DFGR vs RWO: Grades, Fees and Holdings Compared

Dimensional Global Real Estate ETF

DFGRANYSE Arca

State Street SPDR Dow Jones Global Real Estate ETF

RWOBNYSE Arca

Overlap

71.5%by weight

Expense ratio

DFGR −0.29pt a year

DFGR0.21%RWO0.50%

Avg volume · 30D

DFGR 4.4×the volume

DFGR543KRWO124K

3Y return · a year

RWO +0.4pt

DFGR+12.9%RWO+13.3%

DFGR vs RWO Performance

Oct 31, 2025 – Oct 30, 2026

+8.7%DFGR+9.5%RWO

Expense ratio: DFGR 0.21%, better; RWO 0.50%
Fund size: DFGR $3.91B; RWO $1.25B
1Y total return: DFGR +8.7%; RWO +9.5%, better
Yield (12M): DFGR 3.95%, better; RWO 3.42%
Holdings: DFGR 434; RWO 243
Avg volume (30D): DFGR 543K sh, better; RWO 124K sh
NAV per share: DFGR $28.03; RWO $47.65
52W range

ETF.net Grade

Pillar letters and Scores for DFGR, RWO, with each pillar’s weight
Pillar	DFGR	RWO
Cost30% weight	A82Higher	C44
Mission25% weight	Not scored	A94
Risk15% weight	B65	B66Higher
Tradability15% weight	A90Higher	A80
Holdings10% weight	B65Higher	C49
Durability5% weight	B68	A81Higher

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. DFGR and RWO are both graded against the same 18 Global & International Real Estate funds, so their Grades compare head to head.

Global & International Real Estate⁠

Category · 18 funds

See all 18 ›

DFGR ranks 2nd and RWO 7th of 18 funds in the Global & International Real Estate Category.

Rank 1AREETiShares Global REIT ETFScore 78
Rank 2ADFGRDimensional Global Real Estate ETFScore 77
Rank 3AHAUZXtrackers International Real Estate ETFScore 75
Rank 6BVGSRVert Global Sustainable Real Estate ETFScore 62
Rank 7BRWOState Street SPDR Dow Jones Global Real Estate ETFScore 58
Rank 8BERETiShares Environmentally Aware Real Estate ETFScore 54

Our read on each fund

ETF.net Research

DFGRADimensional Global Real Estate ETF

RWOBState Street SPDR Dow Jones Global Real Estate ETF

In short

DFGR One ticker for the world's landlords: US, developed and emerging-market REITs in a single market-cap-weighted portfolio, traded by Dimensional's desk rather than on an index calendar. Roughly 500 names.

RWO Global real estate without the assembly work: about 220 property companies across the US, developed markets and emerging markets, wrapped in one Dow Jones index fund that has been running since 2008.

Stated mandate

DFGR The fund seeks long-term capital appreciation by investing broadly in U.S. and non-U.S. companies principally engaged in real estate, including REITs and REIT-like entities.

RWO The fund seeks to track the total return performance of the Dow Jones Global Select Real Estate Securities Index and provide global exposure to publicly traded real estate securities.

Why people hold it

DFGR Fee is 0.21% net of a waiver through February 28, 2027 (0.22% gross), below the category median, though index peers REET (0.14%) and HAUZ (0.10%) charge less.
Holds US and non-US real estate, developed and emerging markets, in one wrapper. HAUZ and VNQI are ex-US only, so pairing them with a US REIT fund is the usual workaround.sec.gov
No index to shadow: the prospectus lets Dimensional weight by market cap while flexing trade timing and capping country or issuer exposure.sec.gov
A multi-billion-dollar fund that trades actively, and it pays distributions quarterly.

RWO One ticker covers the whole map. US landlords, developed international operators and emerging market names sit in the same portfolio, roughly 220 holdings deep.ssga.com
Launched in 2008 and now a multi-billion-dollar fund: a long-running, established vehicle rather than a recent product launch.
Hugs its Dow Jones benchmark tightly, and its overall build sits in the upper half of the global real estate group we track.
Income arrives on a quarterly schedule, the usual rhythm for a portfolio of rent-collecting property companies.

