TRET.AS vs. GBRE.L
TRET.AS (VanEck Global Real Estate UCITS ETF) and GBRE.L (SPDR® Dow Jones Global Real Estate UCITS ETF) are both REIT funds tracking the FTSE EPRA Nareit Global TR USD, from VanEck and State Street respectively. Both are passively managed. Over the past 10 years, TRET.AS returned 3.57%/yr vs 2.82%/yr for GBRE.L. Their correlation of 0.87 suggests significant overlap in exposure. TRET.AS charges 0.25%/yr vs 0.40%/yr for GBRE.L.
Performance
TRET.AS vs. GBRE.L - Performance Comparison
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Different Trading Currencies
TRET.AS is traded in EUR, while GBRE.L is traded in GBP. To make them comparable, the GBRE.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, TRET.AS achieves a 5.17% return, which is significantly lower than GBRE.L's 7.14% return. Over the past 10 years, TRET.AS has outperformed GBRE.L with an annualized return of 3.57%, while GBRE.L has yielded a comparatively lower 2.82% annualized return.
TRET.AS
- 1D
- 0.05%
- 1M
- -2.38%
- YTD
- 5.17%
- 6M
- 3.91%
- 1Y
- 8.39%
- 3Y*
- 7.79%
- 5Y*
- 3.24%
- 10Y*
- 3.57%
GBRE.L
- 1D
- 0.20%
- 1M
- -0.26%
- YTD
- 7.14%
- 6M
- 6.01%
- 1Y
- 8.24%
- 3Y*
- 5.20%
- 5Y*
- 1.94%
- 10Y*
- 2.82%
TRET.AS vs. GBRE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRET.AS VanEck Global Real Estate UCITS ETF | 5.17% | 1.05% | 8.21% | 9.09% | -21.18% | 40.50% | -14.55% | 21.60% | 0.17% | -3.69% |
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF | 7.14% | -3.95% | 5.83% | 7.48% | -20.61% | 40.66% | -18.51% | 24.22% | -1.37% | -3.91% |
Correlation
The correlation between TRET.AS and GBRE.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2012 | 0.87 |
The correlation between TRET.AS and GBRE.L has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
TRET.AS vs. GBRE.L — Risk / Return Rank
TRET.AS
GBRE.L
TRET.AS vs. GBRE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Global Real Estate UCITS ETF (TRET.AS) and SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L). 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.
| TRET.AS | GBRE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 1.05 | -0.02 |
| Martin ratioReturn relative to average drawdown | 3.30 | 3.29 | +0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRET.AS | GBRE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.70 | 0.71 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.13 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.17 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.32 | -0.32 |
Drawdowns
TRET.AS vs. GBRE.L - Drawdown Comparison
The maximum TRET.AS drawdown since its inception was -99.19%, which is greater than GBRE.L's maximum drawdown of -41.12%. Use the drawdown chart below to compare losses from any high point for TRET.AS and GBRE.L.
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Drawdown Indicators
| TRET.AS | GBRE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.19% | -41.12% | -58.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -7.85% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -17.23% | -19.17% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -30.50% | -30.67% | +0.17% |
Max Drawdown (10Y)Largest decline over 10 years | -41.80% | -41.12% | -0.68% |
Current DrawdownCurrent decline from peak | -97.59% | -9.44% | -88.15% |
Average DrawdownAverage peak-to-trough decline | -96.63% | -11.34% | -85.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 2.50% | +0.02% |
Volatility
TRET.AS vs. GBRE.L - Volatility Comparison
VanEck Global Real Estate UCITS ETF (TRET.AS) has a higher volatility of 3.66% compared to SPDR® Dow Jones Global Real Estate UCITS ETF (GBRE.L) at 3.24%. This indicates that TRET.AS's price experiences larger fluctuations and is considered to be riskier than GBRE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRET.AS | GBRE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.66% | 3.24% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 9.01% | 8.41% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.81% | 11.50% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.87% | 15.06% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.25% | 16.67% | -0.42% |
TRET.AS vs. GBRE.L - Expense Ratio Comparison
TRET.AS has a 0.25% expense ratio, which is lower than GBRE.L's 0.40% expense ratio.
Dividends
TRET.AS vs. GBRE.L - Dividend Comparison
TRET.AS's dividend yield for the trailing twelve months is around 3.49%, more than GBRE.L's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBRE.L SPDR® Dow Jones Global Real Estate UCITS ETF | 0.75% | 1.45% | 2.73% | 2.66% | 2.84% | 1.79% | 2.76% | 3.25% | 4.30% | 3.99% | 2.40% | 2.09% |
TRET.AS VanEck Global Real Estate UCITS ETF | 3.49% | 3.66% | 3.41% | 3.67% | 4.68% | 1.78% | 4.43% | 3.33% | 4.31% | 3.16% | 3.13% | 2.55% |
Frequently Asked Questions
TRET.AS and GBRE.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRET.AS is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRET.AS is cheaper with a 0.25% expense ratio, compared with 0.40% for GBRE.L.
Both ETFs track FTSE EPRA Nareit Global TR USD. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.25% for TRET.AS and 0.40% for GBRE.L.
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