Fidelity MSCI Real Estate ETF (FREL) Performance
FREL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +7.5% since Dec 31, 2025
- 1 year
- +4.1% total return
- 5 years
- +0.6% a year
- 10 years
- +5.6% a year
- Since first price
- +5.0% a year since 2015
FREL trailing returns vs SPY, QQQ, AGG
| Period | FREL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.3% | −6.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.1% | −2.8% | +7.8% | +8.4% | −1.5% |
| YTD | +7.5% | +4.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +4.1% | +0.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +45.1%+13.2%/yr | +30.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +3.0%+0.6%/yr | −13.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +72.2%+5.6%/yr | +19.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionFeb 5, 2015 | +76.3%+5.0%/yr | +14.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FREL vs SPY
From Feb 5, 2015: FREL grew to $17,628, SPY to $44,747.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FREL returns by calendar year
7 of 10 full years positive. Best 2021 (+40.5%), worst 2022 (−26.2%). 2026 is year to date.
FREL annual returns table
| Year | FREL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +7.5% | −11.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +3.1% | −14.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.0% | −11.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +11.7% | −21.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −26.2% | −32.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +40.5% | −7.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −5.0% | −42.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +28.8% | −5.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −4.5% | −12.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +8.9% | −5.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.9% | −14.1% | +12.0% | +7.1% | +2.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FREL largest drawdowns
Now 7.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 14, 2020 | −42.6% | Mar 23, 2020 | Apr 15, 2021 | 38 days | 1.2 years |
| Dec 31, 2021 | −34.4% | Oct 25, 2023 | Jun 12, 2026 | 1.8 years | 4.4 years |
| Feb 5, 2015 | −15.7% | Feb 11, 2016 | Apr 1, 2016 | 1.0 years | 1.2 years |
| Aug 1, 2016 | −14.1% | Nov 10, 2016 | Sep 18, 2017 | 3 months | 1.1 years |
| Dec 6, 2018 | −12.8% | Dec 24, 2018 | Jan 30, 2019 | 18 days | 55 days |
| Dec 18, 2017 | −12.4% | Feb 8, 2018 | Jun 29, 2018 | 52 days | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FREL risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +9.9% | +1.3% | +4.8% | +5.0% |
| Volatility (annualized) | 16.6% | 19.2% | 17.6% | 17.2% |
| Sharpe ratio | 0.39 | -0.03 | 0.23 | 0.26 |
| Sortino ratio | 0.61 | -0.04 | 0.32 | 0.37 |
| Best month | +12.0% | +12.0% | +12.0% | +12.0% |
| Worst month | −8.2% | −12.9% | −19.4% | −19.4% |
| Best 12 months | +34.6% | +34.6% | +47.4% | +47.4% |
| Worst 12 months | −3.2% | −26.2% | −26.2% | −26.2% |
| Positive months | 64% | 55% | 61% | 59% |
| Beta vs S&P 500 | 0.87 | 0.97 | 0.89 | — |
| Correlation with S&P 500 | 0.65 | 0.79 | 0.78 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FREL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 129 | −26.2% | +5.7% | +47.4% | 69% |
| 3-year (a year) | 105 | −4.7% | +5.5% | +19.8% | 87% |
| 5-year (a year) | 81 | +0.6% | +5.6% | +12.3% | 100% |
| 10-year (a year) | 21 | +4.8% | +5.7% | +6.9% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
FREL performance overview
Fidelity MSCI Real Estate ETF (FREL) returned +4.1% over the past year and +5.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +5.0% a year, turning $10,000 into about $17,628. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −42.6%, from Feb 14, 2020 to Mar 23, 2020, and it took 1.1 years to get back to the old high. FREL finished 7 of its 10 full calendar years with a gain; the best year was 2021 (+40.5%) and the worst 2022 (−26.2%). Volatility has been 17.2% a year.
Related: FREL chart, FREL holdings, FREL dividends, FREL valuation. See the FREL overview for the latest quote and fund facts.
FREL performance FAQ
What is the FREL return over the past year?
FREL returned +4.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 0.6%.
What is the average annual return of FREL?
FREL has returned +0.6% a year over 5 years, +5.6% a year over 10 years, +5.0% a year since February 5, 2015 (total return, distributions reinvested).
How much would $10,000 invested in FREL be worth?
$10,000 invested in FREL at its first recorded close on February 5, 2015 would be worth about $17,628 on October 23, 2026 with distributions reinvested.
What was the worst year for FREL?
The worst calendar year was 2022, with a total return of −26.2%. The best was 2021 at +40.5%.
What is the biggest drawdown of FREL?
The largest peak-to-trough decline was −42.6% between February 14, 2020 and March 23, 2020. It recovered to the old high on April 15, 2021, 1.1 years after the bottom.
How volatile is FREL?
Over the past 3 years FREL had an annualized volatility of 16.6% and a Sharpe ratio of 0.39 (excess return over 1–3 month T-bills per unit of risk).