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GLRE.L vs. HPRD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLRE.L vs. HPRD.L

Last updated Jun 5, 2026

GLRE.L (SPDR Dow Jones Global Real Estate UCITS ETF) and HPRD.L (HSBC FTSE EPRA NAREIT Developed UCITS ETF) are both REIT funds tracking the FTSE EPRA Nareit Global TR USD, from State Street and HSBC respectively. Both are passively managed. Over the past 10 years, GLRE.L returned 3.13%/yr vs 3.52%/yr for HPRD.L. With a 0.95 correlation, they move nearly in lockstep. GLRE.L charges 0.40%/yr vs 0.24%/yr for HPRD.L.

Performance

GLRE.L vs. HPRD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) and HSBC FTSE EPRA NAREIT Developed UCITS ETF (HPRD.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with GLRE.L having a 6.61% return and HPRD.L slightly lower at 6.60%. Over the past 10 years, GLRE.L has underperformed HPRD.L with an annualized return of 3.13%, while HPRD.L has yielded a comparatively higher 3.52% annualized return.

GLRE.L

1D
0.19%
1M
-1.25%
YTD
6.61%
6M
6.73%
1Y
12.07%
3Y*
8.79%
5Y*
1.34%
10Y*
3.13%

HPRD.L

1D
0.13%
1M
-1.76%
YTD
6.60%
6M
7.06%
1Y
11.93%
3Y*
9.23%
5Y*
1.18%
10Y*
3.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLRE.L vs. HPRD.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GLRE.L
SPDR Dow Jones Global Real Estate UCITS ETF		6.61%9.96%-0.53%11.24%-25.26%30.62%-10.88%20.54%-6.34%9.87%
HPRD.L
HSBC FTSE EPRA NAREIT Developed UCITS ETF		6.60%10.90%-0.19%10.88%-24.76%26.43%-8.89%20.96%-5.41%11.57%

Correlation

The correlation between GLRE.L and HPRD.L is 0.93, 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

0.93

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

0.96

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

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Nov 14, 2012

0.95

The correlation between GLRE.L and HPRD.L has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

GLRE.L vs. HPRD.L - Sectors Allocation Comparison

Sectors
GLRE.L
HPRD.L

Real Estate

99.9%
98.3%

Industrials

0.0%

-

Financial Services

0.0%
0.0%

Utilities

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

0.1%

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Technology

-

0.3%

Real Estate

GLRE.L
99.9%
HPRD.L
98.3%

Industrials

GLRE.L
0.0%
HPRD.L

-

Financial Services

GLRE.L
0.0%
HPRD.L
0.0%

Utilities

GLRE.L
0.0%
HPRD.L

-

Basic Materials

GLRE.L

-

HPRD.L

-

Communication Services

GLRE.L

-

HPRD.L

-

Consumer Cyclical

GLRE.L

-

HPRD.L
0.1%

Consumer Defensive

GLRE.L

-

HPRD.L

-

Energy

GLRE.L

-

HPRD.L

-

Healthcare

GLRE.L

-

HPRD.L

-

Technology

GLRE.L

-

HPRD.L
0.3%

Compare stocks, funds, or ETFs

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SPDR Dow Jones Global Real Estate UCITS ETF

HSBC FTSE EPRA NAREIT Developed UCITS ETF

Often compared with GLRE.L:
GLRE.L vs. TRET.ASGLRE.L vs. IGSU.LGLRE.L vs. IUSP.LGLRE.L vs. IDWP.LGLRE.L vs. VNQGLRE.L vs. REETGLRE.L vs. IPRP.L
Often compared with HPRD.L:
HPRD.L vs. IWDP.ASHPRD.L vs. UKRE.LHPRD.L vs. IDVY.ASHPRD.L vs. VTHPRD.L vs. VNQHPRD.L vs. VUSA.LHPRD.L vs. VWCE.DE

Return for Risk

GLRE.L vs. HPRD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLRE.L
GLRE.L Risk / Return Rank: 2828
Overall Rank
GLRE.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GLRE.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
GLRE.L Omega Ratio Rank: 2626
Omega Ratio Rank
GLRE.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
GLRE.L Martin Ratio Rank: 3333
Martin Ratio Rank
HPRD.L
HPRD.L Risk / Return Rank: 2828
Overall Rank
HPRD.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
HPRD.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
HPRD.L Omega Ratio Rank: 2626
Omega Ratio Rank
HPRD.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
HPRD.L Martin Ratio Rank: 3030
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.

