FREL vs RWR: Grades, Fees and Holdings Compared

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

State Street SPDR Dow Jones REIT ETF

RWRANYSE Arca

Overlap

71.8%by weight

Expense ratio

FREL −0.17pt a year

FREL0.08%RWR0.25%

Avg volume · 30D

FREL 1.2×the volume

FREL310KRWR256K

10Y return · a year

FREL +0.4pt

FREL+5.9%RWR+5.5%

FREL vs RWR Performance

Oct 29, 2021 – Oct 30, 2026

+4.4%FREL+14.3%RWR

Expense ratio: FREL 0.08%, better; RWR 0.25%
Fund size: FREL $1.35B; RWR $1.82B
1Y total return: FREL +9.0%; RWR +13.9%, better
Yield (12M): FREL 3.41%; RWR 3.47%, better
Holdings: FREL 127; RWR 100
Avg volume (30D): FREL 310K sh, better; RWR 256K sh
NAV per share: FREL $28.51; RWR $108.29
52W range

ETF.net Grade

Pillar letters and Scores for FREL, RWR, with each pillar’s weight
Pillar	FREL	RWR
Cost30% weight	A93Higher	B62
Mission25% weight	A99	A100Higher
Risk15% weight	C48	B61Higher
Tradability15% weight	B66	A78Higher
Holdings10% weight	A77Higher	B56
Durability5% weight	B66	A76Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. FREL and RWR 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 RWR 7th 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 6AVNQVanguard Real Estate ETFScore 74
Rank 7ARWRState Street SPDR Dow Jones REIT ETFScore 73
Rank 8ABBREJPMorgan BetaBuilders MSCI US REIT ETFScore 71

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

RWRAState Street SPDR Dow Jones 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.

RWR A 2001-vintage REIT specialist: roughly 100 US real estate investment trusts tracked through the Dow Jones U.S. Select REIT Capped Index, priced under the typical broad real estate fund.

Stated mandate

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

RWR The fund seeks to track, before expenses, the total return performance of the Dow Jones U.S. Select REIT Capped Index.

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.

RWR Trading since 2001, giving it a record that spans multiple property and rate cycles, not just the last one.
0.25% expense ratio, below the median for US broad real estate ETFs.
Sticks tightly to the Dow Jones U.S. Select REIT Capped Index: one of the cleanest index deliveries in its peer group.ssga.com
About 100 REITs, paying out quarterly, in a plain 1940 Act fund with no leverage or derivative wrapper.

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.

RWR Several broad real estate rivals undercut it on fee: SCHH at 0.07%, USRT at 0.08%, VNQ at 0.13%.
One sector, one country: US real estate only, so property values and borrowing costs drive the ride.
Volume is moderate rather than heavyweight next to the category's biggest names.

Full FREL profile⁠

Full RWR profile⁠

FREL vs RWR Holdings

How FREL and RWR differ

Overlap by weight

71.8%

Shared holdings make up 94.9% of RWR and 73.0% of FREL.

Level by level

Holdings87 in both71.8%
Sector3 Sectors99.5%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in FREL and RWR, widest gap first
Sector	More in FRELMore in RWR	FREL	RWR
Real Estate	RWR +0.5 points	99.5%	100.0%
Communication	FREL +0.4 points	0.4%	0.0%
Energy	FREL +0.2 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

FREL48.5%
RWR54.3%

Securities held

FREL126
RWR98

Asset class

FREL: Equity
RWR: Equity

Holdings

Only in FREL39
In both87
Only in RWR11

Only in FREL

39 securities, 28.0% of FREL by weight

American Tower Corp4.84%
Vivmark Residential2.97%
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%
Sabra Healthcare Reit Inc0.32%
Millrose Properties Inc0.26%
Cushman & Wakefield Ltd0.21%
St Joe Company0.20%
Howard Hughes Holdings Inc0.17%
Inland Americn Real Est Tr Inc0.17%
Lineage Inc0.16%
Landbridge Corp Class A0.15%
Ltc Properties Inc Reit0.14%
Newmark Group Inc Class A0.11%
Opendoor Technologies Inc0.11%
Medical Ppty Tr Inc0.10%
Zillow Group Inc Class A0.08%
Marcus & Millichap Co Inc0.05%
Alexander's Inc0.05%
State Street 60 Day Money Mark0.05%
Forestar Group Inc0.04%
Safehold Inc0.04%
Saul Centers Inc0.03%
Agnt Inc0.03%
Blackstone Dig Inf Trust Inc0.02%
Dj Us Real Estat F DEC26 DJEZ6<0.01%

Only in RWR

11 securities, 4.9% of RWR by weight

Vivmark Residential4.33%
Innovative Industrial Proper0.15%
Medical Properties Trust Inc0.12%
Summit Hotel Properties Inc0.08%
Postal Realty Trust Inc A0.06%
Hudson Pacific Properties In0.06%
Universal Health Rlty Income0.05%
Chiron Real Estate Inc0.04%
Community Healthcare Trust I0.03%
Site Centers Corp0.02%
Dj Us Real Estate DEC26<0.01%

Weight gaps

All 87 Holdings in both funds, largest gap first.

