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REET vs. QDF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

REET vs. QDF

Last updated Jun 9, 2026

REET (iShares Global REIT ETF) and QDF (FlexShares Quality Dividend Index Fund) are both exchange-traded funds - REET is a REIT fund tracking the FTSE EPRA/NAREIT Global REIT Index, while QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index. Both are passively managed. Over the past 10 years, REET returned 4.04%/yr vs 12.02%/yr for QDF. A 0.67 correlation means they provide meaningful diversification when combined. REET charges 0.14%/yr vs 0.37%/yr for QDF.

Performance

REET vs. QDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global REIT ETF (REET) and FlexShares Quality Dividend Index Fund (QDF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, REET achieves a 8.47% return, which is significantly lower than QDF's 8.98% return. Over the past 10 years, REET has underperformed QDF with an annualized return of 4.04%, while QDF has yielded a comparatively higher 12.02% annualized return.

REET

1D
-0.88%
1M
-1.75%
YTD
8.47%
6M
9.73%
1Y
11.75%
3Y*
9.05%
5Y*
1.87%
10Y*
4.04%

QDF

1D
0.09%
1M
1.09%
YTD
8.98%
6M
9.09%
1Y
24.82%
3Y*
18.35%
5Y*
11.54%
10Y*
12.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

REET vs. QDF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
REET
iShares Global REIT ETF		8.47%7.97%2.65%10.28%-24.10%32.43%-10.48%24.42%-5.27%7.48%
QDF
FlexShares Quality Dividend Index Fund		8.98%16.58%16.95%19.71%-12.13%26.65%4.86%25.71%-7.97%17.42%

Correlation

The correlation between REET and QDF is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (10Y)
Calculated over the trailing 10-year period

0.66

Correlation (All Time)
Calculated using the full available price history since Jul 11, 2014

0.67

The correlation between REET and QDF shifts across timeframes, from 0.51 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

REET vs. QDF - Sectors Allocation Comparison

Sectors
REET
QDF

Real Estate

99.8%
5.4%

Financial Services

0.2%
13.2%

Basic Materials

-

1.6%

Communication Services

-

6.8%

Consumer Cyclical

-

6.9%

Consumer Defensive

-

5.5%

Energy

-

0.9%

Healthcare

-

8.3%

Industrials

-

8.9%

Technology

-

38.3%

Utilities

-

2.1%

Real Estate

REET
99.8%
QDF
5.4%

Financial Services

REET
0.2%
QDF
13.2%

Basic Materials

REET

-

QDF
1.6%

Communication Services

REET

-

QDF
6.8%

Consumer Cyclical

REET

-

QDF
6.9%

Consumer Defensive

REET

-

QDF
5.5%

Energy

REET

-

QDF
0.9%

Healthcare

REET

-

QDF
8.3%

Industrials

REET

-

QDF
8.9%

Technology

REET

-

QDF
38.3%

Utilities

REET

-

QDF
2.1%

Compare stocks, funds, or ETFs

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iShares Global REIT ETF

FlexShares Quality Dividend Index Fund

Often compared with REET:
REET vs. VNQREET vs. VNQIREET vs. XLREREET vs. USRTREET vs. SCHHREET vs. RWOREET vs. FREL
Often compared with QDF:
QDF vs. QDEFQDF vs. SCHDQDF vs. DGRWQDF vs. QQQQDF vs. FDVVQDF vs. SPHDQDF vs. VOO

Return for Risk

REET vs. QDF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
REET
REET Risk / Return Rank: 3030
Overall Rank
REET Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
REET Sortino Ratio Rank: 2828
Sortino Ratio Rank
REET Omega Ratio Rank: 2828
Omega Ratio Rank
REET Calmar Ratio Rank: 2929
Calmar Ratio Rank
REET Martin Ratio Rank: 3434
Martin Ratio Rank
QDF
QDF Risk / Return Rank: 7373
Overall Rank
QDF Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
QDF Sortino Ratio Rank: 7373
Sortino Ratio Rank
QDF Omega Ratio Rank: 7272
Omega Ratio Rank
QDF Calmar Ratio Rank: 6969
Calmar Ratio Rank
QDF Martin Ratio Rank: 7979
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.

