IYR vs. RWR
IYR (iShares U.S. Real Estate ETF) and RWR (SPDR Dow Jones REIT ETF) are both REIT funds - IYR tracks the Dow Jones U.S. Real Estate Capped Index while RWR tracks the Dow Jones U.S. Select REIT Index. Both are passively managed. Over the past 10 years, IYR returned 5.75%/yr vs 5.51%/yr for RWR. With a 0.96 correlation, they move nearly in lockstep. IYR charges 0.38%/yr vs 0.25%/yr for RWR.
Performance
IYR vs. RWR - Performance Comparison
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Returns By Period
In the year-to-date period, IYR achieves a 10.54% return, which is significantly lower than RWR's 16.14% return. Both investments have delivered pretty close results over the past 10 years, with IYR having a 5.75% annualized return and RWR not far behind at 5.51%.
IYR
- 1D
- 1.36%
- 1M
- 0.76%
- YTD
- 10.54%
- 6M
- 10.95%
- 1Y
- 9.94%
- 3Y*
- 10.59%
- 5Y*
- 2.71%
- 10Y*
- 5.75%
RWR
- 1D
- 1.31%
- 1M
- 1.96%
- YTD
- 16.14%
- 6M
- 16.59%
- 1Y
- 19.02%
- 3Y*
- 13.63%
- 5Y*
- 4.96%
- 10Y*
- 5.51%
IYR vs. RWR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYR iShares U.S. Real Estate ETF | 10.54% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
RWR SPDR Dow Jones REIT ETF | 16.14% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
Correlation
The correlation between IYR and RWR is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2001 | 0.96 |
The correlation between IYR and RWR has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
IYR vs. RWR — Risk / Return Rank
IYR
RWR
IYR vs. RWR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Real Estate ETF (IYR) 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.
| IYR | RWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.24 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 2.38 | -1.21 |
| Martin ratioReturn relative to average drawdown | 3.62 | 8.03 | -4.41 |
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Drawdowns
IYR vs. RWR - Drawdown Comparison
The maximum IYR drawdown since its inception was -74.13%, roughly equal to the maximum RWR drawdown of -74.92%. Use the drawdown chart below to compare losses from any high point for IYR and RWR.
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Drawdown Indicators
| IYR | RWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.13% | -74.92% | +0.79% |
Max Drawdown (1Y)Largest decline over 1 year | -8.54% | -8.04% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.52% | -18.85% | +1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -33.75% | -32.58% | -1.17% |
Max Drawdown (10Y)Largest decline over 10 years | -42.32% | -44.39% | +2.07% |
Current DrawdownCurrent decline from peak | -0.84% | -0.46% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -12.88% | -13.08% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.38% | +0.37% |
Volatility
IYR vs. RWR - Volatility Comparison
iShares U.S. Real Estate ETF (IYR) and SPDR Dow Jones REIT ETF (RWR) have volatilities of 5.39% and 5.42%, 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
| IYR | RWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 5.42% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 10.34% | 10.37% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.93% | 14.05% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 19.05% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.37% | 21.55% | -1.18% |
IYR vs. RWR - Expense Ratio Comparison
IYR has a 0.38% expense ratio, which is higher than RWR's 0.25% expense ratio.
Dividends
IYR vs. RWR - Dividend Comparison
IYR's dividend yield for the trailing twelve months is around 2.20%, less than RWR's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYR iShares U.S. Real Estate ETF | 2.20% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
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 0.95, IYR 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 IYR (5.39%). In terms of maximum drawdown, IYR dropped -74.13% vs RWR's -74.92%.
On 10-year performance, IYR leads with 5.75% vs 5.51% for RWR. On fees, RWR is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYR has performed better with a 5.75% return vs 5.51%. 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 0.38% for IYR.
RWR has the higher dividend yield at 3.36%, compared with 2.20% for IYR.
IYR tracks Dow Jones U.S. Real Estate Capped 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: 0.38% for IYR and 0.25% for RWR.
RWR currently has the higher Sharpe Ratio (1.37 vs 0.72), 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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