SPRE vs. FREL
SPRE (SP Funds S&P Global REIT Sharia ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - SPRE tracks the S&P Global All Equity REIT Shariah Capped Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 5 years, SPRE returned 1.93%/yr vs 2.64%/yr for FREL. Their correlation of 0.92 suggests significant overlap in exposure. SPRE charges 0.69%/yr vs 0.08%/yr for FREL.
Performance
SPRE vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, SPRE achieves a 11.02% return, which is significantly lower than FREL's 11.64% return.
SPRE
- 1D
- 0.16%
- 1M
- 1.38%
- YTD
- 11.02%
- 6M
- 10.24%
- 1Y
- 12.50%
- 3Y*
- 8.57%
- 5Y*
- 1.93%
- 10Y*
- —
FREL
- 1D
- 0.10%
- 1M
- 1.19%
- YTD
- 11.64%
- 6M
- 11.23%
- 1Y
- 11.18%
- 3Y*
- 11.24%
- 5Y*
- 2.64%
- 10Y*
- 5.98%
SPRE vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPRE SP Funds S&P Global REIT Sharia ETF | 11.02% | 3.07% | 2.11% | 9.40% | -29.48% | 44.78% | -0.17% |
FREL Fidelity MSCI Real Estate Index ETF | 11.64% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | 1.52% |
Correlation
The correlation between SPRE and FREL is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2020 | 0.92 |
The correlation between SPRE and FREL has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
SPRE vs. FREL — Risk / Return Rank
SPRE
FREL
SPRE vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P Global REIT Sharia ETF (SPRE) 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.
| SPRE | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.33 | -0.03 |
| Martin ratioReturn relative to average drawdown | 4.68 | 4.18 | +0.50 |
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Drawdowns
SPRE vs. FREL - Drawdown Comparison
The maximum SPRE drawdown since its inception was -38.34%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for SPRE and FREL.
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Drawdown Indicators
| SPRE | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.34% | -42.61% | +4.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.63% | -8.45% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -22.04% | -17.54% | -4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -38.34% | -34.40% | -3.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.61% | — |
Current DrawdownCurrent decline from peak | -9.87% | -0.67% | -9.20% |
Average DrawdownAverage peak-to-trough decline | -17.84% | -9.91% | -7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 2.70% | +0.08% |
Volatility
SPRE vs. FREL - Volatility Comparison
The current volatility for SP Funds S&P Global REIT Sharia ETF (SPRE) is 4.67%, while Fidelity MSCI Real Estate Index ETF (FREL) has a volatility of 5.15%. This indicates that SPRE 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
| SPRE | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 5.15% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.20% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.59% | 13.77% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 18.90% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 20.72% | -2.33% |
SPRE vs. FREL - Expense Ratio Comparison
SPRE has a 0.69% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
SPRE vs. FREL - Dividend Comparison
SPRE's dividend yield for the trailing twelve months is around 3.75%, more than FREL's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.27% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
SPRE SP Funds S&P Global REIT Sharia ETF | 3.75% | 4.10% | 4.13% | 4.16% | 4.17% | 2.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPRE and FREL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FREL has higher volatility (5.15%) compared to SPRE (4.67%). In terms of maximum drawdown, SPRE dropped -38.34% vs FREL's -42.61%.
On 5-year performance, FREL leads with 2.64% vs 1.93% for SPRE. On fees, FREL is cheaper at 0.08% per year. On volatility, SPRE has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FREL has performed better with a 2.64% return vs 1.93%. 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 0.69% for SPRE.
SPRE has the higher dividend yield at 3.75%, compared with 3.27% for FREL.
SPRE tracks S&P Global All Equity REIT Shariah Capped Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: Toroso Investments and Fidelity. Their fees differ too: 0.69% for SPRE and 0.08% for FREL.
SPRE currently has the higher Sharpe Ratio (0.92 vs 0.82), 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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