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GBRE.L vs. DPYE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBRE.L vs. DPYE.L

Last updated Jun 5, 2026

GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) and DPYE.L (iShares Developed Markets Property Yield UCITS ETF EUR Hedged (Acc)) are both REIT funds - GBRE.L tracks the FTSE EPRA Nareit Global TR USD while DPYE.L tracks the FTSE EPRA/NAREIT Developed Dividend+ (EUR Hedged). Both are passively managed. Over the past 5 years, GBRE.L returned 2.07%/yr vs 0.24%/yr for DPYE.L. Their correlation of 0.87 suggests significant overlap in exposure. GBRE.L charges 0.40%/yr vs 0.64%/yr for DPYE.L.

Performance

GBRE.L vs. DPYE.L - Performance Comparison

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

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Different Trading Currencies

GBRE.L is traded in GBP, while DPYE.L is traded in EUR. To make them comparable, the DPYE.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GBRE.L achieves a 6.19% return, which is significantly higher than DPYE.L's 4.87% return.

GBRE.L

1D
0.29%
1M
-1.75%
YTD
6.19%
6M
5.11%
1Y
11.03%
3Y*
5.36%
5Y*
2.07%
10Y*
3.81%

DPYE.L

1D
0.03%
1M
-2.68%
YTD
4.87%
6M
5.72%
1Y
11.48%
3Y*
6.90%
5Y*
0.24%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBRE.L vs. DPYE.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
GBRE.L
SPDR® Dow Jones Global Real Estate UCITS ETF		6.19%1.33%0.96%5.25%-16.29%32.07%-13.82%16.79%8.66%
DPYE.L
iShares Developed Markets Property Yield UCITS ETF EUR Hedged (Acc)		4.87%11.12%-3.84%5.89%-19.54%19.79%-7.62%11.51%1.29%

Correlation

The correlation between GBRE.L and DPYE.L is 0.85, 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

0.85

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2018

0.87

The correlation between GBRE.L and DPYE.L has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

GBRE.L vs. DPYE.L - Sectors Allocation Comparison

Sectors
GBRE.L
DPYE.L

Real Estate

99.9%
100.0%

Industrials

0.0%

-

Financial Services

0.0%
0.1%

Utilities

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

0.0%

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Technology

-

-

Real Estate

GBRE.L
99.9%
DPYE.L
100.0%

Industrials

GBRE.L
0.0%
DPYE.L

-

Financial Services

GBRE.L
0.0%
DPYE.L
0.1%

Utilities

GBRE.L
0.0%
DPYE.L

-

Basic Materials

GBRE.L

-

DPYE.L

-

Communication Services

GBRE.L

-

DPYE.L

-

Consumer Cyclical

GBRE.L

-

DPYE.L
0.0%

Consumer Defensive

GBRE.L

-

DPYE.L

-

Energy

GBRE.L

-

DPYE.L

-

Healthcare

GBRE.L

-

DPYE.L

-

Technology

GBRE.L

-

DPYE.L

-

Compare stocks, funds, or ETFs

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SPDR® Dow Jones Global Real Estate UCITS ETF

iShares Developed Markets Property Yield UCITS ETF EUR Hedged (Acc)

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Often compared with DPYE.L:
DPYE.L vs. VNQDPYE.L vs. XAIX.DEDPYE.L vs. WNEW.LDPYE.L vs. TRET.LDPYE.L vs. IWDP.LDPYE.L vs. EPRA.LDPYE.L vs. IASP.L

Return for Risk

GBRE.L vs. DPYE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBRE.L
GBRE.L Risk / Return Rank: 2828
Overall Rank
GBRE.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GBRE.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
GBRE.L Omega Ratio Rank: 2626
Omega Ratio Rank
GBRE.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
GBRE.L Martin Ratio Rank: 3030
Martin Ratio Rank
DPYE.L
DPYE.L Risk / Return Rank: 2323
Overall Rank
DPYE.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
DPYE.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
DPYE.L Omega Ratio Rank: 2222
Omega Ratio Rank
DPYE.L Calmar Ratio Rank: 2121
Calmar Ratio Rank
DPYE.L Martin Ratio Rank: 2525
Martin Ratio Rank
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.

GBRE.L vs. DPYE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) and iShares Developed Markets Property Yield UCITS ETF EUR Hedged (Acc) (DPYE.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.

GBRE.LDPYE.LDifference
Sharpe ratioReturn per unit of total volatility
0.98
1.03

-0.05

Sortino ratioReturn per unit of downside risk
1.43
1.55

-0.12

Omega ratioGain probability vs. loss probability

1.17

1.18

-0.01

Calmar ratioReturn relative to maximum drawdown

1.28

1.15

+0.13

Martin ratioReturn relative to average drawdown

4.35

3.80

+0.54

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBRE.L vs. DPYE.L - Sharpe Ratio Comparison

The current GBRE.L Sharpe Ratio is 0.98, which is comparable to the DPYE.L Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of GBRE.L and DPYE.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.

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Sharpe Ratios by Period

GBRE.LDPYE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.98

1.03

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.14

0.02

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.24

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.13

+0.24

Drawdowns

GBRE.L vs. DPYE.L - Drawdown Comparison

The maximum GBRE.L drawdown since its inception was -35.15%, roughly equal to the maximum DPYE.L drawdown of -36.42%. Use the drawdown chart below to compare losses from any high point for GBRE.L and DPYE.L.

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Drawdown Indicators

GBRE.LDPYE.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.15%

-36.42%

+1.27%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-10.20%

+1.52%

Max Drawdown (3Y)

Largest decline over 3 years

-17.12%

-16.30%

-0.82%

Max Drawdown (5Y)

Largest decline over 5 years

-27.39%

-30.05%

+2.66%

Max Drawdown (10Y)

Largest decline over 10 years

-35.15%

—

—

Current Drawdown

Current decline from peak

-5.92%

-4.74%

-1.18%

Average Drawdown

Average peak-to-trough decline

-9.97%

-11.35%

+1.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

3.08%

-0.52%

Volatility

GBRE.L vs. DPYE.L - Volatility Comparison

SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) and iShares Developed Markets Property Yield UCITS ETF EUR Hedged (Acc) (DPYE.L) have volatilities of 3.39% and 3.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GBRE.LDPYE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.39%

3.51%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

8.79%

8.90%

-0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

11.29%

11.36%

-0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.37%

15.21%

-0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.98%

17.16%

-1.18%

GBRE.L vs. DPYE.L - Expense Ratio Comparison

GBRE.L has a 0.40% expense ratio, which is lower than DPYE.L's 0.64% expense ratio.

Dividends

GBRE.L vs. DPYE.L - Dividend Comparison

GBRE.L's dividend yield for the trailing twelve months is around 0.75%, while DPYE.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
DPYE.L
iShares Developed Markets Property Yield UCITS ETF EUR Hedged (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GBRE.L
SPDR® Dow Jones Global Real Estate UCITS ETF		0.75%1.45%2.73%2.66%2.84%1.79%2.76%3.25%4.30%3.99%2.40%2.09%

Frequently Asked Questions

GBRE.L and DPYE.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

GBRE.L is cheaper with a 0.40% expense ratio, compared with 0.64% for DPYE.L.

GBRE.L tracks FTSE EPRA Nareit Global TR USD, while DPYE.L tracks FTSE EPRA/NAREIT Developed Dividend+ (EUR Hedged). They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GBRE.L and 0.64% for DPYE.L.

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