GLRE.L vs. HPRD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) and HSBC FTSE EPRA NAREIT Developed UCITS ETF (HPRD.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.

GLRE.LHPRD.LDifference
Sharpe ratioReturn per unit of total volatility
0.98
0.99

-0.01

Sortino ratioReturn per unit of downside risk
1.48
1.50

-0.02

Omega ratioGain probability vs. loss probability

1.17

1.18

-0.01

Calmar ratioReturn relative to maximum drawdown

1.29

1.17

+0.12

Martin ratioReturn relative to average drawdown

4.80

4.33

+0.48

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

GLRE.L vs. HPRD.L - Sharpe Ratio Comparison

The current GLRE.L Sharpe Ratio is 0.98, which is comparable to the HPRD.L Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GLRE.L and HPRD.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

GLRE.LHPRD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.98

0.99

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

0.07

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.18

0.21

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.31

-0.04

Drawdowns

GLRE.L vs. HPRD.L - Drawdown Comparison

The maximum GLRE.L drawdown since its inception was -43.26%, roughly equal to the maximum HPRD.L drawdown of -41.81%. Use the drawdown chart below to compare losses from any high point for GLRE.L and HPRD.L.

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Drawdown Indicators

GLRE.LHPRD.LDifference

Max Drawdown

Largest peak-to-trough decline

-43.26%

-41.81%

-1.45%

Max Drawdown (1Y)

Largest decline over 1 year

-9.30%

-10.12%

+0.82%

Max Drawdown (3Y)

Largest decline over 3 years

-18.30%

-18.25%

-0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-33.83%

-33.48%

-0.35%

Max Drawdown (10Y)

Largest decline over 10 years

-43.26%

-41.81%

-1.45%

Current Drawdown

Current decline from peak

-3.54%

-3.76%

+0.22%

Average Drawdown

Average peak-to-trough decline

-10.11%

-9.43%

-0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

2.75%

-0.24%

Volatility

GLRE.L vs. HPRD.L - Volatility Comparison

SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) and HSBC FTSE EPRA NAREIT Developed UCITS ETF (HPRD.L) have volatilities of 3.84% and 3.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLRE.LHPRD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.84%

3.69%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

9.29%

9.30%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

12.30%

11.99%

+0.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.86%

16.32%

+0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.67%

16.93%

+0.74%

GLRE.L vs. HPRD.L - Expense Ratio Comparison

GLRE.L has a 0.40% expense ratio, which is higher than HPRD.L's 0.24% expense ratio.

Dividends

GLRE.L vs. HPRD.L - Dividend Comparison

GLRE.L's dividend yield for the trailing twelve months is around 2.58%, less than HPRD.L's 3.06% yield.

PositionTTM20252024202320222021202020192018201720162015
GLRE.L
SPDR Dow Jones Global Real Estate UCITS ETF		2.58%2.72%2.79%2.62%2.85%1.82%2.51%3.16%3.54%3.86%2.66%2.15%
HPRD.L
HSBC FTSE EPRA NAREIT Developed UCITS ETF		3.06%3.17%3.39%3.35%3.53%2.30%2.88%2.96%3.43%2.89%3.13%2.72%

Frequently Asked Questions

With a correlation of 0.93, GLRE.L and HPRD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, HPRD.L is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HPRD.L is cheaper with a 0.24% expense ratio, compared with 0.40% for GLRE.L.

Both ETFs track FTSE EPRA Nareit Global TR USD. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.40% for GLRE.L and 0.24% for HPRD.L.

Portfolio Optimizer

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