Holding weights in FREL and RWR, widest gap first
Holding	More in FRELMore in RWR	FREL	RWR
Prologis Inc ReitPLD	RWR +2.24 points	7.32%	9.56%
Ventas Inc ReitVTR	RWR +1.70 points	2.56%	4.26%
Public StoragePSA	RWR +1.37 points	3.54%	4.91%
Equinix IncEQIX	FREL +1.10 points	5.63%	4.53%
Extra Space Storage IncEXR	RWR +1.00 points	2.14%	3.14%
Realty Income Corp ReitO	RWR +0.88 points	3.44%	4.32%
Essex Property Trust IncESS	RWR +0.54 points	1.15%	1.69%
Host Hotels & Resorts IncHST	RWR +0.53 points	1.22%	1.75%
Omega Healthcare Investors IncOHI	RWR +0.52 points	0.89%	1.41%
Kimco Realty CorporationKIM	RWR +0.51 points	1.12%	1.63%
Wp Carey IncWPC	RWR +0.51 points	0.96%	1.47%
American Healthcare Reit IncAHR	RWR +0.50 points	0.65%	1.15%
Welltower IncWELL	RWR +0.47 points	9.54%	10.01%
Mid America Apt Cmnty IncMAA	RWR +0.42 points	0.94%	1.36%
Equity Lifestyle Pptys IncELS	RWR +0.42 points	0.71%	1.13%
Sun Communities Inc - ReitSUI	RWR +0.40 points	0.96%	1.36%
Ryman Hospitality Pptys IncRHP	RWR +0.39 points	0.52%	0.91%
Healthpeak Properties IncDOC	RWR +0.39 points	0.91%	1.30%
Invitation Homes IncINVH	RWR +0.37 points	1.05%	1.42%
Eastgroup Pptys IncEGP	RWR +0.37 points	0.69%	1.06%
Bxp IncBXP	RWR +0.37 points	0.63%	1.00%
Digital Realty Trust IncDLR	RWR +0.36 points	4.05%	4.41%
Regency Centers Corp ReitREG	RWR +0.35 points	0.89%	1.24%
Caretrust Reit IncCTRE	RWR +0.32 points	0.53%	0.85%
Agree Realty CorpADC	RWR +0.30 points	0.53%	0.83%
Federal Realty Investment TrFRT	RWR +0.30 points	0.58%	0.88%
Brixmor Ppty Group IncBRX	RWR +0.30 points	0.59%	0.89%
American Homes 4 Rent Class AAMH	RWR +0.29 points	0.70%	0.99%
Udr IncUDR	RWR +0.28 points	0.75%	1.03%
Camden Property Trust - ReitCPT	RWR +0.28 points	0.73%	1.01%
Rexford Industrial Realty IncREXR	RWR +0.27 points	0.58%	0.85%
Macerich CompanyMAC	RWR +0.27 points	0.41%	0.68%
Terreno Realty CorpTRNO	RWR +0.26 points	0.45%	0.71%
Nnn Reit IncNNN	RWR +0.26 points	0.52%	0.78%
Stag Industrial Inc Class ASTAG	RWR +0.25 points	0.46%	0.71%
Simon Ppty Group Inc - ReitSPG	RWR +0.25 points	4.56%	4.81%
CubesmartCUBE	RWR +0.23 points	0.63%	0.86%
First Industrial Realty TrustFR	RWR +0.23 points	0.49%	0.72%
Janus Living IncJAN	RWR +0.21 points	0.03%	0.24%
Essential Properties RealtyEPRT	RWR +0.21 points	0.36%	0.57%
Alexandria Real Es Eq Inc ReitARE	RWR +0.20 points	0.43%	0.63%
Vornado Realty TrustVNO	RWR +0.18 points	0.38%	0.56%
Phillips Edison & CoPECO	RWR +0.17 points	0.32%	0.49%
Healthcare Realty Trust IncHR	RWR +0.17 points	0.45%	0.62%
Cousins Properties IncCUZ	RWR +0.15 points	0.33%	0.48%
Kilroy Realty CorpKRC	RWR +0.15 points	0.27%	0.42%
Epr PropertiesEPR	RWR +0.14 points	0.30%	0.44%
Americold Realty TrustCOLD	RWR +0.14 points	0.27%	0.41%
Tanger Inc- ReitSKT	RWR +0.14 points	0.28%	0.42%
Kite Realty Group TrustKRG	RWR +0.12 points	0.38%	0.50%
Copt Defense PropertiesCDP	RWR +0.11 points	0.27%	0.38%
Apple Hospitality Reit IncAPLE	RWR +0.12 points	0.29%	0.41%
National Health Investors IncNHI	RWR +0.12 points	0.21%	0.33%
Independence Realty Tr IncIRT	RWR +0.12 points	0.23%	0.35%
Highwoods Properties IncHIW	RWR +0.11 points	0.22%	0.33%
Curbline Properties CorpCURB	RWR +0.11 points	0.19%	0.30%
Sl Green Realty Corp ReitSLG	RWR +0.11 points	0.25%	0.36%
Lxp Industrial Trust ReitLXP	RWR +0.11 points	0.25%	0.36%
Broadstone Net Lease IncBNL	RWR +0.10 points	0.23%	0.33%
Park Hotels & Resorts IncPK	RWR +0.10 points	0.24%	0.34%
Acadia Rlty Tr ReitAKR	RWR +0.10 points	0.16%	0.26%
Diamondrock Hospitality CoDRH	RWR +0.08 points	0.21%	0.29%
Four Corners Ppty Tr Inc W/IFCPT	RWR +0.08 points	0.16%	0.24%
Urban Edge Properties WiUE	RWR +0.08 points	0.17%	0.25%
Sunstone Hotel Invs IncSHO	RWR +0.07 points	0.17%	0.24%
Fermi LlcFRMI	RWR +0.07 points	0.01%	0.08%
Diversified Healthcare TrDHC	RWR +0.06 points	0.11%	0.17%
Smartstop Self Storage Reit InSMA	RWR +0.06 points	0.13%	0.19%
Douglas Emmett Inc ReitDEI	RWR +0.07 points	0.10%	0.17%
Netstreit CorpNTST	RWR +0.07 points	0.11%	0.18%
Pebblebrook Hotel TrustPEB	RWR +0.06 points	0.18%	0.24%
Getty Realty CorpGTY	RWR +0.06 points	0.10%	0.16%
Cbl & Associat Properties IncCBL	RWR +0.05 points	0.05%	0.10%
Xenia Hotels &RESORTS IncXHR	RWR +0.04 points	0.15%	0.19%
Umh Properties IncUMH	RWR +0.04 points	0.08%	0.12%
Global Net Lease IncGNL	RWR +0.04 points	0.11%	0.15%
Rlj Lodging TrustRLJ	RWR +0.03 points	0.14%	0.17%
Easterly Govt Properties IncDEA	RWR +0.03 points	0.07%	0.10%
Piedmont Realty Trust IncPDM	RWR +0.03 points	0.09%	0.12%
CenterspaceCSR	RWR +0.03 points	0.07%	0.10%
Service Pptys TrSVC	RWR +0.03 points	0.05%	0.08%
American Assets Trust IncAAT	RWR +0.02 points	0.08%	0.10%
Empire State Realty Trust Class AESRT	RWR +0.02 points	0.05%	0.07%
Gladstone Commercial CorpGOOD	RWR +0.01 points	0.04%	0.05%
Brandywine Realty TrustBDN	RWR +0.01 points	0.04%	0.05%
Nexpoint Residential Trust IncNXRT	RWR +0.01 points	0.03%	0.04%
Jbg Smith PropertiesJBGS	Same weight	0.07%	0.07%

