Skip to content
etf.net

FREL vs ICF

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

iShares Select U.S. REIT ETF

ICFBCboe

Overlap

Expense ratio

FREL −0.24pt a year

FREL0.08%ICF0.32%

Avg volume · 30D

FREL 1.4×the volume

FREL313KICF226K

10Y return · a year

Same figure. Both funds show the same value, so neither comes out ahead.

FREL+6.6%ICF+6.6%

FREL vs ICF Performance

Nov 9, 2021 – Nov 9, 2026

+7.2%FREL+10.6%ICF

Nov 9, 2021 to Nov 9, 2026. FREL +7.2%. ICF +10.6%. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2021May 2024Nov 2026
Expense ratio
FREL 0.08%, better
ICF 0.32%
Fund size
FREL $1.4B
ICF $2.03B
1Y total return
FREL +11.7%
ICF +15.3%, better
Yield (12M)
FREL 3.29%, better
ICF 2.54%
Holdings
FREL 126
ICF 33
Avg volume (30D)
FREL 313K sh, better
ICF 226K sh
NAV per share
FREL $29.53
ICF $67.75
52W range

ETF.net Grade

FREL: Cost 93, Risk 53, Mission 99, Tradability 68, Holdings 76, Durability 66. ICF: Cost 57, Risk 63, Mission 98, Tradability 72, Holdings 25, Durability 74.
Pillar letters and Scores for FREL, ICF, with each pillar’s weight
PillarFRELICF
Cost30% weightA93HigherB57
Mission25% weightA99HigherA98
Risk15% weightC53B63Higher
Tradability15% weightB68A72Higher
Holdings10% weightA76HigherD25
Durability5% weightB66A74Higher

Rank among US Real Estate funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FREL and ICF are both graded against the same 21 US Real Estate funds, so their Grades compare head to head.

US Real Estate⁠

Category · 21 funds
See all 21 ›

FREL ranks 3rd and ICF 9th of 21 funds in the US Real Estate Category.

  1. Rank 1ASCHHSchwab U.S. REIT ETFScore 83
  2. Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
  3. Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 81
  4. Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 79
  5. Rank 8ABBREJPMorgan BetaBuilders MSCI US REIT ETFScore 71
  6. Rank 9BICFiShares Select U.S. REIT ETFScore 68
  7. Rank 10BRDOGALPS REIT Dividend Dogs ETFScore 61

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

ICFBiShares Select U.S. REIT ETF

In short

FREL Fidelity's take on US real estate: one index, about 150 property stocks, and a 0.08% fee against a 0.37% category median. Cheap beta on landlords, and one of the strongest implementations in its peer group.

ICF Since 2001 this fund has owned a short list of about 30 big U.S. landlords instead of the whole property sector. Cohen & Steers builds the index, iShares runs the wrapper, and concentration is the feature, not an accident.

Stated mandate

FREL The fund seeks to track, before fees and expenses, the performance of the MSCI USA IMI Real Estate Index.

ICF The fund seeks to track an index of U.S. real estate investment trusts, offering diversified exposure to the U.S. real estate market.

Why people hold it

  • FREL 0.08% a year against a 0.37% median for US real estate funds. Among the category's leaders, only SCHH runs cheaper, and only by a basis point.
  • Tracks the MSCI USA IMI Real Estate Index tightly, with very little drift from the benchmark it promises to follow.
  • Plain vanilla plumbing: a 1940 Act index fund holding about 150 US real estate stocks. No leverage, no options overlay, cash paid out quarterly.
  • Trading since 2015 and now a multi-billion-dollar fund with Fidelity's index desk behind it.
  • ICF Concentrated by design: about 30 large U.S. REITs drawn from the Cohen & Steers Realty Majors Index, so the biggest landlords carry real weight rather than getting diluted.ishares.com
  • Charges 0.32% a year, below the median fee for U.S. real estate ETFs.
  • Tracks its index very closely, one of the stronger implementations in the U.S. real estate group.
  • Running since 2001 through multiple property cycles, at multi-billion-dollar scale, paying distributions quarterly.

Worth knowing

  • FREL One sector, one country. US real estate can move on its own schedule for long stretches, and this fund rides every bit of that.
  • Moderately traded rather than a volume leader in the category, which can show up as wider bid-ask spreads.
  • Crowded shelf. SCHH, VNQ, USRT and XLRE cover similar ground at similar prices, so the real difference is which index each one follows.
  • ICF Not the cheap option next to the index giants: SCHH, VNQ and USRT all charge a fraction of its fee.
  • With about 30 names, a single landlord or property type can steer results more than in a fund that owns the full sector.
  • Moderately traded rather than a volume leader among REIT funds.

