XLRE vs FREL ETF comparison
XLRE vs FREL
XLRE holds the real estate stocks inside the S&P 500, about 30 companies, and FREL holds U.S. REITs and other real estate stocks from the MSCI US IMI Real Estate 25/25 Index. The two funds follow different indexes. The S&P Real Estate Select Sector Index is the real estate sector of the S&P 500, so it holds only the larger companies.
The MSCI US IMI/Real Estate 25-25 Index covers the whole U.S. real estate sector and applies the 25/25 capping rule to the largest names. XLRE charges 0.08% and FREL charges 0.084%. This page lines up what each fund holds, how much they overlap, what each paid and how each performed, with the date next to every number.
XLRE vs FREL, the short answer
XLRE and FREL differ in what they hold and what they charge. The two funds follow different indexes. The S&P Real Estate Select Sector Index is the real estate sector of the S&P 500, so it holds only the larger companies. The MSCI US IMI/Real Estate 25-25 Index covers the whole U.S. real estate sector and applies the 25/25 capping rule to the largest names.
Expense ratios are 0.08% and 0.084%. Market price total returns, annualized (both to Nov 9, 2026): 1 year 11.98% vs 11.66%; 3 years 13.30% vs 13.40%; 5 years 1.80% vs 1.39%; 10 years 7.35% vs 6.15%. Neither is better for everyone; the choice turns on cost, which markets you want, and what you already own.
XLRE vs FREL overlap, if you own both
XLRE · ten largest holdings
As of Nov 6, 2026- 1Welltower WELL11.61%Both
- 2Prologis PLD7.94%Both
- 3Equinix EQIX6.57%Both
- 4American Tower AMT5.79%Both
- 5Public Storage PSA5.07%Both
- 6Simon Property Group SPG4.94%Both
- 7Vivmark VMRK4.46%Both
- 8Ventas VTR4.40%Only here
- 9Realty Income O4.35%Both
- 10CBRE Group CBRE4.25%Both
Ten largest total 59.4%
FREL · ten largest holdings
As of Jul 31, 2026- 1Welltower WELL9.08%Both
- 2Prologis PLD7.94%Both
- 3Equinix EQIX5.24%Both
- 4Simon Property Group SPG4.69%Both
- 5American Tower AMT4.10%Both
- 6Digital Realty Trust DLR3.95%Only here
- 7Realty Income O3.63%Both
- 8Public Storage PSA3.43%Both
- 9Vivmark VMRK3.14%Both
- 10CBRE Group CBRE2.75%Both
Ten largest total 48.0%
Shared by both · 9 companies
| Company | XLRE weight | FREL weight | Gap |
|---|---|---|---|
| Welltower WELL | 11.61% | 9.08% | +2.53 pts |
| Prologis PLD | 7.94% | 7.94% | 0.00 pts |
| Equinix EQIX | 6.57% | 5.24% | +1.33 pts |
| American Tower AMT | 5.79% | 4.10% | +1.69 pts |
| Public Storage PSA | 5.07% | 3.43% | +1.64 pts |
| Simon Property Group SPG | 4.94% | 4.69% | +0.25 pts |
| Vivmark VMRK | 4.46% | 3.14% | +1.32 pts |
| Realty Income O | 4.35% | 3.63% | +0.72 pts |
| CBRE Group CBRE | 4.25% | 2.75% | +1.50 pts |
Only in XLRE’s top ten: Ventas. Only in FREL’s top ten: Digital Realty Trust.
The twist
72.7% of the weight sits in stocks both funds hold (matched by ticker in the full holdings files dated Nov 6, 2026 and Jul 31, 2026), and 9 stocks appear in both top-ten lists. Holding both repeats more than half of the same exposure, so the second fund mostly adds weight to what you already own.
XLRE vs FREL, one goal, which fund?
XLRE vs FREL, where the money goes
XLRE · State Street, Nov 6, 2026
FREL · Fidelity, Jul 31, 2026
XLRE vs FREL returns compared across calendar years
Calendar-year market price total returns (distributions reinvested), computed from daily adjusted closing prices to Dec 31 of each year. Both funds use the same days, so the years compare like for like. Source: StockAnalysis price history, Nov 9, 2026.
XLRE vs FREL, what each fund costs a year
The data room
Every figure behind the XLRE vs FREL cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
XLRE vs FREL key facts
Evidence grade: Issuer issuer page · Mixed issuer plus provider · 3rd party| Metric | XLRE | FREL | Grade and source |
|---|
Portfolio characteristics
| Metric | XLRE | FREL | Grade and source |
|---|
Net assets are for the ETF share class on different dates (XLRE $8.50B; FREL $1.35B), so they are not matched. Figures that were not available are left out rather than estimated.
