RWR vs. SPY
RWR (SPDR Dow Jones REIT ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - RWR is a REIT fund tracking the Dow Jones U.S. Select REIT Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, RWR returned 5.04%/yr vs 15.07%/yr for SPY. Their 0.59 correlation means they have sometimes moved together and sometimes differently. RWR charges 0.25%/yr vs 0.09%/yr for SPY.
Performance
RWR vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, RWR achieves a 19.80% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, RWR has underperformed SPY with an annualized return of 5.04%, while SPY has yielded a comparatively higher 15.07% annualized return.
RWR
- 1D
- -0.40%
- 1M
- 0.66%
- 6M
- 16.61%
- YTD
- 19.80%
- 1Y
- 26.30%
- 3Y*
- 11.91%
- 5Y*
- 4.74%
- 10Y*
- 5.04%
- ALL TIME*
- 8.88%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.72M | $37.86M | $34.73M | |
| $37.27B | $35.99B | $39.23B |
RWR vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWR SPDR Dow Jones REIT ETF | 19.80% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between RWR and SPY is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2001 | 0.59 |
Over the past year, the correlation between RWR and SPY has dropped to 0.19 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
RWR vs. SPY — Risk / Return Rank
RWR
SPY
RWR vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.27 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 2.20 | +1.01 |
| Martin ratioReturn relative to average drawdown | 11.41 | 9.40 | +2.01 |
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Drawdowns
RWR vs. SPY - Drawdown Comparison
The maximum RWR drawdown since its inception was -74.92%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RWR and SPY.
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Drawdown Indicators
| RWR | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.92% | -55.19% | -19.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -8.88% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -18.76% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -32.58% | -24.50% | -8.08% |
Max Drawdown (10Y)Largest decline over 10 years | -44.39% | -33.72% | -10.67% |
Current DrawdownCurrent decline from peak | -2.72% | -1.40% | -1.32% |
Average DrawdownAverage peak-to-trough decline | -13.03% | -9.01% | -4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 2.08% | +0.18% |
Volatility
RWR vs. SPY - Volatility Comparison
SPDR Dow Jones REIT ETF (RWR) has a higher volatility of 4.99% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that RWR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWR | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 3.58% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.99% | 10.14% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 12.89% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 17.18% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.57% | 17.95% | +3.62% |
RWR vs. SPY - Expense Ratio Comparison
RWR has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
RWR vs. SPY - Dividend Comparison
RWR's dividend yield for the trailing twelve months is around 3.26%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWR SPDR Dow Jones REIT ETF | 3.26% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
RWR and SPY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWR has higher volatility (4.99%) compared to SPY (3.58%). In terms of maximum drawdown, RWR dropped -74.92% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs 5.04% for RWR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for RWR.
RWR has the higher dividend yield at 3.26%, compared with 1.01% for SPY.
RWR is categorized as REIT, while SPY is S&P 500. RWR tracks Dow Jones U.S. Select REIT Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.25% for RWR and 0.09% for SPY.
RWR currently has the higher Sharpe Ratio (1.84 vs 1.52), 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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