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
| WELLTOWER, INC. | 8.6 % |
| PROLOGIS INC | 8.1 % |
| AMERICAN TOWER CORP-CL A | 5.3 % |
| EQUINIX INC | 4.7 % |
| DIGITAL REALTY TRUST INC | 4.3 % |
| SIMON PROPERTY GROUP INC | 4.3 % |
| REALTY INCOME CORP | 3.7 % |
| PUBLIC STORAGE | 3.1 % |
| CBRE GROUP, INC. CLASS A | 2.7 % |
| VENTAS INC | 2.6 % |
Constituent Breakdown
| Number of holdings | 130 |
| Herfindahl-Hirschman Index | 315 |
| 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. | 97.7% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 97.7 % |
Historical Performance
Standardized Performance (as of 05/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 8.1% | 7.4% | 7.7% | 6.6% | -0.6% | 2.1% | -- | 1.5% |
| Dividend Yield | 1.0% | 3.8% | 3.8% | 3.8% | 3.5% | 3.8% | -- | 3.8% |
| Total Returns | 9.1% | 11.2% | 11.5% | 10.5% | 2.9% | 5.9% | -- | 5.3% | Ann. Volatility | 13.9% | 13.1% | 15.8% | 16.8% | 18.9% | 20.7% | -- | 20.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.47 | 18% |
| MSCI EAFE | 0.49 | 32% |
| MSCI Emg Mkts | 0.24 | 13% |
Liquidity Measures
| Avg. volume (000) | 229 |
| ADV traded (mns) | $7 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.04% |
Technical Indicators
| 30d moving avg. (EMA) | $28.99 |
| Relative strength (RSI) | 54 |
| MACD/Signal | 0.18/0.21 |
| Bollinger Bands (Upper/Lower) | $29.70/$28.68 |
| 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 | 94.2% | +5 bp | -0.2% |
| SCHH | Schwab U.S. REIT ETF | 88.8% | -1 bp | +0.2% |
| IYR | iShares U.S. Real Estate ETF | 85.5% | +32 bp | -0.2% |
| DFAR | Dimensional US Real Estate ETF | 85.5% | +11 bp | +0.2% |
| FRI | First Trust S&P REIT Index Fund | 79.8% | +42 bp | -0.5% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 78.9% | +3 bp | +0.1% |
| USRT | iShares Core U.S. REIT ETF | 78.3% | 0 bp | -0.1% |
| XLRE | Real Estate Select Sector SPDR | 73.0% | 0 bp | 0.0% |
| RWR | State Street SPDR Dow Jones REIT ETF | 73.0% | +17 bp | -0.2% |
| DFGR | Dimensional Global Real Estate ETF | 72.6% | +14 bp | +0.1% |
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 6/3/2026
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
7.6%
ALTAR SCORE™
87th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 1,399 funds in the US Equity category with an average
ALTAR Score™ of 5.3% and a standard deviation
of 2.1%. FREL's ALTAR Score™ is approximately 1.1 standard
deviations above the category average. This places FREL in the 87th percentile
among funds in the category.
Sell-Side Consensus
$31.8
PRICE TARGET
+10.8%
UPSIDE