FREL vs PPTY: Grades, Fees and Holdings Compared

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

US Diversified Real Estate ETF

PPTYCNYSE Arca

Overlap

49.3%by weight

Expense ratio

FREL −0.45pt a year

FREL0.08%PPTY0.53%

Avg volume · 30D

FREL 118.5×the volume

FREL310KPPTY2.62K

5Y return · a year

FREL +0.3pt

FREL+0.9%PPTY+0.6%

FREL vs PPTY Performance

Oct 29, 2021 – Oct 30, 2026

+4.4%FREL+3.2%PPTY

Expense ratio: FREL 0.08%, better; PPTY 0.53%
Fund size: FREL $1.35B; PPTY $23M
1Y total return: FREL +9.0%; PPTY +10.9%, better
Yield (12M): FREL 3.41%, better; PPTY 2.60%
Holdings: FREL 127; PPTY 84
Avg volume (30D): FREL 310K sh, better; PPTY 2.62K sh
NAV per share: FREL $28.51; PPTY $32.16
52W range

ETF.net Grade

Pillar letters and Scores for FREL, PPTY, with each pillar’s weight
Pillar	FREL	PPTY
Cost30% weight	A93Higher	F10
Mission25% weight	A99	A100Higher
Risk15% weight	C48Higher	C45
Tradability15% weight	B66Higher	F23
Holdings10% weight	A77	A83Higher
Durability5% weight	B66Higher	D37

Rank among US Real Estate funds

How we build Categories ›

Same Category. FREL and PPTY 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 PPTY 15th of 21 funds in the US Real Estate Category.

Rank 1ASCHHSchwab U.S. REIT ETFScore 83
Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 80
Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 78
Rank 13CRSPRInvesco S&P 500 Equal Weight Real Estate ETFScore 53
Rank 15CPPTYUS Diversified Real Estate ETFScore 48
Rank 16CRIETHoya Capital High Dividend Yield ETFScore 44

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

PPTYCUS Diversified Real Estate 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.

PPTY Most US real estate ETFs copy the same cap-weighted REIT list. PPTY runs its own custom index instead, a boutique take on American property that charges more than the giants for the privilege.

Stated mandate

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

PPTY The fund uses a passive, index-tracking approach intended to follow the PPTYX – U.S. Diversified Real Estate Index before fees and expenses.

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.

PPTY Tracks a bespoke benchmark, the PPTYX U.S. Diversified Real Estate Index, that no other fund in its peer group follows. A different basket, not another copy of the standard REIT list.
Passive by design, and it has hugged that index about as closely as anything in the US real estate group.
The portfolio is one of the better spread-out books in the category rather than a top-heavy handful of names.
Straight US property exposure, no foreign landlords, with cash paid out 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.

PPTY The 0.53% fee sits above the 0.37% peer median and far above index heavyweights like SCHH (0.07%) and VNQ (0.13%). Cost is the main reason it lands in the lower half of its group.
It has stayed one of the smaller, thinner-traded funds in the category since its 2018 launch, so the bid/ask spread is a real part of the cost.
One sector, one country. Real estate moves on its own rate-driven cycle, and there is nothing here to cushion it.

Full FREL profile⁠

Full PPTY profile⁠

FREL vs PPTY Holdings

How FREL and PPTY differ

Overlap by weight

49.3%

Shared holdings make up 93.3% of PPTY and 74.6% of FREL.

Level by level

Holdings76 in both49.3%
Sector5 Sectors94.1%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in FREL and PPTY, widest gap first
Sector	More in FRELMore in PPTY	FREL	PPTY
Consumer Discretionary	PPTY +5.6 points	0.0%	5.6%
Real Estate	FREL +5.4 points	99.5%	94.1%
Communication	FREL +0.4 points	0.4%	0.0%
Health Care	PPTY +0.3 points	0.0%	0.3%
Energy	FREL +0.2 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FREL and PPTY, widest gap first
Country	More in FRELMore in PPTY	FREL	PPTY
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

