IYR vs XLRE: Grades, Fees and Holdings Compared

iShares U.S. Real Estate ETF

IYRBNYSE Arca

State Street Real Estate Select Sector SPDR ETF

XLREANYSE Arca

Overlap

80.0%by weight

Expense ratio

XLRE −0.29pt a year

IYR0.37%XLRE0.08%

Avg volume · 30D

XLRE 1.1×the volume

IYR5.58MXLRE6.13M

10Y return · a year

XLRE +1.3pt

IYR+6.4%XLRE+7.7%

IYR vs XLRE Performance

Nov 9, 2021 – Nov 9, 2026

+6.9%IYR+9.3%XLRE

Expense ratio: IYR 0.37%; XLRE 0.08%, better
Fund size: IYR $3.99B; XLRE $8.34B
1Y total return: IYR +10.5%; XLRE +11.9%, better
Yield (12M): IYR 2.31%; XLRE 3.23%, better
Holdings: IYR 61; XLRE 33
Avg volume (30D): IYR 5.58M sh; XLRE 6.13M sh, better
NAV per share: IYR $101.63; XLRE $43.98
52W range

ETF.net Grade

Pillar letters and Scores for IYR, XLRE, with each pillar’s weight
Pillar	IYR	XLRE
Cost30% weight	C43	A93Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C49	B59Higher
Tradability15% weight	A96Higher	A94
Holdings10% weight	D39	C46Higher
Durability5% weight	A78	A83Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. IYR and XLRE are both graded against the same 21 US Real Estate funds, so their Grades compare head to head.

US Real Estate⁠

Category · 21 funds

See all 21 ›

XLRE ranks 4th and IYR 12th of 21 funds in the US Real Estate Category.

Rank 1ASCHHSchwab U.S. REIT ETFScore 83
Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 81
Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 79
Rank 5ADFARDFA Real Estate Securities Portfolio ETF Class SharesScore 76
Rank 11BKBWYInvesco KBW Premium Yield Equity REIT ETFScore 58
Rank 12BIYRiShares U.S. Real Estate ETFScore 56
Rank 13CREZiShares Residential and Multisector Real Estate ETFScore 53

Our read on each fund

ETF.net Research

IYRBiShares U.S. Real Estate ETF

XLREAState Street Real Estate Select Sector SPDR ETF

In short

IYR Launched in 2000, IYR is one of the original one-ticker bets on U.S. real estate: REITs plus the developers, managers and property agencies that pure-REIT funds skip. Heavily traded, sector-median price.

XLRE The S&P 500's landlords in one ticker: about 30 large-cap real estate companies, mortgage REITs excluded, for 0.08% a year. It launched in 2015, before real estate was even its own market sector.

Stated mandate

IYR The fund seeks to track an index composed of U.S. equities in the real estate sector.

XLRE The fund seeks to provide investment results that generally correspond to the price and yield performance of the Real Estate Select Sector Index, representing the real estate sector of the S&P 500 Index.

Why people hold it

IYR Vintage 2000, and still one of the most actively traded real estate funds around, which is why traders reach for it when they want the sector in a hurry.
Broader than a pure REIT fund: the index also holds companies that develop, manage or own property, including property agencies.spglobal.com ishares.com
The index applies a cap so no single landlord dominates, across roughly 60 names, and the fund pays shareholders quarterly.spglobal.com

XLRE 0.08% a year sits at the floor of the real estate peer group, where the median fund charges several times more.
Clean mandate: S&P 500 real estate management, development and equity REITs, with mortgage REITs left out, so no mortgage paper rides along in a property fund.ssga.com
A multi-billion-dollar fund and one of the most actively traded names in its category, which usually shows up as tight spreads when you click buy.
Running since 2015, arriving before S&P and MSCI split real estate out as its own sector in 2016. Pays quarterly, and ranks among the stronger builds in a crowded lineup.reit.com

Worth knowing

IYR The 0.37% fee sits at the middle of the real estate pack but well above index rivals like SCHH (0.07%) and VNQ (0.13%).
One sector, about 60 names. Expect moves that look nothing like the broad market in either direction.
Reaching past REITs means part of the portfolio is operating and service companies, whose income looks different from a rent collector's.spglobal.com

XLRE About 30 holdings, so the largest positions carry real weight and one company's stumble is felt across the fund.
The S&P 500 sets the universe, so REITs that never reach large-cap index status stay outside the portfolio.ssga.com sec.gov
This is one slice of the market, moving with the property cycle rather than blending into a broad index.

