FREL
Fidelity MSCI Real Estate Index ETF
The Fidelity MSCI Real Estate ETF tracks a cap-weighted index of US REIT and real estate companies across the entire market-cap spectrum.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 1.4 B
ASSETS UNDER MGMT
8 bp
EXPENSES
Fund Basics
| Inception date | Feb 02, 2015 |
| Regulation | Open-End Investment Company |
| Fund Website | link... |
| Distributions | Quarterly |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| PROLOGIS INC | 8.1 % |
| WELLTOWER, INC. | 7.8 % |
| AMERICAN TOWER CORP-CL A | 5.6 % |
| EQUINIX INC | 4.3 % |
| SIMON PROPERTY GROUP INC | 4.1 % |
| DIGITAL REALTY TRUST INC | 3.5 % |
| REALTY INCOME CORP | 3.4 % |
| CBRE GROUP, INC. CLASS A | 3.3 % |
| PUBLIC STORAGE | 2.8 % |
| CROWN CASTLE INTL CORP | 2.7 % |
Constituent Breakdown
| Number of holdings | 136 |
| Herfindahl-Hirschman Index | 293 |
| Wgt avg mkt cap (mns) | $44,176 |
| Large cap (>$10bn) | 78.5% |
| Mid cap ($2-10bn) | 14.5% |
| Small cap (<$2bn) | 2.7% |
| Developed mkts. | 96.7% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 96.7 % |
Historical Performance
Standardized Performance (as of 03/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 0.1% | -2.0% | 1.6% | 2.6% | -0.4% | 1.4% | -- | 0.8% |
| Dividend Yield | 0.9% | 3.5% | 3.6% | 3.7% | 3.5% | 3.8% | -- | 3.8% |
| Total Returns | 1.0% | 1.5% | 5.2% | 6.3% | 3.0% | 5.2% | -- | 4.6% | Ann. Volatility | 14.2% | 16.4% | 16.2% | 17.0% | 18.9% | 20.7% | -- | 20.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.56 | 42% |
| MSCI EAFE | 0.64 | 47% |
| MSCI Emg Mkts | 0.42 | 27% |
Liquidity Measures
| Avg. volume (000) | 237,400 |
| ADV traded (mns) | $6,860 |
| Turnover | 478.2% |
| Avg. Bid/Ask (% of price) | 0.04% |
Technical Indicators
| 30d moving avg. (EMA) | $28.20 |
| Relative strength (RSI) | 59 |
| MACD/Signal | 0.39/0.30 |
| Bollinger Bands (Upper/Lower) | $29.91/$26.30 |
| Short interest (% of AUM) | 0.2% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FREL |
Expenses vs. FREL |
ALTAR Score™ vs. FREL |
|---|---|---|---|---|
| VNQ | Vanguard Real Estate ETF | 90.4% | +5 bp | -0.2% |
| SCHH | Schwab U.S. REIT ETF | 84.4% | -1 bp | +0.2% |
| IYR | iShares U.S. Real Estate ETF | 82.8% | +32 bp | -0.2% |
| DFAR | Dimensional US Real Estate ETF | 82.6% | +11 bp | +0.3% |
| FRI | First Trust S&P REIT Index Fund | 75.9% | +42 bp | -0.4% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 75.7% | +3 bp | +0.2% |
| USRT | iShares Core U.S. REIT ETF | 75.6% | 0 bp | +0.1% |
| DFGR | Dimensional Global Real Estate ETF | 71.9% | +14 bp | +0.1% |
| XLRE | Real Estate Select Sector SPDR | 71.3% | 0 bp | -0.1% |
| RWR | State Street SPDR Dow Jones REIT ETF | 70.0% | +17 bp | -0.2% |
Risk and Returns: FREL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/27/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
7.5%
ALTAR SCORE™
84th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 1,196 funds in the US Equity category with an average
ALTAR Score™ of 5.5% and a standard deviation
of 2.1%. FREL's ALTAR Score™ is approximately 1.0 standard
deviations above the category average. This places FREL in the 84th percentile
among funds in the category.
Sell-Side Consensus
$32.02
PRICE TARGET
+10.8%
UPSIDE