GBRE.L vs. TRET.AS
GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) and TRET.AS (VanEck Global Real Estate UCITS ETF) are both REIT funds tracking the FTSE EPRA Nareit Global TR USD, from State Street and VanEck respectively. Both are passively managed. Over the past 10 years, GBRE.L returned 3.81%/yr vs 4.57%/yr for TRET.AS. Their correlation of 0.86 suggests significant overlap in exposure. GBRE.L charges 0.40%/yr vs 0.25%/yr for TRET.AS.
Performance
GBRE.L vs. TRET.AS - Performance Comparison
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Different Trading Currencies
GBRE.L is traded in GBP, while TRET.AS is traded in EUR. To make them comparable, the TRET.AS 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 TRET.AS's 4.35% return. Over the past 10 years, GBRE.L has underperformed TRET.AS with an annualized return of 3.81%, while TRET.AS has yielded a comparatively higher 4.57% 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%
TRET.AS
- 1D
- 0.12%
- 1M
- -3.20%
- YTD
- 4.35%
- 6M
- 3.30%
- 1Y
- 11.52%
- 3Y*
- 7.93%
- 5Y*
- 3.38%
- 10Y*
- 4.57%
GBRE.L vs. TRET.AS - 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% |
TRET.AS VanEck Global Real Estate UCITS ETF | 4.35% | 6.46% | 3.29% | 6.91% | -17.11% | 32.16% | -9.72% | 14.70% | 1.16% | 0.43% |
Correlation
The correlation between GBRE.L and TRET.AS is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2012 | 0.86 |
The correlation between GBRE.L and TRET.AS has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
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Return for Risk
GBRE.L vs. TRET.AS — Risk / Return Rank
GBRE.L
TRET.AS
GBRE.L vs. TRET.AS - 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 VanEck Global Real Estate UCITS ETF (TRET.AS). 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 | TRET.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.24 | +0.04 |
| Martin ratioReturn relative to average drawdown | 4.35 | 3.98 | +0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBRE.L | TRET.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 0.94 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.23 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.28 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | -0.00 | +0.37 |
Drawdowns
GBRE.L vs. TRET.AS - Drawdown Comparison
The maximum GBRE.L drawdown since its inception was -35.15%, smaller than the maximum TRET.AS drawdown of -99.19%. Use the drawdown chart below to compare losses from any high point for GBRE.L and TRET.AS.
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Drawdown Indicators
| GBRE.L | TRET.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.15% | -99.19% | +64.04% |
Max Drawdown (1Y)Largest decline over 1 year | -8.68% | -8.98% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -15.21% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -27.39% | -27.07% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -35.15% | -36.26% | +1.11% |
Current DrawdownCurrent decline from peak | -5.92% | -97.44% | +91.52% |
Average DrawdownAverage peak-to-trough decline | -9.97% | -96.55% | +86.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.81% | -0.25% |
Volatility
GBRE.L vs. TRET.AS - Volatility Comparison
The current volatility for SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) is 3.39%, while VanEck Global Real Estate UCITS ETF (TRET.AS) has a volatility of 3.96%. This indicates that GBRE.L experiences smaller price fluctuations and is considered to be less risky than TRET.AS 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 | TRET.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 3.96% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 8.79% | 9.56% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.29% | 11.84% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.37% | 14.64% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 15.95% | +0.03% |
GBRE.L vs. TRET.AS - Expense Ratio Comparison
GBRE.L has a 0.40% expense ratio, which is higher than TRET.AS's 0.25% expense ratio.
Dividends
GBRE.L vs. TRET.AS - Dividend Comparison
GBRE.L's dividend yield for the trailing twelve months is around 0.75%, less than TRET.AS's 3.49% 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% |
TRET.AS VanEck Global Real Estate UCITS ETF | 3.49% | 3.66% | 3.41% | 3.67% | 4.68% | 1.78% | 4.43% | 3.33% | 4.31% | 3.16% | 3.13% | 2.55% |
Frequently Asked Questions
GBRE.L and TRET.AS have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRET.AS is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRET.AS is cheaper with a 0.25% expense ratio, compared with 0.40% for GBRE.L.
Both ETFs track FTSE EPRA Nareit Global TR USD. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.40% for GBRE.L and 0.25% for TRET.AS.
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