RWO vs VNQI: Grades, Fees and Holdings Compared

State Street SPDR Dow Jones Global Real Estate ETF

RWOBNYSE Arca

Vanguard Global ex-U.S. Real Estate ETF

VNQIANasdaq

Overlap

15.6%by weight

Expense ratio

VNQI −0.38pt a year

RWO0.50%VNQI0.12%

Avg volume · 30D

VNQI 2.4×the volume

RWO124KVNQI293K

10Y return · a year

RWO +2.1pt

RWO+3.9%VNQI+1.8%

RWO vs VNQI Performance

Oct 29, 2021 – Oct 30, 2026

+5.3%RWO−9.8%VNQI

Expense ratio: RWO 0.50%; VNQI 0.12%, better
Fund size: RWO $1.25B; VNQI $3.6B
1Y total return: RWO +9.5%, better; VNQI −5.1%
Yield (12M): RWO 3.42%; VNQI 5.05%, better
Holdings: RWO 243; VNQI 761
Avg volume (30D): RWO 124K sh; VNQI 293K sh, better
NAV per share: RWO $47.65; VNQI $42.63
52W range

ETF.net Grade

Pillar letters and Scores for RWO, VNQI, with each pillar’s weight
Pillar	RWO	VNQI
Cost30% weight	C44	A94Higher
Mission25% weight	A94Higher	A85
Risk15% weight	B66Higher	D38
Tradability15% weight	A80Higher	B62
Holdings10% weight	C49	A84Higher
Durability5% weight	A81	A91Higher

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. RWO and VNQI 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 ›

VNQI ranks 4th 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 4AVNQIVanguard Global ex-U.S. Real Estate ETFScore 74
Rank 5BGQRENorthern Trust Global Quality Real Estate ETFScore 69
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

RWOBState Street SPDR Dow Jones Global Real Estate ETF

VNQIAVanguard Global ex-U.S. Real Estate ETF

In short

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.

VNQI Everything outside the US property market in one ticker: roughly 700 REITs, landlords and developers across 30-plus countries, developed and emerging, for 0.12% a year.

Stated mandate

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.

VNQI The Fund seeks to track the S&P Global ex-U.S. Property Index, an index of international real estate stocks in developed and emerging markets. It generally uses full replication and invests at least 80% of assets in index securities.

Why people hold it

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.

VNQI At 0.12% a year, it costs about a quarter of the typical global real estate fund and lands within two basis points of the cheapest in its peer group (HAUZ, 0.10%).
Full replication across roughly 700 names in more than 30 countries, so no single Tokyo landlord or Sydney mall owner carries the portfolio.vanguard.com
The benchmark reaches past pure REITs into companies that own, manage and develop property, which is how it covers markets where the REIT structure barely exists.spindices.com
Trading since 2010 and one of the tighter index trackers in its cohort, which is the whole job for a fund like this.

Worth knowing

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.

VNQI Currency exposure is unhedged, so moves in the dollar against the yen, euro and other local currencies feed straight into results.vanguard.com
Emerging markets and China-linked property companies are in the mix, a risk set the prospectus calls out separately from developed-market investing.vanguard.com
Distributions land annually or semiannually rather than monthly, so the income arrives in lumps.

Full RWO profile⁠

Full VNQI profile⁠

RWO vs VNQI Holdings

How RWO and VNQI differ

Overlap by weight

15.6%

Shared holdings make up 25.5% of VNQI and 15.6% of RWO.

Level by level

Holdings77 in both15.6%
Countryby domicile25.7%
Sector7 Sectors97.9%
Asset classEquity100%

Sector

Sector weights in RWO and VNQI, widest gap first
Sector	More in RWOMore in VNQI	RWO	VNQI
Real Estate	VNQI +1.6 points	96.7%	98.3%
Technology	RWO +0.8 points	0.8%	0.0%
Industrials	VNQI +0.6 points	0.1%	0.7%
Health Care	RWO +0.4 points	0.4%	0.0%
Financials	RWO +0.4 points	0.8%	0.4%
Energy	RWO +0.3 points	0.3%	0.0%
Consumer Discretionary	RWO +0.2 points	0.8%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in RWO and VNQI, widest gap first
Country	More in RWOMore in VNQI	RWO	VNQI
United States	RWO +74.3 points	74.3%	0.0%
Japan	VNQI +14.9 points	7.0%	21.9%
Australia	VNQI +8.6 points	2.3%	10.9%
South Africa	VNQI +8.4 points	0.4%	8.8%
Hong Kong	VNQI +6.8 points	1.7%	8.5%
China	VNQI +5.1 points	0.0%	5.1%
India	VNQI +3.9 points	0.0%	3.9%
Singapore	VNQI +3.6 points	2.5%	6.1%
Other countries (27)	VNQI +22.8 points	11.9%	34.7%

Outside the US: RWO 90% developed, 10% emerging. VNQI 71% developed, 29% emerging.

