GBRE.L vs. UKRE.L
GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) and UKRE.L (iShares MSCI Target UK Real Estate UCITS ETF) are both REIT funds - GBRE.L tracks the FTSE EPRA Nareit Global TR USD while UKRE.L tracks the MSCI UK IMI Liquid Real Estate Index. Both are passively managed. Over the past 10 years, GBRE.L returned 3.43%/yr vs 2.15%/yr for UKRE.L. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
GBRE.L vs. UKRE.L - Performance Comparison
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Different Trading Currencies
GBRE.L is traded in GBP, while UKRE.L is traded in GBp. To make them comparable, the UKRE.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 11.94% return, which is significantly higher than UKRE.L's 4.94% return. Over the past 10 years, GBRE.L has outperformed UKRE.L with an annualized return of 3.43%, while UKRE.L has yielded a comparatively lower 2.15% annualized return.
GBRE.L
- 1D
- -0.31%
- 1M
- 2.44%
- YTD
- 11.94%
- 6M
- 13.55%
- 1Y
- 18.96%
- 3Y*
- 9.34%
- 5Y*
- 2.93%
- 10Y*
- 3.43%
UKRE.L
- 1D
- 0.30%
- 1M
- 5.00%
- YTD
- 4.94%
- 6M
- 6.41%
- 1Y
- 4.09%
- 3Y*
- 5.93%
- 5Y*
- -1.37%
- 10Y*
- 2.15%
GBRE.L vs. UKRE.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 | 11.94% | 2.66% | 0.99% | 5.21% | -16.29% | 32.11% | -13.82% | 16.07% | -1.85% | -1.19% |
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 4.94% | 6.21% | -7.39% | 7.02% | -24.23% | 21.16% | -10.46% | 21.84% | -8.26% | 8.82% |
Correlation
The correlation between GBRE.L and UKRE.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2015 | 0.50 |
The correlation between GBRE.L and UKRE.L has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.
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Return for Risk
GBRE.L vs. UKRE.L — Risk / Return Rank
GBRE.L
UKRE.L
GBRE.L vs. UKRE.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 MSCI Target UK Real Estate UCITS ETF (UKRE.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 | UKRE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.07 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 0.35 | +1.97 |
| Martin ratioReturn relative to average drawdown | 8.15 | 0.85 | +7.29 |
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Drawdowns
GBRE.L vs. UKRE.L - Drawdown Comparison
The maximum GBRE.L drawdown since its inception was -38.93%, which is greater than UKRE.L's maximum drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for GBRE.L and UKRE.L.
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Drawdown Indicators
| GBRE.L | UKRE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.93% | -31.82% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -11.51% | +3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -17.13% | -15.60% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -27.40% | -31.82% | +4.42% |
Max Drawdown (10Y)Largest decline over 10 years | -35.02% | -31.82% | -3.20% |
Current DrawdownCurrent decline from peak | -0.31% | -16.31% | +16.00% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -12.00% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 4.78% | -2.46% |
Volatility
GBRE.L vs. UKRE.L - Volatility Comparison
The current volatility for SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) is 3.75%, while iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) has a volatility of 4.90%. This indicates that GBRE.L experiences smaller price fluctuations and is considered to be less risky than UKRE.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 | UKRE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.75% | 4.90% | -1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 10.77% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 13.10% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.39% | 14.57% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.86% | 13.48% | +2.38% |
GBRE.L vs. UKRE.L - Expense Ratio Comparison
Both GBRE.L and UKRE.L have an expense ratio of 0.40%.
Dividends
GBRE.L vs. UKRE.L - Dividend Comparison
GBRE.L's dividend yield for the trailing twelve months is around 2.47%, less than UKRE.L's 6.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF | 2.47% | 2.74% | 2.73% | 2.66% | 2.85% | 1.79% | 2.76% | 2.69% | 2.45% | 2.76% | 2.40% | 2.09% |
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 6.48% | 7.07% | 7.68% | 5.20% | 1.90% | 0.86% | 1.45% | 2.09% | 2.60% | 2.31% | 1.76% | 0.86% |
Frequently Asked Questions
GBRE.L and UKRE.L have a correlation of 0.47, 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 UKRE.L have the same expense ratio: 0.40% per year.
GBRE.L tracks FTSE EPRA Nareit Global TR USD, while UKRE.L tracks MSCI UK IMI Liquid Real Estate Index. They also come from different issuers: State Street and iShares.
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