XLRE vs FREL holdings and top ten
Click a tile · XLRE: State Street, Nov 6, 2026 · FREL: Fidelity, Jul 31, 2026Tile area is proportional to weight.
| # | Holding | Weight |
|---|
| # | Holding | Weight |
|---|
Top ten sums: XLRE 59.4% · FREL 48.0%. 9 shared top-ten stocks. Weights change.
XLRE vs FREL sector exposure
XLRE: Nov 6, 2026 · FREL: Jul 31, 2026The sector mirror
Same funds, different lenses
Company size
Both hold U.S. real estate companies. XLRE holds 30 stocks and FREL holds 126.
What you actually own
XLRE vs FREL performance
Matched dates, both to Nov 9, 2026; issuer NAV rows dated separatelyThe first rows are market price total returns computed on the same dates for both funds (to Nov 9, 2026), so they compare like for like. The 10-year figure runs from the Dec 30, 2016 close (9.9 years). The issuer NAV rows are dated separately (XLRE to Sep 30, 2026, FREL to Sep 30, 2026) and include the since-inception figures. “Since inception” starts in different years (XLRE 2015, FREL 2015). Past performance does not guarantee future results.
Growth of a hypothetical $10,000 · Market price total return, both to Nov 9, 2026
Both funds derived from annualized market price total returns on matched dates (compounded). Distributions reinvested; fund expenses are already in the price. Illustration, not a forecast.
XLRE vs FREL yield, dividends and dividend growth
Latest eight payouts each| XLRE ex-date | Payable | $ / share | FREL ex-date | Payable | $ / share |
|---|
Paid per share, last 12 months vs the 12 months before
Payouts are listed by ex-dividend date. REIT funds pay larger but uneven distributions, so the like-for-like comparison is the total paid over the last 12 months against the 12 months before (cards above: XLRE $1.443 per share, FREL $0.972 per share). REITs must distribute most of their taxable income, so the payout moves with property income and not only with price. See yield vs total return.
| Measure | XLRE | FREL |
|---|---|---|
| 30-day SEC yield | 3.27% (Nov 6, 2026) | 3.35% (Sep 30, 2026) |
| Trailing 12-month | 3.23% (Nov 9) | 3.29% (Nov 9) |
| Paid, last 12 months | $1.443 per share | $0.972 per share |
| Frequency | Quarterly | Quarterly |
Per-share payouts differ because share prices differ, so compare yields rather than dollars. REITs must pay out most of their taxable income, so distributions are larger than for most stock funds, but the amounts change from quarter to quarter and a single quarter says little. Payouts shown: XLRE 9, FREL 9. See what is dividend yield and yield vs total return.
XLRE vs FREL concentration and overlap
Ten largest positions · shared holdingsRank by rank, the ten largest positions of each fund. Top five: XLRE 37.0%, FREL 31.1%. Top ten: XLRE 59.4%, FREL 48.0%.
XLRE vs FREL trading and liquidity
Issuer and fund pages · Nov 6 to Nov 9, 2026Large funds like these usually trade with small spreads, but check the live spread before you trade. A spread of 0.01% is about $10 between the buy and sell price on $100,000. REIT shares can trade less actively in stressed markets, so spreads can widen on volatile days. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.
XLRE vs FREL expense ratio and fees in dollars
As stated by each issuer| Balance | XLRE (0.08%) | FREL (0.08%) | Gap per year |
|---|---|---|---|
| $10,000 | $8 | $8 | $0 |
| $50,000 | $40 | $42 | $2 |
| $100,000 | $80 | $84 | $4 |
Expense ratio is taken from fund assets, not billed. It excludes the bid/ask spread, any premium or discount to NAV, brokerage commissions, and taxes.
XLRE vs FREL, how each fund picks its stocks
Index approach, in plain languageXLRE · S&P Real Estate Select Sector Index
XLRE tracks the S&P Real Estate Select Sector Index. XLRE holds about 30 stocks and was launched in 2015; the ten largest positions total 59.4%. Index rules and rebalance dates are in the fund’s prospectus.
FREL · MSCI US IMI/Real Estate 25-25 Index
FREL tracks the MSCI US IMI/Real Estate 25-25 Index. FREL holds about 126 stocks and was launched in 2015; the ten largest positions total 48.0%. Index rules and rebalance dates are in the fund’s prospectus.
Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.
XLRE vs FREL, why yield and returns differ
Sector mix explains much of the gapThe two funds follow different indexes. The S&P Real Estate Select Sector Index is the real estate sector of the S&P 500, so it holds only the larger companies. The MSCI US IMI/Real Estate 25-25 Index covers the whole U.S. real estate sector and applies the 25/25 capping rule to the largest names.
XLRE follows the S&P Real Estate Select Sector Index and FREL follows the MSCI US IMI/Real Estate 25-25 Index. Because each index sets its own rules, the funds hold different numbers of stocks (30 against 126) and different mixes of property types such as health care, retail, industrial and cell towers. Over any window the results can diverge in either direction, and the gap comes mostly from what each index holds and when it rebalances, not from fees.
