ICF vs. RWR
ICF (iShares Cohen & Steers REIT ETF) and RWR (SPDR Dow Jones REIT ETF) are both REIT funds - ICF tracks the Cohen & Steers Realty Majors Index while RWR tracks the Dow Jones U.S. Select REIT Index. Both are passively managed. Over the past 10 years, ICF returned 5.70%/yr vs 5.53%/yr for RWR. With a 0.96 correlation, they move nearly in lockstep. ICF charges 0.34%/yr vs 0.25%/yr for RWR.
Performance
ICF vs. RWR - Performance Comparison
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Returns By Period
In the year-to-date period, ICF achieves a 15.45% return, which is significantly lower than RWR's 16.42% return. Both investments have delivered pretty close results over the past 10 years, with ICF having a 5.70% annualized return and RWR not far behind at 5.53%.
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%
RWR
- 1D
- 0.25%
- 1M
- 2.21%
- YTD
- 16.42%
- 6M
- 15.89%
- 1Y
- 19.36%
- 3Y*
- 13.72%
- 5Y*
- 4.85%
- 10Y*
- 5.53%
ICF vs. RWR - 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% |
RWR SPDR Dow Jones REIT ETF | 16.42% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
Correlation
The correlation between ICF and RWR is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2001 | 0.96 |
The correlation between ICF and RWR has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
ICF vs. RWR — Risk / Return Rank
ICF
RWR
ICF vs. RWR - 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 REIT ETF (RWR). 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 | RWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.42 | -0.92 |
| Martin ratioReturn relative to average drawdown | 4.31 | 8.24 | -3.94 |
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Drawdowns
ICF vs. RWR - Drawdown Comparison
The maximum ICF drawdown since its inception was -76.74%, roughly equal to the maximum RWR drawdown of -74.92%. Use the drawdown chart below to compare losses from any high point for ICF and RWR.
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Drawdown Indicators
| ICF | RWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.74% | -74.92% | -1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -8.04% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -17.25% | -18.85% | +1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -32.58% | -2.16% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -44.39% | +4.17% |
Current DrawdownCurrent decline from peak | -1.27% | -0.21% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -13.08% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 2.37% | +0.53% |
Volatility
ICF vs. RWR - Volatility Comparison
The current volatility for iShares Cohen & Steers REIT ETF (ICF) is 5.11%, while SPDR Dow Jones REIT ETF (RWR) has a volatility of 5.42%. This indicates that ICF experiences smaller price fluctuations and is considered to be less risky than RWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICF | RWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 5.42% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 10.35% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.17% | 13.99% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.97% | 19.05% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.63% | 21.55% | -0.92% |
ICF vs. RWR - Expense Ratio Comparison
ICF has a 0.34% expense ratio, which is higher than RWR's 0.25% expense ratio.
Dividends
ICF vs. RWR - Dividend Comparison
ICF's dividend yield for the trailing twelve months is around 2.43%, less than RWR's 3.36% 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% |
RWR SPDR Dow Jones REIT ETF | 3.36% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
Frequently Asked Questions
With a correlation of 0.93, ICF and RWR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
RWR has higher volatility (5.42%) compared to ICF (5.11%). In terms of maximum drawdown, ICF dropped -76.74% vs RWR's -74.92%.
On 10-year performance, ICF leads with 5.70% vs 5.53% for RWR. On fees, RWR is cheaper at 0.25% per year. On volatility, ICF has been the lower-risk option at 5.11%. 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 5.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWR is cheaper with a 0.25% expense ratio, compared with 0.34% for ICF.
RWR has the higher dividend yield at 3.36%, compared with 2.43% for ICF.
ICF tracks Cohen & Steers Realty Majors Index, while RWR tracks Dow Jones U.S. Select REIT Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.34% for ICF and 0.25% for RWR.
RWR currently has the higher Sharpe Ratio (1.39 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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