GLRA.L vs. VPN.L

Last updated Jul 16, 2026

GLRA.L (SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap) and VPN.L (Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc) are both REIT funds - GLRA.L tracks the FTSE EPRA Nareit Global TR USD while VPN.L tracks the Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc. Both are passively managed. Over the past 3 years, GLRA.L returned 8.87%/yr vs 27.82%/yr for VPN.L. A 0.62 correlation means they provide meaningful diversification when combined. GLRA.L charges 0.40%/yr vs 0.50%/yr for VPN.L.

Performance

GLRA.L vs. VPN.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 Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc (VPN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLRA.L achieves a 12.06% return, which is significantly lower than VPN.L's 32.99% return.

GLRA.L

• 1D: -0.08%
• 1M: 1.21%
• 6M: 10.53%
• YTD: 12.06%
• 1Y: 17.90%
• 3Y*: 8.87%
• 5Y*: 1.69%
• 10Y*: —

VPN.L

• 1D: -0.27%
• 1M: -11.30%
• 6M: 21.01%
• YTD: 32.99%
• 1Y: 49.85%
• 3Y*: 27.82%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
GLRA.L SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap	12.06%	10.02%	-0.73%	11.38%	-25.32%	3.77%
VPN.L Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc	32.99%	29.31%	13.54%	17.68%	-30.40%	3.62%

Correlation

The correlation between GLRA.L and VPN.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Dec 7, 2021	0.62

Over the past year, the correlation between GLRA.L and VPN.L has dropped to 0.31 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

GLRA.L vs. VPN.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: 47
GLRA.L Sharpe Ratio Rank: 46
GLRA.L Sortino Ratio Rank: 48
GLRA.L Omega Ratio Rank: 43
GLRA.L Calmar Ratio Rank: 45
GLRA.L Martin Ratio Rank: 52

VPN.L

VPN.L Risk / Return Rank: 77
VPN.L Sharpe Ratio Rank: 83
VPN.L Sortino Ratio Rank: 80
VPN.L Omega Ratio Rank: 73
VPN.L Calmar Ratio Rank: 82
VPN.L Martin Ratio Rank: 69

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. VPN.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 Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc (VPN.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.

	GLRA.L	VPN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.12	-0.78
Sortino ratio: Return per unit of downside risk	2.00	2.86	-0.86
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	3.51	-1.62
Martin ratio: Return relative to average drawdown	7.20	9.92	-2.72

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

The current GLRA.L Sharpe Ratio is 1.34, which is lower than the VPN.L Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of GLRA.L and VPN.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.

Drawdowns

GLRA.L vs. VPN.L - Drawdown Comparison

The maximum GLRA.L drawdown since its inception was -38.24%, roughly equal to the maximum VPN.L drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for GLRA.L and VPN.L.

Drawdown Indicators

	GLRA.L	VPN.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.24%	-38.80%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-14.20%	+4.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.22%	-25.58%	+7.36%
Max Drawdown (5Y) Largest decline over 5 years	-34.19%	—	—
Current Drawdown Current decline from peak	-0.89%	-13.32%	+12.43%
Average Drawdown Average peak-to-trough decline	-14.86%	-14.64%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	5.04%	-2.56%

Volatility

GLRA.L vs. VPN.L - Volatility Comparison

The current volatility for SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L) is 4.04%, while Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc (VPN.L) has a volatility of 7.54%. This indicates that GLRA.L experiences smaller price fluctuations and is considered to be less risky than VPN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLRA.L	VPN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	7.54%	-3.50%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	17.51%	-7.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	23.51%	-10.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	22.62%	-5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	22.62%	-1.44%

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

GLRA.L has a 0.40% expense ratio, which is lower than VPN.L's 0.50% expense ratio.

Dividends

GLRA.L vs. VPN.L - Dividend Comparison

Neither GLRA.L nor VPN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLRA.L and VPN.L in my portfolio?

GLRA.L and VPN.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLRA.L or VPN.L?

On fees, GLRA.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, GLRA.L or VPN.L?

GLRA.L is cheaper with a 0.40% expense ratio, compared with 0.50% for VPN.L.

What is the main difference between GLRA.L and VPN.L?

GLRA.L tracks FTSE EPRA Nareit Global TR USD, while VPN.L tracks Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc. They also come from different issuers: State Street and Global X. Their fees differ too: 0.40% for GLRA.L and 0.50% for VPN.L.