How to decide between XLRE and FREL
A step-by-step frameworkStart with what separates them: The two funds follow different indexes. The S&P Real Estate Select Sector Index is the real estate sector of the S&P 500, so it holds only the larger companies. The MSCI US IMI/Real Estate 25-25 Index covers the whole U.S. real estate sector and applies the 25/25 capping rule to the largest names. Then check what you already own: the funds overlap by 72.7%, so holding both adds little.
- Step 1 · Market: XLRE holds the real estate stocks inside the S&P 500, about 30 companies; FREL holds U.S. REITs and other real estate stocks from the MSCI US IMI Real Estate 25/25 Index.
- Step 2 · Cost: XLRE 0.08% vs FREL 0.084%.
- Step 3 · Concentration: ten largest positions 59.4% vs 48.0%.
- Step 4 · Overlap: use the Diversification Calculator against what you own.
Size the position against your whole portfolio, including any U.S. stock fund you hold.
XLRE vs FREL for Canadian investors
Currency, withholding tax and account typeXLRE and FREL are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. Because the funds hold U.S. companies, a move in the U.S. dollar also changes your return in Canadian dollars.
U.S. dividends paid to Canadian residents are generally subject to U.S. withholding tax under the tax treaty; the treaty exemption usually applies inside an RRSP, while a TFSA is not exempt. Rules depend on the fund and the account, so confirm them with a tax professional. This is general education, not tax advice.
Risks of XLRE and FREL
What can go wrongShared risks
- REIT prices are sensitive to interest rates: higher rates raise borrowing costs and can pull prices down, as they did in 2022 when all six funds lost about a quarter of their value.
- Property values, vacancies and rents shift with the economy, and different property types (offices, malls, apartments) can move in opposite directions.
- Distributions are not fixed: REITs pay out most of their taxable income, so the payout can fall when property income falls.
- All six hold U.S. real estate only, so none adds foreign or bond diversification.
Fund-specific risks
- XLRE: ten largest positions total 59.4% (Nov 6, 2026); 30 holdings.
- FREL: ten largest positions total 48.0% (Jul 31, 2026); 126 holdings.
- XLRE: holds only about 30 large companies, so each position is bigger and a few names drive more of the result.
- Both: exchange-traded structure; see each prospectus for legal form.
XLRE vs FREL taxes and account placement
General education, not tax adviceBoth funds invest in U.S. real estate companies. Most REIT distributions are taxed as ordinary income rather than as qualified dividends, and part may be treated as return of capital or capital gains, so a taxable U.S. account usually keeps less of the payout than it would from a typical stock fund. Many investors hold REIT funds in tax-advantaged accounts. Check each fund’s tax documents for the split.
For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.
Other ETFs people compare
For context, not recommendationsInvestors comparing XLRE and FREL often also look at the other REIT funds in this group: VNQ, SCHH, IYR, XLRE, USRT and FREL. See the other REIT ETFs comparisons and the ETF research hub.
XLRE vs FREL drawdown arithmetic
What a decline means in dollarsRecovery gain = decline ÷ (1 − decline). The scenarios use illustrative declines of 10%, 20% and 30% so you can see what a drop does to each fund. They are a rough guide to a bad year, not a worst-case figure. See the Position Size Calculator.
Tools to compare XLRE vs FREL
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
XLRE vs FREL, which fits which job
Characteristics, not recommendationsXLRE may suit investors who want…
A compact basket of about 30 large real estate companies.
Strengths
- Lower fee: 0.08% against 0.084%
- Led in 3 of 4 return windows (both to Nov 9, 2026)
- Pays distributions
- Exchange-traded and priced all day
Watch points
- Fewer holdings: 30 against 126
- Heavier top ten: 59.4% against 48.0%
- Not a complete portfolio
- Interest rate sensitivity
FREL may suit investors who want…
Broad U.S. real estate exposure from large companies to small ones.
Strengths
- More holdings: 126 against 30
- Flatter top ten: 48.0% against 59.4%
- Pays distributions
- Exchange-traded and priced all day
Watch points
- Higher fee: 0.084% against 0.08%
- Led in only 1 of 4 return windows (both to Nov 9, 2026)
- Not a complete portfolio
- Interest rate sensitivity
XLRE vs FREL investor scenarios
Characteristics that fit, not recommendationsXLRE vs FREL key terms
Plain-language definitions
XLRE vs FREL, frequently asked questions
Answers use the figures and dates shown aboveIs XLRE or FREL better?
In the XLRE vs FREL question, neither is better for everyone. XLRE and FREL differ in what they hold and what they charge. The two funds follow different indexes. The S&P Real Estate Select Sector Index is the real estate sector of the S&P 500, so it holds only the larger companies. The MSCI US IMI/Real Estate 25-25 Index covers the whole U.S. real estate sector and applies the 25/25 capping rule to the largest names.
