IASP.L vs. GBRE.L

Last updated Jun 5, 2026

IASP.L (iShares Asia Property Yield UCITS ETF) and GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) are both REIT funds - IASP.L tracks the FTSE EPRA Nareit Developed Asia TR USD while GBRE.L tracks the FTSE EPRA Nareit Global TR USD. Both are passively managed. Over the past 10 years, IASP.L returned -0.92%/yr vs 3.81%/yr for GBRE.L. A 0.61 correlation means they provide meaningful diversification when combined. IASP.L charges 0.59%/yr vs 0.40%/yr for GBRE.L.

Performance

IASP.L vs. GBRE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Asia Property Yield UCITS ETF (IASP.L) and SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IASP.L is traded in GBp, while GBRE.L is traded in GBP. To make them comparable, the GBRE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IASP.L achieves a -7.66% return, which is significantly lower than GBRE.L's 6.19% return. Over the past 10 years, IASP.L has underperformed GBRE.L with an annualized return of -0.92%, while GBRE.L has yielded a comparatively higher 3.81% annualized return.

IASP.L

• 1D: 0.16%
• 1M: -6.82%
• YTD: -7.66%
• 6M: -7.06%
• 1Y: 3.44%
• 3Y*: -2.88%
• 5Y*: -4.60%
• 10Y*: -0.92%

GBRE.L

• 1D: 0.29%
• 1M: -0.07%
• YTD: 6.19%
• 6M: 4.95%
• 1Y: 11.14%
• 3Y*: 5.36%
• 5Y*: 2.07%
• 10Y*: 3.81%

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

IASP.L vs. GBRE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IASP.L iShares Asia Property Yield UCITS ETF	-7.66%	17.20%	-11.78%	-10.90%	-4.90%	2.59%	-14.59%	8.99%	0.23%	4.41%
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF	6.19%	1.33%	0.96%	5.25%	-16.29%	32.07%	-13.82%	16.79%	-0.14%	0.04%

Correlation

The correlation between IASP.L and GBRE.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 4, 2012	0.61

The correlation between IASP.L and GBRE.L has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

IASP.L vs. GBRE.L - Sectors Allocation Comparison

Sectors	IASP.L	GBRE.L
Real Estate	100.0%	99.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Industrials	-	0.0%
Technology	-	-
Utilities	-	0.0%

Return for Risk

IASP.L vs. GBRE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IASP.L

IASP.L Risk / Return Rank: 13
IASP.L Sharpe Ratio Rank: 14
IASP.L Sortino Ratio Rank: 13
IASP.L Omega Ratio Rank: 13
IASP.L Calmar Ratio Rank: 12
IASP.L Martin Ratio Rank: 13

GBRE.L

GBRE.L Risk / Return Rank: 28
GBRE.L Sharpe Ratio Rank: 28
GBRE.L Sortino Ratio Rank: 27
GBRE.L Omega Ratio Rank: 26
GBRE.L Calmar Ratio Rank: 27
GBRE.L Martin Ratio Rank: 30

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.

IASP.L vs. GBRE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia Property Yield UCITS ETF (IASP.L) and SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.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.

	IASP.L	GBRE.L	Difference
Sharpe ratio: Return per unit of total volatility	0.30	0.98	-0.68
Sortino ratio: Return per unit of downside risk	0.49	1.43	-0.95
Omega ratio: Gain probability vs. loss probability	1.06	1.17	-0.11
Calmar ratio: Return relative to maximum drawdown	0.24	1.28	-1.04
Martin ratio: Return relative to average drawdown	0.73	4.35	-3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IASP.L vs. GBRE.L - Sharpe Ratio Comparison

The current IASP.L Sharpe Ratio is 0.30, which is lower than the GBRE.L Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of IASP.L and GBRE.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.

Sharpe Ratios by Period

	IASP.L	GBRE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	0.98	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	0.14	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	0.24	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.37	-0.32

Drawdowns

IASP.L vs. GBRE.L - Drawdown Comparison

The maximum IASP.L drawdown since its inception was -57.81%, which is greater than GBRE.L's maximum drawdown of -35.15%. Use the drawdown chart below to compare losses from any high point for IASP.L and GBRE.L.

Drawdown Indicators

	IASP.L	GBRE.L	Difference
Max Drawdown Largest peak-to-trough decline	-57.81%	-35.15%	-22.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.22%	-8.68%	-5.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.10%	-17.12%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-30.75%	-27.39%	-3.36%
Max Drawdown (10Y) Largest decline over 10 years	-41.88%	-35.15%	-6.73%
Current Drawdown Current decline from peak	-35.67%	-5.92%	-29.75%
Average Drawdown Average peak-to-trough decline	-19.17%	-9.97%	-9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	2.56%	+2.13%

Volatility

IASP.L vs. GBRE.L - Volatility Comparison

iShares Asia Property Yield UCITS ETF (IASP.L) has a higher volatility of 3.79% compared to SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) at 3.39%. This indicates that IASP.L's price experiences larger fluctuations and is considered to be riskier than GBRE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IASP.L	GBRE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	3.39%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	8.79%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	11.29%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	14.37%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.52%	15.98%	-1.46%

IASP.L vs. GBRE.L - Expense Ratio Comparison

IASP.L has a 0.59% expense ratio, which is higher than GBRE.L's 0.40% expense ratio.

Dividends

IASP.L vs. GBRE.L - Dividend Comparison

IASP.L's dividend yield for the trailing twelve months is around 0.04%, less than GBRE.L's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF	0.75%	1.45%	2.73%	2.66%	2.84%	1.79%	2.76%	3.25%	4.30%	3.99%	2.40%	2.09%
IASP.L iShares Asia Property Yield UCITS ETF	0.04%	0.03%	0.04%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%

Frequently Asked Questions

Can I hold both IASP.L and GBRE.L in my portfolio?

IASP.L and GBRE.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IASP.L or GBRE.L?

On fees, GBRE.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, IASP.L or GBRE.L?

GBRE.L is cheaper with a 0.40% expense ratio, compared with 0.59% for IASP.L.

What is the main difference between IASP.L and GBRE.L?

IASP.L tracks FTSE EPRA Nareit Developed Asia TR USD, while GBRE.L tracks FTSE EPRA Nareit Global TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for IASP.L and 0.40% for GBRE.L.