REZ vs SPY
iShares Residential and Multisector Real Estate ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, REZ or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 72.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | REZ | SPY |
|---|---|---|
| Expense Ratio | 0.48% | 0.09%Best |
| AUM | $854M | $804.7B |
| Dividend Yield | 2.01% | 0.98% |
| Holdings | 42 | 505 |
| YTD Return | +11.48% | +12.22%Best |
| 1Y Return | +12.29% | +16.97%Best |
| 3Y Return (annualized) | +12.36% | +21.16%Best |
| 5Y Return (annualized) | +3.35% | +13.00%Best |
| Volatility (annualized) | 20.8% | 15.5%Best |
| Max Drawdown | -70.3% | -56.5%Best |
| $10,000 over 5 years | $11,791 | $18,424Best |
| Top 10 Weight | 72.9% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | May 1, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 4, 2007 to Sep 17, 2026 (19.4 years).
REZ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.4 years both funds cover.
REZ vs SPY Performance
iShares Residential and Multisector Real Estate ETF (REZ) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year REZ returned +12.29% while SPY returned +16.97%. Year to date, REZ is up 11.48% versus a gain of 12.22% for SPY.
Over three years, REZ compounded at +12.36% per year against +21.16% for SPY; over five years the annualized figures are +3.35% and +13.00% respectively. Across the full 19-year window we track, SPY has the edge at +9.14% annualized vs +4.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
REZ has been the more volatile fund, with annualized monthly volatility of 20.8% compared with 15.5% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -70.3% for REZ and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.66. They move together some of the time, and apart the rest.
Fees and Cost Over Time
REZ charges 0.48% per year while SPY charges 0.09%. On a $10,000 position that is $48 vs $9 annually, a gap of $39 per year that compounds over a long holding period. On income, REZ currently yields 2.01% against 0.98% for SPY.
Holdings Overlap
76.4% of REZ's money is in holdings SPY also owns. 0.7% of SPY's money is in holdings REZ also owns.
Most of REZ is already inside SPY. Owning both mostly buys the same companies twice.
12 positions in common, counted across the 37 positions we hold weights for in REZ and 504 in SPY, against full books of 42 and 505.
What only one of them owns
Our book lists 485 positions for SPY that do not appear in our book for REZ (98.7% of the fund), and 25 for REZ that do not appear in SPY (23.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in REZ | Weight in SPY | Difference |
|---|---|---|---|
| WELLWelltower, Inc. | 24.90% | 0.26% | 24.64% |
| PSAPublic Storage | 9.44% | 0.08% | 9.36% |
| EQRVivmark Residential | 8.50% | 0.07% | 8.43% |
| VTRVentas Inc . | 8.09% | 0.07% | 8.02% |
| EXRExtra Space Storage Inc. | 5.41% | 0.05% | 5.36% |
| ESSEssex Property | 3.78% | 0.03% | 3.75% |
| INVHInvitation Homes Inc. Reit | 3.60% | 0.02% | 3.58% |
| MAAMid-america Apartment | 3.11% | 0.02% | 3.09% |
| DOCHealthpeak Properties Inc | 3.01% | 0.02% | 2.99% |
| UDRUdr Inc. | 2.50% | 0.02% | 2.48% |
76.4% of REZ is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, REZ or SPY?
REZ has an expense ratio of 0.48% while SPY charges 0.09%. SPY is the cheaper option, by $39 a year on a $10,000 investment.
Which performed better, REZ or SPY?
Over the past year REZ returned +12.29% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), REZ annualized +4.03% vs +9.14% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, REZ or SPY?
REZ has been the more volatile fund at 20.8% annualized versus 15.5% for SPY. Worst drawdown: REZ -70.3% vs SPY -56.5%.
Should I hold both REZ and SPY?
REZ and SPY have a monthly-return correlation of 0.66, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between REZ and SPY?
76.4% of REZ's money is in holdings SPY also owns. 0.7% of SPY's is in holdings REZ also owns. They hold 12 positions in common, counted across the 37 positions we hold weights for in REZ and 504 in SPY.
Which pays a higher dividend, REZ or SPY?
REZ yields 2.01% while SPY yields 0.98%, so REZ currently pays the higher dividend yield.
Is SPY better than REZ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 72.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.