RWX vs. FRI
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 0.79%/yr vs 5.93%/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
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Returns By Period
In the year-to-date period, RWX achieves a -4.24% return, which is significantly lower than FRI's 16.71% return. Over the past 10 years, RWX has underperformed FRI with an annualized return of 0.79%, while FRI has yielded a comparatively higher 5.93% annualized return.
RWX
- 1D
- -0.42%
- 1M
- -2.81%
- YTD
- -4.24%
- 6M
- -3.90%
- 1Y
- 1.35%
- 3Y*
- 6.38%
- 5Y*
- -2.78%
- 10Y*
- 0.79%
FRI
- 1D
- 1.36%
- 1M
- 1.57%
- YTD
- 16.71%
- 6M
- 17.19%
- 1Y
- 17.99%
- 3Y*
- 13.61%
- 5Y*
- 5.21%
- 10Y*
- 5.93%
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 | -4.24% | 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 | 16.71% | 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 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | 0.59 |
The correlation between RWX and FRI shifts across timeframes, from 0.53 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
RWX vs. FRI — Risk / Return Rank
RWX
FRI
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.
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.
| RWX | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.23 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 2.39 | -2.29 |
| Martin ratioReturn relative to average drawdown | 0.26 | 7.53 | -7.27 |
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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.
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Drawdown Indicators
| RWX | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -15.55% | -0.25% | -15.30% |
Average DrawdownAverage peak-to-trough decline | -20.28% | -13.67% | -6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 2.40% | +2.76% |
Volatility
RWX vs. FRI - Volatility Comparison
The current volatility for SPDR DJ Wilshire International Real Estate ETF (RWX) is 4.02%, while First Trust S&P REIT Index Fund (FRI) has a volatility of 5.30%. This indicates that RWX experiences smaller price fluctuations and is considered to be less risky than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWX | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 5.30% | -1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 9.99% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.56% | 13.70% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 18.69% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.32% | 21.10% | -4.78% |
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 4.09%, more than FRI's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.49% | 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 | 4.09% | 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
RWX and FRI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRI has higher volatility (5.30%) compared to RWX (4.02%). In terms of maximum drawdown, RWX dropped -73.62% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.93% vs 0.79% for RWX. On fees, FRI is cheaper at 0.50% per year. On volatility, RWX has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FRI has performed better with a 5.93% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.59% for RWX.
RWX has the higher dividend yield at 4.09%, compared with 2.49% for 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.
FRI currently has the higher Sharpe Ratio (1.32 vs 0.10), 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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