RWO vs. QDF

Last updated Jun 9, 2026

RWO (SPDR Dow Jones Global Real Estate ETF) and QDF (FlexShares Quality Dividend Index Fund) are both exchange-traded funds - RWO is a REIT fund tracking the Dow Jones Global Select Real Estate Securities Index, while QDF is a Large Cap Value Equities fund tracking the Northern Trust Quality Dividend Index. Both are passively managed. Over the past 10 years, RWO returned 3.50%/yr vs 12.02%/yr for QDF. A 0.68 correlation means they provide meaningful diversification when combined. RWO charges 0.50%/yr vs 0.37%/yr for QDF.

Performance

RWO vs. QDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones Global Real Estate ETF (RWO) and FlexShares Quality Dividend Index Fund (QDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWO achieves a 8.23% return, which is significantly lower than QDF's 8.98% return. Over the past 10 years, RWO has underperformed QDF with an annualized return of 3.50%, while QDF has yielded a comparatively higher 12.02% annualized return.

RWO

• 1D: -0.94%
• 1M: -2.44%
• YTD: 8.23%
• 6M: 9.02%
• 1Y: 12.36%
• 3Y*: 9.30%
• 5Y*: 1.58%
• 10Y*: 3.50%

QDF

• 1D: 0.09%
• 1M: 1.09%
• YTD: 8.98%
• 6M: 9.09%
• 1Y: 24.82%
• 3Y*: 18.35%
• 5Y*: 11.54%
• 10Y*: 12.02%

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

RWO vs. QDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWO SPDR Dow Jones Global Real Estate ETF	8.23%	8.87%	1.76%	10.91%	-25.11%	31.03%	-10.44%	21.17%	-6.04%	7.80%
QDF FlexShares Quality Dividend Index Fund	8.98%	16.58%	16.95%	19.71%	-12.13%	26.65%	4.86%	25.71%	-7.97%	17.42%

Correlation

The correlation between RWO and QDF is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Dec 20, 2012	0.68

The correlation between RWO and QDF shifts across timeframes, from 0.50 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

RWO vs. QDF - Sectors Allocation Comparison

Sectors	RWO	QDF
Real Estate	89.0%	5.4%
Consumer Cyclical	0.8%	6.9%
Financial Services	0.8%	13.2%
Technology	0.7%	38.3%
Healthcare	0.4%	8.3%
Energy	0.3%	0.9%
Industrials	0.2%	8.9%
Utilities	0.0%	2.1%
Basic Materials	-	1.6%
Communication Services	-	6.8%
Consumer Defensive	-	5.5%

Return for Risk

RWO vs. QDF — Risk / Return Rank

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

RWO

RWO Risk / Return Rank: 30
RWO Sharpe Ratio Rank: 29
RWO Sortino Ratio Rank: 28
RWO Omega Ratio Rank: 28
RWO Calmar Ratio Rank: 29
RWO Martin Ratio Rank: 36

QDF

QDF Risk / Return Rank: 73
QDF Sharpe Ratio Rank: 73
QDF Sortino Ratio Rank: 73
QDF Omega Ratio Rank: 72
QDF Calmar Ratio Rank: 69
QDF Martin Ratio Rank: 79

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. QDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and FlexShares Quality Dividend Index Fund (QDF). 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.

	RWO	QDF	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.12	-1.15
Sortino ratio: Return per unit of downside risk	1.39	2.95	-1.56
Omega ratio: Gain probability vs. loss probability	1.17	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.30	3.16	-1.85
Martin ratio: Return relative to average drawdown	5.03	13.73	-8.70
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. QDF - Sharpe Ratio Comparison

The current RWO Sharpe Ratio is 0.97, which is lower than the QDF Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of RWO and QDF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RWO	QDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.12	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.74	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.69	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.78	-0.61

Drawdowns

RWO vs. QDF - Drawdown Comparison

The maximum RWO drawdown since its inception was -67.69%, which is greater than QDF's maximum drawdown of -36.67%. Use the drawdown chart below to compare losses from any high point for RWO and QDF.

Drawdown Indicators

	RWO	QDF	Difference
Max Drawdown Largest peak-to-trough decline	-67.69%	-36.67%	-31.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-7.90%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-17.66%	-18.01%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-32.85%	-22.06%	-10.79%
Max Drawdown (10Y) Largest decline over 10 years	-43.27%	-36.67%	-6.60%
Current Drawdown Current decline from peak	-2.97%	-2.10%	-0.87%
Average Drawdown Average peak-to-trough decline	-12.67%	-3.64%	-9.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.81%	+0.65%

Volatility

RWO vs. QDF - Volatility Comparison

SPDR Dow Jones Global Real Estate ETF (RWO) has a higher volatility of 3.65% compared to FlexShares Quality Dividend Index Fund (QDF) at 3.21%. This indicates that RWO's price experiences larger fluctuations and is considered to be riskier than QDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWO	QDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.21%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	9.01%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	11.78%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	15.63%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	17.41%	+0.80%

RWO vs. QDF - Expense Ratio Comparison

RWO has a 0.50% expense ratio, which is higher than QDF's 0.37% expense ratio.

Dividends

RWO vs. QDF - Dividend Comparison

RWO's dividend yield for the trailing twelve months is around 3.34%, more than QDF's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDF FlexShares Quality Dividend Index Fund	1.52%	1.65%	1.93%	2.19%	2.45%	1.90%	2.38%	3.05%	4.29%	2.70%	3.07%	3.04%
RWO SPDR Dow Jones Global Real Estate ETF	3.34%	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 QDF in my portfolio?

RWO and QDF have a correlation of 0.50, 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 QDF?

RWO has higher volatility (3.65%) compared to QDF (3.21%). In terms of maximum drawdown, RWO dropped -67.69% vs QDF's -36.67%.

Which ETF is better, RWO or QDF?

On 10-year performance, QDF leads with 12.02% vs 3.50% for RWO. On fees, QDF is cheaper at 0.37% per year. On volatility, QDF has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWO or QDF?

Over the 10-year period, QDF has performed better with a 12.02% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWO or QDF?

QDF is cheaper with a 0.37% expense ratio, compared with 0.50% for RWO.

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

RWO has the higher dividend yield at 3.34%, compared with 1.52% for QDF.

What is the main difference between RWO and QDF?

RWO is categorized as REIT, while QDF is Large Cap Value Equities. RWO tracks Dow Jones Global Select Real Estate Securities Index, while QDF tracks Northern Trust Quality Dividend Index. They also come from different issuers: State Street and FlexShares. Their fees differ too: 0.50% for RWO and 0.37% for QDF.

Which has better risk-adjusted returns?

QDF currently has the higher Sharpe Ratio (2.12 vs 0.97), 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.