VNQ vs FREL: Holdings Overlap
VNQVanguard Real Estate Index Fund
Vanguard · 146 holdings · $39.3B · as of 2026-04-30
FRELFidelity MSCI Real Estate Index ETF
Fidelity · 127 holdings · $1.5B · as of 2026-04-30
How similar are VNQ and FREL?
Vanguard Real Estate Index Fund (VNQ, by Vanguard) holds 146 positions; Fidelity MSCI Real Estate Index ETF (FREL, by Fidelity) holds 127. 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
- 127VNQ holds 146 · FREL holds 127
- Weight in Shared Holdings
- VNQ 85%·FREL 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 VNQ
19 of 146 positions (15.2% of the fund) are not held by FREL.
Only in FREL
Every position in FREL is also held by VNQ, so it brings nothing the other fund doesn’t already own.
Sector Breakdown
| Sector | VNQ | FREL |
|---|---|---|
| Real Estate | 99.3% | 99.3% |
| Communication Services | 0.4% | 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 |
|---|---|---|---|---|---|---|---|
| VNQ | +0.0% | +13.4% | +13.9% | +9.7% | +2.2% | +4.9% | 3.53% |
| 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 VNQ vs FREL →
Shared Holdings(127)
The top 10 shared positions account for 50% of the overlap, led by WELL, PLD and EQIX.
 WELLWelltower Inc. COM | 7.84% | 8.60% | 7.84% |
|---|---|---|---|
 PLDPrologis Inc. COM | 7.00% | 8.19% | 7.00% |
 EQIXEquinix, Inc. COM | 5.64% | 4.72% | 4.72% |
 AMTAmerican Tower Corporation COM | 4.54% | 5.29% | 4.54% |
 DLRDigital Realty Trust Inc. COM | 3.66% | 4.32% | 3.66% |
 SPGSimon Property Group Inc COM | 3.53% | 4.28% | 3.53% |
 ORealty Income Corporation COM | 3.11% | 3.70% | 3.11% |
 PSAPublic Storage COM | 2.54% | 3.09% | 2.54% |
 CBRECBRE Group, Inc., Class A | 2.25% | 2.75% | 2.25% |
 VTRVentas Inc. COM | 2.19% | 2.58% | 2.19% |
 CCICrown Castle Inc. COM | 2.05% | 2.50% | 2.05% |
 IRMIron Mountain Inc. COM | 1.98% | 2.42% | 1.98% |
 EXRExtra Space Storage Inc. COM | 1.61% | 1.99% | 1.61% |
 VICIVICI Properties, Inc., Class A | 1.58% | 2.04% | 1.58% |
 AVBAvalonBay Communities, Inc. COM | 1.38% | 1.71% | 1.38% |
 EQREquity Residential SH BEN INT | 1.25% | 1.48% | 1.25% |
 SBACSBA Communications Corp., Class A | 1.25% | 1.57% | 1.25% |
 WYWeyerhaeuser Company COM NEW | 0.94% | 1.18% | 0.94% |
 ESSEssex Property Trust, Inc. COM | 0.90% | 1.11% | 0.90% |
 INVHInvitation Homes Inc. COM | 0.89% | 1.12% | 0.89% |
 KIMKimco Realty Corporation COM | 0.85% | 1.05% | 0.85% |
 WPCW. P. Carey Inc COM | 0.85% | 1.05% | 0.85% |
 SUISun Communities, Inc. COM | 0.84% | 1.06% | 0.84% |
 MAAMid-America Apartment Communities, Inc. COM | 0.80% | 0.99% | 0.80% |
 JLLJones Lang LaSalle Incorporated COM | 0.80% | 1.00% | 0.80% |
Frequently Asked Questions
How much do VNQ and FREL overlap?
VNQ and FREL overlap by 83.5% of portfolio weight. They share 127 holdings (VNQ holds 146 positions and FREL holds 127), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VNQ and FREL?
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 VNQ and FREL?
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 VNQ own that FREL doesn't?
19 positions (15.2% of VNQ) are unique to VNQ, led by VRTPX, ZG and IIPR. In the other direction, 0 positions (0.0% of FREL) are unique to FREL.