Worth knowing

DFGR Single-sector by design, so it moves with property markets and the rates that price them, with roughly 500 names spread across that one sector.
Foreign REITs mean currency moves land in your return; the fund may use currency forwards for settlement, not to hedge its exposure.sec.gov
Without a published index to track, there is no simple tracking-difference yardstick, and the waiver expires February 28, 2027, leaving the 0.22% gross fee.sec.gov

RWO The 0.50% fee is the middle of this peer group, but index rivals run far cheaper: HAUZ at 0.10%, VNQI at 0.12%, REET at 0.14%. The first two leave out US property.
One sector, spread worldwide: results follow the property cycle, and the non-US half brings currency swings along with it.
Volume is moderate rather than category-leading, so the bid-ask spread matters more here than in the busiest global real estate funds.

Full DFGR profile⁠

Full RWO profile⁠

DFGR vs RWO Holdings

How DFGR and RWO differ

Overlap by weight

71.5%

Shared holdings make up 83.2% of RWO and 71.6% of DFGR.

Level by level

Asset classReal Estate, Equity0.0%
Holdings148 in both71.5%
Countryby domicile92.4%
Sector8 Sectors97.5%

Sector

Sector weights in DFGR and RWO, widest gap first
Sector	More in DFGRMore in RWO	DFGR	RWO
Real Estate	DFGR +1.9 points	98.6%	96.7%
Consumer Discretionary	RWO +0.8 points	0.0%	0.8%
Technology	RWO +0.8 points	0.0%	0.8%
Financials	DFGR +0.5 points	1.3%	0.8%
Health Care	RWO +0.4 points	0.0%	0.4%
Energy	RWO +0.3 points	0.0%	0.3%
Industrials	RWO +0.1 points	0.0%	0.1%
Consumer Staples	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DFGR and RWO, widest gap first
Country	More in DFGRMore in RWO	DFGR	RWO
Australia	DFGR +3.7 points	6.0%	2.3%
Japan	RWO +2.6 points	4.4%	7.0%
Switzerland	RWO +1.4 points	0.0%	1.4%
United States	DFGR +1.0 points	75.3%	74.3%
Sweden	RWO +0.9 points	0.0%	0.9%
Hong Kong	RWO +0.8 points	0.9%	1.7%
Israel	RWO +0.8 points	0.0%	0.8%
South Africa	DFGR +0.6 points	1.0%	0.4%
Other countries (20)	DFGR +1.1 points	12.4%	11.3%

Outside the US: DFGR 89% developed, 11% emerging. RWO 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

DFGR41.9%
RWO45.8%

Securities held

DFGR414
RWO225

Asset class

DFGR: Real Estate
RWO: Equity

Holdings

Only in DFGR266
In both148
Only in RWO77

Only in DFGR

266 securities, 28.2% of DFGR by weight

American Tower Corp. Reit4.34%
Goodman Group2.23%
Iron Mountain Inc1.83%
Crown Castle Inc1.65%
Vici Properties Inc1.40%
Segro PLC1.01%
Sba Communications Corp0.87%
Lamar Advertising Co0.71%
Unibail-Rodamco-Westfield0.62%
Gaming and Leisure Proper0.52%
Klepierre SA0.49%
Land Securities Group PLC0.48%
Stockland0.42%
British Land Co Plc/The0.40%
Londonmetric Property PLC0.37%
Charter Hall Group0.37%
Aedifica SA0.37%
Tritax Big Box Reit PLC0.34%
Merlin Properties Socimi0.32%
Mirvac Group0.29%
Outfront Media Inc0.27%
Fibra Uno Administracion0.27%
Sabra Health Care Reit In0.26%
Warehouses De Pauw Cva0.25%
Prologis Property Mexico0.25%
Primary Health Properties0.22%
Shaftesbury Capital PLC0.19%
Embassy Office Parks Reit0.19%
Growthpoint Properties Lt0.18%
Derwent London PLC0.18%
Fibra Mty Sapi De Cv0.18%
Gecina SA0.17%
Hammerson PLC0.16%
Covivio0.14%
Redefine Properties Ltd0.14%
Lineage Inc0.13%
Inventrust Properties Cor0.13%
Mapletree Pan Asia Commer0.12%
Ltc Properties Inc0.12%
Riocan Real Estate Invest0.12%
Vukile Property Fund Ltd0.12%
First Capital Real Estate0.10%
Choice Properties Real Es0.10%
Big Yellow Group PLC0.09%
Colonial SFL Socimi SA0.09%
Hyprop Investments Ltd0.09%
Smartcentres Real Estate0.09%
Ingenia Communities Group0.09%
Unite Group Plc/The0.09%
Granite Real Estate Inves0.09%