All 147 FREL holdings⁠All 97 RWR 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 RWR Cost

Overpaying RWR vs FREL

$3,386

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

FREL 0.084%
$1,773
RWR 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

FREL 0.084%
RWR 0.25%
Overpaying

Year by year

Year	FREL	RWR	Overpaying
10	$154	$455	$301
20	$603	$1,769	$1,166
30	$1,773	$5,159	$3,386

Expense ratio

0.08%FREL, cheaper
0.25%RWR

FREL0.08%RWR0.25%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

FREL 4th cheapest of 21 funds

RWR 9th cheapest of 21 funds

FREL vs RWR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FREL 3.41%; RWR 3.47%, better
Payout (12M): FREL $0.97; RWR $3.77
Last payment: FREL $0.23; RWR $0.98
Ex-dividend: FREL Sep 18, 2026; RWR Sep 21, 2026
Paid on: FREL Sep 22, 2026; RWR Sep 23, 2026
Frequency: FREL Quarterly; RWR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FRELQuarterly · 39 paymentsAll FREL payments⁠

RWRQuarterly · 39 paymentsAll RWR payments⁠

FREL vs RWR Risk

Fall from peak · 5 years

FREL
RWR

Risk facts

VolatilityStd dev, 3 years: FREL 16.5%RWR 16.1%, better
Return per unit of riskSharpe ratio, 3 years: FREL 0.56RWR 0.69, better
Worst fallMax drawdown, 5 years: FREL −34.4%RWR −32.6%, better
Market sensitivityBeta, 5 years: FREL 0.99RWR 0.98; Market = 1

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