FREL vs ICF: Holdings Overlap
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
ICFiShares Select U.S. REIT ETF
iShares · 30 holdings · $2.1B · as of 2026-04-30
How similar are FREL and ICF?
Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127 positions; iShares Select U.S. REIT ETF (ICF, by iShares) holds 30. They have 30 holdings in common, and by portfolio weight the two funds are 69.6% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 69.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 30FREL holds 127 · ICF holds 30
- Weight in Shared Holdings
- FREL 70%·ICF 100%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FREL
97 of 127 positions (29.3% of the fund) are not held by ICF. Showing the top 30 by weight.
Only in ICF
Every position in ICF is also held by FREL, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | FREL | ICF |
|---|---|---|
| Real Estate | 99.3% | 99.9% |
| Communication Services | 0.5% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FREL | -0.1% | +13.3% | +13.6% | +9.7% | +2.0% | +5.4% | 3.23% |
| ICF | -0.2% | +16.2% | +16.7% | +10.4% | +2.6% | +5.2% | 2.42% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FREL vs ICF →
Shared Holdings(30)
The top 10 shared positions account for 67% of the overlap, led by WELL, PLD and AMT.
 WELLWelltower, Inc. | 8.60% | 8.19% | 8.19% |
|---|---|---|---|
 PLDPrologis, Inc. | 8.19% | 7.66% | 7.66% |
 AMTAmerican Tower Corp. | 5.29% | 7.50% | 5.29% |
 EQIXEquinix, Inc. | 4.72% | 9.33% | 4.72% |
 DLRDigital Realty Trust, Inc. | 4.32% | 4.87% | 4.32% |
 SPGSimon Property Group, Inc. | 4.28% | 5.83% | 4.28% |
 ORealty Income Corp. | 3.70% | 4.22% | 3.70% |
 PSAPublic Storage | 3.09% | 4.64% | 3.09% |
 VTRVentas, Inc. | 2.58% | 4.08% | 2.58% |
 CCICrown Castle, Inc. | 2.50% | 3.86% | 2.50% |
 IRMIron Mountain, Inc. | 2.42% | 3.83% | 2.42% |
 VICIVICI Properties, Inc., Class A | 2.04% | 3.17% | 2.04% |
 EXRExtra Space Storage, Inc. | 1.99% | 3.11% | 1.99% |
 AVBAvalonBay Communities, Inc. | 1.71% | 2.72% | 1.71% |
 SBACSBA Communications Corp., Class A | 1.57% | 2.59% | 1.57% |
 EQREquity Residential | 1.48% | 2.42% | 1.48% |
 INVHInvitation Homes, Inc. | 1.12% | 1.89% | 1.12% |
 ESSEssex Property Trust, Inc. | 1.11% | 1.92% | 1.11% |
 SUISun Communities, Inc. | 1.06% | 1.74% | 1.06% |
 KIMKimco Realty Corp. | 1.05% | 1.87% | 1.05% |
 MAAMid-America Apartment Communities, Inc. | 0.99% | 1.74% | 0.99% |
 HSTHost Hotels & Resorts, Inc. | 0.98% | 1.65% | 0.98% |
 REGRegency Centers Corp. | 0.90% | 1.57% | 0.90% |
 LAMRLamar Advertising Co., Class A | 0.80% | 1.49% | 0.80% |
 UDRUDR, Inc. | 0.75% | 1.37% | 0.75% |
Frequently Asked Questions
How much do FREL and ICF overlap?
FREL and ICF overlap by 69.6% of portfolio weight. They share 30 holdings (FREL holds 127 positions and ICF holds 30), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FREL and ICF?
The two portfolios are 69.6% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of FREL and ICF?
The largest positions held by both funds are WELL, PLD, AMT, EQIX and DLR. Together the top 10 shared positions account for 67% of the total overlap.
What does FREL own that ICF doesn't?
97 positions (29.3% of FREL) are unique to FREL, led by CBRE, WY and WPC. In the other direction, 0 positions (0.0% of ICF) are unique to ICF.