Only in RWO

77 securities, 16.7% of RWO by weight

Mitsui Fudosan Co Ltd1.64%
Segro PLC0.92%
Swiss Prime Site Reg0.76%
Unibail Rodamco Westfield0.73%
Klepierre0.54%
Psp Swiss Property AG Reg0.51%
Hulic Co Ltd0.45%
Land Securities Group PLC0.44%
Aedifica0.40%
Wharf Real Estate Investment0.38%
British Land Co PLC0.35%
Merlin Properties Socimi SA0.35%
Londonmetric Property PLC0.33%
Nepi Rockcastle N.v.0.33%
Tritax Big Box Reit PLC0.32%
Trust Fibra Uno0.30%
Prologis Property Mexico SA0.29%
Warehouses De Pauw NV0.28%
Castellum Ab0.26%
Azrieli Group Ltd0.26%
Leg Immobilien SE0.25%
Sagax Ab B0.23%
Gecina SA0.23%
Mega Or Holdings Ltd0.23%
Lxp Industrial Trust0.22%
Fastighets Ab Balder B Shrs0.20%
Growthpoint Properties Ltd0.20%
Primary Health Properties0.20%
Corp Inmobiliaria Vesta Sab0.19%
Melisron0.19%
Swire Properties Ltd0.19%
Plaza SA Y Filiales0.17%
Shaftesbury Capital PLC0.17%
Hammerson PLC0.17%
Redefine Properties Ltd0.17%
Unite Group Plc/The0.16%
Covivio0.16%
Derwent London PLC0.16%
Parque Arauco S.a.0.16%
Central Pattana Pcl Nvdr0.16%
Big Yellow Group PLC0.15%
Janus Living Inc Class A 10.15%
Wharf Holdings Ltd0.14%
Riocan Real Estate Invst Tr0.13%
Mapletree Pan Asia Com Trust0.12%
Smartstop Self Storage Reit0.12%
Wihlborgs Fastigheter Ab0.11%
International Workplace Grou0.11%
Allos SA0.11%
Granite Real Estate Investme0.11%

Weight gaps

The 100 widest of 148 Holdings in both funds.

