RWR vs. ICF
RWR (SPDR Dow Jones REIT ETF) and ICF (iShares Cohen & Steers REIT ETF) are both REIT funds - RWR tracks the Dow Jones U.S. Select REIT Index while ICF tracks the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, RWR returned 5.05%/yr vs 5.15%/yr for ICF. With a 0.96 correlation, they move nearly in lockstep. RWR charges 0.25%/yr vs 0.34%/yr for ICF.
Performance
RWR vs. ICF - Performance Comparison
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Returns By Period
In the year-to-date period, RWR achieves a 18.45% return, which is significantly higher than ICF's 16.02% return. Both investments have delivered pretty close results over the past 10 years, with RWR having a 5.05% annualized return and ICF not far ahead at 5.15%.
RWR
- 1D
- 0.67%
- 1M
- 1.53%
- 6M
- 16.74%
- YTD
- 18.45%
- 1Y
- 22.28%
- 3Y*
- 11.14%
- 5Y*
- 4.74%
- 10Y*
- 5.05%
ICF
- 1D
- 0.66%
- 1M
- -0.78%
- 6M
- 15.31%
- YTD
- 16.02%
- 1Y
- 15.12%
- 3Y*
- 9.25%
- 5Y*
- 2.76%
- 10Y*
- 5.15%
RWR vs. ICF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWR SPDR Dow Jones REIT ETF | 18.45% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
ICF iShares Cohen & Steers REIT ETF | 16.02% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
Correlation
The correlation between RWR and ICF is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2001 | 0.96 |
The correlation between RWR and ICF has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
RWR vs. ICF — Risk / Return Rank
RWR
ICF
RWR vs. ICF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) and iShares Cohen & Steers REIT ETF (ICF). 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.
| RWR | ICF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.19 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 1.85 | +0.93 |
| Martin ratioReturn relative to average drawdown | 9.46 | 5.27 | +4.19 |
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Drawdowns
RWR vs. ICF - Drawdown Comparison
The maximum RWR drawdown since its inception was -74.92%, roughly equal to the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for RWR and ICF.
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Drawdown Indicators
| RWR | ICF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.92% | -76.74% | +1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -8.20% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -17.25% | -1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -32.58% | -34.74% | +2.16% |
Max Drawdown (10Y)Largest decline over 10 years | -44.39% | -40.22% | -4.17% |
Current DrawdownCurrent decline from peak | -0.90% | -0.94% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -13.06% | -14.12% | +1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.36% | 2.87% | -0.51% |
Volatility
RWR vs. ICF - Volatility Comparison
SPDR Dow Jones REIT ETF (RWR) and iShares Cohen & Steers REIT ETF (ICF) have volatilities of 4.89% and 4.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWR | ICF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 4.97% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 11.05% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.12% | 14.32% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.06% | 19.00% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 20.63% | +0.92% |
RWR vs. ICF - Expense Ratio Comparison
RWR has a 0.25% expense ratio, which is lower than ICF's 0.34% expense ratio.
Dividends
RWR vs. ICF - Dividend Comparison
RWR's dividend yield for the trailing twelve months is around 3.30%, more than ICF's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.42% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
RWR SPDR Dow Jones REIT ETF | 3.30% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
Frequently Asked Questions
With a correlation of 0.93, RWR and ICF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ICF has higher volatility (4.97%) compared to RWR (4.89%). In terms of maximum drawdown, RWR dropped -74.92% vs ICF's -76.74%.
On 10-year performance, ICF leads with 5.15% vs 5.05% for RWR. On fees, RWR is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICF has performed better with a 5.15% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWR is cheaper with a 0.25% expense ratio, compared with 0.34% for ICF.
RWR has the higher dividend yield at 3.30%, compared with 2.42% for ICF.
RWR tracks Dow Jones U.S. Select REIT Index, while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.25% for RWR and 0.34% for ICF.
RWR currently has the higher Sharpe Ratio (1.59 vs 1.06), 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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