REET vs. QDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global REIT ETF (REET) and FlexShares Quality Dividend Index Fund (QDF). 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.

REETQDFDifference
Sharpe ratioReturn per unit of total volatility
0.97
2.12

-1.15

Sortino ratioReturn per unit of downside risk
1.39
2.95

-1.57

Omega ratioGain probability vs. loss probability

1.18

1.39

-0.21

Calmar ratioReturn relative to maximum drawdown

1.31

3.16

-1.85

Martin ratioReturn relative to average drawdown

4.68

13.73

-9.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REET vs. QDF - Sharpe Ratio Comparison

The current REET Sharpe Ratio is 0.97, which is lower than the QDF Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of REET and QDF, 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

REETQDFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.97

2.12

-1.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

0.74

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.22

0.69

-0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.78

-0.53

Drawdowns

REET vs. QDF - Drawdown Comparison

The maximum REET drawdown since its inception was -44.59%, which is greater than QDF's maximum drawdown of -36.67%. Use the drawdown chart below to compare losses from any high point for REET and QDF.

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Drawdown Indicators

REETQDFDifference

Max Drawdown

Largest peak-to-trough decline

-44.59%

-36.67%

-7.92%

Max Drawdown (1Y)

Largest decline over 1 year

-9.04%

-7.90%

-1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-18.02%

-18.01%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-32.11%

-22.06%

-10.05%

Max Drawdown (10Y)

Largest decline over 10 years

-44.59%

-36.67%

-7.92%

Current Drawdown

Current decline from peak

-2.46%

-2.10%

-0.36%

Average Drawdown

Average peak-to-trough decline

-9.78%

-3.64%

-6.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.52%

1.81%

+0.71%

Volatility

REET vs. QDF - Volatility Comparison

iShares Global REIT ETF (REET) has a higher volatility of 3.56% compared to FlexShares Quality Dividend Index Fund (QDF) at 3.21%. This indicates that REET's price experiences larger fluctuations and is considered to be riskier than QDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

REETQDFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.56%

3.21%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

8.90%

9.01%

-0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

12.17%

11.78%

+0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

15.63%

+1.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.85%

17.41%

+1.44%

REET vs. QDF - Expense Ratio Comparison

REET has a 0.14% expense ratio, which is lower than QDF's 0.37% expense ratio.

Dividends

REET vs. QDF - Dividend Comparison

REET's dividend yield for the trailing twelve months is around 3.41%, more than QDF's 1.52% yield.

PositionTTM20252024202320222021202020192018201720162015
QDF
FlexShares Quality Dividend Index Fund		1.52%1.65%1.93%2.19%2.45%1.90%2.38%3.05%4.29%2.70%3.07%3.04%
REET
iShares Global REIT ETF		3.41%3.67%3.64%3.27%2.43%3.18%2.65%5.25%5.73%3.84%5.37%3.56%

Frequently Asked Questions

REET and QDF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

REET has higher volatility (3.56%) compared to QDF (3.21%). In terms of maximum drawdown, REET dropped -44.59% vs QDF's -36.67%.

On 10-year performance, QDF leads with 12.02% vs 4.04% for REET. On fees, REET is cheaper at 0.14% per year. On volatility, QDF has been the lower-risk option at 3.21%. 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 12.02% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

REET is cheaper with a 0.14% expense ratio, compared with 0.37% for QDF.

REET has the higher dividend yield at 3.41%, compared with 1.52% for QDF.

REET is categorized as REIT, while QDF is Large Cap Value Equities. REET tracks FTSE EPRA/NAREIT Global REIT Index, while QDF tracks Northern Trust Quality Dividend Index. They also come from different issuers: iShares and FlexShares. Their fees differ too: 0.14% for REET and 0.37% for QDF.

QDF currently has the higher Sharpe Ratio (2.12 vs 0.97), 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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