Holding weights in DFGR and RWO, widest gap first
Holding	More in DFGRMore in RWO	DFGR	RWO
Welltower IncWELL	RWO +1.51 points	8.71%	10.22%
Prologis Inc.PLD	RWO +1.11 points	6.29%	7.40%
Equinix IncEQIX	RWO +0.91 points	5.31%	6.22%
Simon Property Group Inc.SPG	RWO +0.63 points	3.62%	4.25%
Public StoragePSA	RWO +0.47 points	2.77%	3.24%
Realty Income CorporationO	RWO +0.47 points	2.81%	3.28%
Digital Realty Trust IncDLR	RWO +0.40 points	3.51%	3.91%
Ventas Inc.VTR	RWO +0.38 points	2.23%	2.61%
Vivmark ResidentialVMRK	RWO +0.38 points	2.32%	2.70%
Extra Space Storage Inc.EXR	RWO +0.27 points	1.65%	1.92%
Host Hotels & ResortsHST	RWO +0.15 points	0.92%	1.07%
Essex PropertyESS	RWO +0.16 points	0.88%	1.04%
Invitation Homes IncINVH	RWO +0.14 points	0.73%	0.87%
Kimco Realty Corp.KIM	RWO +0.14 points	0.86%	1.00%
Equity Lifestyle PropertiELS	RWO +0.14 points	0.56%	0.70%
Wp Carey IncWPC	RWO +0.13 points	0.77%	0.90%
Sun Communities IncSUI	RWO +0.13 points	0.70%	0.83%
Mid-America ApartmentMAA	RWO +0.13 points	0.71%	0.84%
Omega Healthcare InvestorOHI	RWO +0.12 points	0.74%	0.86%
Bxp IncBXP	RWO +0.12 points	0.49%	0.61%
Healthpeak Properties IncDOC	RWO +0.11 points	0.68%	0.79%
Ryman Hospitality PropertRHP	RWO +0.11 points	0.45%	0.56%
Regency Centers CorpREG	RWO +0.10 points	0.66%	0.76%
Eastgroup Properties IncEGP	RWO +0.10 points	0.55%	0.65%
Udr IncUDR	RWO +0.10 points	0.53%	0.63%
Brixmor Property Group InBRX	RWO +0.09 points	0.46%	0.55%
Camden Property TrustCPT	RWO +0.09 points	0.53%	0.62%
Caretrust Reit IncCTRE	RWO +0.08 points	0.44%	0.52%
American Homes 4 RentAMH	RWO +0.08 points	0.53%	0.61%
Rexford Industrial RealtyREXR	RWO +0.08 points	0.44%	0.52%
Agree Realty CorpADC	RWO +0.08 points	0.43%	0.51%
Federal Realty InvestmentFRT	RWO +0.08 points	0.46%	0.54%
American Healthcare ReitAHR	RWO +0.07 points	0.63%	0.70%
Nippon Building Fund Inc	RWO +0.07 points	0.34%	0.41%
First Industrial Realty TFR	RWO +0.06 points	0.38%	0.44%
Nnn Reit IncNNN	RWO +0.07 points	0.41%	0.48%
Terreno Realty CorpTRNO	RWO +0.07 points	0.37%	0.44%
Stag Industrial IncSTAG	RWO +0.07 points	0.37%	0.44%
Healthcare Realty Trust IHR	RWO +0.07 points	0.31%	0.38%
Alexandria Real EstateARE	RWO +0.06 points	0.32%	0.38%
Macerich Co/TheMAC	RWO +0.06 points	0.36%	0.42%
Vornado Realty TrustVNO	RWO +0.05 points	0.29%	0.34%
Link Reit	RWO +0.05 points	0.74%	0.79%
CubesmartCUBE	RWO +0.06 points	0.47%	0.53%
Essential Properties RealEPRT	RWO +0.05 points	0.30%	0.35%
Kilroy Realty CorpKRC	RWO +0.05 points	0.21%	0.26%
Capitaland Integrated Com	RWO +0.05 points	0.64%	0.69%
Phillips Edison & Co IncPECO	RWO +0.04 points	0.26%	0.30%
Americold Realty TrustCOLD	RWO +0.04 points	0.21%	0.25%
Japan Real Estate Investm	RWO +0.05 points	0.25%	0.30%
Cousins Properties IncCUZ	RWO +0.04 points	0.25%	0.29%
Tanger IncSKT	RWO +0.04 points	0.22%	0.26%
Epr PropertiesEPR	RWO +0.04 points	0.23%	0.27%
Independence Realty TrustIRT	RWO +0.04 points	0.17%	0.21%
Scentre Group	RWO +0.03 points	0.76%	0.79%
Capitaland Ascendas Reit	RWO +0.04 points	0.40%	0.44%
Copt Defense PropertiesCDP	RWO +0.04 points	0.20%	0.24%
Nomura Real Estate Master	RWO +0.03 points	0.18%	0.21%
National Health InvestorsNHI	RWO +0.04 points	0.16%	0.20%
Sl Green Realty CorpSLG	RWO +0.03 points	0.19%	0.22%
Keppel Dc Reit	RWO +0.03 points	0.20%	0.23%
Curbline Properties CorpCURB	RWO +0.03 points	0.15%	0.18%
Park Hotels & Resorts IncPK	RWO +0.03 points	0.17%	0.20%
Japan Prime Realty Invest	RWO +0.03 points	0.11%	0.14%
Apple Hospitality Reit InAPLE	RWO +0.03 points	0.22%	0.25%
Kite Realty Group TrustKRG	RWO +0.03 points	0.27%	0.30%
United Urban Investment C	RWO +0.02 points	0.16%	0.18%
Glp J-Reit	RWO +0.03 points	0.21%	0.24%
Highwoods Properties IncHIW	RWO +0.03 points	0.17%	0.20%
Diamondrock Hospitality CDRH	RWO +0.02 points	0.16%	0.18%
Nippon Prologis Reit Inc	RWO +0.02 points	0.20%	0.22%
Diversified Healthcare TrDHC	RWO +0.03 points	0.08%	0.11%
Sunstone Hotel InvestorsSHO	RWO +0.03 points	0.12%	0.15%
Acadia Realty TrustAKR	RWO +0.02 points	0.14%	0.16%
Gpt Group/The	RWO +0.02 points	0.37%	0.39%
Broadstone Net Lease IncBNL	RWO +0.03 points	0.18%	0.21%
Orix Jreit Inc	RWO +0.02 points	0.16%	0.18%
Urban Edge PropertiesUE	RWO +0.02 points	0.13%	0.15%
Douglas Emmett IncDEI	RWO +0.02 points	0.08%	0.10%
Kdx Realty Investment Cor	RWO +0.02 points	0.19%	0.21%
Mapletree Industrial Trus	RWO +0.02 points	0.16%	0.18%
Pebblebrook Hotel TrustPEB	RWO +0.02 points	0.13%	0.15%
Four Corners Property TruFCPT	RWO +0.02 points	0.13%	0.15%
Japan Metropolitan Fund I	RWO +0.02 points	0.27%	0.29%
Frasers Logistics & Comme	RWO +0.02 points	0.10%	0.12%
Medical Properties TrustMPT	RWO +0.02 points	0.05%	0.07%
Netstreit CorpNTST	RWO +0.02 points	0.09%	0.11%
Mapletree Logistics Trust	RWO +0.01 points	0.16%	0.17%
Advance Residence Investm	RWO +0.01 points	0.13%	0.14%
Rlj Lodging TrustRLJ	RWO +0.01 points	0.09%	0.10%
Getty Realty CorpGTY	RWO +0.02 points	0.08%	0.10%
Capitaland Ascott Trust M	RWO +0.02 points	0.09%	0.11%
Suntec Real Estate Invest	RWO +0.01 points	0.10%	0.11%
Mitsui Fudosan Accommodat	RWO +0.01 points	0.09%	0.10%
Dexus	RWO +0.01 points	0.25%	0.26%
Xenia Hotels & Resorts InXHR	RWO +0.02 points	0.10%	0.12%
Cbl & Associates PropertiCBL	RWO +0.02 points	0.04%	0.06%
Brandywine Realty TrustBDN	RWO +0.01 points	0.02%	0.03%
Global Net Lease IncGNL	RWO +0.01 points	0.08%	0.09%
Vicinity Ltd	RWO +0.02 points	0.39%	0.41%

