FREL vs USRT: Grades, Fees and Holdings Compared

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

iShares Core U.S. REIT ETF

USRTANYSE Arca

Overlap

79.3%by weight

Expense ratio

FREL0.08%USRT0.08%

Avg volume · 30D

USRT 2.5×the volume

FREL310KUSRT787K

10Y return · a year

USRT +0.6pt

FREL+5.9%USRT+6.5%

FREL vs USRT Performance

Oct 29, 2021 – Oct 30, 2026

+4.4%FREL+17.7%USRT

Expense ratio: FREL 0.08%; USRT 0.08%
Fund size: FREL $1.35B; USRT $4.29B
1Y total return: FREL +9.0%; USRT +13.9%, better
Yield (12M): FREL 3.41%, better; USRT 2.75%
Holdings: FREL 127; USRT 126
Avg volume (30D): FREL 310K sh; USRT 787K sh, better
NAV per share: FREL $28.51; USRT $63.78
52W range

ETF.net Grade

Pillar letters and Scores for FREL, USRT, with each pillar’s weight
Pillar	FREL	USRT
Cost30% weight	A93	A93
Mission25% weight	A99	A100Higher
Risk15% weight	C48	B61Higher
Tradability15% weight	B66	A81Higher
Holdings10% weight	A77Higher	C53
Durability5% weight	B66	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. FREL and USRT 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 ›

USRT 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

USRTAiShares Core 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.

USRT Cheap, plain-vanilla ownership of U.S. landlords: roughly 130 equity REITs for eight basis points, running since 2007. One of the least expensive doors into the real estate aisle.

Stated mandate

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

USRT The fund seeks to track an index composed of U.S. 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.

USRT 0.08% a year against a 0.37% median for U.S. real estate funds. Among the category's heavyweights, only SCHH (0.07%) is cheaper.
Tracks the FTSE Nareit Equity REITs 40 Act Capped Index with very little drift, one of the tightest index jobs in its peer group.ishares.com
Live since 2007, a multi-billion-dollar fund from iShares, holding about 130 REITs across the U.S. property market.ishares.com

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.

USRT One sector, one country. Real estate swings with rates and property cycles, so expect a bumpier ride than a broad U.S. stock fund.
Actively traded, but the aisle's largest funds (VNQ, SCHH) turn over more shares. Worth watching the spread on chunky orders.
Income arrives quarterly, not monthly.ishares.com

Full FREL profile⁠

Full USRT profile⁠

FREL vs USRT Holdings

How FREL and USRT differ

Overlap by weight

79.3%

Shared holdings make up 95.0% of USRT and 80.2% of FREL.

Level by level

Asset classEquity, Real Estate0.0%
Sector13 Sectors0.0%
Holdings99 in both79.3%
Countryby domicile100%

Sector

Sector weights in FREL and USRT, widest gap first
Sector	More in FRELMore in USRT	FREL	USRT
Real Estate	FREL +99.5 points	99.5%	0.0%
Health Care REITs	USRT +21.2 points	0.0%	21.2%
Retail Reits	USRT +19.3 points	0.0%	19.3%
Industrial REITs	USRT +12.7 points	0.0%	12.7%
Data Center REITs	USRT +11.5 points	0.0%	11.5%
Multi-Family Residential REITs	USRT +9.9 points	0.0%	9.9%
Self Storage REITs	USRT +8.8 points	0.0%	8.8%
Single-Family Residential REITs	USRT +5.2 points	0.0%	5.2%
Hotel & Resort REITs	USRT +4.5 points	0.0%	4.5%
Office REITs	USRT +4.1 points	0.0%	4.1%
Diversified REIT's	USRT +2.7 points	0.0%	2.7%
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 USRT, widest gap first
Country	More in FRELMore in USRT	FREL	USRT
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

FREL48.5%
USRT50.3%

Securities held

FREL126
USRT123

Asset class

FREL: Equity
USRT: Real Estate

Holdings

Only in FREL27
In both99
Only in USRT24

Only in FREL

27 securities, 20.8% of FREL by weight

American Tower Corp4.84%
Vivmark Residential2.97%
Crown Castle Inc2.57%
Cbre Group Inc - Class A2.53%
Sba Communications Corp1.35%
Securities Lending Cf1.14%
Jones Lang Lasalle Inc1.13%
Weyerhaeuser Co0.98%
Costar Group Inc0.79%
Compass Inc0.41%
Rayonier Inc Reit0.39%
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%
Agnt Inc0.03%
Blackstone Dig Inf Trust Inc0.02%
Fermi Llc0.01%
Dj Us Real Estat F DEC26 DJEZ6<0.01%

