearly in lockstep. RWR charges 0.25%/yr vs 0.08%/yr for FREL.
Performance
RWR vs. FREL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RWR achieves a 16.14% return, which is significantly higher than FREL's 11.53% return. Over the past 10 years, RWR has underperformed FREL with an annualized return of 5.51%, while FREL has yielded a comparatively higher 5.97% annualized return.
RWR
- 1D
- 1.31%
- 1M
- 1.96%
- YTD
- 16.14%
- 6M
- 16.59%
- 1Y
- 19.02%
- 3Y*
- 13.63%
- 5Y*
- 4.96%
- 10Y*
- 5.51%
FREL
- 1D
- 1.38%
- 1M
- 1.09%
- YTD
- 11.53%
- 6M
- 11.94%
- 1Y
- 11.39%
- 3Y*
- 11.20%
- 5Y*
- 2.76%
- 10Y*
- 5.97%
RWR vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWR SPDR Dow Jones REIT ETF | 16.14% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between RWR and FREL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.97 |
The correlation between RWR and FREL has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RWR vs. FREL — Risk / Return Rank
RWR
FREL
RWR vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) 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.
| RWR | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.15 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 1.35 | +1.02 |
| Martin ratioReturn relative to average drawdown | 8.03 | 4.23 | +3.80 |
Loading charts...
Drawdowns
RWR vs. FREL - Drawdown Comparison
The maximum RWR drawdown since its inception was -74.92%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for RWR and FREL.
Loading charts...
Drawdown Indicators
| RWR | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.92% | -42.61% | -32.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -8.45% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -17.54% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -32.58% | -34.40% | +1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -44.39% | -42.61% | -1.78% |
Current DrawdownCurrent decline from peak | -0.46% | -0.77% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -13.08% | -9.91% | -3.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 2.70% | -0.32% |
Volatility
RWR vs. FREL - Volatility Comparison
SPDR Dow Jones REIT ETF (RWR) has a higher volatility of 5.42% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 5.15%. This indicates that RWR'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.
Loading charts...
Volatility by Period
| RWR | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.42% | 5.15% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.37% | 10.21% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.05% | 13.84% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 18.90% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 20.72% | +0.83% |
RWR vs. FREL - Expense Ratio Comparison
RWR has a 0.25% 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
RWR vs. FREL - Dividend Comparison
RWR's dividend yield for the trailing twelve months is around 3.36%, more than FREL's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.28% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
RWR SPDR Dow Jones REIT ETF | 3.36% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
Frequently Asked Questions
With a correlation of 0.96, RWR 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.
RWR has higher volatility (5.42%) compared to FREL (5.15%). In terms of maximum drawdown, RWR dropped -74.92% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.97% vs 5.51% for RWR. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 5.15%. 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 5.97% return vs 5.51%. 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 0.25% for RWR.
RWR has the higher dividend yield at 3.36%, compared with 3.28% for FREL.
RWR tracks Dow Jones U.S. Select REIT Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.25% for RWR and 0.08% for FREL.
RWR currently has the higher Sharpe Ratio (1.37 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.
Find the right allocation for RWR and FREL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer