QDF vs. RWO
QDF (FlexShares Quality Dividend Index Fund) and RWO (SPDR Dow Jones Global Real Estate ETF) are both exchange-traded funds - QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index, while RWO is a REIT fund tracking the Dow Jones Global Select Real Estate Securities Index. Both are passively managed. Over the past 10 years, QDF returned 11.84%/yr vs 3.52%/yr for RWO. A 0.67 correlation means they provide meaningful diversification when combined. QDF charges 0.37%/yr vs 0.50%/yr for RWO.
Performance
QDF vs. RWO - Performance Comparison
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Returns By Period
In the year-to-date period, QDF achieves a 12.15% return, which is significantly lower than RWO's 15.38% return. Over the past 10 years, QDF has outperformed RWO with an annualized return of 11.84%, while RWO has yielded a comparatively lower 3.52% annualized return.
QDF
- 1D
- -0.54%
- 1M
- 0.78%
- 6M
- 10.01%
- YTD
- 12.15%
- 1Y
- 22.84%
- 3Y*
- 16.92%
- 5Y*
- 11.96%
- 10Y*
- 11.84%
- ALL TIME*
- 12.65%
RWO
- 1D
- -0.58%
- 1M
- 5.52%
- 6M
- 10.45%
- YTD
- 15.38%
- 1Y
- 20.37%
- 3Y*
- 9.96%
- 5Y*
- 2.73%
- 10Y*
- 3.52%
- ALL TIME*
- 4.10%
QDF vs. RWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QDF FlexShares Quality Dividend Index Fund | 12.15% | 16.58% | 16.95% | 19.71% | -12.13% | 26.65% | 4.86% | 25.71% | -7.97% | 17.42% |
RWO SPDR Dow Jones Global Real Estate ETF | 15.38% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
Correlation
The correlation between QDF and RWO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012 | 0.67 |
Over the past year, the correlation between QDF and RWO has dropped to 0.43 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
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Return for Risk
QDF vs. RWO — Risk / Return Rank
QDF
RWO
QDF vs. RWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Quality Dividend Index Fund (QDF) 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.
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.
| QDF | RWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.27 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.15 | +0.75 |
| Martin ratioReturn relative to average drawdown | 12.45 | 8.31 | +4.14 |
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Drawdowns
QDF vs. RWO - Drawdown Comparison
The maximum QDF drawdown since its inception was -36.67%, smaller than the maximum RWO drawdown of -67.69%. Use the drawdown chart below to compare losses from any high point for QDF and RWO.
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Drawdown Indicators
| QDF | RWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.67% | -67.69% | +31.02% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -9.51% | +1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -18.01% | -17.66% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -22.06% | -32.85% | +10.79% |
Max Drawdown (10Y)Largest decline over 10 years | -36.67% | -43.27% | +6.60% |
Current DrawdownCurrent decline from peak | -0.99% | -0.58% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -12.60% | +8.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 2.46% | -0.62% |
Volatility
QDF vs. RWO - Volatility Comparison
The current volatility for FlexShares Quality Dividend Index Fund (QDF) is 2.99%, while SPDR Dow Jones Global Real Estate ETF (RWO) has a volatility of 4.00%. This indicates that QDF 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.
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Volatility by Period
| QDF | RWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 4.00% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 10.41% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 13.26% | -1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.63% | 17.04% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.37% | 18.21% | -0.84% |
QDF vs. RWO - Expense Ratio Comparison
QDF has a 0.37% expense ratio, which is lower than RWO's 0.50% expense ratio.
Dividends
QDF vs. RWO - Dividend Comparison
QDF's dividend yield for the trailing twelve months is around 1.50%, less than RWO's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QDF FlexShares Quality Dividend Index Fund | 1.50% | 1.65% | 1.93% | 2.19% | 2.45% | 1.90% | 2.38% | 3.05% | 4.29% | 2.70% | 3.07% | 3.04% |
RWO SPDR Dow Jones Global Real Estate ETF | 3.13% | 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
QDF and RWO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWO has higher volatility (4.00%) compared to QDF (2.99%). In terms of maximum drawdown, QDF dropped -36.67% vs RWO's -67.69%.
On 10-year performance, QDF leads with 11.84% vs 3.52% for RWO. On fees, QDF is cheaper at 0.37% per year. On volatility, QDF has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QDF has performed better with a 11.84% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QDF is cheaper with a 0.37% expense ratio, compared with 0.50% for RWO.
RWO has the higher dividend yield at 3.13%, compared with 1.50% for QDF.
QDF is categorized as Large Cap Value Equities, while RWO is REIT. QDF tracks Northern Trust Quality Dividend Index, while RWO tracks Dow Jones Global Select Real Estate Securities Index. They also come from different issuers: FlexShares and State Street. Their fees differ too: 0.37% for QDF and 0.50% for RWO.
QDF currently has the higher Sharpe Ratio (1.90 vs 1.55), 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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