RWO vs. FREL
RWO (SPDR Dow Jones Global Real Estate ETF) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - RWO tracks the Dow Jones Global Select Real Estate Securities Index while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, RWO returned 3.88%/yr vs 5.97%/yr for FREL. Their correlation of 0.94 suggests significant overlap in exposure. RWO charges 0.50%/yr vs 0.08%/yr for FREL.
Performance
RWO vs. FREL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with RWO having a 11.44% return and FREL slightly higher at 11.53%. Over the past 10 years, RWO has underperformed FREL with an annualized return of 3.88%, while FREL has yielded a comparatively higher 5.97% annualized return.
RWO
- 1D
- 0.96%
- 1M
- 0.76%
- YTD
- 11.44%
- 6M
- 11.34%
- 1Y
- 14.87%
- 3Y*
- 11.85%
- 5Y*
- 2.53%
- 10Y*
- 3.88%
FREL
- 1D
- 1.38%
- 1M
- 1.09%
- YTD
- 11.53%
- 6M
- 11.94%
- 1Y
- 11.39%
- 3Y*
- 11.20%
- 5Y*
- 2.76%
- 10Y*
- 5.97%
RWO vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWO SPDR Dow Jones Global Real Estate ETF | 11.44% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between RWO and FREL is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | 0.94 |
The correlation between RWO and FREL has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
RWO vs. FREL — Risk / Return Rank
RWO
FREL
RWO vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and Fidelity MSCI Real Estate Index ETF (FREL). 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.
| RWO | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.15 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.35 | +0.22 |
| Martin ratioReturn relative to average drawdown | 6.03 | 4.23 | +1.80 |
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Drawdowns
RWO vs. FREL - Drawdown Comparison
The maximum RWO drawdown since its inception was -67.69%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for RWO and FREL.
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Drawdown Indicators
| RWO | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.69% | -42.61% | -25.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -8.45% | -1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -17.66% | -17.54% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.85% | -34.40% | +1.55% |
Max Drawdown (10Y)Largest decline over 10 years | -43.27% | -42.61% | -0.66% |
Current DrawdownCurrent decline from peak | -0.78% | -0.77% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -9.91% | -2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 2.70% | -0.23% |
Volatility
RWO vs. FREL - Volatility Comparison
The current volatility for SPDR Dow Jones Global Real Estate ETF (RWO) is 4.59%, while Fidelity MSCI Real Estate Index ETF (FREL) has a volatility of 5.15%. This indicates that RWO experiences smaller price fluctuations and is considered to be less risky than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWO | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 5.15% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 9.89% | 10.21% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 13.84% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.06% | 18.90% | -1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.21% | 20.72% | -2.51% |
RWO vs. FREL - Expense Ratio Comparison
RWO has a 0.50% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
RWO vs. FREL - Dividend Comparison
RWO's dividend yield for the trailing twelve months is around 3.24%, less than FREL's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.28% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
RWO SPDR Dow Jones Global Real Estate ETF | 3.24% | 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
With a correlation of 0.91, RWO and FREL 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.
FREL has higher volatility (5.15%) compared to RWO (4.59%). In terms of maximum drawdown, RWO dropped -67.69% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.97% vs 3.88% for RWO. On fees, FREL is cheaper at 0.08% per year. On volatility, RWO has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FREL has performed better with a 5.97% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.50% for RWO.
FREL has the higher dividend yield at 3.28%, compared with 3.24% for RWO.
RWO tracks Dow Jones Global Select Real Estate Securities Index, while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.50% for RWO and 0.08% for FREL.
RWO currently has the higher Sharpe Ratio (1.14 vs 0.83), 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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