SPDW vs. FREL
SPDW (SPDR Portfolio World ex-US ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 6.17%/yr for FREL. A 0.54 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.08%/yr for FREL.
Performance
SPDW vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, SPDW achieves a 14.86% return, which is significantly higher than FREL's 12.39% return. Over the past 10 years, SPDW has outperformed FREL with an annualized return of 10.64%, while FREL has yielded a comparatively lower 6.17% annualized return.
SPDW
- 1D
- 0.29%
- 1M
- 1.53%
- YTD
- 14.86%
- 6M
- 16.65%
- 1Y
- 31.27%
- 3Y*
- 19.01%
- 5Y*
- 9.30%
- 10Y*
- 10.64%
FREL
- 1D
- 1.01%
- 1M
- 3.49%
- YTD
- 12.39%
- 6M
- 12.21%
- 1Y
- 13.87%
- 3Y*
- 10.11%
- 5Y*
- 2.49%
- 10Y*
- 6.17%
SPDW vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 14.86% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 9.90% | 22.41% | -14.22% | 25.81% |
FREL Fidelity MSCI Real Estate Index ETF | 12.39% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between SPDW and FREL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.54 |
The correlation between SPDW and FREL shifts across timeframes, from 0.45 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPDW vs. FREL — Risk / Return Rank
SPDW
FREL
SPDW vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.
| SPDW | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.17 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.53 | +1.05 |
| Martin ratioReturn relative to average drawdown | 9.95 | 4.80 | +5.15 |
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Drawdowns
SPDW vs. FREL - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for SPDW and FREL.
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Drawdown Indicators
| SPDW | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -42.61% | -17.41% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -8.45% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | -17.54% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -34.40% | +4.19% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | -42.61% | +7.63% |
Current DrawdownCurrent decline from peak | -0.99% | 0.00% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -12.89% | -9.93% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.68% | +0.31% |
Volatility
SPDW vs. FREL - Volatility Comparison
SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.74%. This indicates that SPDW'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
| SPDW | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 4.74% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 9.79% | +4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.51% | 13.54% | +2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 18.89% | -2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 20.70% | -3.39% |
SPDW vs. FREL - Expense Ratio Comparison
SPDW has a 0.04% expense ratio, which is lower than FREL's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPDW vs. FREL - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 2.87%, less than FREL's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.20% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
SPDW SPDR Portfolio World ex-US ETF | 2.87% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Frequently Asked Questions
SPDW and FREL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDW has higher volatility (6.86%) compared to FREL (4.74%). In terms of maximum drawdown, SPDW dropped -60.02% vs FREL's -42.61%.
On 10-year performance, SPDW leads with 10.64% vs 6.17% for FREL. On fees, SPDW is cheaper at 0.04% per year. On volatility, FREL has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDW has performed better with a 10.64% return vs 6.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.08% for FREL.
FREL has the higher dividend yield at 3.20%, compared with 2.87% for SPDW.
SPDW is categorized as Foreign Large Cap Equities, while FREL is REIT. SPDW tracks S&P Developed Ex-U.S. BMI Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.04% for SPDW and 0.08% for FREL.
SPDW currently has the higher Sharpe Ratio (1.80 vs 0.95), 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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