Only in USRT

24 securities, 4.8% of USRT by weight

Vivmark Residential3.86%
Innovative Industrial Properties I0.13%
Medical Properties Trust Reit0.10%
Summit Hotel Properties Reit0.06%
Cto Realty Growth0.06%
Chatham Lodging Trust Reit0.06%
Postal Realty Trust Class A0.05%
Hudson Pacific Properties Reit0.05%
Universal Health Realty Income Tru0.04%
Ah Realty Inc0.04%
National Healthcare Properties0.04%
Frontview Reit0.03%
One Liberty Properties Reit Inc0.03%
Chiron Real Estate Inc0.03%
Industrial Logistics Properties Tr0.03%
Community Healthcare Trust Inc0.03%
Farmland Partners Inc0.03%
Gladstone Land Reit0.03%
Alpine Income Property Trust Inc0.02%
Site Centers0.02%
Nexpoint Diversified Real Estate T0.01%
Net Lease Office Properties0.01%
Brt Apartments Corp0.01%
Braemar Hotels Resorts Inc<0.01%

Weight gaps

All 99 Holdings in both funds, largest gap first.

Holding weights in FREL and USRT, widest gap first
Holding	More in FRELMore in USRT	FREL	USRT
Ventas Inc ReitVTR	USRT +1.21 points	2.56%	3.77%
Public StoragePSA	USRT +0.93 points	3.54%	4.47%
Iron Mountain IncIRM	USRT +0.66 points	2.34%	3.00%
Extra Space Storage IncEXR	USRT +0.62 points	2.14%	2.76%
Realty Income Corp ReitO	USRT +0.59 points	3.44%	4.03%
Vici Pptys IncVICI	USRT +0.54 points	1.77%	2.31%
Welltower IncWELL	FREL +0.51 points	9.54%	9.03%
Equinix IncEQIX	USRT +0.49 points	5.63%	6.12%
Prologis Inc ReitPLD	FREL +0.39 points	7.32%	6.93%
Omega Healthcare Investors IncOHI	USRT +0.35 points	0.89%	1.24%
Invitation Homes IncINVH	USRT +0.32 points	1.05%	1.37%
Essex Property Trust IncESS	USRT +0.32 points	1.15%	1.47%
Digital Realty Trust IncDLR	USRT +0.30 points	4.05%	4.35%
Wp Carey IncWPC	USRT +0.30 points	0.96%	1.26%
Regency Centers Corp ReitREG	USRT +0.30 points	0.89%	1.19%
Kimco Realty CorporationKIM	USRT +0.29 points	1.12%	1.41%
Equity Lifestyle Pptys IncELS	USRT +0.28 points	0.71%	0.99%
Host Hotels & Resorts IncHST	USRT +0.28 points	1.22%	1.50%
Ryman Hospitality Pptys IncRHP	USRT +0.25 points	0.52%	0.77%
Udr IncUDR	USRT +0.24 points	0.75%	0.99%
Mid America Apt Cmnty IncMAA	USRT +0.24 points	0.94%	1.18%
Healthpeak Properties IncDOC	USRT +0.24 points	0.91%	1.15%
Federal Realty Investment TrFRT	USRT +0.24 points	0.58%	0.82%
American Healthcare Reit IncAHR	USRT +0.24 points	0.65%	0.89%
Bxp IncBXP	USRT +0.24 points	0.63%	0.87%
Sun Communities Inc - ReitSUI	USRT +0.23 points	0.96%	1.19%
Lamar Advertising Co Class ALAMR	USRT +0.23 points	0.94%	1.17%
Eastgroup Pptys IncEGP	USRT +0.23 points	0.69%	0.92%
Gaming and Leisure Proprti IncGLPI	USRT +0.22 points	0.73%	0.95%
American Homes 4 Rent Class AAMH	USRT +0.21 points	0.70%	0.91%
CubesmartCUBE	USRT +0.21 points	0.63%	0.84%
Caretrust Reit IncCTRE	USRT +0.21 points	0.53%	0.74%
Macerich CompanyMAC	USRT +0.20 points	0.41%	0.61%
Agree Realty CorpADC	USRT +0.19 points	0.53%	0.72%
Brixmor Ppty Group IncBRX	USRT +0.18 points	0.59%	0.77%
Rexford Industrial Realty IncREXR	USRT +0.17 points	0.58%	0.75%
Alexandria Real Es Eq Inc ReitARE	USRT +0.17 points	0.43%	0.60%
Simon Ppty Group Inc - ReitSPG	USRT +0.16 points	4.56%	4.72%
Nnn Reit IncNNN	USRT +0.16 points	0.52%	0.68%
Stag Industrial Inc Class ASTAG	USRT +0.15 points	0.46%	0.61%
Janus Living IncJAN	USRT +0.15 points	0.03%	0.18%
