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FREL vs REZ

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

iShares Residential and Multisector Real Estate ETF

REZCNYSE Arca

Overlap

30.6%by weight

Expense ratio

FREL −0.40pt a year

FREL0.08%REZ0.48%

Avg volume · 30D

FREL 4.0×the volume

FREL310KREZ76.8K

10Y return · a year

REZ +1.1pt

FREL+5.9%REZ+7.0%

FREL vs REZ Performance

Oct 29, 2021 – Oct 30, 2026

+4.4%FREL+12.7%REZ

Oct 29, 2021 to Oct 30, 2026. FREL +4.4%. REZ +12.7%. Use the arrow keys to read each point.−30%−20%−10%20%Oct 2021Apr 2024Oct 2026
Expense ratio
FREL 0.08%, better
REZ 0.48%
Fund size
FREL $1.35B
REZ $805M
1Y total return
FREL +9.0%
REZ +13.3%, better
Yield (12M)
FREL 3.41%, better
REZ 2.14%
Holdings
FREL 127
REZ 38
Avg volume (30D)
FREL 310K sh, better
REZ 76.8K sh
NAV per share
FREL $28.51
REZ $90.92
52W range

ETF.net Grade

FREL: Cost 93, Risk 48, Mission 99, Tradability 66, Holdings 77, Durability 66. REZ: Cost 29, Risk 61, Mission 91, Tradability 59, Holdings 10, Durability 66.
Pillar letters and Scores for FREL, REZ, with each pillar’s weight
PillarFRELREZ
Cost30% weightA93HigherD29
Mission25% weightA99HigherA91
Risk15% weightC48B61Higher
Tradability15% weightB66HigherB59
Holdings10% weightA77HigherF10
Durability5% weightB66B66

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 REZ 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 REZ 13th 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 80
  4. Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 78
  5. Rank 12BIYRiShares U.S. Real Estate ETFScore 56
  6. Rank 13CREZiShares Residential and Multisector Real Estate ETFScore 53
  7. Rank 13CRSPRInvesco S&P 500 Equal Weight Real Estate ETFScore 53

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

REZCiShares Residential and Multisector 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.

REZ The REIT fund that skips the office towers and the malls. REZ owns apartments, rentals, healthcare properties and self-storage, the real estate people live in, age in and stash their stuff in, and it has done so since 2007.

Stated mandate

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

REZ The fund seeks to track an index of U.S. residential, healthcare, and self-storage real estate equities.

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.
  • REZ Narrow by design: residential, healthcare and self-storage landlords, so apartments and rental housing drive it rather than offices, malls and cell towers.ishares.com
  • Does what the label says: it stays close to the FTSE Nareit All Residential Capped Index instead of drifting toward generic broad-market REIT exposure.
  • Live since 2007, so its record spans the housing crash, the rate shock and the pandemic rent cycle. No other fund in its real estate peer group tracks this same index.
  • Roughly 40 property owners, with distributions paid 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.
  • REZ At 0.48% a year it costs more than plain broad REIT index funds such as SCHH (0.07%) and VNQ (0.13%). The housing tilt is what the extra fee buys.
  • Thinly traded next to the largest REIT funds, which can mean wider bid-ask spreads at the moment of a trade.
  • Leaving out offices, malls, data centers and towers means stretches where it moves quite differently from a broad REIT benchmark.

Full FREL profile⁠

Full REZ profile⁠

FREL vs REZ Holdings

How FREL and REZ differ

Overlap by weight

30.6%

Shared holdings make up 91.6% of REZ and 30.6% of FREL.

Level by level

  • Asset classEquity, Real Estate0.0%
  • Sector7 Sectors0.0%
  • Holdings29 in both30.6%
  • Countryby domicile100%

Sector

Sector weights in FREL and REZ, widest gap first
SectorMore in FRELMore in REZ
Real EstateFREL +99.5 points
Health Care REITsREZ +48.6 points
Multi-Family Residential REITsREZ +21.9 points
Self Storage REITsREZ +16.2 points
Single-Family Residential REITsREZ +13.3 points
CommunicationFREL +0.4 points
EnergyFREL +0.2 points

Country, concentration and asset class

Country by domicile

Country weights in FREL and REZ, widest gap first
CountryMore in FRELMore in REZ
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • FREL48.5%
  • REZ69.1%

Securities held

  • FREL126
  • REZ36

Asset class

FREL
Equity
REZ
Real Estate

Holdings

  • Only in FREL97
  • In both29
  • Only in REZ7

Only in FREL

97 securities, 70.3% of FREL by weight

  • Prologis Inc Reit7.32%
  • Equinix Inc5.63%
  • American Tower Corp4.84%

Only in REZ

7 securities, 8.1% of REZ by weight

  • Vivmark Residential7.40%
  • Medical Properties Trust Reit0.28%
  • Universal Health Realty Income Tru0.12%

Weight gaps

All 29 Holdings in both funds, largest gap first.

