FREL vs SCHH: Grades, Fees and Holdings Compared

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

Schwab U.S. REIT ETF

SCHHANYSE Arca

Overlap

89.2%by weight

Expense ratio

SCHH −0.01pt a year

FREL0.08%SCHH0.07%

Avg volume · 30D

SCHH 24.6×the volume

FREL310KSCHH7.63M

10Y return · a year

FREL +1.6pt

FREL+5.9%SCHH+4.3%

FREL vs SCHH Performance

Oct 29, 2021 – Oct 30, 2026

+4.4%FREL+9.3%SCHH

Expense ratio: FREL 0.08%; SCHH 0.07%, better
Fund size: FREL $1.35B; SCHH $11B
1Y total return: FREL +9.0%; SCHH +12.7%, better
Yield (12M): FREL 3.41%, better; SCHH 2.94%
Holdings: FREL 127; SCHH 121
Avg volume (30D): FREL 310K sh; SCHH 7.63M sh, better
NAV per share: FREL $28.51; SCHH $23.06
52W range

ETF.net Grade

Pillar letters and Scores for FREL, SCHH, with each pillar’s weight
Pillar	FREL	SCHH
Cost30% weight	A93	A93
Mission25% weight	A99	A100Higher
Risk15% weight	C48	C52Higher
Tradability15% weight	B66	A78Higher
Holdings10% weight	A77Higher	B68
Durability5% weight	B66	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. FREL and SCHH 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 ›

SCHH ranks 1st and FREL 3rd 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

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

SCHHASchwab 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.

SCHH Landlord exposure at a rounding-error price. SCHH owns the US equity REIT market, roughly 120 of them, for 0.07% a year, a fraction of what the typical real estate fund charges.

Stated mandate

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

SCHH The fund seeks to track, before fees and expenses, an index of U.S. equity-classified real estate investment trusts.

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.

SCHH 0.07% a year undercuts every major broad REIT rival: VNQ at 0.13%, USRT, FREL and XLRE at 0.08%, against a 0.37% category median.
Straight-up landlords. The index covers US equity-classified REITs, the companies that own and rent property, not the wider real estate services trade.schwabassetmanagement.com
It hugs its index about as closely as anything in the broad US REIT group, one of the strongest implementations among its peers.
A multi-billion-dollar fund that trades heavily, which keeps spreads tight for retail-size orders and has done since its 2011 launch.

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.

SCHH One sector, about 120 names. It moves with property markets and interest rates, not the broad market, so the ride is bumpier than a total-market fund.
Income arrives quarterly, not monthly, which matters if you budget off distributions.
US only, and equity REITs only: no overseas property and no mortgage REITs in the mix.schwabassetmanagement.com

Full FREL profile⁠

Full SCHH profile⁠

FREL vs SCHH Holdings

How FREL and SCHH differ

Overlap by weight

89.2%

Shared holdings make up 96.1% of SCHH and 90.3% of FREL.

Level by level

Holdings105 in both89.2%
Sector3 Sectors99.5%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in FREL and SCHH, widest gap first
Sector	More in FRELMore in SCHH	FREL	SCHH
Real Estate	SCHH +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 SCHH, widest gap first
Country	More in FRELMore in SCHH	FREL	SCHH
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

FREL48.5%
SCHH51.0%

Securities held

FREL126
SCHH121

Asset class

FREL: Equity
SCHH: Equity

Holdings

Only in FREL21
In both105
Only in SCHH16

Only in FREL

21 securities, 10.6% of FREL by weight

Vivmark Residential2.97%
Cbre Group Inc - Class A2.53%
Securities Lending Cf1.14%
Jones Lang Lasalle Inc1.13%
Costar Group Inc0.79%
Compass Inc0.41%
Zillow Group Inc Class C0.33%
Cushman & Wakefield Ltd0.21%
St Joe Company0.20%
Howard Hughes Holdings Inc0.17%
Landbridge Corp Class A0.15%
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%
State Street 60 Day Money Mark0.05%
Forestar Group Inc0.04%
Saul Centers Inc0.03%
Agnt Inc0.03%
Dj Us Real Estat F DEC26 DJEZ6<0.01%

