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ICF vs. RWR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICF vs. RWR

Last updated Jun 4, 2026

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 5.54%/yr vs 5.15%/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

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

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Returns By Period

In the year-to-date period, ICF achieves a 12.19% return, which is significantly higher than RWR's 11.08% return. Over the past 10 years, ICF has outperformed RWR with an annualized return of 5.54%, while RWR has yielded a comparatively lower 5.15% 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%

RWR

1D
0.27%
1M
-0.13%
YTD
11.08%
6M
9.50%
1Y
15.44%
3Y*
11.00%
5Y*
4.15%
10Y*
5.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICF vs. RWR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
RWR
SPDR Dow Jones REIT ETF		11.08%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 0.92, 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

0.92

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 30, 2001

0.96

The correlation between ICF and RWR has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

ICF vs. RWR - Sectors Allocation Comparison

Sectors
ICF
RWR

Real Estate

100.0%
98.6%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

0.0%

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

0.0%

Real Estate

ICF
100.0%
RWR
98.6%

Basic Materials

ICF

-

RWR

-

Communication Services

ICF

-

RWR

-

Consumer Cyclical

ICF

-

RWR

-

Consumer Defensive

ICF

-

RWR

-

Energy

ICF

-

RWR

-

Financial Services

ICF

-

RWR
0.0%

Healthcare

ICF

-

RWR

-

Industrials

ICF

-

RWR

-

Technology

ICF

-

RWR

-

Utilities

ICF

-

RWR
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Cohen & Steers REIT ETF

SPDR Dow Jones REIT ETF

Often compared with ICF:
ICF vs. VNQICF vs. USRTICF vs. IYRICF vs. FRELICF vs. ICFIICF vs. SDIVICF vs. XLRE
Often compared with RWR:
RWR vs. VNQRWR vs. SCHHRWR vs. FRIRWR vs. VOORWR vs. SPYRWR vs. VGSLXRWR vs. EUEA.AS

Return for Risk

ICF vs. RWR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICF
ICF Risk / Return Rank: 2525
Overall Rank
ICF Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ICF Sortino Ratio Rank: 2222
Sortino Ratio Rank
ICF Omega Ratio Rank: 2222
Omega Ratio Rank
ICF Calmar Ratio Rank: 2828
Calmar Ratio Rank
ICF Martin Ratio Rank: 2828
Martin Ratio Rank
RWR
RWR Risk / Return Rank: 3434
Overall Rank
RWR Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
RWR Sortino Ratio Rank: 3030
Sortino Ratio Rank
RWR Omega Ratio Rank: 2929
Omega Ratio Rank
RWR Calmar Ratio Rank: 3939
Calmar Ratio Rank
RWR Martin Ratio Rank: 4141
Martin Ratio Rank
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. 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.

ICFRWRDifference
Sharpe ratioReturn per unit of total volatility
0.84
1.16

-0.32

Sortino ratioReturn per unit of downside risk
1.20
1.63

-0.44

Omega ratioGain probability vs. loss probability

1.15

1.20

-0.05

Calmar ratioReturn relative to maximum drawdown

1.38

1.93

-0.55

Martin ratioReturn relative to average drawdown

3.92

6.55

-2.63

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. RWR - Sharpe Ratio Comparison

The current ICF Sharpe Ratio is 0.84, which is comparable to the RWR Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of ICF and RWR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ICFRWRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.84

1.16

-0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.22

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.24

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.31

0.00

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

ICFRWRDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-2.67%

-3.09%

+0.42%

Average Drawdown

Average peak-to-trough decline

-14.18%

-13.11%

-1.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.88%

2.36%

+0.52%

Volatility

ICF vs. RWR - Volatility Comparison

The current volatility for iShares Cohen & Steers REIT ETF (ICF) is 3.71%, while SPDR Dow Jones REIT ETF (RWR) has a volatility of 4.09%. 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

ICFRWRDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.71%

4.09%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

9.51%

+0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.57%

13.39%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.91%

19.01%

-0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.58%

21.51%

-0.93%

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 2.48%, less than RWR's 3.44% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
RWR
SPDR Dow Jones REIT ETF		3.44%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 0.92, 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 (4.09%) compared to ICF (3.71%). In terms of maximum drawdown, ICF dropped -76.74% vs RWR's -74.92%.

On 10-year performance, ICF leads with 5.54% vs 5.15% for RWR. On fees, RWR is cheaper at 0.25% 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.

Over the 10-year period, ICF has performed better with a 5.54% return vs 5.15%. 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 3.44%, compared with 2.48% 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 (1.16 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.

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