FREL vs TRUR: Grades, Fees and Holdings Compared

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

VanEck Real Estate TruSector ETF

TRURCNasdaq

Overlap

70.4%by weight

Expense ratio

FREL −0.09pt a year

FREL0.08%TRUR0.17%

Avg volume · 30D

FREL 2146.8×the volume

FREL313KTRUR146

FREL vs TRUR Performance

Aug 7, 2026 – Nov 9, 2026

−0.4%FREL+0.4%TRUR

Expense ratio: FREL 0.08%, better; TRUR 0.17%
Fund size: FREL $1.4B; TRUR $0
1Y total return: FREL +11.7%; TRUR No data
Yield (12M): FREL 3.29%; TRUR No data
Holdings: FREL 126; TRUR 33
Avg volume (30D): FREL 313K sh, better; TRUR 146 sh
NAV per share: FREL $29.53; TRUR $24.88
52W range

ETF.net Grade

Pillar letters and Scores for FREL, TRUR, with each pillar’s weight
Pillar	FREL	TRUR
Cost30% weight	A93Higher	A71
Mission25% weight	A99	Not scored
Risk15% weight	C53	B59Higher
Tradability15% weight	B68Higher	D25
Holdings10% weight	A76Higher	D34
Durability5% weight	B66Higher	D25

Rank among US Real Estate funds

How we build Categories ›

Same Category. FREL and TRUR 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 TRUR 17th 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 81
Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 79
Rank 16CRIETHoya Capital High Dividend Yield ETFScore 44
Rank 17CTRURVanEck Real Estate TruSector ETFScore 40
Rank 18DDCREDoubleLine Commercial Real Estate ETFScore 39

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

TRURCVanEck Real Estate TruSector 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.

TRUR No data

Stated mandate

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

TRUR No data

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.

TRUR No data

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.

TRUR No data

Full FREL profile⁠

Full TRUR profile⁠

FREL vs TRUR Holdings

How FREL and TRUR differ

Overlap by weight

70.4%

Shared holdings make up 88.2% of TRUR and 70.4% of FREL.

Level by level

Holdings29 in both70.4%
Sector3 Sectors99.4%
Asset classStocks100%
Countryby domicile100%

Sector

Sector weights in FREL and TRUR, widest gap first
Sector	Gap	FREL	TRUR
Real Estate	TRUR +0.6 points	99.4%	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 TRUR, widest gap first
Country	More in FRELMore in TRUR	Gap	FREL	TRUR
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

FREL48.7%
TRUR68.6%

Securities held

FREL125
TRUR31

Asset class

FREL: Stocks
TRUR: Stocks

Holdings

Only in FREL96
In both29
Only in TRUR2

Only in FREL

96 securities, 30.6% of FREL by weight

Vivmark Residential3.09%
Securities Lending Cf1.21%
Jones Lang Lasalle Inc1.17%
Sun Communities Inc - Reit1.00%
Wp Carey Inc0.95%
Lamar Advertising Co Class A0.91%
Omega Healthcare Investors Inc0.91%
Equity Lifestyle Pptys Inc0.75%
American Homes 4 Rent Class A0.71%
Gaming and Leisure Proprti Inc0.71%
American Healthcare Reit Inc0.70%
Cubesmart0.68%
Eastgroup Pptys Inc0.66%
Brixmor Ppty Group Inc0.61%
Rexford Industrial Realty Inc0.56%
Caretrust Reit Inc0.56%
Agree Realty Corp0.54%
Nnn Reit Inc0.51%
Ryman Hospitality Pptys Inc0.51%
Healthcare Realty Trust Inc0.48%
First Industrial Realty Trust0.47%
Terreno Realty Corp0.45%
Stag Industrial Inc Class A0.44%
Compass Inc0.44%
Rayonier Inc Reit0.43%
Macerich Company0.41%
Vornado Realty Trust0.38%
Kite Realty Group Trust0.38%
Essential Properties Realty0.37%
Sabra Healthcare Reit Inc0.34%
Cousins Properties Inc0.33%
Phillips Edison & Co0.33%
Zillow Group Inc Class C0.31%
Outfront Media Inc0.30%
Epr Properties0.30%
Americold Realty Trust0.29%
Apple Hospitality Reit Inc0.29%
Tanger Inc- Reit0.29%
Kilroy Realty Corp0.27%
Millrose Properties Inc0.25%
Copt Defense Properties0.25%
Sl Green Realty Corp Reit0.24%
Independence Realty Tr Inc0.23%
Highwoods Properties Inc0.22%
Broadstone Net Lease Inc0.22%
Park Hotels & Resorts Inc0.22%
National Health Investors Inc0.22%
Cushman & Wakefield Ltd0.21%
Diamondrock Hospitality Co0.20%
St Joe Company0.19%

Only in TRUR

2 securities, 11.5% of TRUR by weight

Real Estate Select Sector SPDR Fund7.96%
Vivmark Residential3.58%

Weight gaps

All 29 Holdings in both funds, largest gap first.

