FREL vs RWR: Holdings Overlap
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
RWRState Street® SPDR® Dow Jones® REIT ETF
State Street (SPDR) · 97 holdings · $1.9B · as of 2026-08-06
Holdings snapshots are 98 days apart (FREL: 2026-04-30, RWR: 2026-08-06). 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 RWR?
Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127 positions; State Street® SPDR® Dow Jones® REIT ETF (RWR, by State Street (SPDR)) holds 97. They have 88 holdings in common, and by portfolio weight the two funds are 73.6% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 73.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 88FREL holds 127 · RWR holds 97
- Weight in Shared Holdings
- FREL 74%·RWR 99%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
39 of 127 positions (25.9% of the fund) are not held by RWR. Showing the top 30 by weight.
Only in RWR
9 of 97 positions (0.5% of the fund) are not held by FREL.
Sector Breakdown
| Sector | FREL | RWR |
|---|---|---|
| Real Estate | 99.3% | 99.0% |
| 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% |
| RWR | -0.8% | +18.6% | +23.5% | +11.8% | +4.3% | +4.9% | 3.29% |
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 RWR →
Shared Holdings(88)
The top 10 shared positions account for 58% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 8.60% | 10.87% | 8.60% |
|---|---|---|---|
 PLDPrologis Inc. COM | 8.19% | 9.45% | 8.19% |
 EQIXEquinix, Inc. COM | 4.72% | 4.44% | 4.44% |
 DLRDigital Realty Trust Inc. COM | 4.32% | 4.91% | 4.32% |
 SPGSimon Property Group Inc COM | 4.28% | 4.57% | 4.28% |
 ORealty Income Corporation COM | 3.70% | 4.40% | 3.70% |
 PSAPublic Storage COM | 3.09% | 4.70% | 3.09% |
 VTRVentas Inc. COM | 2.58% | 4.17% | 2.58% |
 EXRExtra Space Storage Inc. COM | 1.99% | 2.93% | 1.99% |
 AVBAvalonBay Communities, Inc. COM | 1.71% | 2.41% | 1.71% |
 EQREquity Residential SH BEN INT | 1.48% | 2.11% | 1.48% |
 INVHInvitation Homes Inc. COM | 1.12% | 1.54% | 1.12% |
 ESSEssex Property Trust, Inc. COM | 1.11% | 1.70% | 1.11% |
 SUISun Communities, Inc. COM | 1.06% | 1.29% | 1.06% |
 WPCW. P. Carey Inc COM | 1.05% | 1.49% | 1.05% |
 KIMKimco Realty Corporation COM | 1.05% | 1.53% | 1.05% |
 MAAMid-America Apartment Communities, Inc. COM | 0.99% | 1.44% | 0.99% |
 HSTHost Hotels & Resorts Inc COM | 0.98% | 1.38% | 0.98% |
 REGRegency Centers Corp. COM | 0.90% | 1.18% | 0.90% |
 OHIOmega Healthcare Investors, Inc. COM | 0.87% | 1.35% | 0.87% |
 DOCHealthpeak Properties Inc COM | 0.76% | 1.35% | 0.76% |
 UDRUDR Inc COM | 0.75% | 1.05% | 0.75% |
 ELSEquity Lifestyle Properties Inc COM | 0.75% | 1.16% | 0.75% |
 CPTCamden Property Trust SH BEN INT | 0.74% | 1.03% | 0.74% |
 AMHAmerican Homes 4 Rent, Class A | 0.69% | 1.02% | 0.69% |
Frequently Asked Questions
How much do FREL and RWR overlap?
FREL and RWR overlap by 73.6% of portfolio weight. They share 88 holdings (FREL holds 127 positions and RWR holds 97), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FREL and RWR?
The two portfolios are 73.6% 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 RWR?
The largest positions held by both funds are WELL, PLD, EQIX, DLR and SPG. Together the top 10 shared positions account for 58% of the total overlap.
What does FREL own that RWR doesn't?
39 positions (25.9% of FREL) are unique to FREL, led by AMT, CBRE and CCI. In the other direction, 9 positions (0.5% of RWR) are unique to RWR.