USRT vs FREL: Holdings Overlap
USRTiShares Core U.S. REIT ETF
iShares · 127 holdings · $4.7B · as of 2026-04-30
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
How similar are USRT and FREL?
iShares Core U.S. REIT ETF (USRT, by iShares) holds 127 positions; Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127. They have 106 holdings in common, and by portfolio weight the two funds are 81.1% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 81.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 106USRT holds 127 · FREL holds 127
- Weight in Shared Holdings
- USRT 99%·FREL 82%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 USRT
21 of 127 positions (0.8% of the fund) are not held by FREL.
Sector Breakdown
| Sector | USRT | FREL |
|---|---|---|
| Real Estate | 99.6% | 99.3% |
| Communication Services | 0.0% | 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 |
|---|---|---|---|---|---|---|---|
| USRT | -0.4% | +19.4% | +22.9% | +12.1% | +5.0% | +6.0% | 2.53% |
| 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 USRT vs FREL →
Shared Holdings(106)
The top 10 shared positions account for 53% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 8.31% | 8.60% | 8.31% |
|---|---|---|---|
 PLDPrologis Inc. COM | 7.52% | 8.19% | 7.52% |
 EQIXEquinix, Inc. COM | 6.44% | 4.72% | 4.72% |
 DLRDigital Realty Trust Inc. COM | 4.46% | 4.32% | 4.32% |
 SPGSimon Property Group Inc COM | 4.40% | 4.28% | 4.28% |
 ORealty Income Corporation COM | 4.18% | 3.70% | 3.70% |
 PSAPublic Storage COM | 3.96% | 3.09% | 3.09% |
 VTRVentas Inc. COM | 3.55% | 2.58% | 2.58% |
 IRMIron Mountain Inc. COM | 3.19% | 2.42% | 2.42% |
 VICIVICI Properties, Inc., Class A | 2.73% | 2.04% | 2.04% |
 EXRExtra Space Storage Inc. COM | 2.60% | 1.99% | 1.99% |
 AVBAvalonBay Communities, Inc. COM | 2.24% | 1.71% | 1.71% |
 EQREquity Residential SH BEN INT | 2.13% | 1.48% | 1.48% |
 INVHInvitation Homes Inc. COM | 1.52% | 1.12% | 1.12% |
 ESSEssex Property Trust, Inc. COM | 1.45% | 1.11% | 1.11% |
 SUISun Communities, Inc. COM | 1.35% | 1.06% | 1.06% |
 WPCW. P. Carey Inc COM | 1.36% | 1.05% | 1.05% |
 KIMKimco Realty Corporation COM | 1.36% | 1.05% | 1.05% |
 MAAMid-America Apartment Communities, Inc. COM | 1.30% | 0.99% | 0.99% |
 HSTHost Hotels & Resorts Inc COM | 1.25% | 0.98% | 0.98% |
 REGRegency Centers Corp. COM | 1.21% | 0.90% | 0.90% |
 OHIOmega Healthcare Investors, Inc. COM | 1.19% | 0.87% | 0.87% |
 GLPIGaming and Leisure Properties Inc COM | 1.13% | 0.87% | 0.87% |
 LAMRLamar Advertising Company Class A | 1.03% | 0.80% | 0.80% |
 DOCHealthpeak Properties Inc COM | 0.97% | 0.76% | 0.76% |
Frequently Asked Questions
How much do USRT and FREL overlap?
USRT and FREL overlap by 81.1% of portfolio weight. They share 106 holdings (USRT holds 127 positions and FREL holds 127), based on each fund's latest SEC-reported holdings.
Is it redundant to own both USRT and FREL?
The two portfolios are 81.1% 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 USRT and FREL?
The largest positions held by both funds are WELL, PLD, EQIX, DLR and SPG. Together the top 10 shared positions account for 53% of the total overlap.
What does USRT own that FREL doesn't?
21 positions (0.8% of USRT) are unique to USRT, led by IIPR, Service Properties Trust COM SH BEN INT and PKST. In the other direction, 21 positions (17.7% of FREL) are unique to FREL.