Only in SCHH

16 securities, 3.9% of SCHH by weight

Vivmark Residential3.19%
Innovative Industrial Properties I0.11%
Medical Properties Trust Reit0.09%
Ssc Government Mm Gvmxx0.08%
Summit Hotel Properties Reit0.05%
Cto Realty Growth0.05%
National Healthcare Properties0.05%
Postal Realty Trust Class A0.04%
Hudson Pacific Properties Reit0.04%
Ah Realty Inc0.03%
Chiron Real Estate Inc0.03%
Farmland Partners Inc0.03%
Community Healthcare Trust Inc0.02%
Gladstone Land Reit0.02%
Site Centers0.01%
Us Dollar0.01%

Weight gaps

The 100 widest of 105 Holdings in both funds.

Holding weights in FREL and SCHH, widest gap first
Holding	More in FRELMore in SCHH	FREL	SCHH
Prologis Inc ReitPLD	SCHH +0.98 points	7.32%	8.30%
Equinix IncEQIX	FREL +0.98 points	5.63%	4.65%
Ventas Inc ReitVTR	SCHH +0.52 points	2.56%	3.08%
Digital Realty Trust IncDLR	SCHH +0.50 points	4.05%	4.55%
Realty Income Corp ReitO	SCHH +0.44 points	3.44%	3.88%
Welltower IncWELL	SCHH +0.39 points	9.54%	9.93%
Public StoragePSA	SCHH +0.28 points	3.54%	3.82%
Iron Mountain IncIRM	SCHH +0.19 points	2.34%	2.53%
American Healthcare Reit IncAHR	SCHH +0.18 points	0.65%	0.83%
Vici Pptys IncVICI	SCHH +0.17 points	1.77%	1.94%
Janus Living IncJAN	SCHH +0.15 points	0.03%	0.18%
Ryman Hospitality Pptys IncRHP	SCHH +0.14 points	0.52%	0.66%
Crown Castle IncCCI	SCHH +0.14 points	2.57%	2.71%
Simon Ppty Group Inc - ReitSPG	SCHH +0.13 points	4.56%	4.69%
Extra Space Storage IncEXR	SCHH +0.13 points	2.14%	2.27%
Omega Healthcare Investors IncOHI	SCHH +0.13 points	0.89%	1.02%
Equity Lifestyle Pptys IncELS	SCHH +0.11 points	0.71%	0.82%
Wp Carey IncWPC	SCHH +0.10 points	0.96%	1.06%
Gaming and Leisure Proprti IncGLPI	SCHH +0.09 points	0.73%	0.82%
Bxp IncBXP	SCHH +0.09 points	0.63%	0.72%
Outfront Media IncOUT	SCHH +0.09 points	0.32%	0.41%
Blackstone Dig Inf Trust IncBXDC	SCHH +0.09 points	0.02%	0.11%
Macerich CompanyMAC	SCHH +0.08 points	0.41%	0.49%
Caretrust Reit IncCTRE	SCHH +0.08 points	0.53%	0.61%
Eastgroup Pptys IncEGP	SCHH +0.08 points	0.69%	0.77%
American Tower CorpAMT	SCHH +0.08 points	4.84%	4.92%
Agree Realty CorpADC	SCHH +0.07 points	0.53%	0.60%
Essex Property Trust IncESS	SCHH +0.07 points	1.15%	1.22%
Terreno Realty CorpTRNO	SCHH +0.06 points	0.45%	0.51%
Sba Communications CorpSBAC	SCHH +0.06 points	1.35%	1.41%
Kimco Realty CorporationKIM	SCHH +0.06 points	1.12%	1.18%
Lamar Advertising Co Class ALAMR	SCHH +0.05 points	0.94%	0.99%
Stag Industrial Inc Class ASTAG	SCHH +0.06 points	0.46%	0.52%
Federal Realty Investment TrFRT	SCHH +0.06 points	0.58%	0.64%
Essential Properties RealtyEPRT	SCHH +0.05 points	0.36%	0.41%
Brixmor Ppty Group IncBRX	SCHH +0.05 points	0.59%	0.64%
Nnn Reit IncNNN	SCHH +0.05 points	0.52%	0.57%
Mid America Apt Cmnty IncMAA	SCHH +0.04 points	0.94%	0.98%
Fermi LlcFRMI	SCHH +0.05 points	0.01%	0.06%
Weyerhaeuser CoWY	SCHH +0.04 points	0.98%	1.02%
Sabra Healthcare Reit IncSBRA	SCHH +0.04 points	0.32%	0.36%
Host Hotels & Resorts IncHST	SCHH +0.04 points	1.22%	1.26%
Phillips Edison & CoPECO	SCHH +0.04 points	0.32%	0.36%
Rexford Industrial Realty IncREXR	SCHH +0.03 points	0.58%	0.61%
