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RWO vs. ICF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWO vs. ICF

Last updated Jun 4, 2026

RWO (SPDR Dow Jones Global Real Estate ETF) and ICF (iShares Cohen & Steers REIT ETF) are both REIT funds - RWO tracks the Dow Jones Global Select Real Estate Securities Index while ICF tracks the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, RWO returned 3.42%/yr vs 5.54%/yr for ICF. Their correlation of 0.89 suggests significant overlap in exposure. RWO charges 0.50%/yr vs 0.34%/yr for ICF.

Performance

RWO vs. ICF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones Global Real Estate ETF (RWO) and iShares Cohen & Steers REIT ETF (ICF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RWO achieves a 7.94% return, which is significantly lower than ICF's 12.19% return. Over the past 10 years, RWO has underperformed ICF with an annualized return of 3.42%, while ICF has yielded a comparatively higher 5.54% annualized return.

RWO

1D
-0.14%
1M
-1.07%
YTD
7.94%
6M
7.05%
1Y
12.86%
3Y*
9.49%
5Y*
1.93%
10Y*
3.42%

ICF

1D
0.17%
1M
-0.92%
YTD
12.19%
6M
11.56%
1Y
11.29%
3Y*
10.12%
5Y*
3.01%
10Y*
5.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWO vs. ICF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWO
SPDR Dow Jones Global Real Estate ETF		7.94%8.87%1.76%10.91%-25.11%31.03%-10.44%21.17%-6.04%7.80%
ICF
iShares Cohen & Steers REIT ETF		12.19%1.85%5.30%10.36%-26.12%44.17%-5.43%25.48%-2.55%4.90%

Correlation

The correlation between RWO and ICF is 0.87, 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

0.87

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

0.93

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

0.93

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

0.91

Correlation (All Time)
Calculated using the full available price history since May 23, 2008

0.89

The correlation between RWO and ICF has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

RWO vs. ICF - Sectors Allocation Comparison

Sectors
RWO
ICF

Real Estate

89.3%
100.0%

Consumer Cyclical

0.8%

-

Financial Services

0.8%

-

Technology

0.7%

-

Healthcare

0.4%

-

Energy

0.3%

-

Industrials

0.2%

-

Utilities

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Defensive

-

-

Real Estate

RWO
89.3%
ICF
100.0%

Consumer Cyclical

RWO
0.8%
ICF

-

Financial Services

RWO
0.8%
ICF

-

Technology

RWO
0.7%
ICF

-

Healthcare

RWO
0.4%
ICF

-

Energy

RWO
0.3%
ICF

-

Industrials

RWO
0.2%
ICF

-

Utilities

RWO
0.0%
ICF

-

Basic Materials

RWO

-

ICF

-

Communication Services

RWO

-

ICF

-

Consumer Defensive

RWO

-

ICF

-

Compare stocks, funds, or ETFs

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SPDR Dow Jones Global Real Estate ETF

iShares Cohen & Steers REIT ETF

Often compared with RWO:
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Often compared with ICF:
ICF vs. VNQICF vs. USRTICF vs. IYRICF vs. FRELICF vs. ICFIICF vs. SDIVICF vs. XLRE

Return for Risk

RWO vs. ICF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWO
RWO Risk / Return Rank: 2929
Overall Rank
RWO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
RWO Sortino Ratio Rank: 2626
Sortino Ratio Rank
RWO Omega Ratio Rank: 2626
Omega Ratio Rank
RWO Calmar Ratio Rank: 2828
Calmar Ratio Rank
RWO Martin Ratio Rank: 3434
Martin Ratio Rank
ICF
ICF Risk / Return Rank: 2525
Overall Rank
ICF Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ICF Sortino Ratio Rank: 2222
Sortino Ratio Rank
ICF Omega Ratio Rank: 2222
Omega Ratio Rank
ICF Calmar Ratio Rank: 2828
Calmar Ratio Rank
ICF Martin Ratio Rank: 2828
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.

RWO vs. ICF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and iShares Cohen & Steers REIT ETF (ICF). 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.

RWOICFDifference
Sharpe ratioReturn per unit of total volatility
1.02
0.84

+0.18

Sortino ratioReturn per unit of downside risk
1.45
1.20

+0.25

Omega ratioGain probability vs. loss probability

1.18

1.15

+0.03

Calmar ratioReturn relative to maximum drawdown

1.36

1.38

-0.03

Martin ratioReturn relative to average drawdown

5.27

3.92

+1.35

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

RWO vs. ICF - Sharpe Ratio Comparison

The current RWO Sharpe Ratio is 1.02, which is comparable to the ICF Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of RWO and ICF, 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

RWOICFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.02

0.84

+0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

0.16

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.27

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.31

-0.15

Drawdowns

RWO vs. ICF - Drawdown Comparison

The maximum RWO drawdown since its inception was -67.69%, smaller than the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for RWO and ICF.

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Drawdown Indicators

RWOICFDifference

Max Drawdown

Largest peak-to-trough decline

-67.69%

-76.74%

+9.05%

Max Drawdown (1Y)

Largest decline over 1 year

-9.51%

-8.20%

-1.31%

Max Drawdown (3Y)

Largest decline over 3 years

-17.66%

-17.25%

-0.41%

Max Drawdown (5Y)

Largest decline over 5 years

-32.85%

-34.74%

+1.89%

Max Drawdown (10Y)

Largest decline over 10 years

-43.27%

-40.22%

-3.05%

Current Drawdown

Current decline from peak

-3.23%

-2.67%

-0.56%

Average Drawdown

Average peak-to-trough decline

-12.68%

-14.18%

+1.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

2.88%

-0.43%

Volatility

RWO vs. ICF - Volatility Comparison

SPDR Dow Jones Global Real Estate ETF (RWO) has a higher volatility of 3.93% compared to iShares Cohen & Steers REIT ETF (ICF) at 3.71%. This indicates that RWO's price experiences larger fluctuations and is considered to be riskier than ICF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWOICFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.93%

3.71%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

9.33%

9.85%

-0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

12.69%

13.57%

-0.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.03%

18.91%

-1.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.21%

20.58%

-2.37%

RWO vs. ICF - Expense Ratio Comparison

RWO has a 0.50% expense ratio, which is higher than ICF's 0.34% expense ratio.

Dividends

RWO vs. ICF - Dividend Comparison

RWO's dividend yield for the trailing twelve months is around 3.35%, more than ICF's 2.48% yield.

PositionTTM20252024202320222021202020192018201720162015
ICF
iShares Cohen & Steers REIT ETF		2.48%2.88%2.66%2.76%2.64%1.82%2.38%2.55%3.20%3.10%4.21%3.30%
RWO
SPDR Dow Jones Global Real Estate ETF		3.35%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

RWO and ICF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RWO has higher volatility (3.93%) compared to ICF (3.71%). In terms of maximum drawdown, RWO dropped -67.69% vs ICF's -76.74%.

On 10-year performance, ICF leads with 5.54% vs 3.42% for RWO. On fees, ICF is cheaper at 0.34% per year. On volatility, ICF has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ICF has performed better with a 5.54% return vs 3.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICF is cheaper with a 0.34% expense ratio, compared with 0.50% for RWO.

RWO has the higher dividend yield at 3.35%, compared with 2.48% for ICF.

RWO tracks Dow Jones Global Select Real Estate Securities Index, while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for RWO and 0.34% for ICF.

RWO currently has the higher Sharpe Ratio (1.02 vs 0.84), 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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