Terreno Realty CorpTRNO	USRT +0.15 points	0.45%	0.60%
Vornado Realty TrustVNO	USRT +0.15 points	0.38%	0.53%
Essential Properties RealtyEPRT	USRT +0.14 points	0.36%	0.50%
Camden Property Trust - ReitCPT	USRT +0.13 points	0.73%	0.86%
First Industrial Realty TrustFR	USRT +0.14 points	0.49%	0.63%
Outfront Media IncOUT	USRT +0.12 points	0.32%	0.44%
Phillips Edison & CoPECO	USRT +0.11 points	0.32%	0.43%
Sabra Healthcare Reit IncSBRA	USRT +0.11 points	0.32%	0.43%
Cousins Properties IncCUZ	USRT +0.09 points	0.33%	0.42%
Tanger Inc- ReitSKT	USRT +0.09 points	0.28%	0.37%
Kilroy Realty CorpKRC	USRT +0.09 points	0.27%	0.36%
Americold Realty TrustCOLD	USRT +0.09 points	0.27%	0.36%
Millrose Properties IncMRP	USRT +0.08 points	0.26%	0.34%
Epr PropertiesEPR	USRT +0.08 points	0.30%	0.38%
Healthcare Realty Trust IncHR	USRT +0.08 points	0.45%	0.53%
Curbline Properties CorpCURB	USRT +0.07 points	0.19%	0.26%
Highwoods Properties IncHIW	USRT +0.07 points	0.22%	0.29%
Independence Realty Tr IncIRT	USRT +0.07 points	0.23%	0.30%
National Health Investors IncNHI	USRT +0.07 points	0.21%	0.28%
Acadia Rlty Tr ReitAKR	USRT +0.07 points	0.16%	0.23%
Sl Green Realty Corp ReitSLG	USRT +0.06 points	0.25%	0.31%
Lxp Industrial Trust ReitLXP	USRT +0.06 points	0.25%	0.31%
Copt Defense PropertiesCDP	USRT +0.06 points	0.27%	0.33%
Kite Realty Group TrustKRG	USRT +0.06 points	0.38%	0.44%
Broadstone Net Lease IncBNL	USRT +0.05 points	0.23%	0.28%
Lineage IncLINE	USRT +0.06 points	0.16%	0.22%
Apple Hospitality Reit IncAPLE	USRT +0.06 points	0.29%	0.35%
Four Corners Ppty Tr Inc W/IFCPT	USRT +0.05 points	0.16%	0.21%
Ltc Properties Inc ReitLTC	USRT +0.06 points	0.14%	0.20%
Urban Edge Properties WiUE	USRT +0.05 points	0.17%	0.22%
Smartstop Self Storage Reit InSMA	USRT +0.05 points	0.13%	0.18%
Diamondrock Hospitality CoDRH	USRT +0.04 points	0.21%	0.25%
Diversified Healthcare TrDHC	USRT +0.04 points	0.11%	0.15%
Getty Realty CorpGTY	USRT +0.04 points	0.10%	0.14%
Inland Americn Real Est Tr IncIVT	USRT +0.03 points	0.17%	0.20%
Cbl & Associat Properties IncCBL	USRT +0.04 points	0.05%	0.09%
Netstreit CorpNTST	USRT +0.03 points	0.11%	0.14%
Park Hotels & Resorts IncPK	USRT +0.03 points	0.24%	0.27%
Pebblebrook Hotel TrustPEB	USRT +0.03 points	0.18%	0.21%
Sunstone Hotel Invs IncSHO	USRT +0.03 points	0.17%	0.20%
Umh Properties IncUMH	USRT +0.03 points	0.08%	0.11%
Douglas Emmett Inc ReitDEI	USRT +0.03 points	0.10%	0.13%
Service Pptys TrSVC	USRT +0.02 points	0.05%	0.07%
Easterly Govt Properties IncDEA	USRT +0.02 points	0.07%	0.09%
Piedmont Realty Trust IncPDM	USRT +0.01 points	0.09%	0.10%
Global Net Lease IncGNL	USRT +0.02 points	0.11%	0.13%
Safehold IncSAFE	USRT +0.01 points	0.04%	0.05%
Xenia Hotels &RESORTS IncXHR	USRT +0.01 points	0.15%	0.16%
CenterspaceCSR	USRT +0.02 points	0.07%	0.09%
American Assets Trust IncAAT	USRT +0.01 points	0.08%	0.09%
Gladstone Commercial CorpGOOD	USRT +0.01 points	0.04%	0.05%
Empire State Realty Trust Class AESRT	USRT +0.01 points	0.05%	0.06%
Jbg Smith PropertiesJBGS	FREL +0.01 points	0.07%	0.06%
Rlj Lodging TrustRLJ	Same weight	0.14%	0.14%
Brandywine Realty TrustBDN	Same weight	0.04%	0.04%
Nexpoint Residential Trust IncNXRT	USRT +0.01 points	0.03%	0.04%
Saul Centers IncBFS	Same weight	0.03%	0.03%
Alexander's IncALX	Same weight	0.05%	0.05%

