GRN vs. XLRE
GRN (iPath Series B Carbon ETN) and XLRE (Real Estate Select Sector SPDR Fund) are both exchange-traded funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while XLRE is a REIT fund tracking the Real Estate Select Sector Index. Both are passively managed. Over the past 5 years, GRN returned 8.97%/yr vs 2.81%/yr for XLRE. Their 0.08 correlation means their historical movements had little consistent relationship. GRN charges 0.75%/yr vs 0.13%/yr for XLRE.
Performance
GRN vs. XLRE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GRN achieves a -5.35% return, which is significantly lower than XLRE's 13.43% return.
GRN
- 1D
- -0.69%
- 1M
- 2.76%
- 6M
- 1.51%
- YTD
- -5.35%
- 1Y
- 14.99%
- 3Y*
- -1.14%
- 5Y*
- 8.97%
- 10Y*
- —
- ALL TIME*
- 17.42%
XLRE
- 1D
- -0.51%
- 1M
- 0.87%
- 6M
- 10.48%
- YTD
- 13.43%
- 1Y
- 12.92%
- 3Y*
- 9.41%
- 5Y*
- 2.81%
- 10Y*
- 6.35%
- ALL TIME*
- 7.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.04K | $14.40K | $18.78K | |
| $222.98M | $209.86M | $225.46M |
GRN vs. XLRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -5.35% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
XLRE Real Estate Select Sector SPDR Fund | 13.43% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | -0.37% |
Correlation
The correlation between GRN and XLRE is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019 | 0.08 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GRN vs. XLRE — Risk / Return Rank
GRN
XLRE
GRN vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and Real Estate Select Sector SPDR Fund (XLRE). 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.
| GRN | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.16 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | 1.52 | -1.09 |
| Martin ratioReturn relative to average drawdown | 1.05 | 4.43 | -3.38 |
Loading charts...
Drawdowns
GRN vs. XLRE - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, which is greater than XLRE's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for GRN and XLRE.
Loading charts...
Drawdown Indicators
| GRN | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -38.83% | -9.13% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -8.33% | -22.06% |
Max Drawdown (3Y)Largest decline over 3 years | -42.82% | -16.57% | -26.25% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -34.12% | -13.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.83% | — |
Current DrawdownCurrent decline from peak | -16.87% | -2.04% | -14.83% |
Average DrawdownAverage peak-to-trough decline | -17.55% | -9.48% | -8.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.48% | 2.85% | +9.63% |
Volatility
GRN vs. XLRE - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 9.21% compared to Real Estate Select Sector SPDR Fund (XLRE) at 4.51%. This indicates that GRN's price experiences larger fluctuations and is considered to be riskier than XLRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GRN | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.21% | 4.51% | +4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 24.22% | 11.11% | +13.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.44% | 14.22% | +14.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.58% | 19.18% | +20.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.64% | 20.46% | +21.18% |
GRN vs. XLRE - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is higher than XLRE's 0.13% expense ratio.
Dividends
GRN vs. XLRE - Dividend Comparison
GRN has not paid dividends to shareholders, while XLRE's dividend yield for the trailing twelve months is around 3.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XLRE Real Estate Select Sector SPDR Fund | 3.12% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
GRN and XLRE have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRN has higher volatility (9.21%) compared to XLRE (4.51%). In terms of maximum drawdown, GRN dropped -47.96% vs XLRE's -38.83%.
On 5-year performance, GRN leads with 8.97% vs 2.81% for XLRE. On fees, XLRE is cheaper at 0.13% per year. On volatility, XLRE has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRN has performed better with a 8.97% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLRE is cheaper with a 0.13% expense ratio, compared with 0.75% for GRN.
XLRE has the higher dividend yield at 3.12%, compared with 0.00% for GRN.
GRN is categorized as Commodities, while XLRE is REIT. GRN tracks Barclays Global Carbon II Index, while XLRE tracks Real Estate Select Sector Index. They also come from different issuers: Barclays Capital and State Street. Their fees differ too: 0.75% for GRN and 0.13% for XLRE.
XLRE currently has the higher Sharpe Ratio (0.90 vs 0.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for GRN and XLRE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer