RWO vs SPY
State Street SPDR Dow Jones Global Real Estate ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, RWO 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 38.0% of the fund in its ten largest positions against 43.8%.
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 | RWO | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $1.3B | $814.4B |
| Dividend Yield | 3.14% | 1.01% |
| Holdings | 244 | 505 |
| YTD Return | +10.80% | +13.34%Best |
| 1Y Return | +13.10% | +19.97%Best |
| 3Y Return (annualized) | +10.27% | +21.20%Best |
| 5Y Return (annualized) | +1.32% | +12.81%Best |
| Volatility (annualized) | 20.0% | 15.7%Best |
| Max Drawdown | -69.6% | -52.4%Best |
| $10,000 over 5 years | $10,678 | $18,270Best |
| Top 10 Weight | 43.8% | 38.0%Best |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | May 7, 2008 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 13, 2008 to Sep 4, 2026 (18.3 years).
RWO 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 18.3 years both funds cover.
RWO vs SPY Performance
State Street SPDR Dow Jones Global Real Estate ETF (RWO) is an ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year RWO returned +13.10% while SPY returned +19.97%. Year to date, RWO is up 10.80% versus a gain of 13.34% for SPY.
Over three years, RWO compounded at +10.27% per year against +21.20% for SPY; over five years the annualized figures are +1.32% and +12.81% respectively. Across the full 18-year window we track, SPY has the edge at +10.18% annualized vs +0.87%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RWO has been the more volatile fund, with annualized monthly volatility of 20.0% compared with 15.7% 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 -69.6% for RWO and -52.4% 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
RWO charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, RWO currently yields 3.14% against 1.01% for SPY.
Holdings Overlap
54.3% of RWO's money is in holdings SPY also owns. 1.4% of SPY's money is in holdings RWO also owns.
The two portfolios partly overlap.
23 positions in common, counted across the 223 positions we hold weights for in RWO and 503 in SPY, against full books of 244 and 505.
What only one of them owns
Our book lists 470 positions for SPY that do not appear in our book for RWO (98.0% of the fund), and 76 for RWO that do not appear in SPY (18.5%).
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 RWO | Weight in SPY | Difference |
|---|---|---|---|
| WELLWelltower, Inc. | 9.63% | 0.25% | 9.38% |
| PLDPrologis Inc | 7.65% | 0.19% | 7.46% |
| EQIXEquinix Inc - Common | 5.92% | 0.16% | 5.76% |
| SPGSimon Property Group Inc. Reit Com | 4.16% | 0.11% | 4.05% |
| DLRDigital Realty Trust Inc. | 3.88% | 0.10% | 3.78% |
| ORealty Income Corp. | 3.36% | 0.09% | 3.27% |
| PSAPublic Storage | 3.18% | 0.08% | 3.10% |
| VTRVentas, Inc. | 2.62% | 0.07% | 2.55% |
| EXRExtra Space Storage Inc. Reit | 1.82% | 0.05% | 1.77% |
| AVBAvalonbay Communities Inc Avb | 1.50% | 0.04% | 1.46% |
54.3% of RWO 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, RWO or SPY?
RWO has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, RWO or SPY?
Over the past year RWO returned +13.10% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), RWO annualized +0.87% vs +10.18% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RWO or SPY?
RWO has been the more volatile fund at 20.0% annualized versus 15.7% for SPY. Worst drawdown: RWO -69.6% vs SPY -52.4%.
Should I hold both RWO and SPY?
RWO and SPY have a monthly-return correlation of 0.81, 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 RWO and SPY?
54.3% of RWO's money is in holdings SPY also owns. 1.4% of SPY's is in holdings RWO also owns. They hold 23 positions in common, counted across the 223 positions we hold weights for in RWO and 503 in SPY.
Which pays a higher dividend, RWO or SPY?
RWO yields 3.14% while SPY yields 1.01%, so RWO currently pays the higher dividend yield.
Is SPY better than RWO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 43.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.