IYR vs FREL: Holdings Overlap
IYRiShares U.S. Real Estate ETF
iShares · 61 holdings · $4.5B · as of 2026-03-31
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
Holdings snapshots are 30 days apart (IYR: 2026-03-31, FREL: 2026-04-30). 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 IYR and FREL?
iShares U.S. Real Estate ETF (IYR, by iShares) holds 61 positions; Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127. They have 56 holdings in common, and by portfolio weight the two funds are 86.6% identical. In practical terms the pair is essentially interchangeable, so holding both adds little diversification.
- Overlap by Weight
- 86.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 56IYR holds 61 · FREL holds 127
- Weight in Shared Holdings
- IYR 96%·FREL 88%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 IYR
5 of 61 positions (3.1% of the fund) are not held by FREL.
Sector Breakdown
| Sector | IYR | FREL |
|---|---|---|
| Real Estate | 95.9% | 99.3% |
| Financials | 3.0% | 0.0% |
| Communication Services | 0.6% | 0.5% |
| 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 |
|---|---|---|---|---|---|---|---|
| IYR | +0.2% | +12.4% | +12.0% | +9.2% | +2.1% | +5.3% | 2.16% |
| FREL | -0.1% | +13.3% | +13.6% | +9.7% | +2.0% | +5.4% | 3.23% |
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 IYR vs FREL →
Shared Holdings(56)
The top 10 shared positions account for 54% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 9.96% | 8.60% | 8.60% |
|---|---|---|---|
 PLDPrologis Inc. COM | 9.18% | 8.19% | 8.19% |
 EQIXEquinix, Inc. COM | 4.69% | 4.72% | 4.69% |
 AMTAmerican Tower Corporation COM | 4.39% | 5.29% | 4.39% |
 DLRDigital Realty Trust Inc. COM | 4.63% | 4.32% | 4.32% |
 SPGSimon Property Group Inc COM | 4.58% | 4.28% | 4.28% |
 ORealty Income Corporation COM | 4.40% | 3.70% | 3.70% |
 PSAPublic Storage COM | 3.41% | 3.09% | 3.09% |
 CBRECBRE Group, Inc., Class A | 3.13% | 2.75% | 2.75% |
 VTRVentas Inc. COM | 3.09% | 2.58% | 2.58% |
 CCICrown Castle Inc. COM | 2.82% | 2.50% | 2.50% |
 IRMIron Mountain Inc. COM | 2.40% | 2.42% | 2.40% |
 VICIVICI Properties, Inc., Class A | 2.32% | 2.04% | 2.04% |
 EXRExtra Space Storage Inc. COM | 2.21% | 1.99% | 1.99% |
 AVBAvalonBay Communities, Inc. COM | 1.84% | 1.71% | 1.71% |
 EQREquity Residential SH BEN INT | 1.62% | 1.48% | 1.48% |
 SBACSBA Communications Corp., Class A | 1.46% | 1.57% | 1.46% |
 WYWeyerhaeuser Company COM NEW | 1.40% | 1.18% | 1.18% |
 INVHInvitation Homes Inc. COM | 1.12% | 1.12% | 1.12% |
 ESSEssex Property Trust, Inc. COM | 1.24% | 1.11% | 1.11% |
 SUISun Communities, Inc. COM | 1.17% | 1.06% | 1.06% |
 WPCW. P. Carey Inc COM | 1.19% | 1.05% | 1.05% |
 KIMKimco Realty Corporation COM | 1.21% | 1.05% | 1.05% |
 JLLJones Lang LaSalle Incorporated COM | 1.14% | 1.00% | 1.00% |
 MAAMid-America Apartment Communities, Inc. COM | 1.14% | 0.99% | 0.99% |
Frequently Asked Questions
How much do IYR and FREL overlap?
IYR and FREL overlap by 86.6% of portfolio weight. They share 56 holdings (IYR holds 61 positions and FREL holds 127), based on each fund's latest SEC-reported holdings.
Is it redundant to own both IYR and FREL?
The two portfolios are 86.6% identical by weight. Owning both is largely redundant: they are close to the same portfolio, so a second position mostly duplicates the first.
What are the biggest shared holdings of IYR and FREL?
The largest positions held by both funds are WELL, PLD, EQIX, AMT and DLR. Together the top 10 shared positions account for 54% of the total overlap.
What does IYR own that FREL doesn't?
5 positions (3.1% of IYR) are unique to IYR, led by NLY, AGNC and STWD. In the other direction, 71 positions (12.1% of FREL) are unique to FREL.