Full FREL profile⁠

Full ICF profile⁠

FREL vs ICF Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FREL vs ICF Cost

Overpaying ICF vs FREL

$4,769

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FREL 0.084%

    $1,773

  • ICF 0.32%

    $6,542

$10,000
30 years

Cost over time

  • FREL 0.084%
  • ICF 0.32%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530ICF $6,542FREL $1,773

Year by year

YearFRELICFOverpaying
10$154$580$426
20$603$2,250$1,647
30$1,773$6,542$4,769

Expense ratio

  • 0.08%FREL, cheaper
  • 0.32%ICF
  • Middle half of US Real Estate funds
  • Median 0.35%

FREL 4th cheapest of 21 funds

ICF 10th cheapest of 21 funds

FREL vs ICF Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
FREL 3.29%, better
ICF 2.54%
Payout (12M)
FREL $0.97
ICF $1.74
Last payment
FREL $0.23
ICF $0.48
Ex-dividend
FREL Sep 18, 2026
ICF Sep 15, 2026
Paid on
FREL Sep 22, 2026
ICF Sep 18, 2026
Frequency
FREL Quarterly
ICF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FRELQuarterly · 39 paymentsAll FREL payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.17; Jun 16, 2017 $0.22; Sep 15, 2017 $0.21; Dec 15, 2017 $0.21; Mar 16, 2018 $0.26; Jun 15, 2018 $0.24; Sep 21, 2018 $0.56; Dec 21, 2018 $0.18; Mar 15, 2019 $0.27; Jun 21, 2019 $0.23; Sep 20, 2019 $0.23; Dec 20, 2019 $0.20; Mar 20, 2020 $0.28; Jun 19, 2020 $0.18; Sep 18, 2020 $0.18; Dec 18, 2020 $0.32; Mar 19, 2021 $0.19; Jun 18, 2021 $0.20; Sep 17, 2021 $0.21; Dec 17, 2021 $0.20; Mar 18, 2022 $0.25; Jun 17, 2022 $0.23; Sep 16, 2022 $0.28; Dec 16, 2022 $0.12; Mar 17, 2023 $0.33; Jun 16, 2023 $0.23; Sep 15, 2023 $0.23; Dec 15, 2023 $0.21; Mar 15, 2024 $0.25; Jun 21, 2024 $0.25; Sep 20, 2024 $0.22; Dec 20, 2024 $0.22; Mar 21, 2025 $0.26; Jun 20, 2025 $0.27; Sep 19, 2025 $0.23; Dec 19, 2025 $0.22; Mar 20, 2026 $0.25; Jun 18, 2026 $0.27; Sep 18, 2026 $0.23. Use the arrow keys to read each point.$0$0.502017202020232026YTD
ICFQuarterly · 39 paymentsAll ICF payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.40; Jun 27, 2017 $0.39; Sep 26, 2017 $0.37; Dec 21, 2017 $0.42; Mar 22, 2018 $0.39; Jun 26, 2018 $0.41; Sep 26, 2018 $0.39; Dec 17, 2018 $0.34; Mar 20, 2019 $0.36; Jun 17, 2019 $0.36; Sep 24, 2019 $0.35; Dec 16, 2019 $0.42; Mar 25, 2020 $0.32; Jun 15, 2020 $0.29; Sep 23, 2020 $0.31; Dec 14, 2020 $0.36; Mar 25, 2021 $0.28; Jun 10, 2021 $0.31; Sep 24, 2021 $0.22; Dec 13, 2021 $0.57; Mar 24, 2022 $0.22; Jun 9, 2022 $0.19; Sep 26, 2022 $0.55; Dec 13, 2022 $0.48; Mar 23, 2023 $0.26; Jun 7, 2023 $0.21; Sep 26, 2023 $0.60; Dec 20, 2023 $0.55; Mar 21, 2024 $0.25; Jun 11, 2024 $0.26; Sep 25, 2024 $0.58; Dec 17, 2024 $0.51; Mar 18, 2025 $0.25; Jun 16, 2025 $0.37; Sep 16, 2025 $0.40; Dec 16, 2025 $0.69; Mar 17, 2026 $0.19; Jun 15, 2026 $0.38; Sep 15, 2026 $0.48. Use the arrow keys to read each point.$0$0.502017202020232026YTD

FREL vs ICF Risk

Fall from peak · 5 years

  • FREL
  • ICF
Nov 9, 2021 to Nov 9, 2026. Worst fall: ICF −34.7% · Oct 2023. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
FREL 16.5%ICF 16.5%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
FREL 0.56ICF 0.60, better
Worst fallMax drawdown, 5 years
FREL −34.4%, betterICF −34.7%
Market sensitivityBeta, 5 years
FREL 0.97ICF 0.93

Popular comparisons

  • FRELAvsSCHHA

    Fidelity MSCI Real Estate Index ETF · Schwab U.S. REIT ETF

    Expense ratio
    0.08% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ICFBvsSCHHA

    iShares Select U.S. REIT ETF · Schwab U.S. REIT ETF

    Expense ratio
    0.32% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FRELAvsUSRTA

    Fidelity MSCI Real Estate Index ETF · iShares Core U.S. REIT ETF

    Expense ratio
    0.08% · 0.08%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ICFBvsUSRTA

    iShares Select U.S. REIT ETF · iShares Core U.S. REIT ETF

    Expense ratio
    0.32% · 0.08%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FRELAvsXLREA

    Fidelity MSCI Real Estate Index ETF · State Street Real Estate Select Sector SPDR ETF

    Expense ratio
    0.08% · 0.08%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ICFBvsXLREA

    iShares Select U.S. REIT ETF · State Street Real Estate Select Sector SPDR ETF

    Expense ratio
    0.32% · 0.08%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.