USRT vs. FREL

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Core U.S. REIT ETF (USRT) and Fidelity MSCI Real Estate Index ETF (FREL).

USRT and FREL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USRT is a passively managed fund by iShares that tracks the performance of the FTSE NAREIT Equity REITs Index. It was launched on May 4, 2007. FREL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Real Estate Index. It was launched on Feb 2, 2015. Both USRT and FREL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

USRT vs. FREL - Performance Comparison

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

USRT vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USRT iShares Core U.S. REIT ETF	4.27%	2.44%	8.58%	13.64%	-24.43%	43.26%	-8.06%	25.98%	-4.67%	5.27%
FREL Fidelity MSCI Real Estate Index ETF	0.98%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%

Returns By Period

In the year-to-date period, USRT achieves a 4.27% return, which is significantly higher than FREL's 0.98% return. Both investments have delivered pretty close results over the past 10 years, with USRT having a 5.42% annualized return and FREL not far behind at 5.16%.

USRT

• 1D: 1.42%
• 1M: -6.02%
• YTD: 4.27%
• 6M: 2.38%
• 1Y: 5.82%
• 3Y*: 8.72%
• 5Y*: 5.12%
• 10Y*: 5.42%

FREL

• 1D: 1.43%
• 1M: -6.56%
• YTD: 0.98%
• 6M: -1.57%
• 1Y: 1.45%
• 3Y*: 6.30%
• 5Y*: 2.68%
• 10Y*: 5.16%

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

USRT vs. FREL - Expense Ratio Comparison

Both USRT and FREL have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

USRT

iShares Core U.S. REIT ETF

FREL

Fidelity MSCI Real Estate Index ETF

Return for Risk

USRT vs. FREL — Risk / Return Rank

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

USRT

USRT Risk / Return Rank: 25
USRT Sharpe Ratio Rank: 23
USRT Sortino Ratio Rank: 23
USRT Omega Ratio Rank: 23
USRT Calmar Ratio Rank: 26
USRT Martin Ratio Rank: 29

FREL

FREL Risk / Return Rank: 16
FREL Sharpe Ratio Rank: 15
FREL Sortino Ratio Rank: 14
FREL Omega Ratio Rank: 14
FREL Calmar Ratio Rank: 17
FREL Martin Ratio Rank: 18

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.

USRT vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. REIT ETF (USRT) 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.

	USRT	FREL	Difference
Sharpe ratio Return per unit of total volatility	0.35	0.09	+0.26
Sortino ratio Return per unit of downside risk	0.59	0.24	+0.35
Omega ratio Gain probability vs. loss probability	1.08	1.03	+0.05
Calmar ratio Return relative to maximum drawdown	0.53	0.20	+0.33
Martin ratio Return relative to average drawdown	2.23	0.77	+1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USRT vs. FREL - Sharpe Ratio Comparison

The current USRT Sharpe Ratio is 0.35, which is higher than the FREL Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of USRT and FREL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USRT	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.09	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.14	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.25	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.23	-0.06

Correlation

The correlation between USRT and FREL is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

USRT vs. FREL - Dividend Comparison

USRT's dividend yield for the trailing twelve months is around 2.89%, less than FREL's 3.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USRT iShares Core U.S. REIT ETF	2.89%	3.07%	2.85%	3.18%	3.46%	2.27%	3.12%	3.34%	5.66%	3.44%	3.98%	3.59%
FREL Fidelity MSCI Real Estate Index ETF	3.56%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%

Drawdowns

USRT vs. FREL - Drawdown Comparison

The maximum USRT drawdown since its inception was -69.91%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for USRT and FREL.

Drawdown Indicators

	USRT	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-69.91%	-42.61%	-27.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.95%	-12.42%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-31.03%	-34.40%	+3.37%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	-42.61%	-1.77%
Current Drawdown Current decline from peak	-6.38%	-9.83%	+3.45%
Average Drawdown Average peak-to-trough decline	-13.08%	-10.05%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.19%	-0.10%

Volatility

USRT vs. FREL - Volatility Comparison

iShares Core U.S. REIT ETF (USRT) and Fidelity MSCI Real Estate Index ETF (FREL) have volatilities of 4.44% and 4.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USRT	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	4.55%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	9.29%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	16.41%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	18.85%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	20.67%	+0.61%