RWO vs. IYRI

Last updated Jun 23, 2026

RWO (SPDR Dow Jones Global Real Estate ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - RWO is a REIT fund tracking the Dow Jones Global Select Real Estate Securities Index, while IYRI is a Derivative Income fund actively managed by Neos. RWO is passively managed, while IYRI is actively managed. Over the past year, RWO returned 15.08% vs 9.35% for IYRI. Their correlation of 0.89 suggests significant overlap in exposure. RWO charges 0.50%/yr vs 0.68%/yr for IYRI.

Performance

RWO vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones Global Real Estate ETF (RWO) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWO achieves a 10.38% return, which is significantly higher than IYRI's 6.01% return.

RWO

• 1D: 0.94%
• 1M: -0.20%
• YTD: 10.38%
• 6M: 10.62%
• 1Y: 15.08%
• 3Y*: 11.49%
• 5Y*: 2.33%
• 10Y*: 3.78%

IYRI

• 1D: 1.24%
• 1M: -0.17%
• YTD: 6.01%
• 6M: 6.23%
• 1Y: 9.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RWO vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
RWO SPDR Dow Jones Global Real Estate ETF	10.38%	10.97%
IYRI NEOS Real Estate High Income ETF	6.01%	6.99%

Correlation

The correlation between RWO and IYRI is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.89

The correlation between RWO and IYRI has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

RWO vs. IYRI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RWO

RWO Risk / Return Rank: 33
RWO Sharpe Ratio Rank: 33
RWO Sortino Ratio Rank: 31
RWO Omega Ratio Rank: 31
RWO Calmar Ratio Rank: 33
RWO Martin Ratio Rank: 40

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 32

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. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.87	+0.28
Sortino ratio: Return per unit of downside risk	1.63	1.25	+0.38
Omega ratio: Gain probability vs. loss probability	1.20	1.16	+0.04
Calmar ratio: Return relative to maximum drawdown	1.59	1.25	+0.34
Martin ratio: Return relative to average drawdown	6.11	4.46	+1.65

RWO vs. IYRI - Sharpe Ratio Comparison

The current RWO Sharpe Ratio is 1.16, which is higher than the IYRI Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of RWO and IYRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RWO vs. IYRI - Drawdown Comparison

The maximum RWO drawdown since its inception was -67.69%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for RWO and IYRI.

Drawdown Indicators

	RWO	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-67.69%	-12.12%	-55.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-7.53%	-1.98%
Max Drawdown (3Y) Largest decline over 3 years	-17.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.27%	—	—
Current Drawdown Current decline from peak	-1.73%	-1.51%	-0.22%
Average Drawdown Average peak-to-trough decline	-12.65%	-1.69%	-10.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.10%	+0.37%

Volatility

RWO vs. IYRI - Volatility Comparison

SPDR Dow Jones Global Real Estate ETF (RWO) has a higher volatility of 4.50% compared to NEOS Real Estate High Income ETF (IYRI) at 4.09%. This indicates that RWO's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWO	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.09%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	7.90%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	10.78%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	13.20%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	13.20%	+5.04%

RWO vs. IYRI - Expense Ratio Comparison

RWO has a 0.50% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

RWO vs. IYRI - Dividend Comparison

RWO's dividend yield for the trailing twelve months is around 4.20%, less than IYRI's 12.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYRI NEOS Real Estate High Income ETF	12.08%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWO SPDR Dow Jones Global Real Estate ETF	4.20%	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

Can I hold both RWO and IYRI in my portfolio?

RWO and IYRI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWO or IYRI?

RWO has higher volatility (4.50%) compared to IYRI (4.09%). In terms of maximum drawdown, RWO dropped -67.69% vs IYRI's -12.12%.

Which ETF is better, RWO or IYRI?

On 1-year performance, RWO leads with 15.08% vs 9.35% for IYRI. On fees, RWO is cheaper at 0.50% per year. On volatility, IYRI has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWO or IYRI?

Over the 1-year period, RWO has performed better with a 15.08% return vs 9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWO or IYRI?

RWO is cheaper with a 0.50% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, RWO or IYRI?

IYRI has the higher dividend yield at 12.08%, compared with 4.20% for RWO.

What is the main difference between RWO and IYRI?

RWO is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.50% for RWO and 0.68% for IYRI.

Which has better risk-adjusted returns?

RWO currently has the higher Sharpe Ratio (1.16 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.