FREL48.5%
PPTY37.2%

Securities held

FREL126
PPTY83

Asset class

FREL: Equity
PPTY: Equity

Holdings

Only in FREL50
In both76
Only in PPTY7

Only in FREL

50 securities, 26.3% of FREL by weight

American Tower Corp4.84%
Crown Castle Inc2.57%
Cbre Group Inc - Class A2.53%
Iron Mountain Inc2.34%
Vici Pptys Inc1.77%
Sba Communications Corp1.35%
Securities Lending Cf1.14%
Jones Lang Lasalle Inc1.13%
Weyerhaeuser Co0.98%
Lamar Advertising Co Class A0.94%
Costar Group Inc0.79%
Gaming and Leisure Proprti Inc0.73%
Compass Inc0.41%
Rayonier Inc Reit0.39%
Zillow Group Inc Class C0.33%
Outfront Media Inc0.32%
Epr Properties0.30%
Americold Realty Trust0.27%
Millrose Properties Inc0.26%
Park Hotels & Resorts Inc0.24%
Cushman & Wakefield Ltd0.21%
St Joe Company0.20%
Curbline Properties Corp0.19%
Pebblebrook Hotel Trust0.18%
Howard Hughes Holdings Inc0.17%
Lineage Inc0.16%
Landbridge Corp Class A0.15%
Rlj Lodging Trust0.14%
Smartstop Self Storage Reit In0.13%
Newmark Group Inc Class A0.11%
Opendoor Technologies Inc0.11%
Global Net Lease Inc0.11%
Diversified Healthcare Tr0.11%
Medical Ppty Tr Inc0.10%
Zillow Group Inc Class A0.08%
Cbl & Associat Properties Inc0.05%
Marcus & Millichap Co Inc0.05%
Service Pptys Tr0.05%
State Street 60 Day Money Mark0.05%
Forestar Group Inc0.04%
Safehold Inc0.04%
Brandywine Realty Trust0.04%
Gladstone Commercial Corp0.04%
Nexpoint Residential Trust Inc0.03%
Saul Centers Inc0.03%
Janus Living Inc0.03%
Agnt Inc0.03%
Blackstone Dig Inf Trust Inc0.02%
Fermi Llc0.01%
Dj Us Real Estat F DEC26 DJEZ6<0.01%

Only in PPTY

7 securities, 8.1% of PPTY by weight

Marriott International Inc/MD2.51%
Hilton Worldwide Holdings Inc2.09%
Innovative Industrial Properties Inc1.62%
Hyatt Hotels Corp0.69%
Wyndham Hotels & Resorts Inc0.46%
Choice Hotels International Inc0.42%
National HealthCare Corp0.31%

Weight gaps

All 76 Holdings in both funds, largest gap first.

Holding weights in FREL and PPTY, widest gap first
Holding	More in FRELMore in PPTY	FREL	PPTY
Welltower IncWELL	FREL +6.28 points	9.54%	3.26%
Vivmark ResidentialEQR	PPTY +4.15 points	2.97%	7.12%
Four Corners Ppty Tr Inc W/IFCPT	PPTY +3.67 points	0.16%	3.83%
Prologis Inc ReitPLD	FREL +3.44 points	7.32%	3.88%
Realty Income Corp ReitO	FREL +2.77 points	3.44%	0.67%
Kilroy Realty CorpKRC	PPTY +2.73 points	0.27%	3.00%
Public StoragePSA	FREL +2.52 points	3.54%	1.02%
Easterly Govt Properties IncDEA	PPTY +2.42 points	0.07%	2.49%
Terreno Realty CorpTRNO	PPTY +2.17 points	0.45%	2.62%
American Homes 4 Rent Class AAMH	PPTY +1.92 points	0.70%	2.62%
Highwoods Properties IncHIW	PPTY +1.89 points	0.22%	2.11%
Simon Ppty Group Inc - ReitSPG	FREL +1.81 points	4.56%	2.75%
Bxp IncBXP	PPTY +1.61 points	0.63%	2.24%
Stag Industrial Inc Class ASTAG	PPTY +1.57 points	0.46%	2.03%
Ventas Inc ReitVTR	FREL +1.51 points	2.56%	1.05%
Extra Space Storage IncEXR	FREL +1.37 points	2.14%	0.77%
Udr IncUDR	PPTY +1.36 points	0.75%	2.11%
Alexandria Real Es Eq Inc ReitARE	PPTY +1.35 points	0.43%	1.78%
Copt Defense PropertiesCDP	PPTY +1.30 points	0.27%	1.57%
Lxp Industrial Trust ReitLXP	PPTY +1.25 points	0.25%	1.50%
Cousins Properties IncCUZ	PPTY +1.21 points	0.33%	1.54%
Equinix IncEQIX	FREL +1.17 points	5.63%	4.46%
Mid America Apt Cmnty IncMAA	PPTY +1.04 points	0.94%	1.98%
Eastgroup Pptys IncEGP	PPTY +0.99 points	0.69%	1.68%
Independence Realty Tr IncIRT	PPTY +0.98 points	0.23%	1.21%
Acadia Rlty Tr ReitAKR	PPTY +0.95 points	0.16%	1.11%
Camden Property Trust - ReitCPT	PPTY +0.92 points	0.73%	1.65%
Vornado Realty TrustVNO	PPTY +0.93 points	0.38%	1.31%
Federal Realty Investment TrFRT	PPTY +0.90 points	0.58%	1.48%
Essex Property Trust IncESS	PPTY +0.89 points	1.15%	2.04%
Wp Carey IncWPC	PPTY +0.83 points	0.96%	1.79%
Empire State Realty Trust Class AESRT	PPTY +0.68 points	0.05%	0.73%
Getty Realty CorpGTY	PPTY +0.66 points	0.10%	0.76%
Regency Centers Corp ReitREG	PPTY +0.64 points	0.89%	1.53%
Healthpeak Properties IncDOC	FREL +0.63 points	0.91%	0.28%
First Industrial Realty TrustFR	PPTY +0.62 points	0.49%	1.11%
Host Hotels & Resorts IncHST	FREL +0.53 points	1.22%	0.69%
Tanger Inc- ReitSKT	PPTY +0.53 points	0.28%	0.81%
Phillips Edison & CoPECO	PPTY +0.53 points	0.32%	0.85%
Brixmor Ppty Group IncBRX	PPTY +0.48 points	0.59%	1.07%
Rexford Industrial Realty IncREXR	FREL +0.47 points	0.58%	0.11%
Nnn Reit IncNNN	FREL +0.43 points	0.52%	0.09%
Kite Realty Group TrustKRG	PPTY +0.42 points	0.38%	0.80%
Digital Realty Trust IncDLR	FREL +0.36 points	4.05%	3.69%
Omega Healthcare Investors IncOHI	FREL +0.34 points	0.89%	0.55%
American Assets Trust IncAAT	PPTY +0.32 points	0.08%	0.40%
Macerich CompanyMAC	FREL +0.31 points	0.41%	0.10%
Inland Americn Real Est Tr IncIVT	PPTY +0.29 points	0.17%	0.46%
Essential Properties RealtyEPRT	FREL +0.27 points	0.36%	0.09%
CubesmartCUBE	FREL +0.26 points	0.63%	0.37%
Agree Realty CorpADC	PPTY +0.24 points	0.53%	0.77%
Umh Properties IncUMH	PPTY +0.23 points	0.08%	0.31%
Sunstone Hotel Invs IncSHO	PPTY +0.23 points	0.17%	0.40%
American Healthcare Reit IncAHR	FREL +0.22 points	0.65%	0.43%
Ltc Properties Inc ReitLTC	PPTY +0.21 points	0.14%	0.35%
Diamondrock Hospitality CoDRH	PPTY +0.20 points	0.21%	0.41%
Apple Hospitality Reit IncAPLE	PPTY +0.16 points	0.29%	0.45%
Caretrust Reit IncCTRE	FREL +0.16 points	0.53%	0.37%
Kimco Realty CorporationKIM	PPTY +0.15 points	1.12%	1.27%
Broadstone Net Lease IncBNL	FREL +0.14 points	0.23%	0.09%
National Health Investors IncNHI	PPTY +0.10 points	0.21%	0.31%
Healthcare Realty Trust IncHR	FREL +0.09 points	0.45%	0.36%
Invitation Homes IncINVH	FREL +0.09 points	1.05%	0.96%
Equity Lifestyle Pptys IncELS	PPTY +0.09 points	0.71%	0.80%
Urban Edge Properties WiUE	FREL +0.08 points	0.17%	0.09%
Alexander's IncALX	PPTY +0.05 points	0.05%	0.10%
CenterspaceCSR	PPTY +0.05 points	0.07%	0.12%
Sun Communities Inc - ReitSUI	FREL +0.05 points	0.96%	0.91%
Xenia Hotels &RESORTS IncXHR	FREL +0.04 points	0.15%	0.11%
Sabra Healthcare Reit IncSBRA	PPTY +0.04 points	0.32%	0.36%
Piedmont Realty Trust IncPDM	PPTY +0.02 points	0.09%	0.11%
Netstreit CorpNTST	FREL +0.02 points	0.11%	0.09%
Jbg Smith PropertiesJBGS	PPTY +0.02 points	0.07%	0.09%
Sl Green Realty Corp ReitSLG	PPTY +0.01 points	0.25%	0.26%
Ryman Hospitality Pptys IncRHP	PPTY +0.01 points	0.52%	0.53%
Douglas Emmett Inc ReitDEI	FREL +0.01 points	0.10%	0.09%

