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RWR vs. REZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWR vs. REZ

Last updated Jun 4, 2026

RWR (SPDR Dow Jones REIT ETF) and REZ (iShares Residential Real Estate ETF) are both REIT funds - RWR tracks the Dow Jones U.S. Select REIT Index while REZ tracks the FTSE NAREIT All Residential Capped Index. Both are passively managed. Over the past 10 years, RWR returned 5.15%/yr vs 6.37%/yr for REZ. Their correlation of 0.91 suggests significant overlap in exposure. RWR charges 0.25%/yr vs 0.48%/yr for REZ.

Performance

RWR vs. REZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Dow Jones REIT ETF (RWR) and iShares Residential Real Estate ETF (REZ). 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 higher than REZ's 6.86% return. Over the past 10 years, RWR has underperformed REZ with an annualized return of 5.15%, while REZ has yielded a comparatively higher 6.37% 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%

REZ

1D
0.48%
1M
-1.45%
YTD
6.86%
6M
3.65%
1Y
9.32%
3Y*
9.90%
5Y*
3.98%
10Y*
6.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWR vs. REZ - 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%
REZ
iShares Residential Real Estate ETF		6.86%4.80%12.73%10.97%-28.31%47.86%-6.62%24.49%3.89%3.87%

Correlation

The correlation between RWR and REZ 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

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since May 7, 2007

0.91

The correlation between RWR and REZ has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

RWR vs. REZ - Sectors Allocation Comparison

Sectors
RWR
REZ

Real Estate

98.6%
99.4%

Financial Services

0.0%
0.1%

Utilities

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Real Estate

RWR
98.6%
REZ
99.4%

Financial Services

RWR
0.0%
REZ
0.1%

Utilities

RWR
0.0%
REZ

-

Basic Materials

RWR

-

REZ

-

Communication Services

RWR

-

REZ

-

Consumer Cyclical

RWR

-

REZ

-

Consumer Defensive

RWR

-

REZ

-

Energy

RWR

-

REZ

-

Healthcare

RWR

-

REZ

-

Industrials

RWR

-

REZ

-

Technology

RWR

-

REZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Dow Jones REIT ETF

iShares Residential Real Estate ETF

Often compared with RWR:
RWR vs. VNQRWR vs. SCHHRWR vs. FRIRWR vs. VOORWR vs. SPYRWR vs. VGSLXRWR vs. EUEA.AS
Often compared with REZ:
REZ vs. VNQREZ vs. IYRREZ vs. HAUSREZ vs. NUREREZ vs. AVBREZ vs. UREREZ vs. FRESX

Return for Risk

RWR vs. REZ — 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
REZ
REZ Risk / Return Rank: 2020
Overall Rank
REZ Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
REZ Sortino Ratio Rank: 1818
Sortino Ratio Rank
REZ Omega Ratio Rank: 1818
Omega Ratio Rank
REZ Calmar Ratio Rank: 2323
Calmar Ratio Rank
REZ Martin Ratio Rank: 2424
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. REZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) and iShares Residential Real Estate ETF (REZ). 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.

RWRREZDifference
Sharpe ratioReturn per unit of total volatility
1.16
0.66

+0.50

Sortino ratioReturn per unit of downside risk
1.63
0.97

+0.66

Omega ratioGain probability vs. loss probability

1.20

1.12

+0.08

Calmar ratioReturn relative to maximum drawdown

1.93

1.07

+0.86

Martin ratioReturn relative to average drawdown

6.55

3.27

+3.28

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. REZ - Sharpe Ratio Comparison

The current RWR Sharpe Ratio is 1.16, which is higher than the REZ Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of RWR and REZ, 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

RWRREZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

0.66

+0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

0.21

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.24

0.30

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.24

+0.07

Drawdowns

RWR vs. REZ - Drawdown Comparison

The maximum RWR drawdown since its inception was -74.92%, which is greater than REZ's maximum drawdown of -66.87%. Use the drawdown chart below to compare losses from any high point for RWR and REZ.

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Drawdown Indicators

RWRREZDifference

Max Drawdown

Largest peak-to-trough decline

-74.92%

-66.87%

-8.05%

Max Drawdown (1Y)

Largest decline over 1 year

-8.04%

-8.76%

+0.72%

Max Drawdown (3Y)

Largest decline over 3 years

-18.85%

-18.39%

-0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-32.58%

-35.05%

+2.47%

Max Drawdown (10Y)

Largest decline over 10 years

-44.39%

-44.15%

-0.24%

Current Drawdown

Current decline from peak

-3.09%

-4.21%

+1.12%

Average Drawdown

Average peak-to-trough decline

-13.11%

-12.69%

-0.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.36%

2.86%

-0.50%

Volatility

RWR vs. REZ - Volatility Comparison

The current volatility for SPDR Dow Jones REIT ETF (RWR) is 4.09%, while iShares Residential Real Estate ETF (REZ) has a volatility of 4.39%. This indicates that RWR experiences smaller price fluctuations and is considered to be less risky than REZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWRREZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

4.39%

-0.30%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

10.66%

-1.15%

Volatility (1Y)

Calculated over the trailing 1-year period

13.39%

14.32%

-0.93%

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%

21.52%

-0.01%

RWR vs. REZ - Expense Ratio Comparison

RWR has a 0.25% expense ratio, which is lower than REZ's 0.48% expense ratio.

Dividends

RWR vs. REZ - Dividend Comparison

RWR's dividend yield for the trailing twelve months is around 3.44%, more than REZ's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
REZ
iShares Residential Real Estate ETF		2.15%2.74%2.26%2.94%3.37%1.81%3.17%2.90%3.63%3.57%5.55%3.18%
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 0.93, RWR and REZ 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.

REZ has higher volatility (4.39%) compared to RWR (4.09%). In terms of maximum drawdown, RWR dropped -74.92% vs REZ's -66.87%.

On 10-year performance, REZ leads with 6.37% vs 5.15% for RWR. On fees, RWR is cheaper at 0.25% per year. On volatility, RWR has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, REZ has performed better with a 6.37% 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 0.48% for REZ.

RWR has the higher dividend yield at 3.44%, compared with 2.15% for REZ.

RWR tracks Dow Jones U.S. Select REIT Index, while REZ tracks FTSE NAREIT All Residential Capped Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.25% for RWR and 0.48% for REZ.

RWR currently has the higher Sharpe Ratio (1.16 vs 0.66), 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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