DPYA.L vs. GLRA.L

Last updated Jun 5, 2026

DPYA.L (iShares Developed Markets Property Yield UCITS ETF USD (Acc)) and GLRA.L (SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap) are both REIT funds tracking the FTSE EPRA Nareit Global TR USD, from iShares and State Street respectively. Both are passively managed. Over the past 5 years, DPYA.L returned 0.70%/yr vs 1.35%/yr for GLRA.L. Their correlation of 0.94 suggests significant overlap in exposure. DPYA.L charges 0.59%/yr vs 0.40%/yr for GLRA.L.

Performance

DPYA.L vs. GLRA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Developed Markets Property Yield UCITS ETF USD (Acc) (DPYA.L) and SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DPYA.L having a 6.77% return and GLRA.L slightly higher at 6.97%.

DPYA.L

• 1D: 0.28%
• 1M: -1.15%
• YTD: 6.77%
• 6M: 7.84%
• 1Y: 10.62%
• 3Y*: 8.60%
• 5Y*: 0.70%
• 10Y*: —

GLRA.L

• 1D: 0.25%
• 1M: -0.86%
• YTD: 6.97%
• 6M: 6.70%
• 1Y: 12.22%
• 3Y*: 8.90%
• 5Y*: 1.35%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DPYA.L vs. GLRA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DPYA.L iShares Developed Markets Property Yield UCITS ETF USD (Acc)	6.77%	9.25%	-0.10%	9.70%	-24.03%	25.35%	-9.35%	-0.65%
GLRA.L SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap	6.97%	10.04%	-0.75%	11.39%	-25.32%	30.28%	-10.67%	-1.08%

Correlation

The correlation between DPYA.L and GLRA.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 21, 2019	0.94

The correlation between DPYA.L and GLRA.L has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

DPYA.L vs. GLRA.L - Sectors Allocation Comparison

Sectors	DPYA.L	GLRA.L
Real Estate	100.0%	99.9%
Financial Services	0.1%	0.0%
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.0%
Technology	-	-
Utilities	-	0.0%

Return for Risk

DPYA.L vs. GLRA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DPYA.L

DPYA.L Risk / Return Rank: 25
DPYA.L Sharpe Ratio Rank: 25
DPYA.L Sortino Ratio Rank: 25
DPYA.L Omega Ratio Rank: 24
DPYA.L Calmar Ratio Rank: 23
DPYA.L Martin Ratio Rank: 27

GLRA.L

GLRA.L Risk / Return Rank: 28
GLRA.L Sharpe Ratio Rank: 26
GLRA.L Sortino Ratio Rank: 27
GLRA.L Omega Ratio Rank: 25
GLRA.L Calmar Ratio Rank: 27
GLRA.L Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DPYA.L vs. GLRA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Developed Markets Property Yield UCITS ETF USD (Acc) (DPYA.L) and SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DPYA.L	GLRA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.88	0.93	-0.05
Sortino ratio: Return per unit of downside risk	1.34	1.43	-0.08
Omega ratio: Gain probability vs. loss probability	1.16	1.17	-0.01
Calmar ratio: Return relative to maximum drawdown	1.06	1.29	-0.23
Martin ratio: Return relative to average drawdown	3.66	4.92	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DPYA.L vs. GLRA.L - Sharpe Ratio Comparison

The current DPYA.L Sharpe Ratio is 0.88, which is comparable to the GLRA.L Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of DPYA.L and GLRA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DPYA.L	GLRA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	0.93	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.08	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.08	+0.09

Drawdowns

DPYA.L vs. GLRA.L - Drawdown Comparison

The maximum DPYA.L drawdown since its inception was -42.96%, which is greater than GLRA.L's maximum drawdown of -38.24%. Use the drawdown chart below to compare losses from any high point for DPYA.L and GLRA.L.

Drawdown Indicators

	DPYA.L	GLRA.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.96%	-38.24%	-4.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-9.41%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.07%	-18.24%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-33.79%	-34.18%	+0.39%
Current Drawdown Current decline from peak	-3.81%	-3.58%	-0.23%
Average Drawdown Average peak-to-trough decline	-12.39%	-15.09%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.48%	+0.42%

Volatility

DPYA.L vs. GLRA.L - Volatility Comparison

The current volatility for iShares Developed Markets Property Yield UCITS ETF USD (Acc) (DPYA.L) is 3.57%, while SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L) has a volatility of 4.05%. This indicates that DPYA.L experiences smaller price fluctuations and is considered to be less risky than GLRA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DPYA.L	GLRA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	4.05%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	9.95%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	13.15%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	16.97%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	21.33%	-3.08%

DPYA.L vs. GLRA.L - Expense Ratio Comparison

DPYA.L has a 0.59% expense ratio, which is higher than GLRA.L's 0.40% expense ratio.

Dividends

DPYA.L vs. GLRA.L - Dividend Comparison

Neither DPYA.L nor GLRA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DPYA.L and GLRA.L in my portfolio?

DPYA.L and GLRA.L have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DPYA.L or GLRA.L?

On fees, GLRA.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DPYA.L or GLRA.L?

GLRA.L is cheaper with a 0.40% expense ratio, compared with 0.59% for DPYA.L.

What is the main difference between DPYA.L and GLRA.L?

Both ETFs track FTSE EPRA Nareit Global TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for DPYA.L and 0.40% for GLRA.L.