RWX vs. FRI

Last updated Jun 4, 2026

RWX (SPDR DJ Wilshire International Real Estate ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - RWX tracks the Dow Jones Global ex-U.S. Real Estate Securities Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, RWX returned 0.36%/yr vs 5.62%/yr for FRI. A 0.59 correlation means they provide meaningful diversification when combined. RWX charges 0.59%/yr vs 0.50%/yr for FRI.

Performance

RWX vs. FRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR DJ Wilshire International Real Estate ETF (RWX) and First Trust S&P REIT Index Fund (FRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWX achieves a -3.34% return, which is significantly lower than FRI's 11.90% return. Over the past 10 years, RWX has underperformed FRI with an annualized return of 0.36%, while FRI has yielded a comparatively higher 5.62% annualized return.

RWX

• 1D: -1.01%
• 1M: -3.50%
• YTD: -3.34%
• 6M: -2.26%
• 1Y: 3.84%
• 3Y*: 5.03%
• 5Y*: -2.65%
• 10Y*: 0.36%

FRI

• 1D: 0.21%
• 1M: -0.46%
• YTD: 11.90%
• 6M: 10.60%
• 1Y: 14.73%
• 3Y*: 11.09%
• 5Y*: 4.41%
• 10Y*: 5.62%

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

RWX vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWX SPDR DJ Wilshire International Real Estate ETF	-3.34%	26.24%	-12.15%	6.25%	-21.84%	9.34%	-9.03%	19.88%	-8.25%	15.50%
FRI First Trust S&P REIT Index Fund	11.90%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%

Correlation

The correlation between RWX and FRI is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.59

The correlation between RWX and FRI has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

RWX vs. FRI - Sectors Allocation Comparison

Sectors	RWX	FRI
Real Estate	60.5%	96.2%
Consumer Cyclical	3.1%	-
Financial Services	2.8%	2.3%
Technology	2.7%	-
Healthcare	1.5%	-
Energy	1.2%	-
Industrials	0.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Utilities	-	0.8%

Return for Risk

RWX vs. FRI — Risk / Return Rank

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

RWX

RWX Risk / Return Rank: 12
RWX Sharpe Ratio Rank: 13
RWX Sortino Ratio Rank: 12
RWX Omega Ratio Rank: 12
RWX Calmar Ratio Rank: 12
RWX Martin Ratio Rank: 13

FRI

FRI Risk / Return Rank: 34
FRI Sharpe Ratio Rank: 31
FRI Sortino Ratio Rank: 29
FRI Omega Ratio Rank: 29
FRI Calmar Ratio Rank: 40
FRI Martin Ratio Rank: 39

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.

RWX vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR DJ Wilshire International Real Estate ETF (RWX) and First Trust S&P REIT Index Fund (FRI). 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.

	RWX	FRI	Difference
Sharpe ratio: Return per unit of total volatility	0.29	1.13	-0.84
Sortino ratio: Return per unit of downside risk	0.50	1.59	-1.08
Omega ratio: Gain probability vs. loss probability	1.06	1.20	-0.14
Calmar ratio: Return relative to maximum drawdown	0.28	1.95	-1.67
Martin ratio: Return relative to average drawdown	0.85	6.21	-5.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWX vs. FRI - Sharpe Ratio Comparison

The current RWX Sharpe Ratio is 0.29, which is lower than the FRI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of RWX and FRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RWX	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	1.13	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	0.24	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.27	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.18	-0.15

Drawdowns

RWX vs. FRI - Drawdown Comparison

The maximum RWX drawdown since its inception was -73.62%, roughly equal to the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for RWX and FRI.

Drawdown Indicators

	RWX	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-73.62%	-71.95%	-1.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.58%	-7.57%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-18.90%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-35.91%	-31.21%	-4.70%
Max Drawdown (10Y) Largest decline over 10 years	-43.37%	-44.16%	+0.79%
Current Drawdown Current decline from peak	-14.76%	-3.24%	-11.52%
Average Drawdown Average peak-to-trough decline	-20.30%	-13.70%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	2.38%	+2.16%

Volatility

RWX vs. FRI - Volatility Comparison

SPDR DJ Wilshire International Real Estate ETF (RWX) and First Trust S&P REIT Index Fund (FRI) have volatilities of 4.07% and 3.93%, 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.

Volatility by Period

	RWX	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	3.93%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	9.14%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	13.05%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	18.65%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	21.06%	-4.57%

RWX vs. FRI - Expense Ratio Comparison

RWX has a 0.59% expense ratio, which is higher than FRI's 0.50% expense ratio.

Dividends

RWX vs. FRI - Dividend Comparison

RWX's dividend yield for the trailing twelve months is around 3.78%, more than FRI's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRI First Trust S&P REIT Index Fund	2.60%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%
RWX SPDR DJ Wilshire International Real Estate ETF	3.78%	3.65%	4.32%	3.90%	4.05%	4.62%	2.92%	8.94%	5.28%	2.77%	8.74%	2.94%

Frequently Asked Questions

Can I hold both RWX and FRI in my portfolio?

RWX and FRI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWX or FRI?

RWX has higher volatility (4.07%) compared to FRI (3.93%). In terms of maximum drawdown, RWX dropped -73.62% vs FRI's -71.95%.

Which ETF is better, RWX or FRI?

On 10-year performance, FRI leads with 5.62% vs 0.36% for RWX. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWX or FRI?

Over the 10-year period, FRI has performed better with a 5.62% return vs 0.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWX or FRI?

FRI is cheaper with a 0.50% expense ratio, compared with 0.59% for RWX.

Which ETF pays a higher dividend yield, RWX or FRI?

RWX has the higher dividend yield at 3.78%, compared with 2.60% for FRI.

What is the main difference between RWX and FRI?

RWX tracks Dow Jones Global ex-U.S. Real Estate Securities Index, while FRI tracks S&P United States REIT. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.59% for RWX and 0.50% for FRI.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.13 vs 0.29), 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.