IPRP.L vs. GLRA.L
IPRP.L (iShares European Property Yield UCITS ETF) and GLRA.L (SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap) are both REIT funds - IPRP.L tracks the FTSE EPRA Nareit Developed Europe TR EUR while GLRA.L tracks the FTSE EPRA Nareit Global TR USD. Both are passively managed. Over the past 5 years, IPRP.L returned -4.62%/yr vs 2.68%/yr for GLRA.L. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
IPRP.L vs. GLRA.L - Performance Comparison
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Different Trading Currencies
IPRP.L is traded in GBp, while GLRA.L is traded in USD. To make them comparable, the GLRA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IPRP.L achieves a 0.36% return, which is significantly lower than GLRA.L's 15.13% return.
IPRP.L
- 1D
- 0.87%
- 1M
- -0.08%
- 6M
- -1.45%
- YTD
- 0.36%
- 1Y
- 1.18%
- 3Y*
- 9.94%
- 5Y*
- -4.62%
- 10Y*
- 0.20%
GLRA.L
- 1D
- 1.26%
- 1M
- 3.76%
- 6M
- 11.23%
- YTD
- 15.13%
- 1Y
- 20.51%
- 3Y*
- 8.98%
- 5Y*
- 2.68%
- 10Y*
- —
IPRP.L vs. GLRA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IPRP.L iShares European Property Yield UCITS ETF | 0.36% | 13.63% | -4.96% | 15.42% | -33.74% | 1.88% | -3.84% | 1.41% |
GLRA.L SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap | 15.13% | 2.18% | 1.01% | 5.81% | -16.44% | 31.52% | -13.30% | -3.09% |
Correlation
The correlation between IPRP.L and GLRA.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2019 | 0.58 |
The correlation between IPRP.L and GLRA.L has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
IPRP.L vs. GLRA.L — Risk / Return Rank
IPRP.L
GLRA.L
IPRP.L vs. GLRA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares European Property Yield UCITS ETF (IPRP.L) and SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.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.
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.
| IPRP.L | GLRA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.26 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | 2.58 | -2.51 |
| Martin ratioReturn relative to average drawdown | 0.16 | 8.68 | -8.52 |
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Drawdowns
IPRP.L vs. GLRA.L - Drawdown Comparison
The maximum IPRP.L drawdown since its inception was -64.48%, which is greater than GLRA.L's maximum drawdown of -34.16%. Use the drawdown chart below to compare losses from any high point for IPRP.L and GLRA.L.
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Drawdown Indicators
| IPRP.L | GLRA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.48% | -34.16% | -30.32% |
Max Drawdown (1Y)Largest decline over 1 year | -16.12% | -7.91% | -8.21% |
Max Drawdown (3Y)Largest decline over 3 years | -16.12% | -17.27% | +1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -48.77% | -28.02% | -20.75% |
Max Drawdown (10Y)Largest decline over 10 years | -48.77% | — | — |
Current DrawdownCurrent decline from peak | -23.92% | 0.00% | -23.92% |
Average DrawdownAverage peak-to-trough decline | -16.84% | -12.85% | -3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.28% | 2.36% | +4.92% |
Volatility
IPRP.L vs. GLRA.L - Volatility Comparison
iShares European Property Yield UCITS ETF (IPRP.L) and SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap (GLRA.L) have volatilities of 4.82% and 4.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPRP.L | GLRA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 4.84% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 11.05% | +2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 13.58% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 15.94% | +5.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.37% | 20.57% | -1.20% |
IPRP.L vs. GLRA.L - Expense Ratio Comparison
Both IPRP.L and GLRA.L have an expense ratio of 0.40%.
Dividends
IPRP.L vs. GLRA.L - Dividend Comparison
IPRP.L's dividend yield for the trailing twelve months is around 2.89%, while GLRA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLRA.L SPDR® Dow Jones Global Real Estate UCITS ETF USD Cap | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IPRP.L iShares European Property Yield UCITS ETF | 2.89% | 2.83% | 2.79% | 2.62% | 4.20% | 2.11% | 2.68% | 3.07% | 0.00% | 0.61% | 0.80% | 2.59% |
Frequently Asked Questions
IPRP.L and GLRA.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IPRP.L and GLRA.L have the same expense ratio: 0.40% per year.
IPRP.L tracks FTSE EPRA Nareit Developed Europe TR EUR, while GLRA.L tracks FTSE EPRA Nareit Global TR USD. They also come from different issuers: iShares and State Street.
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