FREL vs IWN: Holdings Overlap
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
IWNiShares Russell 2000 Value ETF
iShares · 1406 holdings · $14.7B · as of 2026-03-31
Holdings snapshots are 30 days apart (FREL: 2026-04-30, IWN: 2026-03-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FREL and IWN?
Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127 positions; iShares Russell 2000 Value ETF (IWN, by iShares) holds 1406. They have 56 holdings in common, and by portfolio weight the two funds are 7.9% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 7.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 56FREL holds 127 · IWN holds 1406
- Weight in Shared Holdings
- FREL 9%·IWN 8%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
71 of 127 positions (90.5% of the fund) are not held by IWN. Showing the top 30 by weight.
Sector Breakdown
| Sector | FREL | IWN |
|---|---|---|
| Real Estate | 99.3% | 8.4% |
| Financials | 0.0% | 22.4% |
| Industrials | 0.0% | 11.9% |
| Health Care | 0.0% | 10.0% |
| Consumer Discretionary | 0.0% | 8.7% |
| Other Sectors | 0.5% | 31.1% |
| Unclassified | 0.0% | 7.1% |
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. “Unclassified” is weight we could not classify (0% of FREL, 7% of IWN).
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% |
| IWN | +2.4% | +25.3% | +42.6% | +16.8% | +9.0% | +10.2% | 1.41% |
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 IWN →
Shared Holdings(56)
The top 10 shared positions account for 44% of the overlap, led by CTRE, TRNO and EPRT.
 CTRECareTrust REIT, Inc. | 0.57% | 0.51% | 0.51% |
|---|---|---|---|
 TRNOTerreno Realty Corp. | 0.43% | 0.43% | 0.43% |
 EPRTEssential Properties Realty Trust, Inc. | 0.39% | 0.42% | 0.39% |
 AHRAmerican Healthcare REIT, Inc. | 0.57% | 0.38% | 0.38% |
 KRGKite Realty Group Trust | 0.38% | 0.37% | 0.37% |
 MACMacerich Co. (The) | 0.36% | 0.34% | 0.34% |
 SBRASabra Health Care REIT, Inc. | 0.32% | 0.33% | 0.32% |
 PECOPhillips Edison & Co., Inc. | 0.33% | 0.27% | 0.27% |
 IRTIndependence Realty Trust, Inc. | 0.25% | 0.25% | 0.25% |
 BNLBroadstone Net Lease, Inc. | 0.25% | 0.24% | 0.24% |
 CDPCOPT Defense Properties | 0.23% | 0.24% | 0.23% |
 NHINational Health Investors, Inc. | 0.24% | 0.20% | 0.20% |
 LXPLXP Industrial Trust | 0.20% | 0.19% | 0.19% |
 SLGSL Green Realty Corp. | 0.20% | 0.18% | 0.18% |
 APLEApple Hospitality REIT, Inc. | 0.21% | 0.18% | 0.18% |
 AKRAcadia Realty Trust | 0.18% | 0.18% | 0.18% |
 UEUrban Edge Properties | 0.19% | 0.17% | 0.17% |
 CURBCurbline Properties Corp. | 0.18% | 0.17% | 0.17% |
 FCPTFour Corners Property Trust, Inc. | 0.17% | 0.17% | 0.17% |
 IVTInvenTrust Properties Corp. | 0.17% | 0.17% | 0.17% |
 NMRKNewmark Group, Inc., Class A | 0.16% | 0.16% | 0.16% |
 GNLGlobal Net Lease, Inc. | 0.13% | 0.13% | 0.13% |
 LTCLTC Properties, Inc. | 0.12% | 0.12% | 0.12% |
 GTYGetty Realty Corp. | 0.12% | 0.12% | 0.12% |
 CWKCushman & Wakefield Ltd. | 0.12% | 0.14% | 0.12% |
Frequently Asked Questions
How much do FREL and IWN overlap?
FREL and IWN overlap by 7.9% of portfolio weight. They share 56 holdings (FREL holds 127 positions and IWN holds 1406), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FREL and IWN?
The two portfolios are 7.9% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of FREL and IWN?
The largest positions held by both funds are CTRE, TRNO, EPRT, AHR and KRG. Together the top 10 shared positions account for 44% of the total overlap.
What does FREL own that IWN doesn't?
71 positions (90.5% of FREL) are unique to FREL, led by WELL, PLD and AMT. In the other direction, 1350 positions (91.7% of IWN) are unique to IWN.