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 9.52%/yr vs 2.86%/yr for XLRE. At a 0.09 correlation, their price movements are largely independent. GRN charges 0.75%/yr vs 0.13%/yr for XLRE.
Performance
GRN vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -8.60% return, which is significantly lower than XLRE's 8.56% return.
GRN
- 1D
- -0.42%
- 1M
- 8.55%
- YTD
- -8.60%
- 6M
- -4.48%
- 1Y
- 9.03%
- 3Y*
- 0.39%
- 5Y*
- 9.52%
- 10Y*
- —
XLRE
- 1D
- 0.05%
- 1M
- -1.29%
- YTD
- 8.56%
- 6M
- 7.82%
- 1Y
- 8.12%
- 3Y*
- 9.43%
- 5Y*
- 2.86%
- 10Y*
- 6.68%
GRN vs. XLRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -8.60% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
XLRE Real Estate Select Sector SPDR Fund | 8.56% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 1.11% |
Correlation
The correlation between GRN and XLRE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019 | 0.09 |
The correlation between GRN and XLRE shifts across timeframes, from 0.01 (3 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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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.
| GRN | XLRE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.33 | 0.61 | -0.28 |
Sortino ratioReturn per unit of downside risk | 0.61 | 0.90 | -0.29 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.11 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.30 | 0.98 | -0.68 |
Martin ratioReturn relative to average drawdown | 0.77 | 2.69 | -1.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GRN | XLRE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.61 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.15 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.35 | +0.07 |
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.
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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 | -45.30% | -16.74% | -28.56% |
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 | -19.73% | -2.98% | -16.75% |
Average DrawdownAverage peak-to-trough decline | -17.54% | -9.61% | -7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.83% | 3.03% | +8.80% |
Volatility
GRN vs. XLRE - Volatility Comparison
iPath Series B Carbon ETN (GRN) has a higher volatility of 6.65% compared to Real Estate Select Sector SPDR Fund (XLRE) at 3.71%. 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.
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Volatility by Period
| GRN | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.65% | 3.71% | +2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 24.47% | 9.66% | +14.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 13.43% | +14.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.82% | 19.06% | +20.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.95% | 20.40% | +21.55% |
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 3.22%.
| 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 | 3.22% | 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 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GRN has higher volatility (6.65%) compared to XLRE (3.71%). In terms of maximum drawdown, GRN dropped -47.96% vs XLRE's -38.83%.
On 5-year performance, GRN leads with 9.52% vs 2.86% for XLRE. On fees, XLRE is cheaper at 0.13% per year. On volatility, XLRE has been the lower-risk option at 3.71%. 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 9.52% return vs 2.86%. 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 3.22%, 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 (0.61 vs 0.33), 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.
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