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GLRA.L vs. IPRP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLRA.L vs. IPRP.L

Last updated Jun 5, 2026

GLRA.L (SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap) and IPRP.L (iShares European Property Yield UCITS ETF) are both REIT funds - GLRA.L tracks the FTSE EPRA Nareit Global TR USD while IPRP.L tracks the FTSE EPRA Nareit Developed Europe TR EUR. Both are passively managed. Over the past 5 years, GLRA.L returned 1.35%/yr vs -4.56%/yr for IPRP.L. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

GLRA.L vs. IPRP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L) and iShares European Property Yield UCITS ETF (IPRP.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GLRA.L is traded in USD, while IPRP.L is traded in GBp. To make them comparable, the IPRP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLRA.L achieves a 6.97% return, which is significantly higher than IPRP.L's -0.69% return.

GLRA.L

1D
0.25%
1M
-0.86%
YTD
6.97%
6M
6.70%
1Y
12.22%
3Y*
8.90%
5Y*
1.35%
10Y*
—

IPRP.L

1D
0.66%
1M
-2.00%
YTD
-0.69%
6M
1.01%
1Y
0.74%
3Y*
14.38%
5Y*
-4.56%
10Y*
1.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLRA.L vs. IPRP.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
GLRA.L
SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap		6.97%10.04%-0.75%11.39%-25.32%30.28%-10.67%-1.08%
IPRP.L
iShares European Property Yield UCITS ETF		-0.69%22.80%-6.08%22.16%-40.46%1.31%-0.60%3.82%

Correlation

The correlation between GLRA.L and IPRP.L is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2019

0.65

The correlation between GLRA.L and IPRP.L has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

GLRA.L vs. IPRP.L - Sectors Allocation Comparison

Sectors
GLRA.L
IPRP.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

-

-

Real Estate

GLRA.L
99.9%
IPRP.L
100.0%

Industrials

GLRA.L
0.0%
IPRP.L

-

Financial Services

GLRA.L
0.0%
IPRP.L

-

Utilities

GLRA.L
0.0%
IPRP.L

-

Basic Materials

GLRA.L

-

IPRP.L

-

Communication Services

GLRA.L

-

IPRP.L

-

Consumer Cyclical

GLRA.L

-

IPRP.L

-

Consumer Defensive

GLRA.L

-

IPRP.L

-

Energy

GLRA.L

-

IPRP.L

-

Healthcare

GLRA.L

-

IPRP.L

-

Technology

GLRA.L

-

IPRP.L

-

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SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap

iShares European Property Yield UCITS ETF

Often compared with GLRA.L:
GLRA.L vs. VNQGLRA.L vs. VNQIGLRA.L vs. VWRA.LGLRA.L vs. EIMI.LGLRA.L vs. IWDP.LGLRA.L vs. IWDA.LGLRA.L vs. AREG.L
Often compared with IPRP.L:
IPRP.L vs. IUSP.LIPRP.L vs. IEUSIPRP.L vs. VNQIPRP.L vs. IDWP.LIPRP.L vs. AYEP.DEIPRP.L vs. XDER.LIPRP.L vs. IJS

Return for Risk

GLRA.L vs. IPRP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLRA.L
GLRA.L Risk / Return Rank: 2828
Overall Rank
GLRA.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
GLRA.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
GLRA.L Omega Ratio Rank: 2525
Omega Ratio Rank
GLRA.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
GLRA.L Martin Ratio Rank: 3333
Martin Ratio Rank
IPRP.L
IPRP.L Risk / Return Rank: 1010
Overall Rank
IPRP.L Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
IPRP.L Sortino Ratio Rank: 1010
Sortino Ratio Rank
IPRP.L Omega Ratio Rank: 1010
Omega Ratio Rank
IPRP.L Calmar Ratio Rank: 1010
Calmar Ratio Rank
IPRP.L Martin Ratio Rank: 1010
Martin Ratio Rank
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.

GLRA.L vs. IPRP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L) and iShares European Property Yield UCITS ETF (IPRP.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.

GLRA.LIPRP.LDifference
Sharpe ratioReturn per unit of total volatility
0.93
0.04

+0.88

Sortino ratioReturn per unit of downside risk
1.43
0.18

+1.24

Omega ratioGain probability vs. loss probability

1.17

1.02

+0.14

Calmar ratioReturn relative to maximum drawdown

1.29

0.04

+1.25

Martin ratioReturn relative to average drawdown

4.92

0.11

+4.82

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLRA.L vs. IPRP.L - Sharpe Ratio Comparison

The current GLRA.L Sharpe Ratio is 0.93, which is higher than the IPRP.L Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of GLRA.L and IPRP.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.

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Sharpe Ratios by Period

GLRA.LIPRP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.93

0.04

+0.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

-0.19

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.06

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.08

0.00

Drawdowns

GLRA.L vs. IPRP.L - Drawdown Comparison

The maximum GLRA.L drawdown since its inception was -38.24%, smaller than the maximum IPRP.L drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for GLRA.L and IPRP.L.

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Drawdown Indicators

GLRA.LIPRP.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.24%

-66.79%

+28.55%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-17.54%

+8.13%

Max Drawdown (3Y)

Largest decline over 3 years

-18.24%

-20.80%

+2.56%

Max Drawdown (5Y)

Largest decline over 5 years

-34.18%

-57.74%

+23.56%

Max Drawdown (10Y)

Largest decline over 10 years

—

-57.74%

—

Current Drawdown

Current decline from peak

-3.58%

-24.99%

+21.41%

Average Drawdown

Average peak-to-trough decline

-15.09%

-17.37%

+2.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.48%

6.75%

-4.27%

Volatility

GLRA.L vs. IPRP.L - Volatility Comparison

The current volatility for SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L) is 4.05%, while iShares European Property Yield UCITS ETF (IPRP.L) has a volatility of 5.25%. This indicates that GLRA.L experiences smaller price fluctuations and is considered to be less risky than IPRP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLRA.LIPRP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.05%

5.25%

-1.20%

Volatility (6M)

Calculated over the trailing 6-month period

9.95%

13.91%

-3.96%

Volatility (1Y)

Calculated over the trailing 1-year period

13.15%

16.78%

-3.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.97%

24.15%

-7.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.33%

21.41%

-0.08%

GLRA.L vs. IPRP.L - Expense Ratio Comparison

Both GLRA.L and IPRP.L have an expense ratio of 0.40%.

Dividends

GLRA.L vs. IPRP.L - Dividend Comparison

GLRA.L has not paid dividends to shareholders, while IPRP.L's dividend yield for the trailing twelve months is around 3.34%.

PositionTTM20252024202320222021202020192018201720162015
GLRA.L
SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IPRP.L
iShares European Property Yield UCITS ETF		3.34%3.32%3.30%3.05%4.90%2.47%2.96%3.46%3.70%3.20%3.07%3.60%

Frequently Asked Questions

GLRA.L and IPRP.L have a correlation of 0.58, 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.

GLRA.L and IPRP.L have the same expense ratio: 0.40% per year.

GLRA.L tracks FTSE EPRA Nareit Global TR USD, while IPRP.L tracks FTSE EPRA Nareit Developed Europe TR EUR. They also come from different issuers: State Street and iShares.

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