ICF vs. RWO
ICF (iShares Cohen & Steers REIT ETF) and RWO (SPDR Dow Jones Global Real Estate ETF) are both REIT funds - ICF tracks the Cohen & Steers Realty Majors Index while RWO tracks the Dow Jones Global Select Real Estate Securities Index. Both are passively managed. Over the past 10 years, ICF returned 5.70%/yr vs 3.93%/yr for RWO. Their correlation of 0.89 suggests significant overlap in exposure. ICF charges 0.34%/yr vs 0.50%/yr for RWO.
Performance
ICF vs. RWO - Performance Comparison
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Returns By Period
In the year-to-date period, ICF achieves a 15.45% return, which is significantly higher than RWO's 11.91% return. Over the past 10 years, ICF has outperformed RWO with an annualized return of 5.70%, while RWO has yielded a comparatively lower 3.93% annualized return.
ICF
- 1D
- -0.41%
- 1M
- 0.52%
- YTD
- 15.45%
- 6M
- 15.24%
- 1Y
- 12.27%
- 3Y*
- 11.94%
- 5Y*
- 3.33%
- 10Y*
- 5.70%
RWO
- 1D
- 0.42%
- 1M
- 1.19%
- YTD
- 11.91%
- 6M
- 11.02%
- 1Y
- 15.03%
- 3Y*
- 12.01%
- 5Y*
- 2.52%
- 10Y*
- 3.93%
ICF vs. RWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 15.45% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
RWO SPDR Dow Jones Global Real Estate ETF | 11.91% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
Correlation
The correlation between ICF and RWO is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since May 22, 2008 | 0.89 |
The correlation between ICF and RWO has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.
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Return for Risk
ICF vs. RWO — Risk / Return Rank
ICF
RWO
ICF vs. RWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) and SPDR Dow Jones Global Real Estate ETF (RWO). 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.
| ICF | RWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.20 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.59 | -0.08 |
| Martin ratioReturn relative to average drawdown | 4.31 | 6.13 | -1.82 |
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Drawdowns
ICF vs. RWO - Drawdown Comparison
The maximum ICF drawdown since its inception was -76.74%, which is greater than RWO's maximum drawdown of -67.69%. Use the drawdown chart below to compare losses from any high point for ICF and RWO.
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Drawdown Indicators
| ICF | RWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.74% | -67.69% | -9.05% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -9.51% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -17.66% | +0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -32.85% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -43.27% | +3.05% |
Current DrawdownCurrent decline from peak | -1.27% | -0.36% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -12.64% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 2.47% | +0.43% |
Volatility
ICF vs. RWO - Volatility Comparison
iShares Cohen & Steers REIT ETF (ICF) has a higher volatility of 5.11% compared to SPDR Dow Jones Global Real Estate ETF (RWO) at 4.61%. This indicates that ICF's price experiences larger fluctuations and is considered to be riskier than RWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICF | RWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 4.61% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 9.88% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.17% | 13.10% | +1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.97% | 17.07% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.63% | 18.20% | +2.43% |
ICF vs. RWO - Expense Ratio Comparison
ICF has a 0.34% expense ratio, which is lower than RWO's 0.50% expense ratio.
Dividends
ICF vs. RWO - Dividend Comparison
ICF's dividend yield for the trailing twelve months is around 2.43%, less than RWO's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.43% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
RWO SPDR Dow Jones Global Real Estate ETF | 3.23% | 3.62% | 3.68% | 3.53% | 3.69% | 2.79% | 3.25% | 3.97% | 3.90% | 3.26% | 3.77% | 2.97% |
Frequently Asked Questions
ICF and RWO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICF has higher volatility (5.11%) compared to RWO (4.61%). In terms of maximum drawdown, ICF dropped -76.74% vs RWO's -67.69%.
On 10-year performance, ICF leads with 5.70% vs 3.93% for RWO. On fees, ICF is cheaper at 0.34% per year. On volatility, RWO has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICF has performed better with a 5.70% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICF is cheaper with a 0.34% expense ratio, compared with 0.50% for RWO.
RWO has the higher dividend yield at 3.23%, compared with 2.43% for ICF.
ICF tracks Cohen & Steers Realty Majors Index, while RWO tracks Dow Jones Global Select Real Estate Securities Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.34% for ICF and 0.50% for RWO.
RWO currently has the higher Sharpe Ratio (1.15 vs 0.87), 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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