All 147 FREL holdings⁠All PPTY 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 PPTY Cost

Overpaying PPTY vs FREL

$8,763

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

FREL 0.084%
$1,773
PPTY 0.53%
$10,536

Amount$10,000

Years30 years

Cost over time

FREL 0.084%
PPTY 0.53%
Overpaying

Year by year

Year	FREL	PPTY	Overpaying
10	$154	$953	$799
20	$603	$3,658	$3,055
30	$1,773	$10,536	$8,763

Expense ratio

0.08%FREL, cheaper
0.53%PPTY

FREL0.08%PPTY0.53%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

FREL 4th cheapest of 21 funds

PPTY 19th cheapest of 21 funds

FREL vs PPTY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FREL 3.41%, better; PPTY 2.60%
Payout (12M): FREL $0.97; PPTY $0.84
Last payment: FREL $0.23; PPTY $0.29
Ex-dividend: FREL Sep 18, 2026; PPTY Oct 20, 2026
Paid on: FREL Sep 22, 2026; PPTY Oct 21, 2026
Frequency: FREL Quarterly; PPTY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FRELQuarterly · 39 paymentsAll FREL payments⁠

PPTYQuarterly · 34 paymentsAll PPTY payments⁠

FREL vs PPTY Risk

Fall from peak · 5 years

FREL
PPTY

Risk facts

VolatilityStd dev, 3 years: FREL 16.5%PPTY 14.9%, better
Return per unit of riskSharpe ratio, 3 years: FREL 0.56, betterPPTY 0.52
Worst fallMax drawdown, 5 years: FREL −34.4%PPTY −32.4%, better
Market sensitivityBeta, 5 years: FREL 0.99PPTY 0.92; Market = 1

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