First Industrial Realty TrustFR	SCHH +0.03 points	0.49%	0.52%
Curbline Properties CorpCURB	SCHH +0.03 points	0.19%	0.22%
Kilroy Realty CorpKRC	SCHH +0.03 points	0.27%	0.30%
Ltc Properties Inc ReitLTC	SCHH +0.03 points	0.14%	0.17%
Millrose Properties IncMRP	SCHH +0.03 points	0.26%	0.29%
Americold Realty TrustCOLD	SCHH +0.03 points	0.27%	0.30%
Healthpeak Properties IncDOC	SCHH +0.03 points	0.91%	0.94%
Alexandria Real Es Eq Inc ReitARE	SCHH +0.03 points	0.43%	0.46%
Tanger Inc- ReitSKT	SCHH +0.03 points	0.28%	0.31%
Acadia Rlty Tr ReitAKR	SCHH +0.03 points	0.16%	0.19%
National Health Investors IncNHI	SCHH +0.03 points	0.21%	0.24%
Sun Communities Inc - ReitSUI	SCHH +0.02 points	0.96%	0.98%
Epr PropertiesEPR	SCHH +0.02 points	0.30%	0.32%
Vornado Realty TrustVNO	SCHH +0.03 points	0.38%	0.41%
Highwoods Properties IncHIW	SCHH +0.02 points	0.22%	0.24%
Jbg Smith PropertiesJBGS	FREL +0.02 points	0.07%	0.05%
Diversified Healthcare TrDHC	SCHH +0.01 points	0.11%	0.12%
Invitation Homes IncINVH	FREL +0.02 points	1.05%	1.03%
Independence Realty Tr IncIRT	SCHH +0.02 points	0.23%	0.25%
Douglas Emmett Inc ReitDEI	SCHH +0.02 points	0.10%	0.12%
Cbl & Associat Properties IncCBL	SCHH +0.02 points	0.05%	0.07%
Four Corners Ppty Tr Inc W/IFCPT	SCHH +0.02 points	0.16%	0.18%
Kite Realty Group TrustKRG	FREL +0.02 points	0.38%	0.36%
Cousins Properties IncCUZ	SCHH +0.01 points	0.33%	0.34%
Netstreit CorpNTST	SCHH +0.02 points	0.11%	0.13%
American Homes 4 Rent Class AAMH	SCHH +0.02 points	0.70%	0.72%
Lineage IncLINE	FREL +0.01 points	0.16%	0.15%
Getty Realty CorpGTY	SCHH +0.02 points	0.10%	0.12%
Broadstone Net Lease IncBNL	SCHH +0.01 points	0.23%	0.24%
Smartstop Self Storage Reit InSMA	SCHH +0.01 points	0.13%	0.14%
Lxp Industrial Trust ReitLXP	SCHH +0.01 points	0.25%	0.26%
Sl Green Realty Corp ReitSLG	SCHH +0.01 points	0.25%	0.26%
Rlj Lodging TrustRLJ	FREL +0.02 points	0.14%	0.12%
Copt Defense PropertiesCDP	SCHH +0.01 points	0.27%	0.28%
Regency Centers Corp ReitREG	SCHH +0.01 points	0.89%	0.90%
Xenia Hotels &RESORTS IncXHR	FREL +0.01 points	0.15%	0.14%
Urban Edge Properties WiUE	SCHH +0.01 points	0.17%	0.18%
Healthcare Realty Trust IncHR	Same weight	0.45%	0.45%
Alexander's IncALX	FREL +0.01 points	0.05%	0.04%
Inland Americn Real Est Tr IncIVT	Same weight	0.17%	0.17%
Easterly Govt Properties IncDEA	Same weight	0.07%	0.07%
Umh Properties IncUMH	SCHH +0.01 points	0.08%	0.09%
American Assets Trust IncAAT	Same weight	0.08%	0.08%
Pebblebrook Hotel TrustPEB	Same weight	0.18%	0.18%
CubesmartCUBE	FREL +0.01 points	0.63%	0.62%
Service Pptys TrSVC	SCHH +0.01 points	0.05%	0.06%
Diamondrock Hospitality CoDRH	Same weight	0.21%	0.21%
Rayonier Inc ReitRYN	FREL +0.01 points	0.39%	0.38%
Apple Hospitality Reit IncAPLE	SCHH +0.01 points	0.29%	0.30%
Global Net Lease IncGNL	Same weight	0.11%	0.11%
Park Hotels & Resorts IncPK	Same weight	0.24%	0.24%
Safehold IncSAFE	Same weight	0.04%	0.04%
Udr IncUDR	FREL +0.01 points	0.75%	0.74%
Nexpoint Residential Trust IncNXRT	Same weight	0.03%	0.03%
Gladstone Commercial CorpGOOD	Same weight	0.04%	0.04%
Sunstone Hotel Invs IncSHO	Same weight	0.17%	0.17%

