FREL vs XLRE: Holdings Overlap
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
XLREState Street® Real Estate Select Sector SPDR® ETF
State Street (SPDR) · 31 holdings · $8.6B · as of 2026-08-06
Holdings snapshots are 98 days apart (FREL: 2026-04-30, XLRE: 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 XLRE?
Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127 positions; State Street® Real Estate Select Sector SPDR® ETF (XLRE, by State Street (SPDR)) holds 31. They have 31 holdings in common, and by portfolio weight the two funds are 73.3% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 73.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 31FREL holds 127 · XLRE holds 31
- Weight in Shared Holdings
- FREL 73%·XLRE 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
96 of 127 positions (26.5% of the fund) are not held by XLRE. Showing the top 30 by weight.
Only in XLRE
Every position in XLRE is also held by FREL, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | FREL | XLRE |
|---|---|---|
| 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% |
| XLRE | +0.2% | +13.2% | +11.9% | +9.9% | +2.6% | +6.4% | 3.12% |
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 XLRE →
Shared Holdings(31)
The top 10 shared positions account for 65% of the overlap, led by WELL, PLD and AMT.
 WELLWelltower Inc. COM | 8.60% | 11.24% | 8.60% |
|---|---|---|---|
 PLDPrologis Inc. COM | 8.19% | 8.90% | 8.19% |
 AMTAmerican Tower Corporation COM | 5.29% | 5.38% | 5.29% |
 EQIXEquinix, Inc. COM | 4.72% | 7.00% | 4.72% |
 DLRDigital Realty Trust Inc. COM | 4.32% | 5.02% | 4.32% |
 SPGSimon Property Group Inc COM | 4.28% | 4.85% | 4.28% |
 ORealty Income Corporation COM | 3.70% | 4.50% | 3.70% |
 PSAPublic Storage COM | 3.09% | 4.80% | 3.09% |
 CBRECBRE Group, Inc., Class A | 2.75% | 4.39% | 2.75% |
 VTRVentas Inc. COM | 2.58% | 4.56% | 2.58% |
 CCICrown Castle Inc. COM | 2.50% | 3.33% | 2.50% |
 IRMIron Mountain Inc. COM | 2.42% | 3.69% | 2.42% |
 VICIVICI Properties, Inc., Class A | 2.04% | 2.95% | 2.04% |
 EXRExtra Space Storage Inc. COM | 1.99% | 3.21% | 1.99% |
 AVBAvalonBay Communities, Inc. COM | 1.71% | 2.64% | 1.71% |
 SBACSBA Communications Corp., Class A | 1.57% | 1.97% | 1.57% |
 EQREquity Residential SH BEN INT | 1.48% | 2.31% | 1.48% |
 WYWeyerhaeuser Company COM NEW | 1.18% | 1.87% | 1.18% |
 INVHInvitation Homes Inc. COM | 1.12% | 1.69% | 1.12% |
 ESSEssex Property Trust, Inc. COM | 1.11% | 1.86% | 1.11% |
 KIMKimco Realty Corporation COM | 1.05% | 1.68% | 1.05% |
 MAAMid-America Apartment Communities, Inc. COM | 0.99% | 1.58% | 0.99% |
 HSTHost Hotels & Resorts Inc COM | 0.98% | 1.51% | 0.98% |
 CSGPCostar Group Inc COM | 0.95% | 1.23% | 0.95% |
 REGRegency Centers Corp. COM | 0.90% | 1.29% | 0.90% |
Frequently Asked Questions
How much do FREL and XLRE overlap?
FREL and XLRE overlap by 73.3% of portfolio weight. They share 31 holdings (FREL holds 127 positions and XLRE holds 31), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FREL and XLRE?
The two portfolios are 73.3% 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 XLRE?
The largest positions held by both funds are WELL, PLD, AMT, EQIX and DLR. Together the top 10 shared positions account for 65% of the total overlap.
What does FREL own that XLRE doesn't?
96 positions (26.5% of FREL) are unique to FREL, led by SUI, WPC and JLL. In the other direction, 0 positions (0.0% of XLRE) are unique to XLRE.