ICF vs. RWO

Last updated Jun 4, 2026

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 5.54%/yr vs 3.42%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Cohen & Steers REIT ETF (ICF) and SPDR Dow Jones Global Real Estate ETF (RWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICF achieves a 12.19% return, which is significantly higher than RWO's 7.94% return. Over the past 10 years, ICF has outperformed RWO with an annualized return of 5.54%, while RWO has yielded a comparatively lower 3.42% annualized return.

ICF

• 1D: 0.17%
• 1M: -0.92%
• YTD: 12.19%
• 6M: 11.56%
• 1Y: 11.29%
• 3Y*: 10.12%
• 5Y*: 3.01%
• 10Y*: 5.54%

RWO

• 1D: -0.14%
• 1M: -1.07%
• YTD: 7.94%
• 6M: 7.05%
• 1Y: 12.86%
• 3Y*: 9.49%
• 5Y*: 1.93%
• 10Y*: 3.42%

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

ICF vs. RWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICF iShares Cohen & Steers REIT ETF	12.19%	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	7.94%	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 23, 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.

ICF vs. RWO - Sectors Allocation Comparison

Sectors	ICF	RWO
Real Estate	100.0%	89.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.8%
Consumer Defensive	-	-
Energy	-	0.3%
Financial Services	-	0.8%
Healthcare	-	0.4%
Industrials	-	0.2%
Technology	-	0.7%
Utilities	-	0.0%

Return for Risk

ICF vs. RWO — Risk / Return Rank

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

ICF

ICF Risk / Return Rank: 25
ICF Sharpe Ratio Rank: 23
ICF Sortino Ratio Rank: 22
ICF Omega Ratio Rank: 22
ICF Calmar Ratio Rank: 28
ICF Martin Ratio Rank: 28

RWO

RWO Risk / Return Rank: 29
RWO Sharpe Ratio Rank: 28
RWO Sortino Ratio Rank: 26
RWO Omega Ratio Rank: 26
RWO Calmar Ratio Rank: 28
RWO Martin Ratio Rank: 34

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.

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.

	ICF	RWO	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.02	-0.18
Sortino ratio: Return per unit of downside risk	1.20	1.45	-0.25
Omega ratio: Gain probability vs. loss probability	1.15	1.18	-0.03
Calmar ratio: Return relative to maximum drawdown	1.38	1.36	+0.03
Martin ratio: Return relative to average drawdown	3.92	5.27	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICF vs. RWO - Sharpe Ratio Comparison

The current ICF Sharpe Ratio is 0.84, which is comparable to the RWO Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of ICF and RWO, 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

	ICF	RWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.02	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.11	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.19	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.16	+0.15

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.

Drawdown Indicators

	ICF	RWO	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.67%	-3.23%	+0.56%
Average Drawdown Average peak-to-trough decline	-14.18%	-12.68%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.45%	+0.43%

Volatility

ICF vs. RWO - Volatility Comparison

The current volatility for iShares Cohen & Steers REIT ETF (ICF) is 3.71%, while SPDR Dow Jones Global Real Estate ETF (RWO) has a volatility of 3.93%. This indicates that ICF experiences smaller price fluctuations and is considered to be less risky than RWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICF	RWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	3.93%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.33%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	12.69%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	17.03%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	18.21%	+2.37%

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 2.48%, less than RWO's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICF iShares Cohen & Steers REIT ETF	2.48%	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	3.35%	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

Can I hold both ICF and RWO in my portfolio?

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.

Which is riskier, ICF or RWO?

RWO has higher volatility (3.93%) compared to ICF (3.71%). In terms of maximum drawdown, ICF dropped -76.74% vs RWO's -67.69%.

Which ETF is better, ICF or RWO?

On 10-year performance, ICF leads with 5.54% vs 3.42% for RWO. On fees, ICF is cheaper at 0.34% per year. On volatility, ICF has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICF or RWO?

Over the 10-year period, ICF has performed better with a 5.54% return vs 3.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICF or RWO?

ICF is cheaper with a 0.34% expense ratio, compared with 0.50% for RWO.

Which ETF pays a higher dividend yield, ICF or RWO?

RWO has the higher dividend yield at 3.35%, compared with 2.48% for ICF.

What is the main difference between ICF and RWO?

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.

Which has better risk-adjusted returns?

RWO currently has the higher Sharpe Ratio (1.02 vs 0.84), 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.