REZ vs. RWR
REZ (iShares Residential Real Estate ETF) and RWR (SPDR Dow Jones REIT ETF) are both REIT funds - REZ tracks the FTSE NAREIT All Residential Capped Index while RWR tracks the Dow Jones U.S. Select REIT Index. Both are passively managed. Over the past 10 years, REZ returned 6.81%/yr vs 5.51%/yr for RWR. Their correlation of 0.91 suggests significant overlap in exposure. REZ charges 0.48%/yr vs 0.25%/yr for RWR.
Performance
REZ vs. RWR - Performance Comparison
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Returns By Period
In the year-to-date period, REZ achieves a 11.57% return, which is significantly lower than RWR's 16.14% return. Over the past 10 years, REZ has outperformed RWR with an annualized return of 6.81%, while RWR has yielded a comparatively lower 5.51% annualized return.
REZ
- 1D
- 1.85%
- 1M
- 0.19%
- YTD
- 11.57%
- 6M
- 12.05%
- 1Y
- 12.95%
- 3Y*
- 12.29%
- 5Y*
- 4.34%
- 10Y*
- 6.81%
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%
REZ vs. RWR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REZ iShares Residential Real Estate ETF | 11.57% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | -6.62% | 24.49% | 3.89% | 3.87% |
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 REZ and RWR is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 4, 2007 | 0.91 |
The correlation between REZ and RWR has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
REZ vs. RWR — Risk / Return Rank
REZ
RWR
REZ vs. RWR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Residential Real Estate ETF (REZ) 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.
| REZ | RWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.38 | -0.89 |
| Martin ratioReturn relative to average drawdown | 4.49 | 8.03 | -3.54 |
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Drawdowns
REZ vs. RWR - Drawdown Comparison
The maximum REZ drawdown since its inception was -66.87%, smaller than the maximum RWR drawdown of -74.92%. Use the drawdown chart below to compare losses from any high point for REZ and RWR.
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Drawdown Indicators
| REZ | RWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.87% | -74.92% | +8.05% |
Max Drawdown (1Y)Largest decline over 1 year | -8.76% | -8.04% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -18.39% | -18.85% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -32.58% | -2.47% |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | -44.39% | +0.24% |
Current DrawdownCurrent decline from peak | -0.64% | -0.46% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -12.66% | -13.08% | +0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 2.38% | +0.51% |
Volatility
REZ vs. RWR - Volatility Comparison
iShares Residential Real Estate ETF (REZ) has a higher volatility of 6.03% compared to SPDR Dow Jones REIT ETF (RWR) at 5.42%. This indicates that REZ's price experiences larger fluctuations and is considered to be riskier 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
| REZ | RWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | 5.42% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 11.55% | 10.37% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.07% | 14.05% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 19.05% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.58% | 21.55% | +0.03% |
REZ vs. RWR - Expense Ratio Comparison
REZ has a 0.48% expense ratio, which is higher than RWR's 0.25% expense ratio.
Dividends
REZ vs. RWR - Dividend Comparison
REZ's dividend yield for the trailing twelve months is around 2.06%, less than RWR's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REZ iShares Residential Real Estate ETF | 2.06% | 2.74% | 2.26% | 2.94% | 3.37% | 1.81% | 3.17% | 2.90% | 3.63% | 3.57% | 5.55% | 3.18% |
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 0.93, REZ 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.
REZ has higher volatility (6.03%) compared to RWR (5.42%). In terms of maximum drawdown, REZ dropped -66.87% vs RWR's -74.92%.
On 10-year performance, REZ leads with 6.81% vs 5.51% for RWR. On fees, RWR is cheaper at 0.25% per year. On volatility, RWR has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REZ has performed better with a 6.81% 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 0.48% for REZ.
RWR has the higher dividend yield at 3.36%, compared with 2.06% for REZ.
REZ tracks FTSE NAREIT All Residential 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: 0.48% for REZ and 0.25% for RWR.
RWR currently has the higher Sharpe Ratio (1.37 vs 0.87), 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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