REET vs RWO: Grades, Fees and Holdings Compared

iShares Global REIT ETF

REETANYSE Arca

State Street SPDR Dow Jones Global Real Estate ETF

RWOBNYSE Arca

Overlap

77.5%by weight

Expense ratio

REET −0.36pt a year

REET0.14%RWO0.50%

Avg volume · 30D

REET 24.3×the volume

REET3.02MRWO124K

10Y return · a year

REET +0.4pt

REET+4.3%RWO+3.9%

REET vs RWO Performance

Oct 29, 2021 – Oct 30, 2026

+6.3%REET+5.3%RWO

Expense ratio: REET 0.14%, better; RWO 0.50%
Fund size: REET $4.77B; RWO $1.25B
1Y total return: REET +8.6%; RWO +9.5%, better
Yield (12M): REET 3.52%, better; RWO 3.42%
Holdings: REET 350; RWO 243
Avg volume (30D): REET 3.02M sh, better; RWO 124K sh
NAV per share: REET $26.44; RWO $47.65
52W range

ETF.net Grade

Pillar letters and Scores for REET, RWO, with each pillar’s weight
Pillar	REET	RWO
Cost30% weight	A88Higher	C44
Mission25% weight	A99Higher	A94
Risk15% weight	B58	B66Higher
Tradability15% weight	A100Higher	A80
Holdings10% weight	D39	C49Higher
Durability5% weight	A92Higher	A81

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. REET 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 ›

REET ranks 1st 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 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

REETAiShares Global REIT ETF

RWOBState Street SPDR Dow Jones Global Real Estate ETF

In short

REET One ticker, roughly 300 listed REITs across developed and emerging markets, US included, for 0.14% a year. The plain-vanilla global landlord basket, at a fraction of what its category usually charges.

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

REET The fund seeks to track a global real-estate-equity index covering publicly listed REITs in developed and emerging markets.

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

REET Charges 0.14% a year, well under the typical fee among global real estate funds.
Covers global REITs in one line, US included. Ex-US peers like VNQI and HAUZ leave the home market out by design.
Roughly 300 REITs spanning developed and emerging markets, with distributions paid quarterly.
A multi-billion-dollar, actively traded fund running since its 2014 launch, and it has hugged its index tightly.

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

REET One sector, start to finish. REIT prices move with property values and interest rates, and nothing outside real estate is here to offset that.
Foreign listings mean overseas currency moves flow into what a US investor sees.
The index holds REITs specifically, so real estate operators and developers not structured as REITs fall outside it.ishares.com

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 REET profile⁠

Full RWO profile⁠

REET vs RWO Holdings

How REET and RWO differ

Overlap by weight

77.5%

Shared holdings make up 83.3% of RWO and 77.6% of REET.

Level by level

Asset classReal Estate, Equity0.0%
Sector17 Sectors0.0%
Holdings139 in both77.5%
Countryby domicile89.7%

Sector

Sector weights in REET and RWO, widest gap first
Sector	More in REETMore in RWO	REET	RWO
Real Estate	RWO +96.7 points	0.0%	96.7%
Retail Reits	REET +19.9 points	19.9%	0.0%
Industrial REITs	REET +18.0 points	18.0%	0.0%
Health Care REITs	REET +17.8 points	17.8%	0.0%
Data Center REITs	REET +10.4 points	10.4%	0.0%
Diversified REIT's	REET +8.4 points	8.4%	0.0%
Multi-Family Residential REITs	REET +7.6 points	7.6%	0.0%
Self Storage REITs	REET +6.0 points	6.0%	0.0%
Office REITs	REET +5.5 points	5.5%	0.0%
Hotel & Resort REITs	REET +3.2 points	3.2%	0.0%
Single-Family Residential REITs	REET +3.2 points	3.2%	0.0%
Consumer Discretionary	RWO +0.8 points	0.0%	0.8%
Technology	RWO +0.8 points	0.0%	0.8%
Financials	RWO +0.8 points	0.0%	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%

Country, concentration and asset class

Country by domicile

Country weights in REET and RWO, widest gap first
Country	More in REETMore in RWO	REET	RWO
Australia	REET +3.9 points	6.2%	2.3%
United States	REET +3.8 points	78.1%	74.3%
Japan	RWO +2.2 points	4.8%	7.0%
Hong Kong	RWO +1.7 points	0.0%	1.7%
Switzerland	RWO +1.4 points	0.0%	1.4%
Canada	REET +1.2 points	1.9%	0.7%
Sweden	RWO +0.9 points	0.0%	0.9%
United Kingdom	REET +0.8 points	4.2%	3.4%
Other countries (12)	RWO +3.6 points	4.8%	8.4%

