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RWR vs. ICF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWR vs. ICF

Last updated Jun 4, 2026

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 5.15%/yr vs 5.54%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones REIT ETF (RWR) and iShares Cohen & Steers REIT ETF (ICF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RWR achieves a 11.08% return, which is significantly lower than ICF's 12.19% return. Over the past 10 years, RWR has underperformed ICF with an annualized return of 5.15%, while ICF has yielded a comparatively higher 5.54% annualized return.

RWR

1D
0.27%
1M
-0.13%
YTD
11.08%
6M
9.50%
1Y
15.44%
3Y*
11.00%
5Y*
4.15%
10Y*
5.15%

ICF

1D
0.17%
1M
-0.92%
YTD
12.19%
6M
11.56%
1Y
11.29%
3Y*
10.12%
5Y*
3.01%
10Y*
5.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWR vs. ICF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWR
SPDR Dow Jones REIT ETF		11.08%3.20%7.74%13.76%-26.09%45.47%-11.40%22.71%-4.47%3.47%
ICF
iShares Cohen & Steers REIT ETF		12.19%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 0.92, 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

0.92

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 30, 2001

0.96

The correlation between RWR and ICF has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

RWR vs. ICF - Sectors Allocation Comparison

Sectors
RWR
ICF

Real Estate

98.6%
100.0%

Financial Services

0.0%

-

Utilities

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Real Estate

RWR
98.6%
ICF
100.0%

Financial Services

RWR
0.0%
ICF

-

Utilities

RWR
0.0%
ICF

-

Basic Materials

RWR

-

ICF

-

Communication Services

RWR

-

ICF

-

Consumer Cyclical

RWR

-

ICF

-

Consumer Defensive

RWR

-

ICF

-

Energy

RWR

-

ICF

-

Healthcare

RWR

-

ICF

-

Industrials

RWR

-

ICF

-

Technology

RWR

-

ICF

-

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SPDR Dow Jones REIT ETF

iShares Cohen & Steers REIT ETF

Often compared with RWR:
RWR vs. VNQRWR vs. SCHHRWR vs. FRIRWR vs. VOORWR vs. SPYRWR vs. VGSLXRWR vs. EUEA.AS
Often compared with ICF:
ICF vs. VNQICF vs. USRTICF vs. IYRICF vs. FRELICF vs. ICFIICF vs. SDIVICF vs. XLRE

Return for Risk

RWR vs. ICF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWR
RWR Risk / Return Rank: 3434
Overall Rank
RWR Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
RWR Sortino Ratio Rank: 3030
Sortino Ratio Rank
RWR Omega Ratio Rank: 2929
Omega Ratio Rank
RWR Calmar Ratio Rank: 3939
Calmar Ratio Rank
RWR Martin Ratio Rank: 4141
Martin Ratio Rank
ICF
ICF Risk / Return Rank: 2525
Overall Rank
ICF Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ICF Sortino Ratio Rank: 2222
Sortino Ratio Rank
ICF Omega Ratio Rank: 2222
Omega Ratio Rank
ICF Calmar Ratio Rank: 2828
Calmar Ratio Rank
ICF Martin Ratio Rank: 2828
Martin Ratio Rank
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.

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.

RWRICFDifference
Sharpe ratioReturn per unit of total volatility
1.16
0.84

+0.32

Sortino ratioReturn per unit of downside risk
1.63
1.20

+0.44

Omega ratioGain probability vs. loss probability

1.20

1.15

+0.05

Calmar ratioReturn relative to maximum drawdown

1.93

1.38

+0.55

Martin ratioReturn relative to average drawdown

6.55

3.92

+2.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWR vs. ICF - Sharpe Ratio Comparison

The current RWR Sharpe Ratio is 1.16, which is higher than the ICF Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of RWR and ICF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

RWRICFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

0.84

+0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

0.16

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.24

0.27

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.31

0.00

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

RWRICFDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-3.09%

-2.67%

-0.42%

Average Drawdown

Average peak-to-trough decline

-13.11%

-14.18%

+1.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.36%

2.88%

-0.52%

Volatility

RWR vs. ICF - Volatility Comparison

SPDR Dow Jones REIT ETF (RWR) has a higher volatility of 4.09% compared to iShares Cohen & Steers REIT ETF (ICF) at 3.71%. This indicates that RWR's price experiences larger fluctuations and is considered to be riskier than ICF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWRICFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

3.71%

+0.38%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

9.85%

-0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.39%

13.57%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.01%

18.91%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.51%

20.58%

+0.93%

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 3.44%, more than ICF's 2.48% yield.

PositionTTM20252024202320222021202020192018201720162015
ICF
iShares Cohen & Steers REIT ETF		2.48%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		3.44%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 0.92, 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.

RWR has higher volatility (4.09%) compared to ICF (3.71%). In terms of maximum drawdown, RWR dropped -74.92% vs ICF's -76.74%.

On 10-year performance, ICF leads with 5.54% vs 5.15% for RWR. On fees, RWR is cheaper at 0.25% per year. On volatility, ICF has been the lower-risk option at 3.71%. 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 5.54% return vs 5.15%. 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 3.44%, compared with 2.48% 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 (1.16 vs 0.84), 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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