RWO vs. QDF
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 3.52%/yr vs 11.84%/yr for QDF. A 0.67 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
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Returns By Period
In the year-to-date period, RWO achieves a 15.38% return, which is significantly higher than QDF's 12.15% return. Over the past 10 years, RWO has underperformed QDF with an annualized return of 3.52%, while QDF has yielded a comparatively higher 11.84% annualized return.
RWO
- 1D
- -0.58%
- 1M
- 5.52%
- 6M
- 10.45%
- YTD
- 15.38%
- 1Y
- 20.37%
- 3Y*
- 9.96%
- 5Y*
- 2.73%
- 10Y*
- 3.52%
- ALL TIME*
- 4.10%
QDF
- 1D
- -0.54%
- 1M
- 0.78%
- 6M
- 10.01%
- YTD
- 12.15%
- 1Y
- 22.84%
- 3Y*
- 16.92%
- 5Y*
- 11.96%
- 10Y*
- 11.84%
- ALL TIME*
- 12.65%
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 | 15.38% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
QDF FlexShares Quality Dividend Index Fund | 12.15% | 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 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2012 | 0.67 |
Over the past year, the correlation between RWO and QDF has dropped to 0.43 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
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Return for Risk
RWO vs. QDF — Risk / Return Rank
RWO
QDF
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.
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 | QDF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.90 | -0.75 |
| Martin ratioReturn relative to average drawdown | 8.31 | 12.45 | -4.14 |
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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.
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Drawdown Indicators
| RWO | QDF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.58% | -0.99% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -12.60% | -3.62% | -8.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 1.84% | +0.62% |
Volatility
RWO vs. QDF - Volatility Comparison
SPDR Dow Jones Global Real Estate ETF (RWO) has a higher volatility of 4.00% compared to FlexShares Quality Dividend Index Fund (QDF) at 2.99%. 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.
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Volatility by Period
| RWO | QDF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 2.99% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.41% | 9.58% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.26% | 12.09% | +1.17% |
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% | 17.37% | +0.84% |
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 3.13%, more than QDF's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QDF FlexShares Quality Dividend Index Fund | 1.50% | 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 | 3.13% | 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 QDF have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWO has higher volatility (4.00%) compared to QDF (2.99%). In terms of maximum drawdown, RWO dropped -67.69% vs QDF's -36.67%.
On 10-year performance, QDF leads with 11.84% vs 3.52% for RWO. On fees, QDF is cheaper at 0.37% per year. On volatility, QDF has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QDF has performed better with a 11.84% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QDF is cheaper with a 0.37% expense ratio, compared with 0.50% for RWO.
RWO has the higher dividend yield at 3.13%, compared with 1.50% for 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.
QDF currently has the higher Sharpe Ratio (1.90 vs 1.55), 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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