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

Concentration

Weight in the 10 largest Holdings

REET43.2%
RWO45.8%

Securities held

REET326
RWO225

Asset class

REET: Real Estate
RWO: Equity

Holdings

Only in REET187
In both139
Only in RWO86

Only in REET

187 securities, 22.0% of REET by weight

Goodman Group Units2.15%
Iron Mountain Inc1.95%
Vici Pptys Inc1.50%
Segro Reit PLC0.93%
Unibail Rodamco We Stapled Units0.68%
Gaming and Leisure Properties Reit0.62%
Klepierre Reit SA0.50%
Land Securities Group Reit PLC0.42%
Stockland Stapled Units Ltd0.41%
Charter Hall Group Stapled Units0.38%
Aedifica NV0.37%
British Land Reit0.33%
Londonmetric Property Reit PLC0.32%
Merlin Properties Reit0.31%
Mirvac Group Stapled Units0.29%
Tritax Big Box Reit PLC0.29%
Fibra Uno Administracion Reit0.29%
Sabra Health Care Reit0.28%
Prologis Property Mexico Reit0.27%
Warehouses De Pauw NV0.25%
Riocan Real Estate Investment Trus0.25%
Millrose Properties Inc Class A0.22%
Fibra Mty Sapi Reit0.22%
Embassy Office Parks Reit Units0.22%
Gecina SA0.21%
Granite Real Estate Investment Sta0.20%
First Capital Realty Real Estate I0.20%
Canadian Apartment Properties Real0.19%
Unite Group Reit PLC0.18%
Primary Health Properties Reit PLC0.17%
Growthpoint Prop Ltd Shs0.17%
Shaftesbury Capital Reit PLC0.16%
Choice Properties Real Estate Inve0.16%
Derwent London Reit PLC0.15%
Covivio SA0.15%
Dream Industrial Real Estate Inves0.14%
Redefine Properties0.14%
Smartcentres Rl Estate Investment0.14%
Hammerson Reit PLC0.14%
Lineage0.14%
Inventrust Properties0.13%
Big Yellow Group Reit PLC0.13%
Ltc Properties Reit0.13%
Colonial Sfl Socimi SA0.12%
Mapletree Pan Asia Commercial Trus0.12%
Sirius Real Estate Limited0.12%
Vukile Property Reit0.12%
Primaris Real Estate Investment Un0.11%
Knowledge Realty Trust Units0.10%
Grainger Reit PLC0.10%

Only in RWO

86 securities, 16.5% 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%
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%
Wharf Holdings Ltd0.14%
Riocan Real Estate Invst Tr0.13%
Mapletree Pan Asia Com Trust0.12%
Wihlborgs Fastigheter Ab0.11%
International Workplace Grou0.11%
Allos SA0.11%
Granite Real Estate Investme0.11%
First Capital Real Estate In0.10%
Can Apartment Prop Real Esta0.10%
Grainger PLC0.10%

Weight gaps

The 100 widest of 139 Holdings in both funds.