All 466 DFGR holdings⁠All 224 RWO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFGR vs RWO Cost

Overpaying RWO vs DFGR

$5,622

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFGR 0.21%
$4,357
RWO 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

DFGR 0.21%
RWO 0.50%
Overpaying

Year by year

Year	DFGR	RWO	Overpaying
10	$383	$900	$517
20	$1,491	$3,460	$1,969
30	$4,357	$9,979	$5,622

Expense ratio

0.21%DFGR, cheaper
0.50%RWO

DFGR0.21%RWO0.50%

0.10%0.60%

Middle half of Global & International Real Estate funds
Median 0.49%

DFGR 4th cheapest of 18 funds

RWO 10th cheapest of 18 funds

DFGR vs RWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFGR 3.95%, better; RWO 3.42%
Payout (12M): DFGR $1.11; RWO $1.63
Last payment: DFGR $0.24; RWO $0.43
Ex-dividend: DFGR Sep 22, 2026; RWO Sep 21, 2026
Paid on: DFGR Sep 24, 2026; RWO Sep 23, 2026
Frequency: DFGR Quarterly; RWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFGRQuarterly · 16 paymentsAll DFGR payments⁠

RWOQuarterly · 39 paymentsAll RWO payments⁠

DFGR vs RWO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFGR 15.8%RWO 15.5%, better
Return per unit of riskSharpe ratio, 3 years: DFGR 0.57RWO 0.60, better
Worst fallMax drawdown, 5 years: DFGR −21.3%since Dec 2022RWO −32.8%
Market sensitivityBeta, 5 years: DFGR 0.90RWO 0.91; Market = 1

DFGR and RWO in the news

All news⁠

Deep Dive
Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs
Oct 14, 2026DFGRRWO

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DFGR vs RWO

In short

Stated mandate

Why people hold it

Worth knowing

How DFGR and RWO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFGR

Only in RWO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs

How DFGR and RWO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFGR

Only in RWO

Weight gaps