All 147 FREL holdings⁠All 123 USRT 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 USRT Cost

Overpaying FREL vs USRT

$84

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

FREL 0.084%
$1,773
USRT 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

FREL 0.084%
USRT 0.08%
Overpaying

Year by year

Year	FREL	USRT	Overpaying
10	$154	$147	$7
20	$603	$575	$28
30	$1,773	$1,689	$84

Expense ratio

0.08%FREL
0.08%USRT

USRT0.08%FREL0.08%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

FREL 4th cheapest of 21 funds

FREL vs USRT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FREL 3.41%, better; USRT 2.75%
Payout (12M): FREL $0.97; USRT $1.75
Last payment: FREL $0.23; USRT $0.47
Ex-dividend: FREL Sep 18, 2026; USRT Sep 15, 2026
Paid on: FREL Sep 22, 2026; USRT Sep 18, 2026
Frequency: FREL Quarterly; USRT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FRELQuarterly · 39 paymentsAll FREL payments⁠

USRTQuarterly · 39 paymentsAll USRT payments⁠

FREL vs USRT Risk

Fall from peak · 5 years

FREL
USRT

Risk facts

VolatilityStd dev, 3 years: FREL 16.5%USRT 16.1%, better
Return per unit of riskSharpe ratio, 3 years: FREL 0.56USRT 0.70, better
Worst fallMax drawdown, 5 years: FREL −34.4%USRT −31.0%, better
Market sensitivityBeta, 5 years: FREL 0.99USRT 0.96; Market = 1

FREL and USRT in the news

All news⁠

Category Review
Vanguard's property fund lost a first-half lead over stocks
Updated Oct 8, 2026USRT
Deep Dive
Vanguard's property fund is up 4% this year. Mortgage funds are down 15%
Oct 5, 2026USRT
ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026USRT
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026USRT
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026USRT

Popular comparisons

FRELAvsSCHHA
Fidelity MSCI Real Estate Index ETF · Schwab U.S. REIT ETF
Expense ratio
0.08% · 0.07%
Category
USRTAvsSCHHA
iShares Core U.S. REIT ETF · Schwab U.S. REIT ETF
Expense ratio
0.08% · 0.07%
Category
FRELAvsXLREA
Fidelity MSCI Real Estate Index ETF · State Street Real Estate Select Sector SPDR ETF
Expense ratio
0.08% · 0.08%
Category
USRTAvsXLREA
iShares Core U.S. REIT ETF · State Street Real Estate Select Sector SPDR ETF
Expense ratio
0.08% · 0.08%
Category
FRELAvsDFARA
Fidelity MSCI Real Estate Index ETF · DFA Real Estate Securities Portfolio ETF Class Shares
Expense ratio
0.08% · 0.19%
Category
USRTAvsDFARA
iShares Core U.S. REIT ETF · DFA Real Estate Securities Portfolio ETF Class Shares
Expense ratio
0.08% · 0.19%
Category

FREL vs USRT

In short

Stated mandate

Why people hold it