Holding weights in REET and RWO, widest gap first
Holding	More in REETMore in RWO	REET	RWO
WelltowerWELL	RWO +0.63 points	9.59%	10.22%
Equinix ReitEQIX	RWO +0.57 points	5.65%	6.22%
Prologis ReitPLD	RWO +0.54 points	6.86%	7.40%
Simon Property Group Reit IncSPG	RWO +0.31 points	3.94%	4.25%
Realty Income ReitO	RWO +0.27 points	3.01%	3.28%
Ventas ReitVTR	RWO +0.16 points	2.45%	2.61%
Public Storage ReitPSA	RWO +0.15 points	3.09%	3.24%
Extra Space Storage ReitEXR	RWO +0.12 points	1.80%	1.92%
American Healthcare ReitAHR	RWO +0.12 points	0.58%	0.70%
Digital Realty Trust ReitDLR	RWO +0.12 points	3.79%	3.91%
Host Hotels & Resorts ReitHST	RWO +0.10 points	0.97%	1.07%
Essex Property Trust ReitESS	RWO +0.08 points	0.96%	1.04%
W. P. Carey ReitWPC	RWO +0.08 points	0.82%	0.90%
Kimco Realty Reit CorpKIM	RWO +0.08 points	0.92%	1.00%
Mid America Apartment CommunitiesMAA	RWO +0.07 points	0.77%	0.84%
Safehold IncSAFE	RWO +0.06 points	0.04%	0.10%
Nippon Building Fund Reit	RWO +0.06 points	0.35%	0.41%
Ryman Hospitality Properties ReitRHP	RWO +0.06 points	0.50%	0.56%
Sun Communities Reit IncSUI	RWO +0.06 points	0.77%	0.83%
Camden Property Trust ReitCPT	RWO +0.06 points	0.56%	0.62%
Omega Healthcare Investors ReitOHI	RWO +0.05 points	0.81%	0.86%
Eastgroup Properties ReitEGP	RWO +0.05 points	0.60%	0.65%
Link Real Estate Investment Trust	RWO +0.05 points	0.74%	0.79%
BxpBXP	RWO +0.05 points	0.56%	0.61%
Capitaland Integrated Commercial T	RWO +0.05 points	0.64%	0.69%
Equity Lifestyle Properties Reit IELS	RWO +0.05 points	0.65%	0.70%
Scentre Group	RWO +0.05 points	0.74%	0.79%
Terreno Realty ReitTRNO	RWO +0.05 points	0.39%	0.44%
Healthpeak Properties IncDOC	RWO +0.04 points	0.75%	0.79%
Agree Realty ReitADC	RWO +0.05 points	0.46%	0.51%
Brixmor Property Group Reit IncBRX	RWO +0.05 points	0.50%	0.55%
Nnn ReitNNN	RWO +0.04 points	0.44%	0.48%
Caretrust ReitCTRE	RWO +0.04 points	0.48%	0.52%
First Industrial Realty TrustFR	RWO +0.03 points	0.41%	0.44%
Vivmark ResidentialVMRK	RWO +0.03 points	2.67%	2.70%
Japan Metropolitan Fund Investment	RWO +0.03 points	0.26%	0.29%
Japan Real Estate Investment Trust	RWO +0.04 points	0.26%	0.30%
Stag Industrial ReitSTAG	RWO +0.04 points	0.40%	0.44%
Rexford Industrial Realty ReitREXR	RWO +0.03 points	0.49%	0.52%
Capitaland Ascendas Reit	RWO +0.04 points	0.40%	0.44%
Kdx Realty Investment Reit Corp	RWO +0.03 points	0.18%	0.21%
Healthcare Realty Trust Inc ClassHR	RWO +0.04 points	0.34%	0.38%
Janus Living Inc Class AJAN	RWO +0.03 points	0.12%	0.15%
Park Hotels Resorts IncPK	RWO +0.03 points	0.17%	0.20%
Nomura Real Estate Master Fund Rei	RWO +0.03 points	0.18%	0.21%
Vicinity Centres	RWO +0.03 points	0.38%	0.41%
Macerich ReitMAC	RWO +0.03 points	0.39%	0.42%
Keppel Dc Reit	RWO +0.03 points	0.20%	0.23%
Epr Properties ReitEPR	RWO +0.02 points	0.25%	0.27%
Apple Hospitality Reit IncAPLE	RWO +0.02 points	0.23%	0.25%
Douglas Emmett ReitDEI	RWO +0.02 points	0.08%	0.10%
TangerSKT	RWO +0.03 points	0.23%	0.26%
Orix Jreit Reit Inc	RWO +0.02 points	0.16%	0.18%
Essential Properties Realty TrustEPRT	RWO +0.02 points	0.33%	0.35%
Dexus Stapled Units	RWO +0.02 points	0.24%	0.26%
Broadstone Net LeaseBNL	RWO +0.03 points	0.18%	0.21%
Japan Prime Realty Investment Reit	RWO +0.02 points	0.12%	0.14%
Invitation HomesINVH	REET +0.02 points	0.89%	0.87%
Gpt Group Stapled Units	RWO +0.02 points	0.37%	0.39%
Copt Defense PropertiesCDP	RWO +0.03 points	0.21%	0.24%
Americold Realty Inc TrustCOLD	RWO +0.02 points	0.23%	0.25%
Lxp Industrial TrustLXP	RWO +0.02 points	0.20%	0.22%
Daiwa House Reit Corp	RWO +0.02 points	0.16%	0.18%
Sunstone Hotel Investors Reit IncSHO	RWO +0.02 points	0.13%	0.15%
Phillips Edison and CompanyPECO	RWO +0.02 points	0.28%	0.30%
National Health Investors ReitNHI	RWO +0.02 points	0.18%	0.20%
Invincible Investment Reit	RWO +0.02 points	0.16%	0.18%
Kite Realty Group Trust ReitKRG	RWO +0.02 points	0.28%	0.30%
Kilroy Realty ReitKRC	RWO +0.02 points	0.24%	0.26%
Japan Hotel Investment Reit	RWO +0.02 points	0.17%	0.19%
Lasalle Logiport Reit	RWO +0.02 points	0.07%	0.09%
Cousins Properties Reit IncCUZ	RWO +0.02 points	0.27%	0.29%
Mapletree Industrial Units Trust	RWO +0.02 points	0.16%	0.18%
Sl Green Realty Reit CorpSLG	RWO +0.02 points	0.20%	0.22%
Cubesmart ReitCUBE	REET +0.02 points	0.55%	0.53%
Diamondrock HospitalityDRH	RWO +0.02 points	0.16%	0.18%
Sekisui House Reit	RWO +0.02 points	0.09%	0.11%
Glp J-Reit Reit	RWO +0.02 points	0.22%	0.24%
Mitsui Fudosan Logistics Park Reit	RWO +0.02 points	0.10%	0.12%
Independence RealtyIRT	RWO +0.01 points	0.20%	0.21%
Pebblebrook Hotel Trust ReitPEB	RWO +0.01 points	0.14%	0.15%
NetstreitNTST	RWO +0.02 points	0.09%	0.11%
American Homes Rent Reit Class AAMH	RWO +0.02 points	0.59%	0.61%
Comforia Residential Reit Inc	RWO +0.02 points	0.06%	0.07%
Capitaland Ascott Stapled Unit Tru	RWO +0.01 points	0.10%	0.11%
Suntec Reit Units Trust	REET +0.02 points	0.13%	0.11%
Mitsui Fudosan Accommodations Fund	RWO +0.01 points	0.09%	0.10%
Udr ReitUDR	REET +0.01 points	0.64%	0.63%
Keppel Reit Units	RWO +0.02 points	0.11%	0.13%
Acadia Realty Trust ReitAKR	RWO +0.01 points	0.15%	0.16%
United Urban Investment Reit	RWO +0.01 points	0.17%	0.18%
Nippon Prologis Reit	RWO +0.01 points	0.21%	0.22%
Advance Residence Investment Reit	RWO +0.01 points	0.13%	0.14%
Curbline PropertiesCURB	RWO +0.01 points	0.17%	0.18%
Highwoods Properties ReitHIW	RWO +0.01 points	0.19%	0.20%
Mori Trust Reit Inc	RWO +0.01 points	0.06%	0.07%
Mapletree Logistics Trust Units	RWO +0.01 points	0.16%	0.17%
Xenia Hotels Resorts ReitXHR	RWO +0.01 points	0.11%	0.12%
Regency Centers Reit CorpREG	REET +0.01 points	0.77%	0.76%
Rlj Lodging Trust ReitRLJ	RWO +0.01 points	0.09%	0.10%

