RWO vs. FRI
RWO (SPDR Dow Jones Global Real Estate ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - RWO tracks the Dow Jones Global Select Real Estate Securities Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, RWO returned 3.88%/yr vs 5.93%/yr for FRI. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
RWO vs. FRI - Performance Comparison
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Returns By Period
In the year-to-date period, RWO achieves a 11.44% return, which is significantly lower than FRI's 16.71% return. Over the past 10 years, RWO has underperformed FRI with an annualized return of 3.88%, while FRI has yielded a comparatively higher 5.93% 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%
FRI
- 1D
- 1.36%
- 1M
- 1.57%
- YTD
- 16.71%
- 6M
- 17.19%
- 1Y
- 17.99%
- 3Y*
- 13.61%
- 5Y*
- 5.21%
- 10Y*
- 5.93%
RWO vs. FRI - 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% |
FRI First Trust S&P REIT Index Fund | 16.71% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
Correlation
The correlation between RWO and FRI is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 22, 2008 | 0.90 |
The correlation between RWO and FRI has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
RWO vs. FRI — Risk / Return Rank
RWO
FRI
RWO vs. FRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and First Trust S&P REIT Index Fund (FRI). 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 | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.23 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.39 | -0.82 |
| Martin ratioReturn relative to average drawdown | 6.03 | 7.53 | -1.50 |
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Drawdowns
RWO vs. FRI - Drawdown Comparison
The maximum RWO drawdown since its inception was -67.69%, smaller than the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for RWO and FRI.
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Drawdown Indicators
| RWO | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.69% | -71.95% | +4.26% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -7.57% | -1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -17.66% | -18.90% | +1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -32.85% | -31.21% | -1.64% |
Max Drawdown (10Y)Largest decline over 10 years | -43.27% | -44.16% | +0.89% |
Current DrawdownCurrent decline from peak | -0.78% | -0.25% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -13.67% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 2.40% | +0.07% |
Volatility
RWO vs. FRI - Volatility Comparison
The current volatility for SPDR Dow Jones Global Real Estate ETF (RWO) is 4.59%, while First Trust S&P REIT Index Fund (FRI) has a volatility of 5.30%. This indicates that RWO experiences smaller price fluctuations and is considered to be less risky than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWO | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.59% | 5.30% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 9.89% | 9.99% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 13.70% | -0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.06% | 18.69% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.21% | 21.10% | -2.89% |
RWO vs. FRI - Expense Ratio Comparison
Both RWO and FRI have an expense ratio of 0.50%.
Dividends
RWO vs. FRI - Dividend Comparison
RWO's dividend yield for the trailing twelve months is around 3.24%, more than FRI's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.49% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
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 0.92, RWO and FRI 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.
FRI has higher volatility (5.30%) compared to RWO (4.59%). In terms of maximum drawdown, RWO dropped -67.69% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.93% vs 3.88% for RWO. Both ETFs have the same 0.50% expense ratio. 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, FRI has performed better with a 5.93% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWO and FRI have the same expense ratio: 0.50% per year.
RWO has the higher dividend yield at 3.24%, compared with 2.49% for FRI.
RWO tracks Dow Jones Global Select Real Estate Securities Index, while FRI tracks S&P United States REIT. They also come from different issuers: State Street and First Trust.
FRI currently has the higher Sharpe Ratio (1.32 vs 1.14), 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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