SPMD vs. FREL
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while FREL is a REIT fund tracking the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, SPMD returned 11.78%/yr vs 6.17%/yr for FREL. A 0.62 correlation means they provide meaningful diversification when combined. SPMD charges 0.05%/yr vs 0.08%/yr for FREL.
Performance
SPMD vs. FREL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPMD achieves a 15.51% return, which is significantly higher than FREL's 12.39% return. Over the past 10 years, SPMD has outperformed FREL with an annualized return of 11.78%, while FREL has yielded a comparatively lower 6.17% annualized return.
SPMD
- 1D
- 0.73%
- 1M
- 3.56%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
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%
SPMD vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
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 SPMD and FREL is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.62 |
The correlation between SPMD and FREL shifts across timeframes, from 0.56 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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
SPMD vs. FREL — Risk / Return Rank
SPMD
FREL
SPMD vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.
| SPMD | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 1.53 | +1.42 |
| Martin ratioReturn relative to average drawdown | 10.81 | 4.80 | +6.01 |
Loading charts...
Drawdowns
SPMD vs. FREL - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for SPMD and FREL.
Loading charts...
Drawdown Indicators
| SPMD | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -42.61% | -15.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.45% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -17.54% | -6.54% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -34.40% | +10.32% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -42.61% | +0.75% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -9.93% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.68% | -0.27% |
Volatility
SPMD vs. FREL - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 5.07% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.74%. This indicates that SPMD'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
| SPMD | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 4.74% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 11.77% | 9.79% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 13.54% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 18.89% | +0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 20.70% | +0.50% |
SPMD vs. FREL - Expense Ratio Comparison
SPMD has a 0.05% 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
SPMD vs. FREL - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, 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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
SPMD and FREL have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (5.07%) compared to FREL (4.74%). In terms of maximum drawdown, SPMD dropped -57.62% vs FREL's -42.61%.
On 10-year performance, SPMD leads with 11.78% vs 6.17% for FREL. On fees, SPMD is cheaper at 0.05% 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, SPMD has performed better with a 11.78% return vs 6.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.08% for FREL.
FREL has the higher dividend yield at 3.20%, compared with 1.21% for SPMD.
SPMD is categorized as Mid Cap Blend Equities, while FREL is REIT. SPMD tracks S&P MidCap 400 Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.05% for SPMD and 0.08% for FREL.
SPMD currently has the higher Sharpe Ratio (1.64 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.
Find the right allocation for SPMD 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