FREL vs SPY: Holdings Overlap
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 98 days apart (FREL: 2026-04-30, SPY: 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 SPY?
Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 31 holdings in common, and by portfolio weight the two funds are 1.8% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 31FREL holds 127 · SPY holds 504
- Weight in Shared Holdings
- FREL 73%·SPY 2%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
96 of 127 positions (26.5% of the fund) are not held by SPY. Showing the top 30 by weight.
Sector Breakdown
| Sector | FREL | SPY |
|---|---|---|
| Real Estate | 99.3% | 1.8% |
| Information Technology | 0.0% | 37.6% |
| Financials | 0.0% | 12.3% |
| Communication Services | 0.5% | 9.7% |
| Consumer Discretionary | 0.0% | 9.3% |
| Other Sectors | 0.0% | 29.2% |
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% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
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 SPY →
Shared Holdings(31)
The top 10 shared positions account for 68% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 8.60% | 0.25% | 0.25% |
|---|---|---|---|
 PLDPrologis Inc. COM | 8.19% | 0.20% | 0.20% |
 EQIXEquinix, Inc. COM | 4.72% | 0.16% | 0.16% |
 AMTAmerican Tower Corporation COM | 5.29% | 0.12% | 0.12% |
 SPGSimon Property Group Inc COM | 4.28% | 0.11% | 0.11% |
 DLRDigital Realty Trust Inc. COM | 4.32% | 0.10% | 0.10% |
 ORealty Income Corporation COM | 3.70% | 0.09% | 0.09% |
 PSAPublic Storage COM | 3.09% | 0.08% | 0.08% |
 VTRVentas Inc. COM | 2.58% | 0.07% | 0.07% |
 CBRECBRE Group, Inc., Class A | 2.75% | 0.07% | 0.07% |
 IRMIron Mountain Inc. COM | 2.42% | 0.05% | 0.05% |
 CCICrown Castle Inc. COM | 2.50% | 0.05% | 0.05% |
 EXRExtra Space Storage Inc. COM | 1.99% | 0.05% | 0.05% |
 VICIVICI Properties, Inc., Class A | 2.04% | 0.04% | 0.04% |
 AVBAvalonBay Communities, Inc. COM | 1.71% | 0.04% | 0.04% |
 EQREquity Residential SH BEN INT | 1.48% | 0.03% | 0.03% |
 SBACSBA Communications Corp., Class A | 1.57% | 0.03% | 0.03% |
 ESSEssex Property Trust, Inc. COM | 1.11% | 0.03% | 0.03% |
 WYWeyerhaeuser Company COM NEW | 1.18% | 0.03% | 0.03% |
 INVHInvitation Homes Inc. COM | 1.12% | 0.03% | 0.03% |
 KIMKimco Realty Corporation COM | 1.05% | 0.02% | 0.02% |
 MAAMid-America Apartment Communities, Inc. COM | 0.99% | 0.02% | 0.02% |
 HSTHost Hotels & Resorts Inc COM | 0.98% | 0.02% | 0.02% |
 DOCHealthpeak Properties Inc COM | 0.76% | 0.02% | 0.02% |
 REGRegency Centers Corp. COM | 0.90% | 0.02% | 0.02% |
Frequently Asked Questions
How much do FREL and SPY overlap?
FREL and SPY overlap by 1.8% of portfolio weight. They share 31 holdings (FREL holds 127 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FREL and SPY?
The two portfolios are 1.8% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of FREL and SPY?
The largest positions held by both funds are WELL, PLD, EQIX, AMT and SPG. Together the top 10 shared positions account for 68% of the total overlap.
What does FREL own that SPY doesn't?
96 positions (26.5% of FREL) are unique to FREL, led by SUI, WPC and JLL. In the other direction, 473 positions (98.1% of SPY) are unique to SPY.