Full IYR profile⁠

Full XLRE profile⁠

IYR vs XLRE Holdings

How IYR and XLRE differ

Overlap by weight

80.0%

Shared holdings make up 99.9% of XLRE and 80.7% of IYR.

Level by level

Asset classReal Estate, Stocks0.0%
Sector15 Sectors0.0%
Holdings30 in both80.0%
Countryby domicile100%

Sector

Sector weights in IYR and XLRE, widest gap first
Sector	Gap	IYR	XLRE
Real Estate	XLRE +100.0 points	0.0%	100.0%
Health Care REITs	IYR +19.4 points	19.4%	0.0%
Retail Reits	IYR +14.9 points	14.9%	0.0%
Industrial REITs	IYR +12.0 points	12.0%	0.0%
Telecom Tower REITs	IYR +10.1 points	10.1%	0.0%
Data Center REITs	IYR +9.2 points	9.2%	0.0%
Self Storage REITs	IYR +8.1 points	8.1%	0.0%
Multi-Family Residential REITs	IYR +8.0 points	8.0%	0.0%
Real Estate Services	IYR +6.0 points	6.0%	0.0%
Single-Family Residential REITs	IYR +4.2 points	4.2%	0.0%
Mortgage Reits	IYR +2.8 points	2.8%	0.0%
Office REITs	IYR +1.7 points	1.7%	0.0%
Hotel & Resort REITs	IYR +1.3 points	1.3%	0.0%
TIMBER REITS	IYR +1.3 points	1.3%	0.0%
Diversified REIT's	IYR +1.2 points	1.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IYR and XLRE, widest gap first
Country	More in IYRMore in XLRE	Gap	IYR	XLRE
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

IYR52.8%
XLRE59.4%

Securities held

IYR58
XLRE31

Asset class

IYR: Real Estate
XLRE: Stocks

Holdings

Only in IYR28
In both30
Only in XLRE1

Only in IYR

28 securities, 19.2% of IYR by weight

Jones Lang Lasalle1.29%
W. P. Carey Reit1.12%
Sun Communities Reit Inc1.10%
Omega Healthcare Investors Reit1.10%
Annaly Capital Management Reit1.07%
Lamar Advertising Company Clas1.02%
American Healthcare Reit0.95%
Equity Lifestyle Properties Reit I0.92%
Gaming and Leisure Properties Reit0.85%
Agnc Investment Reit0.78%
Eastgroup Properties Reit0.78%
American Homes Rent Reit Class A0.78%
Cubesmart Reit0.72%
Brixmor Property Group Reit Inc0.69%
Agree Realty Reit0.65%
Rexford Industrial Realty Reit0.64%
Nnn Reit0.59%
First Industrial Realty Trust0.54%
Stag Industrial Reit0.53%
Healthcare Realty Trust Inc Class0.50%
Vornado Realty Trust Reit0.43%
Sabra Health Care Reit0.40%
Rithm Capital0.39%
Cousins Properties Reit Inc0.37%
Zillow Group Class C0.35%
Starwood Property Trust Reit Inc0.32%
Lineage0.17%
Zillow Group Class A0.09%

Only in XLRE

1 security, 0.0% of XLRE by weight

Emini S+p REESTATEDEC26<0.01%

Weight gaps

All 30 Holdings in both funds, largest gap first.

