XLRE vs. FREL

Last updated Apr 2, 2026

Compare and contrast key facts about Real Estate Select Sector SPDR Fund (XLRE) and Fidelity MSCI Real Estate Index ETF (FREL).

XLRE and FREL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XLRE is a passively managed fund by State Street that tracks the performance of the Real Estate Select Sector Index. It was launched on Oct 7, 2015. 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 XLRE 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

XLRE vs. FREL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Real Estate Select Sector SPDR Fund (XLRE) and Fidelity MSCI Real Estate Index ETF (FREL). The values are adjusted to include any dividend payments, if applicable.

XLRE vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLRE Real Estate Select Sector SPDR Fund	2.17%	2.63%	5.09%	12.36%	-26.25%	46.10%	-2.18%	28.68%	-2.39%	10.69%
FREL Fidelity MSCI Real Estate Index ETF	1.32%	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, XLRE achieves a 2.17% return, which is significantly higher than FREL's 1.32% return. Over the past 10 years, XLRE has outperformed FREL with an annualized return of 5.98%, while FREL has yielded a comparatively lower 5.19% annualized return.

XLRE

• 1D: 0.29%
• 1M: -6.14%
• YTD: 2.17%
• 6M: -1.08%
• 1Y: 1.18%
• 3Y*: 6.70%
• 5Y*: 3.78%
• 10Y*: 5.98%

FREL

• 1D: 0.33%
• 1M: -6.44%
• YTD: 1.32%
• 6M: -1.31%
• 1Y: 1.72%
• 3Y*: 6.41%
• 5Y*: 2.75%
• 10Y*: 5.19%

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

XLRE vs. FREL - Expense Ratio Comparison

XLRE has a 0.13% 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%.

XLRE

Real Estate Select Sector SPDR Fund

FREL

Fidelity MSCI Real Estate Index ETF

Return for Risk

XLRE vs. FREL — Risk / Return Rank

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

XLRE

XLRE Risk / Return Rank: 13
XLRE Sharpe Ratio Rank: 13
XLRE Sortino Ratio Rank: 12
XLRE Omega Ratio Rank: 12
XLRE Calmar Ratio Rank: 14
XLRE Martin Ratio Rank: 14

FREL

FREL Risk / Return Rank: 14
FREL Sharpe Ratio Rank: 14
FREL Sortino Ratio Rank: 13
FREL Omega Ratio Rank: 13
FREL Calmar Ratio Rank: 15
FREL Martin Ratio Rank: 16

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.

XLRE vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Real Estate Select Sector SPDR Fund (XLRE) 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.

	XLRE	FREL	Difference
Sharpe ratio Return per unit of total volatility	0.07	0.11	-0.03
Sortino ratio Return per unit of downside risk	0.21	0.26	-0.05
Omega ratio Gain probability vs. loss probability	1.03	1.03	-0.01
Calmar ratio Return relative to maximum drawdown	0.11	0.14	-0.04
Martin ratio Return relative to average drawdown	0.37	0.56	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLRE vs. FREL - Sharpe Ratio Comparison

The current XLRE Sharpe Ratio is 0.07, which is lower than the FREL Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of XLRE 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

	XLRE	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	0.11	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.15	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.25	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.23	+0.09

Correlation

The correlation between XLRE 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

XLRE vs. FREL - Dividend Comparison

XLRE's dividend yield for the trailing twelve months is around 3.42%, less than FREL's 3.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XLRE Real Estate Select Sector SPDR Fund	3.42%	3.45%	3.43%	3.31%	3.70%	2.61%	3.15%	3.06%	3.78%	3.25%	4.22%	1.09%
FREL Fidelity MSCI Real Estate Index ETF	3.55%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%

Drawdowns

XLRE vs. FREL - Drawdown Comparison

The maximum XLRE drawdown since its inception was -38.83%, smaller than the maximum FREL drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for XLRE and FREL.

Drawdown Indicators

	XLRE	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-42.61%	+3.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.88%	-12.42%	+0.54%
Max Drawdown (5Y) Largest decline over 5 years	-34.12%	-34.40%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	-38.83%	-42.61%	+3.78%
Current Drawdown Current decline from peak	-8.69%	-9.53%	+0.84%
Average Drawdown Average peak-to-trough decline	-9.72%	-10.05%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	3.22%	+0.17%

Volatility

XLRE vs. FREL - Volatility Comparison

Real Estate Select Sector SPDR Fund (XLRE) and Fidelity MSCI Real Estate Index ETF (FREL) have volatilities of 4.66% and 4.59%, 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

	XLRE	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	4.59%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	9.28%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	16.38%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	18.84%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	20.67%	-0.27%