SPDW vs. XLRE
SPDW (SPDR Portfolio World ex-US ETF) and XLRE (Real Estate Select Sector SPDR Fund) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while XLRE is a REIT fund tracking the Real Estate Select Sector Index. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 7.15%/yr for XLRE. A 0.50 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.13%/yr for XLRE.
Performance
SPDW vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, SPDW achieves a 14.86% return, which is significantly higher than XLRE's 13.17% return. Over the past 10 years, SPDW has outperformed XLRE with an annualized return of 10.64%, while XLRE has yielded a comparatively lower 7.15% annualized return.
SPDW
- 1D
- 0.29%
- 1M
- 1.53%
- YTD
- 14.86%
- 6M
- 16.65%
- 1Y
- 31.27%
- 3Y*
- 19.01%
- 5Y*
- 9.30%
- 10Y*
- 10.64%
XLRE
- 1D
- 0.98%
- 1M
- 3.30%
- YTD
- 13.17%
- 6M
- 13.29%
- 1Y
- 12.05%
- 3Y*
- 10.41%
- 5Y*
- 3.32%
- 10Y*
- 7.15%
SPDW vs. XLRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 14.86% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 9.90% | 22.41% | -14.22% | 25.81% |
XLRE Real Estate Select Sector SPDR Fund | 13.17% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between SPDW and XLRE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015 | 0.50 |
The correlation between SPDW and XLRE shifts across timeframes, from 0.42 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPDW vs. XLRE — Risk / Return Rank
SPDW
XLRE
SPDW vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and Real Estate Select Sector SPDR Fund (XLRE). 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.
| SPDW | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.15 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.34 | +1.23 |
| Martin ratioReturn relative to average drawdown | 9.95 | 3.69 | +6.26 |
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Drawdowns
SPDW vs. XLRE - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, which is greater than XLRE's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for SPDW and XLRE.
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Drawdown Indicators
| SPDW | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -38.83% | -21.19% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -8.33% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | -16.74% | +3.21% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -34.12% | +3.91% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | -38.83% | +3.85% |
Current DrawdownCurrent decline from peak | -0.99% | 0.00% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -12.89% | -9.58% | -3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 3.03% | -0.04% |
Volatility
SPDW vs. XLRE - Volatility Comparison
SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to Real Estate Select Sector SPDR Fund (XLRE) at 4.81%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than XLRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPDW | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 4.81% | +2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 10.20% | +4.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.51% | 13.83% | +2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 19.10% | -2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 20.42% | -3.11% |
SPDW vs. XLRE - Expense Ratio Comparison
SPDW has a 0.04% expense ratio, which is lower than XLRE's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPDW vs. XLRE - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 2.87%, less than XLRE's 3.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 2.87% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
XLRE Real Estate Select Sector SPDR Fund | 3.08% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
SPDW and XLRE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDW has higher volatility (6.86%) compared to XLRE (4.81%). In terms of maximum drawdown, SPDW dropped -60.02% vs XLRE's -38.83%.
On 10-year performance, SPDW leads with 10.64% vs 7.15% for XLRE. On fees, SPDW is cheaper at 0.04% per year. On volatility, XLRE has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDW has performed better with a 10.64% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.13% for XLRE.
XLRE has the higher dividend yield at 3.08%, compared with 2.87% for SPDW.
SPDW is categorized as Foreign Large Cap Equities, while XLRE is REIT. SPDW tracks S&P Developed Ex-U.S. BMI Index, while XLRE tracks Real Estate Select Sector Index. Their fees differ too: 0.04% for SPDW and 0.13% for XLRE.
SPDW currently has the higher Sharpe Ratio (1.80 vs 0.81), 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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