Holding weights in FREL and TRUR, widest gap first
Holding	Gap	FREL	TRUR
Welltower IncWELL	TRUR +3.94 points	9.85%	13.79%
Equinix IncEQIX	TRUR +2.32 points	5.41%	7.73%
Prologis Inc ReitPLD	TRUR +2.30 points	7.13%	9.44%
American Tower CorpAMT	TRUR +2.12 points	4.79%	6.91%
Simon Ppty Group Inc - ReitSPG	TRUR +1.04 points	4.74%	5.78%
Digital Realty Trust IncDLR	TRUR +0.97 points	3.79%	4.76%
Realty Income Corp ReitO	TRUR +0.84 points	3.48%	4.32%
Ventas Inc ReitVTR	TRUR +0.79 points	2.67%	3.46%
Public StoragePSA	TRUR +0.64 points	3.70%	4.34%
Vici Pptys IncVICI	TRUR +0.29 points	1.75%	2.04%
Crown Castle IncCCI	TRUR +0.29 points	2.52%	2.81%
Iron Mountain IncIRM	TRUR +0.29 points	2.07%	2.35%
Extra Space Storage IncEXR	TRUR +0.27 points	2.23%	2.50%
Cbre Group Inc - Class ACBRE	TRUR +0.27 points	2.62%	2.89%
Sba Communications CorpSBAC	TRUR +0.17 points	1.35%	1.52%
Essex Property Trust IncESS	TRUR +0.15 points	1.16%	1.31%
Kimco Realty CorporationKIM	TRUR +0.14 points	1.14%	1.28%
Bxp IncBXP	TRUR +0.13 points	0.65%	0.78%
Mid America Apt Cmnty IncMAA	TRUR +0.13 points	0.92%	1.05%
Weyerhaeuser CoWY	TRUR +0.11 points	1.02%	1.13%
Host Hotels & Resorts IncHST	TRUR +0.11 points	1.15%	1.26%
Federal Realty Investment TrFRT	TRUR +0.09 points	0.59%	0.68%
Healthpeak Properties IncDOC	TRUR +0.09 points	0.95%	1.04%
Costar Group IncCSGP	TRUR +0.07 points	0.85%	0.92%
Regency Centers Corp ReitREG	TRUR +0.05 points	0.88%	0.93%
Alexandria Real Es Eq Inc ReitARE	TRUR +0.05 points	0.47%	0.52%
Camden Property Trust - ReitCPT	TRUR +0.05 points	0.71%	0.76%
Invitation Homes IncINVH	TRUR +0.05 points	1.04%	1.09%
Udr IncUDR	TRUR +0.03 points	0.76%	0.79%

All 147 FREL holdings⁠All TRUR 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 TRUR Cost

Overpaying TRUR vs FREL

$1,773

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

FREL 0.084%
$1,773
TRUR 0.17%
$3,546

Amount$10,000

Years30 years

Cost over time

FREL 0.084%
TRUR 0.17%
Overpaying

Year by year

Year	FREL	TRUR	Overpaying
10	$154	$310	$156
20	$603	$1,211	$608
30	$1,773	$3,546	$1,773

Expense ratio

0.08%FREL, cheaper
0.17%TRUR

FREL0.08%TRUR0.17%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

FREL 4th cheapest of 21 funds

TRUR 7th cheapest of 21 funds

FREL vs TRUR Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FREL 3.29%; TRUR No data
Payout (12M): FREL $0.97; TRUR No data
Last payment: FREL $0.23; TRUR $0.19
Ex-dividend: FREL Sep 18, 2026; TRUR Oct 1, 2026
Paid on: FREL Sep 22, 2026; TRUR Oct 6, 2026
Frequency: FREL Quarterly; TRUR Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

FRELQuarterly · 39 paymentsAll FREL payments⁠

TRURIrregular · 1 paymentAll TRUR payments⁠

FREL vs TRUR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FREL 16.5%TRUR No data
Return per unit of riskSharpe ratio, 3 years: FREL 0.56TRUR No data
Worst fallMax drawdown, 5 years: FREL −34.4%TRUR No data
Market sensitivityBeta, 5 years: FREL 0.97TRUR −0.09; Market = 1

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