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
$ 1.5 B
ASSETS UNDER MGMT
8 bp
EXPENSES
Fund Basics
| Inception date | Feb 02, 2015 |
| Regulation | Open-Ended Fund |
| 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
| WELLTOWER, INC. | 8.3 % |
| PROLOGIS INC | 8.0 % |
| EQUINIX INC | 5.8 % |
| SIMON PROPERTY GROUP INC | 4.5 % |
| AMERICAN TOWER CORP-CL A | 4.3 % |
| DIGITAL REALTY TRUST INC | 4.1 % |
| REALTY INCOME CORP | 3.5 % |
| PUBLIC STORAGE | 3.3 % |
| CBRE GROUP, INC. CLASS A | 2.6 % |
| IRON MOUNTAIN INC | 2.5 % |
Constituent Breakdown
| Number of holdings | 128 |
| Herfindahl-Hirschman Index | 307 |
| Wgt avg mkt cap (mns) | $51,330 |
| Large cap (>$10bn) | 79.5% |
| Mid cap ($2-10bn) | 15.3% |
| Small cap (<$2bn) | 2.0% |
| Developed mkts. | 97.2% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 97.2 % |
Historical Performance
Standardized Performance (as of 06/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 9.0% | 8.4% | 7.5% | 5.3% | -0.8% | 1.7% | -- | 1.5% |
| Dividend Yield | 2.0% | 3.8% | 3.8% | 3.8% | 3.5% | 3.8% | -- | 3.9% |
| Total Returns | 11.0% | 12.2% | 11.3% | 9.1% | 2.8% | 5.5% | -- | 5.4% | Ann. Volatility | 14.9% | 13.8% | 16.1% | 16.8% | 18.9% | 20.7% | -- | 20.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.35 | 10% |
| MSCI EAFE | 0.42 | 22% |
| MSCI Emg Mkts | 0.11 | 4% |
Liquidity Measures
| Avg. volume (000) | 251 |
| ADV traded (mns) | $8 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.03% |
Technical Indicators
| 30d moving avg. (EMA) | $29.53 |
| Relative strength (RSI) | 59 |
| MACD/Signal | 0.24/0.19 |
| Bollinger Bands (Upper/Lower) | $30.38/$28.86 |
| 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 | 93.1% | +5 bp | -1.7% |
| SCHH | Schwab U.S. REIT ETF | 87.3% | -1 bp | -1.4% |
| DFAR | Dimensional US Real Estate ETF | 86.5% | +11 bp | -1.4% |
| IYR | iShares U.S. Real Estate ETF | 84.0% | +32 bp | -1.7% |
| USRT | iShares Core U.S. REIT ETF | 81.0% | 0 bp | -1.7% |
| FRI | First Trust S&P REIT Index Fund | 79.5% | +42 bp | -0.8% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 79.1% | +3 bp | -0.2% |
| DFGR | Dimensional Global Real Estate ETF | 73.1% | +14 bp | -1.4% |
| RWR | State Street SPDR Dow Jones REIT ETF | 72.8% | +17 bp | -2.0% |
| XLRE | Real Estate Select Sector SPDR | 72.4% | 0 bp | -1.5% |
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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 7/26/2026
Peer Group Comparison
Sample data. Subscribe for access.
Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
ETF Research Center Rating
8.7%
ALTAR SCORE™
95th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 1,398 funds in the US Equity category with an average
ALTAR Score™ of 5.4% and a standard deviation
of 2.1%. FREL's ALTAR Score™ is approximately 1.6 standard
deviations above the category average. This places FREL in the 95th percentile
among funds in the category.
Sell-Side Consensus
$31.78
PRICE TARGET
+3.9%
UPSIDE