GBRE.L vs. SWLD.L

Last updated Jun 5, 2026

GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - GBRE.L is a REIT fund tracking the FTSE EPRA Nareit Global TR USD, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, GBRE.L returned 2.07%/yr vs 13.17%/yr for SWLD.L. A 0.60 correlation means they provide meaningful diversification when combined. GBRE.L charges 0.40%/yr vs 0.12%/yr for SWLD.L.

Performance

GBRE.L vs. SWLD.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 SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBRE.L achieves a 6.19% return, which is significantly lower than SWLD.L's 10.05% 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%

SWLD.L

• 1D: 0.09%
• 1M: 3.80%
• YTD: 10.05%
• 6M: 9.96%
• 1Y: 27.20%
• 3Y*: 17.80%
• 5Y*: 13.17%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF	6.19%	1.33%	0.96%	5.25%	-16.29%	32.07%	-13.82%	9.71%
SWLD.L SPDR MSCI World UCITS ETF	10.05%	12.85%	21.19%	17.70%	-8.06%	23.66%	12.00%	14.48%

Correlation

The correlation between GBRE.L and SWLD.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019	0.60

The correlation between GBRE.L and SWLD.L shifts across timeframes, from 0.42 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

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

Sectors	GBRE.L	SWLD.L
Real Estate	99.9%	1.9%
Industrials	0.0%	11.4%
Financial Services	0.0%	15.7%
Utilities	0.0%	2.7%
Basic Materials	-	3.3%
Communication Services	-	9.2%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	5.2%
Energy	-	4.2%
Healthcare	-	8.8%
Technology	-	28.3%

Return for Risk

GBRE.L vs. SWLD.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

SWLD.L

SWLD.L Risk / Return Rank: 83
SWLD.L Sharpe Ratio Rank: 84
SWLD.L Sortino Ratio Rank: 83
SWLD.L Omega Ratio Rank: 85
SWLD.L Calmar Ratio Rank: 81
SWLD.L Martin Ratio Rank: 83

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. SWLD.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 MSCI World UCITS ETF (SWLD.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	SWLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.98	2.70	-1.71
Sortino ratio: Return per unit of downside risk	1.43	3.70	-2.27
Omega ratio: Gain probability vs. loss probability	1.17	1.51	-0.34
Calmar ratio: Return relative to maximum drawdown	1.28	4.13	-2.85
Martin ratio: Return relative to average drawdown	4.35	16.60	-12.26
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. SWLD.L - Sharpe Ratio Comparison

The current GBRE.L Sharpe Ratio is 0.98, which is lower than the SWLD.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of GBRE.L and SWLD.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	SWLD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	2.70	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	1.00	-0.85
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	0.92	-0.55

Drawdowns

GBRE.L vs. SWLD.L - Drawdown Comparison

The maximum GBRE.L drawdown since its inception was -35.15%, which is greater than SWLD.L's maximum drawdown of -25.85%. Use the drawdown chart below to compare losses from any high point for GBRE.L and SWLD.L.

Drawdown Indicators

	GBRE.L	SWLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.15%	-25.85%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-6.57%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-17.12%	-18.65%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	-27.39%	-18.65%	-8.74%
Max Drawdown (10Y) Largest decline over 10 years	-35.15%	—	—
Current Drawdown Current decline from peak	-5.92%	-0.19%	-5.73%
Average Drawdown Average peak-to-trough decline	-9.97%	-3.17%	-6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.64%	+0.92%

Volatility

GBRE.L vs. SWLD.L - Volatility Comparison

SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) has a higher volatility of 3.39% compared to SPDR MSCI World UCITS ETF (SWLD.L) at 2.52%. This indicates that GBRE.L's price experiences larger fluctuations and is considered to be riskier than SWLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBRE.L	SWLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	2.52%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	7.23%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	10.06%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	13.21%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	15.25%	+0.73%

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

GBRE.L has a 0.40% expense ratio, which is higher than SWLD.L's 0.12% expense ratio.

Dividends

GBRE.L vs. SWLD.L - Dividend Comparison

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

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%
SWLD.L SPDR MSCI World UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

GBRE.L and SWLD.L have a correlation of 0.42, 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 SWLD.L?

On fees, SWLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

SWLD.L is cheaper with a 0.12% expense ratio, compared with 0.40% for GBRE.L.

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

GBRE.L is categorized as REIT, while SWLD.L is Global Equities. GBRE.L tracks FTSE EPRA Nareit Global TR USD, while SWLD.L tracks MSCI ACWI NR USD. Their fees differ too: 0.40% for GBRE.L and 0.12% for SWLD.L.