Expense ratios are 0.08% and 0.084%. Market price total returns, annualized (both to Nov 9, 2026): 1 year 11.98% vs 11.66%; 3 years 13.30% vs 13.40%; 5 years 1.80% vs 1.39%; 10 years 7.35% vs 6.15%. Neither is better for everyone; the choice turns on cost, which markets you want, and what you already own.
XLRE vs FREL, what are the expense ratios?
XLRE charges 0.08% and FREL charges 0.084%, which is $8 and $8.4 a year per $10,000.
XLRE vs FREL, how much do the funds overlap?
About 72.7% of the weight is held by both funds, matched by ticker in full holdings files dated Nov 6, 2026 and Jul 31, 2026. 9 stocks appear in both top-ten lists.
XLRE vs FREL, what does each ETF track?
XLRE tracks the S&P Real Estate Select Sector Index. FREL tracks the MSCI US IMI/Real Estate 25-25 Index.
XLRE vs FREL, what are the top holdings?
XLRE (Nov 6, 2026): Welltower 11.61%, Prologis 7.94%, Equinix 6.57%, American Tower 5.79%, Public Storage 5.07%. FREL (Jul 31, 2026): Welltower 9.08%, Prologis 7.94%, Equinix 5.24%, Simon Property Group 4.69%, American Tower 4.1%.
XLRE vs FREL, which has performed better?
Market price total returns, annualized (both to Nov 9, 2026): 1 year 11.98% vs 11.66%; 3 years 13.30% vs 13.40%; 5 years 1.80% vs 1.39%; 10 years 7.35% vs 6.15%. Returns depend on what each fund holds, and past performance does not guarantee future results.
XLRE vs FREL, can I own both?
On XLRE vs FREL, you can, but they overlap by about 72.7%. 9 top-ten stocks are shared. Holding both repeats more than half of the same exposure, so the second fund mostly adds weight to what you already own.
XLRE vs FREL, how often do the funds pay dividends?
XLRE pays quarterly and FREL pays quarterly. Trailing yields are 3.27% and 3.35%; check each issuer page for the schedule.
XLRE vs FREL, are they suitable for Canadian investors?
On XLRE vs FREL, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs and U.S. withholding tax on dividends. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.
XLRE vs FREL, how do the funds differ by sector?
XLRE (Nov 6, 2026): health care 17.6%, retail 13.5%, cell towers 12.2%. FREL (Jul 31, 2026): health care 16.3%, retail 15.6%, industrial 11.2%.
XLRE vs FREL documents and sources
Open the issuer documents before relying on any figureXLRE · State Street (SPDR)
FREL · Fidelity
Third-party sources
StockAnalysis XLRE · StockAnalysis FREL.
Methodology and limits
- XLRE figures come from State Street fund pages and FREL figures from Fidelity fund pages.
- Dates are shown beside each figure; the issuer documents are linked below.
- Holdings overlap is the sum of the smaller weight of each ticker held by both funds, using each issuer’s full holdings file. Holdings dates are Nov 6, 2026 and Jul 31, 2026. Cash, futures and unmatched tickers are excluded and dates differ for some pairs, so treat it as an estimate. FREL’s full holdings come from its SEC filing dated Jul 31, 2026, the latest complete list available, so its weights may have drifted since.
- Vanguard figures come from vanguard.com, the Vanguard compare tool and fund data; iShares figures from ishares.com including holdings files; Schwab figures from schwabassetmanagement.com; State Street figures from ssga.com; Fidelity figures from the Fidelity fact sheet and the SEC N-PORT filing; market data (shares, beta, range) from StockAnalysis, dated Nov 9, 2026.
- Sector groups on this page use one property-type scheme applied to every fund: each stock is placed in a group such as health care, retail, industrial, residential, data centers, cell towers, self storage, office, hotels, real estate services, mortgage REITs or specialized REITs, and the weights are added up from the full holdings. This lets the funds be compared on the same labels, but it will not match each issuer’s own sector table exactly.
- Figures that were unavailable are left out, and nothing was filled from memory or from another fund.
- Growth of $10,000 is derived from annualized market price total returns on matched dates; dollar values are approximate.
- Returns are computed from daily adjusted closing prices (distributions reinvested) so both funds share the same dates (the 10-year figure runs from Dec 30, 2016, 9.9 years); issuer NAV returns, where captured, are shown beside them with their dates. Standard deviation is computed from 36 monthly total returns, Nov 2023 to Oct 2026, the same way for every fund.
Educational research, not personalized investment, tax or legal advice, and not a recommendation to buy or sell any fund. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Calculators are hypothetical illustrations. Fund data are provided as published by the sources named and may differ from current figures.