Data as of Oct 28, 2026.
FREL vs RWR: Differences, Returns & Fees
Over the year to Oct 28, 2026, FREL returned +4.6% to RWR's +9.7%; 69% of their weight is in the same names.
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Net assets: $1.3bn on Sep 30, 2026 for Fidelity MSCI Real Estate Index ETF, and $1.8bn on Oct 27, 2026 for State Street SPDR Dow Jones REIT ETF.
Pair scorecard
FREL costs 0.17 points a year less; their one-year returns differ by 5.1 points; RWR is 1.4 times larger.
| Measure | FREL | RWR |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.6% | +9.7% |
| Drawdown | ||
| Below its high | 8.4%, high on Jul 28, 2026 | 10.3%, high on Jul 24, 2026 |
| Benchmark | ||
| What it tracks | MSCI USA IMI Real Estate 25/25 Index | Dow Jones U.S. Select REIT Capped Index |
| Cost and size | ||
| Expense ratio | 0.08% | 0.25% |
| Net assets, as of Sep 30, 2026 | $1.3bn | $1.8bn |
| Holdings | ||
| Holdings in common | 69% | |
| Top ten holdings, share of the fund | 47.5% | 54.0% |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Feb 13, 2015 to Oct 23, 2026 · 610 weekly returnsFREL returned slightly more: +80.6% to +73.3%. FREL swung slightly less: 21.0% to 22.1%. FREL fell slightly less at its worst: −39.3% to −42.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FREL | RWR | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +80.6% | +73.3% | FREL (slight) | Price change plus distributions, reinvested. |
| Annualized | +5.2% | +4.8% | FREL (slight) | Total return as a yearly rate. |
| Price return | +16.7% | +12.8% | FREL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 21.0% | 22.1% | FREL (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.6% | 15.4% | FREL (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −39.3% | −42.1% | FREL (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.24 | 0.23 | FREL (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.35 | 0.32 | FREL (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.13 | 0.11 | FREL | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 610 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FREL and RWR hold 69% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
69% in common
Only in one fund ↓
Side by side
FREL and RWR on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FREL and RWR are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FREL follows MSCI USA IMI Real Estate 25/25 Index and RWR follows Dow Jones U.S. Select REIT Capped Index.
- One-year total return. Over 1 year to Oct 28, 2026 FREL returned +4.6% and RWR +9.7% with distributions reinvested, a gap of 5.1 points.
- Cost. FREL charges 0.08% of assets a year and RWR 0.25%, a gap of 0.17 points.
Data as of Oct 28, 2026.
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FREL
FREL tracks an index. Over the year to Oct 28, 2026 it returned +4.6% with distributions reinvested. The prospectus expense ratio is 0.08% a year. By its holdings filed for Jul 31, 2026, 73% of the fund by weight is stocks the S&P 500 also holds, across 122 positions, with the top ten at 47.5%. It sat 8.4% below its high of Jul 28, 2026 on Oct 28, 2026.
RWR
RWR tracks an index. Over the year to Oct 28, 2026 it returned +9.7% with distributions reinvested. The prospectus expense ratio is 0.25% a year. By its holdings published by its issuer for Oct 27, 2026, 69% of the fund by weight is stocks the S&P 500 also holds, across 98 positions, with the top ten at 54.0%. It sat 10.3% below its high of Jul 24, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FREL or RWR?
- In the year to Oct 28, 2026, with distributions reinvested, FREL returned +4.6% and RWR +9.7%.
- Which is cheaper, FREL or RWR?
- FREL is cheaper, by 0.17 percentage points a year. That is about $17 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, FREL against RWR, data as of Oct 28, 2026. https://etfiq.com/compare/any/frel-vs-rwr
ETFIQ. (Oct 28, 2026). FREL against RWR. Retrieved from https://etfiq.com/compare/any/frel-vs-rwr
[FREL against RWR (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/frel-vs-rwr)
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