Fidelity MSCI Real Estate ETF (FREL) Valuation
FREL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 38.6 trailing earnings
- Forward P/E
- 28.6 analyst estimates
- Price / sales
- 4.65
- Price / book
- 2.58
- EV / EBITDA
- 18.4
- Earnings yield
- 2.59% inverse of P/E
- Dividend yield
- 3.66% of the holdings
- Return on equity
- 6.7% combined
- Net margin
- 12.0% combined
- Beta
- 0.98 weighted, vs S&P 500
FREL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FREL | 38.6 | 28.6 | 4.65 | 2.58 | 3.66% | 6.7% | 12.0% | 3.9% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
FREL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 98.3% | 38.5 | 28.9 | 4.66 | 2.59 | 3.68% | 6.7% |
| Communication Services | 0.4% | 134.9 | 11.5 | 2.48 | 1.69 | 0.00% | 1.3% |
| Energy | 0.2% | 72.2 | 21.6 | 28.34 | 6.85 | 0.59% | 9.5% |
FREL earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How FREL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FREL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 9.76% | 105.3 | 78.1 | 13.3 | 1.45% | 3.75% |
| PLD | Prologis, Inc. | 7.13% | 27.7 | 29.2 | 12.4 | 3.40% | 10.41% |
| EQIX | Equinix, Inc. | 5.46% | 63.4 | 52.1 | 9.8 | 2.09% | 3.48% |
| AMT | American Tower Corporation | 4.83% | 25.5 | 24.6 | 7.9 | 3.86% | 7.67% |
| SPG | Simon Property Group, Inc. | 4.28% | 14.5 | 30.7 | 11.2 | 4.33% | 11.93% |
| DLR | Digital Realty Trust, Inc. | 3.89% | 85.4 | 66.2 | 9.8 | 2.77% | 1.84% |
| O | Realty Income Corporation | 3.57% | 40.6 | 33.7 | 8.7 | 5.81% | 3.55% |
| PSA | Public Storage | 3.29% | 28.5 | 27.2 | 11.4 | 4.02% | 4.67% |
| EQR | Equity Residential | 3.07% | — | — | — | — | — |
| VTR | Ventas, Inc. | 2.64% | 159.0 | 128.2 | 6.9 | 2.42% | 0.67% |
| CBRE | CBRE Group, Inc. | 2.63% | 30.5 | 14.9 | 0.9 | — | 3.50% |
| CCI | Crown Castle Inc. | 2.46% | 33.4 | 21.2 | 8.4 | 5.17% | 2.97% |
| IRM | Iron Mountain Incorporated | 2.25% | 80.4 | 58.5 | 4.4 | 3.07% | 1.13% |
| EXR | Extra Space Storage Inc. | 1.99% | 30.8 | 29.0 | 8.8 | 4.64% | 2.61% |
| VICI | VICI Properties Inc. | 1.69% | 9.2 | 7.8 | 6.3 | 7.80% | 7.45% |
| SBAC | SBA Communications Corporation | 1.30% | 20.2 | 19.4 | 6.9 | 2.67% | 2.60% |
| HST | Host Hotels & Resorts, Inc. | 1.19% | 16.2 | 22.2 | 2.7 | 3.34% | 2.96% |
| ESS | Essex Property Trust, Inc. | 1.17% | 41.9 | 43.9 | 9.4 | 3.85% | 1.13% |
| KIM | Kimco Realty Corporation | 1.10% | 27.0 | 27.5 | 7.0 | 4.89% | 1.65% |
| JLL | Jones Lang LaSalle Incorporated | 1.05% | 14.7 | 10.4 | 0.5 | — | 2.90% |
| INVH | Invitation Homes Inc. | 1.04% | 24.8 | 30.4 | 5.6 | 4.43% | 1.70% |
| SUI | Sun Communities, Inc. | 1.01% | 89.5 | 33.8 | 6.5 | 3.79% | 0.46% |
| WPC | W. P. Carey Inc. | 1.00% | 22.3 | 24.2 | 8.2 | 5.83% | 1.82% |
| WY | Weyerhaeuser Company | 0.97% | 30.2 | 29.1 | 2.1 | 4.28% | 1.29% |
| CSGP | CoStar Group, Inc. | 0.95% | 179.5 | 18.3 | 3.7 | — | 0.21% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About FREL valuation
Adding up its 119 holdings with company data, FREL trades at 38.6 times trailing earnings and 28.6 times analysts' forward estimates, with a price-to-book ratio of 2.58 and a dividend yield of 3.66%. Its earnings yield of 2.59% is 2.74 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 47.9% of the fund and earn 51.5% of its combined profit. By sector, Communication Services is the most expensive at 134.9 times earnings and Real Estate the cheapest at 38.5. Companies that lost money over the past year are 3.9% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 96.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FREL chart, FREL performance, FREL holdings, FREL dividends.
FREL valuation FAQ
What is the P/E ratio of FREL?
Based on its holdings, FREL has a trailing P/E of 38.6 and a forward P/E of 28.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FREL?
The trailing earnings yield is 2.59% (1 ÷ P/E) and the forward earnings yield 3.49%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FREL more expensive than the S&P 500?
FREL trades at 38.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 28.6 and 19.9.
What is the price-to-book ratio of FREL?
The holdings of FREL trade at 2.58 times book value, with a combined return on equity of 6.7%.
Which sector in FREL has the highest P/E?
Communication Services has the highest P/E at 134.9 and Real Estate the lowest at 38.5.