All 147 FREL holdings⁠All 122 SCHH 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 SCHH Cost

Overpaying FREL vs SCHH

$293

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

FREL 0.084%
$1,773
SCHH 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

FREL 0.084%
SCHH 0.07%
Overpaying

Year by year

Year	FREL	SCHH	Overpaying
10	$154	$128	$26
20	$603	$503	$100
30	$1,773	$1,480	$293

Expense ratio

0.08%FREL
0.07%SCHH, cheaper

SCHH0.07%FREL0.08%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

SCHH cheapest of 21 funds

FREL 4th cheapest of 21 funds

FREL vs SCHH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FREL 3.41%, better; SCHH 2.94%
Payout (12M): FREL $0.97; SCHH $0.68
Last payment: FREL $0.23; SCHH $0.17
Ex-dividend: FREL Sep 18, 2026; SCHH Sep 23, 2026
Paid on: FREL Sep 22, 2026; SCHH Sep 28, 2026
Frequency: FREL Quarterly; SCHH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FRELQuarterly · 39 paymentsAll FREL payments⁠

SCHHQuarterly · 40 paymentsAll SCHH payments⁠

FREL vs SCHH Risk

Fall from peak · 5 years

FREL
SCHH

Risk facts

VolatilityStd dev, 3 years: FREL 16.5%SCHH 16.3%, better
Return per unit of riskSharpe ratio, 3 years: FREL 0.56SCHH 0.60, better
Worst fallMax drawdown, 5 years: FREL −34.4%SCHH −33.3%, better
Market sensitivityBeta, 5 years: FREL 0.99SCHH 0.95; Market = 1

FREL and SCHH in the news

All news⁠

Category Review
Vanguard's property fund lost a first-half lead over stocks
Updated Oct 8, 2026SCHH
Deep Dive
Vanguard's property fund is up 4% this year. Mortgage funds are down 15%
Oct 5, 2026SCHH
Deep Dive
The 10-year is back at 5.01%. Listed REIT funds fell 2%
Sep 19, 2026SCHH
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026SCHH
News
Independence Realty to take Centerspace in 3.800-share all-stock merger
Sep 9, 2026SCHH
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026SCHH

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FREL vs SCHH

In short

Stated mandate

Why people hold it