Holding weights in IYR and XLRE, widest gap first
Holding	Gap	IYR	XLRE
Equinix ReitEQIX	XLRE +2.09 points	4.48%	6.57%
Cbre Group Class ACBRE	XLRE +1.34 points	2.91%	4.25%
WelltowerWELL	XLRE +1.33 points	10.29%	11.62%
Crown Castle IncCCI	XLRE +1.31 points	2.84%	4.15%
Extra Space Storage ReitEXR	XLRE +1.16 points	2.54%	3.70%
Iron Mountain IncIRM	XLRE +1.10 points	2.39%	3.49%
Ventas ReitVTR	XLRE +0.97 points	3.43%	4.40%
Vici Pptys IncVICI	XLRE +0.94 points	2.06%	3.00%
Vivmark ResidentialVMRK	XLRE +0.91 points	3.55%	4.46%
American Tower ReitAMT	XLRE +0.87 points	4.92%	5.79%
Public Storage ReitPSA	XLRE +0.79 points	4.28%	5.07%
Sba Communications Reit Corp ClassSBAC	XLRE +0.69 points	1.52%	2.21%
Essex Property Trust ReitESS	XLRE +0.60 points	1.32%	1.92%
Kimco Realty Reit CorpKIM	XLRE +0.59 points	1.29%	1.88%
Host Hotels & Resorts ReitHST	XLRE +0.59 points	1.27%	1.85%
Prologis ReitPLD	IYR +0.57 points	8.51%	7.94%
Weyerhaeuser ReitWY	XLRE +0.52 points	1.14%	1.66%
Invitation HomesINVH	XLRE +0.50 points	1.10%	1.60%
Healthpeak Properties IncDOC	XLRE +0.49 points	1.05%	1.54%
Mid America Apartment CommunitiesMAA	XLRE +0.48 points	1.04%	1.52%
Regency Centers Reit CorpREG	XLRE +0.43 points	0.94%	1.37%
Costar GroupCSGP	XLRE +0.43 points	0.93%	1.36%
Udr ReitUDR	XLRE +0.37 points	0.81%	1.18%
BxpBXP	XLRE +0.36 points	0.78%	1.14%
Camden Property Trust ReitCPT	XLRE +0.35 points	0.75%	1.10%
Federal Realty Investment Trust ReFRT	XLRE +0.31 points	0.68%	0.99%
Alexandria Real Estate Equities ReARE	XLRE +0.24 points	0.53%	0.77%
Digital Realty Trust ReitDLR	IYR +0.19 points	4.27%	4.08%
Realty Income ReitO	XLRE +0.14 points	4.21%	4.35%
Simon Property Group Reit IncSPG	XLRE +0.04 points	4.90%	4.94%

All 58 IYR holdings⁠All 30 XLRE 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.

IYR vs XLRE Cost

Overpaying IYR vs XLRE

$5,824

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

IYR 0.37%
$7,513
XLRE 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

IYR 0.37%
XLRE 0.08%
Overpaying

Year by year

Year	IYR	XLRE	Overpaying
10	$670	$147	$523
20	$2,590	$575	$2,015
30	$7,513	$1,689	$5,824

Expense ratio

0.37%IYR
0.08%XLRE, cheaper

XLRE0.08%IYR0.37%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

XLRE 2nd cheapest of 21 funds

IYR 13th cheapest of 21 funds

IYR vs XLRE Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IYR 2.31%; XLRE 3.23%, better
Payout (12M): IYR $2.39; XLRE $1.44
Last payment: IYR $0.74; XLRE $0.35
Ex-dividend: IYR Sep 15, 2026; XLRE Sep 21, 2026
Paid on: IYR Sep 18, 2026; XLRE Sep 23, 2026
Frequency: IYR Quarterly; XLRE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IYRQuarterly · 39 paymentsAll IYR payments⁠

XLREQuarterly · 39 paymentsAll XLRE payments⁠

IYR vs XLRE Risk

Fall from peak · 5 years

IYR
XLRE

Risk facts

VolatilityStd dev, 3 years: IYR 16.5%, betterXLRE 16.7%
Return per unit of riskSharpe ratio, 3 years: IYR 0.53XLRE 0.55, better
Worst fallMax drawdown, 5 years: IYR −33.7%, betterXLRE −34.1%
Market sensitivityBeta, 5 years: IYR 0.98XLRE 0.96; Market = 1

IYR and XLRE in the news

All news⁠

Deep Dive
The 10-year is back at 5.01%. Listed REIT funds fell 2%
Sep 19, 2026IYRXLRE
Closing Bell
Fed holds rates, stocks rise a third day as long yields climb
Oct 28, 2026XLRE
Closing Bell
Chip stocks drag Nasdaq to worst day since June as AI funding worries return
Oct 22, 2026XLRE
Closing Bell
Verizon, AT&T and T-Mobile fall on SpaceX's spectrum deal
Oct 9, 2026XLRE
Category Review
Vanguard's property fund lost a first-half lead over stocks
Updated Oct 8, 2026XLRE
Deep Dive
Vanguard's property fund is up 4% this year. Mortgage funds are down 15%
Oct 5, 2026XLRE

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IYR vs XLRE

In short

Stated mandate

Why people hold it