RWO vs. KBWY
RWO (SPDR Dow Jones Global Real Estate ETF) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - RWO tracks the Dow Jones Global Select Real Estate Securities Index while KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, RWO returned 3.54%/yr vs 0.46%/yr for KBWY. Their correlation of 0.81 means they have usually moved in the same direction. RWO charges 0.50%/yr vs 0.35%/yr for KBWY.
Performance
RWO vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, RWO achieves a 15.09% return, which is significantly lower than KBWY's 23.45% return. Over the past 10 years, RWO has outperformed KBWY with an annualized return of 3.54%, while KBWY has yielded a comparatively lower 0.46% annualized return.
RWO
- 1D
- 0.18%
- 1M
- 1.61%
- 6M
- 10.03%
- YTD
- 15.09%
- 1Y
- 19.44%
- 3Y*
- 11.15%
- 5Y*
- 2.48%
- 10Y*
- 3.54%
- ALL TIME*
- 4.08%
KBWY
- 1D
- -1.47%
- 1M
- -2.47%
- 6M
- 16.20%
- YTD
- 23.45%
- 1Y
- 28.13%
- 3Y*
- 7.23%
- 5Y*
- 2.38%
- 10Y*
- 0.46%
- ALL TIME*
- 5.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.06M | $2.92M | $2.58M | |
| $17.32M | $9.03M | $5.39M |
RWO vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWO SPDR Dow Jones Global Real Estate ETF | 15.09% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 23.45% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
Correlation
The correlation between RWO and KBWY is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.81 |
The correlation between RWO and KBWY has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
RWO vs. KBWY — Risk / Return Rank
RWO
KBWY
RWO vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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 | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 3.06 | -1.00 |
| Martin ratioReturn relative to average drawdown | 8.03 | 7.57 | +0.45 |
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Drawdowns
RWO vs. KBWY - Drawdown Comparison
The maximum RWO drawdown since its inception was -67.69%, which is greater than KBWY's maximum drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for RWO and KBWY.
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Drawdown Indicators
| RWO | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.69% | -57.68% | -10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -9.24% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -17.66% | -29.93% | +12.27% |
Max Drawdown (5Y)Largest decline over 5 years | -32.85% | -32.29% | -0.56% |
Max Drawdown (10Y)Largest decline over 10 years | -43.27% | -57.68% | +14.41% |
Current DrawdownCurrent decline from peak | -1.88% | -5.96% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -12.57% | -14.07% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 3.72% | -1.29% |
Volatility
RWO vs. KBWY - Volatility Comparison
The current volatility for SPDR Dow Jones Global Real Estate ETF (RWO) is 3.60%, while Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a volatility of 4.47%. This indicates that RWO experiences smaller price fluctuations and is considered to be less risky than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWO | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 4.47% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 12.33% | -1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 16.52% | -3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.04% | 21.55% | -4.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.21% | 27.07% | -8.86% |
RWO vs. KBWY - Expense Ratio Comparison
RWO has a 0.50% expense ratio, which is higher than KBWY's 0.35% expense ratio.
Dividends
RWO vs. KBWY - Dividend Comparison
RWO's dividend yield for the trailing twelve months is around 3.14%, less than KBWY's 8.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.24% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
RWO SPDR Dow Jones Global Real Estate ETF | 3.14% | 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 KBWY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWY has higher volatility (4.47%) compared to RWO (3.60%). In terms of maximum drawdown, RWO dropped -67.69% vs KBWY's -57.68%.
On 10-year performance, RWO leads with 3.54% vs 0.46% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, RWO has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RWO has performed better with a 3.54% return vs 0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.50% for RWO.
KBWY has the higher dividend yield at 8.24%, compared with 3.14% for RWO.
RWO tracks Dow Jones Global Select Real Estate Securities Index, while KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.50% for RWO and 0.35% for KBWY.
KBWY currently has the higher Sharpe Ratio (1.71 vs 1.50), 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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