GBRE.L vs. IASP.L

Last updated Jun 5, 2026

GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) and IASP.L (iShares Asia Property Yield UCITS ETF) are both REIT funds - GBRE.L tracks the FTSE EPRA Nareit Global TR USD while IASP.L tracks the FTSE EPRA Nareit Developed Asia TR USD. Both are passively managed. Over the past 10 years, GBRE.L returned 3.81%/yr vs -0.92%/yr for IASP.L. A 0.61 correlation means they provide meaningful diversification when combined. GBRE.L charges 0.40%/yr vs 0.59%/yr for IASP.L.

Performance

GBRE.L vs. IASP.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 Asia Property Yield UCITS ETF (IASP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GBRE.L is traded in GBP, while IASP.L is traded in GBp. To make them comparable, the IASP.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 IASP.L's -7.66% return. Over the past 10 years, GBRE.L has outperformed IASP.L with an annualized return of 3.81%, while IASP.L has yielded a comparatively lower -0.92% annualized 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%

IASP.L

• 1D: 0.16%
• 1M: -6.82%
• YTD: -7.66%
• 6M: -7.06%
• 1Y: 3.44%
• 3Y*: -2.88%
• 5Y*: -4.60%
• 10Y*: -0.92%

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

GBRE.L vs. IASP.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	6.19%	1.33%	0.96%	5.25%	-16.29%	32.07%	-13.82%	16.79%	-0.14%	0.04%
IASP.L iShares Asia Property Yield UCITS ETF	-7.66%	17.20%	-11.78%	-10.90%	-4.90%	2.59%	-14.59%	8.99%	0.23%	4.41%

Correlation

The correlation between GBRE.L and IASP.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 4, 2012	0.61

The correlation between GBRE.L and IASP.L has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

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

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

Return for Risk

GBRE.L vs. IASP.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: 28
GBRE.L Sharpe Ratio Rank: 28
GBRE.L Sortino Ratio Rank: 27
GBRE.L Omega Ratio Rank: 26
GBRE.L Calmar Ratio Rank: 27
GBRE.L Martin Ratio Rank: 30

IASP.L

IASP.L Risk / Return Rank: 13
IASP.L Sharpe Ratio Rank: 14
IASP.L Sortino Ratio Rank: 13
IASP.L Omega Ratio Rank: 13
IASP.L Calmar Ratio Rank: 12
IASP.L Martin Ratio Rank: 13

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. IASP.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 Asia Property Yield UCITS ETF (IASP.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.L	IASP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.30	+0.68
Sortino ratio: Return per unit of downside risk	1.43	0.49	+0.95
Omega ratio: Gain probability vs. loss probability	1.17	1.06	+0.11
Calmar ratio: Return relative to maximum drawdown	1.28	0.24	+1.04
Martin ratio: Return relative to average drawdown	4.35	0.73	+3.62
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. IASP.L - Sharpe Ratio Comparison

The current GBRE.L Sharpe Ratio is 0.98, which is higher than the IASP.L Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of GBRE.L and IASP.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

	GBRE.L	IASP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	0.30	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.39	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	-0.06	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.05	+0.32

Drawdowns

GBRE.L vs. IASP.L - Drawdown Comparison

The maximum GBRE.L drawdown since its inception was -35.15%, smaller than the maximum IASP.L drawdown of -57.81%. Use the drawdown chart below to compare losses from any high point for GBRE.L and IASP.L.

Drawdown Indicators

	GBRE.L	IASP.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.15%	-57.81%	+22.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-14.22%	+5.54%
Max Drawdown (3Y) Largest decline over 3 years	-17.12%	-18.10%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-27.39%	-30.75%	+3.36%
Max Drawdown (10Y) Largest decline over 10 years	-35.15%	-41.88%	+6.73%
Current Drawdown Current decline from peak	-5.92%	-35.67%	+29.75%
Average Drawdown Average peak-to-trough decline	-9.97%	-19.17%	+9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	4.69%	-2.13%

Volatility

GBRE.L vs. IASP.L - Volatility Comparison

The current volatility for SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) is 3.39%, while iShares Asia Property Yield UCITS ETF (IASP.L) has a volatility of 3.79%. This indicates that GBRE.L experiences smaller price fluctuations and is considered to be less risky than IASP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBRE.L	IASP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.79%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	8.92%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	11.50%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	11.82%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	14.52%	+1.46%

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

GBRE.L has a 0.40% expense ratio, which is lower than IASP.L's 0.59% expense ratio.

Dividends

GBRE.L vs. IASP.L - Dividend Comparison

GBRE.L's dividend yield for the trailing twelve months is around 0.75%, more than IASP.L's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IASP.L iShares Asia Property Yield UCITS ETF	0.04%	0.03%	0.04%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%

Frequently Asked Questions

Can I hold both GBRE.L and IASP.L in my portfolio?

GBRE.L and IASP.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBRE.L or IASP.L?

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.

Which ETF is cheaper, GBRE.L or IASP.L?

GBRE.L is cheaper with a 0.40% expense ratio, compared with 0.59% for IASP.L.

What is the main difference between GBRE.L and IASP.L?

GBRE.L tracks FTSE EPRA Nareit Global TR USD, while IASP.L tracks FTSE EPRA Nareit Developed Asia TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GBRE.L and 0.59% for IASP.L.