XLRE vs. ICF

Last updated Jun 4, 2026

XLRE (Real Estate Select Sector SPDR Fund) and ICF (iShares Cohen & Steers REIT ETF) are both REIT funds - XLRE tracks the Real Estate Select Sector Index while ICF tracks the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, XLRE returned 6.68%/yr vs 5.54%/yr for ICF. With a 0.97 correlation, they move nearly in lockstep. XLRE charges 0.13%/yr vs 0.34%/yr for ICF.

Performance

XLRE vs. ICF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Real Estate Select Sector SPDR Fund (XLRE) and iShares Cohen & Steers REIT ETF (ICF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLRE achieves a 8.56% return, which is significantly lower than ICF's 12.19% return. Over the past 10 years, XLRE has outperformed ICF with an annualized return of 6.68%, while ICF has yielded a comparatively lower 5.54% annualized return.

XLRE

• 1D: 0.05%
• 1M: -1.29%
• YTD: 8.56%
• 6M: 7.82%
• 1Y: 8.12%
• 3Y*: 9.43%
• 5Y*: 2.86%
• 10Y*: 6.68%

ICF

• 1D: 0.17%
• 1M: -0.92%
• YTD: 12.19%
• 6M: 11.56%
• 1Y: 11.29%
• 3Y*: 10.12%
• 5Y*: 3.01%
• 10Y*: 5.54%

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

XLRE vs. ICF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLRE Real Estate Select Sector SPDR Fund	8.56%	2.63%	5.09%	12.36%	-26.25%	46.10%	-2.18%	28.68%	-2.39%	10.69%
ICF iShares Cohen & Steers REIT ETF	12.19%	1.85%	5.30%	10.36%	-26.12%	44.17%	-5.43%	25.48%	-2.55%	4.90%

Correlation

The correlation between XLRE and ICF is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015	0.97

The correlation between XLRE and ICF has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

XLRE vs. ICF - Sectors Allocation Comparison

Sectors	XLRE	ICF
Real Estate	98.1%	100.0%
Basic Materials	1.8%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XLRE vs. ICF — Risk / Return Rank

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

XLRE

XLRE Risk / Return Rank: 19
XLRE Sharpe Ratio Rank: 18
XLRE Sortino Ratio Rank: 17
XLRE Omega Ratio Rank: 17
XLRE Calmar Ratio Rank: 21
XLRE Martin Ratio Rank: 22

ICF

ICF Risk / Return Rank: 25
ICF Sharpe Ratio Rank: 23
ICF Sortino Ratio Rank: 22
ICF Omega Ratio Rank: 22
ICF Calmar Ratio Rank: 28
ICF Martin Ratio Rank: 28

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.

XLRE vs. ICF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Real Estate Select Sector SPDR Fund (XLRE) and iShares Cohen & Steers REIT ETF (ICF). 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.

	XLRE	ICF	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.84	-0.23
Sortino ratio: Return per unit of downside risk	0.90	1.20	-0.30
Omega ratio: Gain probability vs. loss probability	1.11	1.15	-0.04
Calmar ratio: Return relative to maximum drawdown	0.98	1.38	-0.40
Martin ratio: Return relative to average drawdown	2.69	3.92	-1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLRE vs. ICF - Sharpe Ratio Comparison

The current XLRE Sharpe Ratio is 0.61, which is comparable to the ICF Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of XLRE and ICF, 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

	XLRE	ICF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.84	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.16	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.27	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.31	+0.04

Drawdowns

XLRE vs. ICF - Drawdown Comparison

The maximum XLRE drawdown since its inception was -38.83%, smaller than the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for XLRE and ICF.

Drawdown Indicators

	XLRE	ICF	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-76.74%	+37.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-8.20%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-17.25%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-34.12%	-34.74%	+0.62%
Max Drawdown (10Y) Largest decline over 10 years	-38.83%	-40.22%	+1.39%
Current Drawdown Current decline from peak	-2.98%	-2.67%	-0.31%
Average Drawdown Average peak-to-trough decline	-9.61%	-14.18%	+4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.88%	+0.15%

Volatility

XLRE vs. ICF - Volatility Comparison

Real Estate Select Sector SPDR Fund (XLRE) and iShares Cohen & Steers REIT ETF (ICF) have volatilities of 3.71% and 3.71%, 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

	XLRE	ICF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	3.71%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	9.85%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	13.57%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	18.91%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	20.58%	-0.18%

XLRE vs. ICF - Expense Ratio Comparison

XLRE has a 0.13% expense ratio, which is lower than ICF's 0.34% expense ratio.

Dividends

XLRE vs. ICF - Dividend Comparison

XLRE's dividend yield for the trailing twelve months is around 3.22%, more than ICF's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICF iShares Cohen & Steers REIT ETF	2.48%	2.88%	2.66%	2.76%	2.64%	1.82%	2.38%	2.55%	3.20%	3.10%	4.21%	3.30%
XLRE Real Estate Select Sector SPDR Fund	3.22%	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

Can I hold both XLRE and ICF in my portfolio?

With a correlation of 0.98, XLRE and ICF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XLRE or ICF?

ICF has higher volatility (3.71%) compared to XLRE (3.71%). In terms of maximum drawdown, XLRE dropped -38.83% vs ICF's -76.74%.

Which ETF is better, XLRE or ICF?

On 10-year performance, XLRE leads with 6.68% vs 5.54% for ICF. On fees, XLRE is cheaper at 0.13% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLRE or ICF?

Over the 10-year period, XLRE has performed better with a 6.68% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLRE or ICF?

XLRE is cheaper with a 0.13% expense ratio, compared with 0.34% for ICF.

Which ETF pays a higher dividend yield, XLRE or ICF?

XLRE has the higher dividend yield at 3.22%, compared with 2.48% for ICF.

What is the main difference between XLRE and ICF?

XLRE tracks Real Estate Select Sector Index, while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.13% for XLRE and 0.34% for ICF.

Which has better risk-adjusted returns?

ICF currently has the higher Sharpe Ratio (0.84 vs 0.61), 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.