GLRE.L vs. VPN.L

Last updated Jul 16, 2026

GLRE.L (SPDR Dow Jones Global Real Estate UCITS ETF) and VPN.L (Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc) are both REIT funds - GLRE.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, GLRE.L returned 8.79%/yr vs 27.82%/yr for VPN.L. A 0.62 correlation means they provide meaningful diversification when combined. GLRE.L charges 0.40%/yr vs 0.50%/yr for VPN.L.

Performance

GLRE.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 (GLRE.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, GLRE.L achieves a 11.64% return, which is significantly lower than VPN.L's 32.99% return.

GLRE.L

• 1D: -0.03%
• 1M: 1.18%
• 6M: 10.69%
• YTD: 11.64%
• 1Y: 17.56%
• 3Y*: 8.79%
• 5Y*: 1.68%
• 10Y*: 2.73%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021
GLRE.L SPDR Dow Jones Global Real Estate UCITS ETF	11.64%	9.96%	-0.52%	11.22%	-25.26%	3.95%
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 GLRE.L and VPN.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
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 GLRE.L and VPN.L has dropped to 0.27 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

GLRE.L vs. VPN.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: 48
GLRE.L Sharpe Ratio Rank: 48
GLRE.L Sortino Ratio Rank: 51
GLRE.L Omega Ratio Rank: 43
GLRE.L Calmar Ratio Rank: 45
GLRE.L Martin Ratio Rank: 51

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.

GLRE.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 (GLRE.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.

	GLRE.L	VPN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.12	-0.74
Sortino ratio: Return per unit of downside risk	2.06	2.86	-0.80
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.88	3.51	-1.64
Martin ratio: Return relative to average drawdown	7.03	9.92	-2.89

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

The current GLRE.L Sharpe Ratio is 1.38, which is lower than the VPN.L Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of GLRE.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

GLRE.L vs. VPN.L - Drawdown Comparison

The maximum GLRE.L drawdown since its inception was -43.26%, which is greater than VPN.L's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for GLRE.L and VPN.L.

Drawdown Indicators

	GLRE.L	VPN.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.26%	-38.80%	-4.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-14.20%	+4.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-25.58%	+7.28%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.26%	—	—
Current Drawdown Current decline from peak	-1.22%	-13.32%	+12.10%
Average Drawdown Average peak-to-trough decline	-9.84%	-14.64%	+4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	5.04%	-2.55%

Volatility

GLRE.L vs. VPN.L - Volatility Comparison

The current volatility for SPDR Dow Jones Global Real Estate UCITS ETF (GLRE.L) is 4.17%, while Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc (VPN.L) has a volatility of 7.54%. This indicates that GLRE.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

	GLRE.L	VPN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	7.54%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	17.51%	-7.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	23.51%	-10.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	22.62%	-5.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	22.62%	-5.00%

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

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

Dividends

GLRE.L vs. VPN.L - Dividend Comparison

GLRE.L's dividend yield for the trailing twelve months is around 2.47%, while VPN.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLRE.L SPDR Dow Jones Global Real Estate UCITS ETF	2.47%	2.72%	2.79%	2.62%	2.85%	1.82%	2.51%	2.61%	1.63%	2.10%	2.66%	2.15%
VPN.L Global X Data Center REITS & Digital Infrastructure UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

GLRE.L and VPN.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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

GLRE.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 GLRE.L and 0.50% for VPN.L.