RWO vs. XLRE
RWO (SPDR Dow Jones Global Real Estate ETF) and XLRE (Real Estate Select Sector SPDR Fund) are both REIT funds from State Street - RWO tracks the Dow Jones Global Select Real Estate Securities Index while XLRE tracks the Real Estate Select Sector Index. Both are passively managed. Over the past 10 years, RWO returned 3.54%/yr vs 6.25%/yr for XLRE. Their correlation of 0.90 suggests significant overlap in exposure. RWO charges 0.50%/yr vs 0.13%/yr for XLRE.
Performance
RWO vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, RWO achieves a 13.78% return, which is significantly higher than XLRE's 12.15% return. Over the past 10 years, RWO has underperformed XLRE with an annualized return of 3.54%, while XLRE has yielded a comparatively higher 6.25% annualized return.
RWO
- 1D
- 0.36%
- 1M
- 2.12%
- 6M
- 10.57%
- YTD
- 13.78%
- 1Y
- 19.44%
- 3Y*
- 9.66%
- 5Y*
- 2.54%
- 10Y*
- 3.54%
XLRE
- 1D
- 0.18%
- 1M
- -0.09%
- 6M
- 9.33%
- YTD
- 12.15%
- 1Y
- 11.59%
- 3Y*
- 8.37%
- 5Y*
- 2.64%
- 10Y*
- 6.25%
RWO vs. XLRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWO SPDR Dow Jones Global Real Estate ETF | 13.78% | 8.87% | 1.76% | 10.91% | -25.11% | 31.03% | -10.44% | 21.17% | -6.04% | 7.80% |
XLRE Real Estate Select Sector SPDR Fund | 12.15% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between RWO and XLRE is 0.89, 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 | 0.89 |
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 Oct 8, 2015 | 0.90 |
The correlation between RWO and XLRE has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
RWO vs. XLRE — Risk / Return Rank
RWO
XLRE
RWO vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate ETF (RWO) and Real Estate Select Sector SPDR Fund (XLRE). 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 | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.15 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 1.40 | +0.66 |
| Martin ratioReturn relative to average drawdown | 7.93 | 3.83 | +4.10 |
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Drawdowns
RWO vs. XLRE - Drawdown Comparison
The maximum RWO drawdown since its inception was -67.69%, which is greater than XLRE's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for RWO and XLRE.
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Drawdown Indicators
| RWO | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.69% | -38.83% | -28.86% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -8.33% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -17.66% | -16.74% | -0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -32.85% | -34.12% | +1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -43.27% | -38.83% | -4.44% |
Current DrawdownCurrent decline from peak | -0.57% | -1.50% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -12.60% | -9.52% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 3.03% | -0.57% |
Volatility
RWO vs. XLRE - Volatility Comparison
The current volatility for SPDR Dow Jones Global Real Estate ETF (RWO) is 4.39%, while Real Estate Select Sector SPDR Fund (XLRE) has a volatility of 5.12%. This indicates that RWO experiences smaller price fluctuations and is considered to be less risky than XLRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWO | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 5.12% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 10.25% | 11.07% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.21% | 14.28% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.07% | 19.16% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.19% | 20.45% | -2.26% |
RWO vs. XLRE - Expense Ratio Comparison
RWO has a 0.50% expense ratio, which is higher than XLRE's 0.13% expense ratio.
Dividends
RWO vs. XLRE - Dividend Comparison
RWO's dividend yield for the trailing twelve months is around 3.18%, which matches XLRE's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWO SPDR Dow Jones Global Real Estate ETF | 3.18% | 3.62% | 3.68% | 3.53% | 3.69% | 2.79% | 3.25% | 3.97% | 3.90% | 3.26% | 3.77% | 2.97% |
XLRE Real Estate Select Sector SPDR Fund | 3.15% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
RWO and XLRE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLRE has higher volatility (5.12%) compared to RWO (4.39%). In terms of maximum drawdown, RWO dropped -67.69% vs XLRE's -38.83%.
On 10-year performance, XLRE leads with 6.25% vs 3.54% for RWO. On fees, XLRE is cheaper at 0.13% per year. On volatility, RWO has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLRE has performed better with a 6.25% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLRE is cheaper with a 0.13% expense ratio, compared with 0.50% for RWO.
RWO has the higher dividend yield at 3.18%, compared with 3.15% for XLRE.
RWO tracks Dow Jones Global Select Real Estate Securities Index, while XLRE tracks Real Estate Select Sector Index. Their fees differ too: 0.50% for RWO and 0.13% for XLRE.
RWO currently has the higher Sharpe Ratio (1.49 vs 0.82), 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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