RWR vs. IYRI

Last updated Jun 24, 2026

RWR (SPDR Dow Jones REIT ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - RWR is a REIT fund tracking the Dow Jones U.S. Select REIT Index, while IYRI is a Derivative Income fund actively managed by Neos. RWR is passively managed, while IYRI is actively managed. Over the past year, RWR returned 19.02% vs 9.17% for IYRI. Their correlation of 0.92 suggests significant overlap in exposure. RWR charges 0.25%/yr vs 0.68%/yr for IYRI.

Performance

RWR vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones REIT ETF (RWR) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWR achieves a 16.14% return, which is significantly higher than IYRI's 7.08% return.

RWR

• 1D: 1.31%
• 1M: 1.96%
• YTD: 16.14%
• 6M: 16.59%
• 1Y: 19.02%
• 3Y*: 13.63%
• 5Y*: 4.96%
• 10Y*: 5.51%

IYRI

• 1D: 1.00%
• 1M: 0.83%
• YTD: 7.08%
• 6M: 7.36%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RWR vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
RWR SPDR Dow Jones REIT ETF	16.14%	5.04%
IYRI NEOS Real Estate High Income ETF	7.08%	6.99%

Correlation

The correlation between RWR and IYRI is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.92

The correlation between RWR and IYRI has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

RWR vs. IYRI — Risk / Return Rank

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

RWR

RWR Risk / Return Rank: 43
RWR Sharpe Ratio Rank: 41
RWR Sortino Ratio Rank: 38
RWR Omega Ratio Rank: 37
RWR Calmar Ratio Rank: 51
RWR Martin Ratio Rank: 50

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

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. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.86	+0.51
Sortino ratio: Return per unit of downside risk	1.89	1.23	+0.67
Omega ratio: Gain probability vs. loss probability	1.24	1.16	+0.08
Calmar ratio: Return relative to maximum drawdown	2.38	1.22	+1.15
Martin ratio: Return relative to average drawdown	8.03	4.37	+3.66

RWR vs. IYRI - Sharpe Ratio Comparison

The current RWR Sharpe Ratio is 1.37, which is higher than the IYRI Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of RWR and IYRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RWR vs. IYRI - Drawdown Comparison

The maximum RWR drawdown since its inception was -74.92%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for RWR and IYRI.

Drawdown Indicators

	RWR	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-74.92%	-12.12%	-62.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-7.53%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.39%	—	—
Current Drawdown Current decline from peak	-0.46%	-0.52%	+0.06%
Average Drawdown Average peak-to-trough decline	-13.08%	-1.69%	-11.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.10%	+0.28%

Volatility

RWR vs. IYRI - Volatility Comparison

SPDR Dow Jones REIT ETF (RWR) has a higher volatility of 5.42% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that RWR's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWR	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	4.21%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	7.94%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	10.80%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	13.20%	+5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	13.20%	+8.35%

RWR vs. IYRI - Expense Ratio Comparison

RWR has a 0.25% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

RWR vs. IYRI - Dividend Comparison

RWR's dividend yield for the trailing twelve months is around 3.36%, less than IYRI's 11.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYRI NEOS Real Estate High Income ETF	11.96%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWR SPDR Dow Jones REIT ETF	3.36%	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

Can I hold both RWR and IYRI in my portfolio?

With a correlation of 0.91, RWR and IYRI 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.

Which is riskier, RWR or IYRI?

RWR has higher volatility (5.42%) compared to IYRI (4.21%). In terms of maximum drawdown, RWR dropped -74.92% vs IYRI's -12.12%.

Which ETF is better, RWR or IYRI?

On 1-year performance, RWR leads with 19.02% vs 9.17% for IYRI. On fees, RWR is cheaper at 0.25% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWR or IYRI?

Over the 1-year period, RWR has performed better with a 19.02% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWR or IYRI?

RWR is cheaper with a 0.25% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, RWR or IYRI?

IYRI has the higher dividend yield at 11.96%, compared with 3.36% for RWR.

What is the main difference between RWR and IYRI?

RWR is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.25% for RWR and 0.68% for IYRI.

Which has better risk-adjusted returns?

RWR currently has the higher Sharpe Ratio (1.37 vs 0.86), 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.