Holding weights in FREL and REZ, widest gap first
HoldingMore in FRELMore in REZ
Welltower IncWELLREZ +13.34 points
Public StoragePSAREZ +5.04 points
Ventas Inc ReitVTRREZ +4.25 points
Essex Property Trust IncESSREZ +3.06 points
Invitation Homes IncINVHREZ +2.87 points
Extra Space Storage IncEXRREZ +2.87 points
Omega Healthcare Investors IncOHIREZ +2.66 points
Sun Communities Inc - ReitSUIREZ +2.44 points

All 147 FREL holdings⁠All 36 REZ 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 REZ Cost

Overpaying REZ vs FREL

$7,832

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

  • FREL 0.084%

    $1,773

  • REZ 0.48%

    $9,605

$10,000
30 years

Cost over time

  • FREL 0.084%
  • REZ 0.48%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530REZ $9,605FREL $1,773

Year by year

YearFRELREZOverpaying
10$154$865$711
20$603$3,328$2,725
30$1,773$9,605$7,832

Expense ratio

  • 0.08%FREL, cheaper
  • 0.48%REZ
  • Middle half of US Real Estate funds
  • Median 0.35%

FREL 4th cheapest of 21 funds

REZ 16th cheapest of 21 funds

FREL vs REZ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FREL 3.41%, better
REZ 2.14%
Payout (12M)
FREL $0.97
REZ $1.95
Last payment
FREL $0.23
REZ $0.53
Ex-dividend
FREL Sep 18, 2026
REZ Sep 15, 2026
Paid on
FREL Sep 22, 2026
REZ Sep 18, 2026
Frequency
FREL Quarterly
REZ 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$12017202020232026YTD
REZQuarterly · 38 paymentsAll REZ payments⁠
One bar per payment. 38 payments from 2017 to 2026 YTD. Mar 24, 2017 $0.56; Jun 27, 2017 $0.59; Sep 26, 2017 $0.55; Dec 19, 2017 $0.52; Mar 22, 2018 $0.57; Jun 26, 2018 $0.58; Sep 26, 2018 $0.58; Dec 17, 2018 $0.54; Mar 20, 2019 $0.53; Jun 17, 2019 $0.50; Sep 24, 2019 $0.52; Dec 16, 2019 $0.63; Mar 25, 2020 $0.50; Jun 15, 2020 $0.47; Sep 23, 2020 $0.47; Dec 14, 2020 $0.71; Mar 25, 2021 $0.47; Jun 10, 2021 $0.46; Sep 24, 2021 $0.19; Dec 13, 2021 $0.66; Mar 24, 2022 $0.30; Jun 9, 2022 $0.40; Sep 26, 2022 $0.84; Dec 13, 2022 $0.76; Mar 23, 2023 $0.37; Jun 7, 2023 $0.39; Sep 26, 2023 $0.68; Dec 20, 2023 $0.73; Mar 21, 2024 $0.31; Jun 11, 2024 $0.39; Sep 25, 2024 $0.49; Dec 17, 2024 $0.64; Mar 18, 2025 $0.37; Jun 16, 2025 $0.52; Sep 16, 2025 $0.47; Dec 16, 2025 $0.91; Jun 15, 2026 $0.51; Sep 15, 2026 $0.53. Use the arrow keys to read each point.$0$12017202020232026YTD

FREL vs REZ Risk

Fall from peak · 5 years

  • FREL
  • REZ
Oct 29, 2021 to Oct 30, 2026. Worst fall: REZ −35.0% · Oct 2023. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FREL 16.5%, betterREZ 16.8%
Return per unit of riskSharpe ratio, 3 years
FREL 0.56REZ 0.72, better
Worst fallMax drawdown, 5 years
FREL −34.4%, betterREZ −35.0%
Market sensitivityBeta, 5 years
FREL 0.99REZ 0.80

FREL and REZ in the news

All news⁠

Popular comparisons

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

    Expense ratio
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