GBRE.L vs. GLRE.L
GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) and GLRE.L (SPDR Dow Jones Global Real Estate UCITS ETF) are both REIT funds from State Street tracking the FTSE EPRA Nareit Global TR USD. Both are passively managed. Over the past 10 years, GBRE.L returned 2.56%/yr vs 2.46%/yr for GLRE.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.40% expense ratio.
Performance
GBRE.L vs. GLRE.L - Performance Comparison
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Different Trading Currencies
GBRE.L is traded in GBP, while GLRE.L is traded in USD. To make them comparable, the GLRE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with GBRE.L having a 11.40% return and GLRE.L slightly lower at 11.18%. Both investments have delivered pretty close results over the past 10 years, with GBRE.L having a 2.56% annualized return and GLRE.L not far behind at 2.46%.
GBRE.L
- 1D
- -0.59%
- 1M
- 0.91%
- 6M
- 10.18%
- YTD
- 11.40%
- 1Y
- 16.75%
- 3Y*
- 7.83%
- 5Y*
- 2.16%
- 10Y*
- 2.56%
GLRE.L
- 1D
- -1.06%
- 1M
- 0.30%
- 6M
- 10.02%
- YTD
- 11.18%
- 1Y
- 16.31%
- 3Y*
- 7.61%
- 5Y*
- 2.03%
- 10Y*
- 2.46%
GBRE.L vs. GLRE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF | 11.40% | 2.66% | 0.99% | 5.21% | -16.29% | 32.11% | -13.82% | 16.07% | -2.70% | -1.73% |
GLRE.L SPDR Dow Jones Global Real Estate UCITS ETF | 11.18% | 2.13% | 1.22% | 5.66% | -16.37% | 31.85% | -13.51% | 15.27% | -2.51% | -1.43% |
Correlation
The correlation between GBRE.L and GLRE.L is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.92 |
The correlation between GBRE.L and GLRE.L has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
GBRE.L vs. GLRE.L — Risk / Return Rank
GBRE.L
GLRE.L
GBRE.L vs. GLRE.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 SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GBRE.L | GLRE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.22 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 2.08 | -0.03 |
| Martin ratioReturn relative to average drawdown | 7.13 | 6.78 | +0.35 |
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Drawdowns
GBRE.L vs. GLRE.L - Drawdown Comparison
The maximum GBRE.L drawdown since its inception was -38.93%, which is greater than GLRE.L's maximum drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for GBRE.L and GLRE.L.
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Drawdown Indicators
| GBRE.L | GLRE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.93% | -36.91% | -2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -7.80% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -17.13% | -17.17% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -27.71% | +0.31% |
Max Drawdown (10Y)Largest decline over 10 years | -35.02% | -36.91% | +1.89% |
Current DrawdownCurrent decline from peak | -1.98% | -2.65% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -13.98% | -9.77% | -4.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.40% | -0.06% |
Volatility
GBRE.L vs. GLRE.L - Volatility Comparison
The current volatility for SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) is 3.59%, while SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) has a volatility of 4.62%. This indicates that GBRE.L experiences smaller price fluctuations and is considered to be less risky than GLRE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBRE.L | GLRE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 4.62% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.04% | 10.60% | -1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.17% | 12.80% | -1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.42% | 15.82% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.84% | 16.83% | -0.99% |
GBRE.L vs. GLRE.L - Expense Ratio Comparison
Both GBRE.L and GLRE.L have an expense ratio of 0.40%.
Dividends
GBRE.L vs. GLRE.L - Dividend Comparison
GBRE.L's dividend yield for the trailing twelve months is around 2.48%, which matches GLRE.L's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF | 2.48% | 2.74% | 2.73% | 2.66% | 2.85% | 1.79% | 2.76% | 2.69% | 1.54% | 2.20% | 2.40% | 2.09% |
GLRE.L SPDR Dow Jones Global Real Estate UCITS ETF | 2.47% | 2.72% | 2.79% | 2.62% | 2.85% | 1.82% | 2.51% | 2.61% | 1.63% | 2.10% | 2.66% | 2.15% |
Frequently Asked Questions
GBRE.L and GLRE.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GBRE.L and GLRE.L have the same expense ratio: 0.40% per year.
Both ETFs track FTSE EPRA Nareit Global TR USD.
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