All 318 REET 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.

REET vs RWO Cost

Overpaying RWO vs REET

$7,047

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

REET 0.14%
$2,932
RWO 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

REET 0.14%
RWO 0.50%
Overpaying

Year by year

Year	REET	RWO	Overpaying
10	$256	$900	$644
20	$1,000	$3,460	$2,460
30	$2,932	$9,979	$7,047

Expense ratio

0.14%REET, cheaper
0.50%RWO

REET0.14%RWO0.50%

0.10%0.60%

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

REET 3rd cheapest of 18 funds

RWO 10th cheapest of 18 funds

REET vs RWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): REET 3.52%, better; RWO 3.42%
Payout (12M): REET $0.93; RWO $1.63
Last payment: REET $0.23; RWO $0.43
Ex-dividend: REET Sep 15, 2026; RWO Sep 21, 2026
Paid on: REET Sep 18, 2026; RWO Sep 23, 2026
Frequency: REET Quarterly; RWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

REETQuarterly · 38 paymentsAll REET payments⁠

RWOQuarterly · 39 paymentsAll RWO payments⁠

REET vs RWO Risk

Fall from peak · 5 years

REET
RWO

Risk facts

VolatilityStd dev, 3 years: REET 15.4%, betterRWO 15.5%
Return per unit of riskSharpe ratio, 3 years: REET 0.59RWO 0.60, better
Worst fallMax drawdown, 5 years: REET −32.1%, betterRWO −32.8%
Market sensitivityBeta, 5 years: REET 0.93RWO 0.91; Market = 1

REET 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, 2026REETRWO
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026REET
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026REET

Popular comparisons

REETAvsDFGRA
iShares Global REIT ETF · Dimensional Global Real Estate ETF
Expense ratio
0.14% · 0.21%
Category
RWOBvsDFGRA
State Street SPDR Dow Jones Global Real Estate ETF · Dimensional Global Real Estate ETF
Expense ratio
0.50% · 0.21%
Category
REETAvsHAUZA
iShares Global REIT ETF · Xtrackers International Real Estate ETF
Expense ratio
0.14% · 0.10%
Category
RWOBvsHAUZA
State Street SPDR Dow Jones Global Real Estate ETF · Xtrackers International Real Estate ETF
Expense ratio
0.50% · 0.10%
Category
REETAvsVNQIA
iShares Global REIT ETF · Vanguard Global ex-U.S. Real Estate ETF
Expense ratio
0.14% · 0.12%
Category
RWOBvsVNQIA
State Street SPDR Dow Jones Global Real Estate ETF · Vanguard Global ex-U.S. Real Estate ETF
Expense ratio
0.50% · 0.12%
Category

REET vs RWO

In short

Stated mandate

Why people hold it