FREL vs VNQ: Holdings Overlap
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
VNQVanguard Real Estate Index Fund
Vanguard · 146 holdings · $39.3B · as of 2026-04-30
How similar are FREL and VNQ?
Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127 positions; Vanguard Real Estate Index Fund (VNQ, by Vanguard) holds 146. They have 127 holdings in common, and by portfolio weight the two funds are 83.5% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 83.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 127FREL holds 127 · VNQ holds 146
- Weight in Shared Holdings
- FREL 100%·VNQ 85%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
Every position in FREL is also held by VNQ, so it brings nothing the other fund doesn’t already own.
Only in VNQ
19 of 146 positions (15.2% of the fund) are not held by FREL.
Sector Breakdown
| Sector | FREL | VNQ |
|---|---|---|
| Real Estate | 99.3% | 99.3% |
| Communication Services | 0.5% | 0.4% |
| 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% |
| VNQ | +0.0% | +13.4% | +13.9% | +9.7% | +2.2% | +4.9% | 3.53% |
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 VNQ →
Shared Holdings(127)
The top 10 shared positions account for 50% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 8.60% | 7.84% | 7.84% |
|---|---|---|---|
 PLDPrologis Inc. COM | 8.19% | 7.00% | 7.00% |
 EQIXEquinix, Inc. COM | 4.72% | 5.64% | 4.72% |
 AMTAmerican Tower Corporation COM | 5.29% | 4.54% | 4.54% |
 DLRDigital Realty Trust Inc. COM | 4.32% | 3.66% | 3.66% |
 SPGSimon Property Group Inc COM | 4.28% | 3.53% | 3.53% |
 ORealty Income Corporation COM | 3.70% | 3.11% | 3.11% |
 PSAPublic Storage COM | 3.09% | 2.54% | 2.54% |
 CBRECBRE Group, Inc., Class A | 2.75% | 2.25% | 2.25% |
 VTRVentas Inc. COM | 2.58% | 2.19% | 2.19% |
 CCICrown Castle Inc. COM | 2.50% | 2.05% | 2.05% |
 IRMIron Mountain Inc. COM | 2.42% | 1.98% | 1.98% |
 EXRExtra Space Storage Inc. COM | 1.99% | 1.61% | 1.61% |
 VICIVICI Properties, Inc., Class A | 2.04% | 1.58% | 1.58% |
 AVBAvalonBay Communities, Inc. COM | 1.71% | 1.38% | 1.38% |
 EQREquity Residential SH BEN INT | 1.48% | 1.25% | 1.25% |
 SBACSBA Communications Corp., Class A | 1.57% | 1.25% | 1.25% |
 WYWeyerhaeuser Company COM NEW | 1.18% | 0.94% | 0.94% |
 ESSEssex Property Trust, Inc. COM | 1.11% | 0.90% | 0.90% |
 INVHInvitation Homes Inc. COM | 1.12% | 0.89% | 0.89% |
 KIMKimco Realty Corporation COM | 1.05% | 0.85% | 0.85% |
 WPCW. P. Carey Inc COM | 1.05% | 0.85% | 0.85% |
 SUISun Communities, Inc. COM | 1.06% | 0.84% | 0.84% |
 MAAMid-America Apartment Communities, Inc. COM | 0.99% | 0.80% | 0.80% |
 JLLJones Lang LaSalle Incorporated COM | 1.00% | 0.80% | 0.80% |
Frequently Asked Questions
How much do FREL and VNQ overlap?
FREL and VNQ overlap by 83.5% of portfolio weight. They share 127 holdings (FREL holds 127 positions and VNQ holds 146), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FREL and VNQ?
The two portfolios are 83.5% 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 VNQ?
The largest positions held by both funds are WELL, PLD, EQIX, AMT and DLR. Together the top 10 shared positions account for 50% of the total overlap.
What does FREL own that VNQ doesn't?
Nothing. Every position in FREL is also held by VNQ. In the other direction, 19 positions (15.2% of VNQ) are unique to VNQ.