Concentration

Weight in the 10 largest Holdings

RWO45.8%
VNQI21.5%

Securities held

RWO225
VNQI729

Asset class

RWO: Equity
VNQI: Equity

Holdings

Only in RWO148
In both77
Only in VNQI652

Only in RWO

148 securities, 84.2% of RWO by weight

Welltower Inc10.22%
Prologis Inc7.40%
Equinix Inc6.22%
Simon Property Group Inc4.25%
Digital Realty Trust Inc3.91%
Realty Income Corp3.28%
Public Storage3.24%
Vivmark Residential2.70%
Ventas Inc2.61%
Extra Space Storage Inc1.92%
Host Hotels & Resorts Inc1.07%
Essex Property Trust Inc1.04%
Kimco Realty Corp1.00%
Segro PLC0.92%
Wp Carey Inc0.90%
Invitation Homes Inc0.87%
Omega Healthcare Investors0.86%
Mid America Apartment Comm0.84%
Sun Communities Inc0.83%
Healthpeak Properties Inc0.79%
Regency Centers Corp0.76%
Unibail Rodamco Westfield0.73%
American Healthcare Reit Inc0.70%
Equity Lifestyle Properties0.70%
Eastgroup Properties Inc0.65%
Udr Inc0.63%
Camden Property Trust0.62%
Bxp Inc0.61%
American Homes 4 Rent A0.61%
Ryman Hospitality Properties0.56%
Brixmor Property Group Inc0.55%
Federal Realty Invs Trust0.54%
Klepierre0.54%
Cubesmart0.53%
Caretrust Reit Inc0.52%
Rexford Industrial Realty In0.52%
Agree Realty Corp0.51%
Nnn Reit Inc0.48%
First Industrial Realty Tr0.44%
Land Securities Group PLC0.44%
Terreno Realty Corp0.44%
Stag Industrial Inc0.44%
Macerich Co/The0.42%
Aedifica0.40%
Alexandria Real Estate Equit0.38%
Healthcare Realty Trust Inc0.38%
Essential Properties Realty0.35%
British Land Co PLC0.35%
Merlin Properties Socimi SA0.35%
Vornado Realty Trust0.34%

Only in VNQI

652 securities, 74.3% of VNQI by weight

Goodman Group3.85%
Mitsubishi Estate Co Ltd2.76%
Emaar Properties PJSC2.76%
Sun Hung Kai Properties Ltd2.08%
Sumitomo Realty & Development Co Ltd1.90%
SLBBH11421.81%
Daiwa House Industry Co Ltd1.70%
Segro PLC1.54%
Vonovia SE1.40%
Unibail-Rodamco-Westfield1.18%
CK Asset Holdings Ltd1.17%
China Resources Land Ltd1.11%
Klepierre SA0.90%
Hongkong Land Holdings Ltd0.77%
Stockland0.73%
Aedifica SA0.67%
China Overseas Land & Investment Ltd0.62%
Land Securities Group PLC0.62%
Charter Hall Group0.62%
Daito Trust Construction Co Ltd0.60%
Merlin Properties Socimi SA0.60%
NEPI Rockcastle NV0.55%
Sino Land Co Ltd0.54%
British Land Co PLC/The0.54%
LondonMetric Property PLC0.53%
Tritax Big Box REIT PLC0.52%
Mirvac Group0.51%
Henderson Land Development Co Ltd0.46%
Tokyu Fudosan Holdings Corp0.46%
DLF Ltd0.45%
Fibra Uno Administracion SA de CV0.45%
Warehouses De Pauw CVA0.45%
Prologis Property Mexico SA de CV0.45%
Azrieli Group Ltd0.43%
Tokyo Tatemono Co Ltd0.43%
LEG Immobilien SE0.40%
Embassy Office Parks REIT0.40%
Mega Or Holdings Ltd0.39%
Phoenix Mills Ltd/The0.38%
Lodha Developers Ltd0.37%
Gecina SA0.37%
Big Shopping Centers Ltd0.36%
Sagax AB0.35%
Fibra MTY SAPI de CV0.35%
Growthpoint Properties Ltd0.33%
Umm Al Qura for Development & Construction Co0.32%
Fastighets AB Balder0.32%
Primary Health Properties PLC0.32%
Allreal Holding AG0.32%
China Resources Mixc Lifestyle Services Ltd0.31%

Weight gaps

All 77 Holdings in both funds, largest gap first.

Holding weights in RWO and VNQI, widest gap first
Holding	More in RWOMore in VNQI	RWO	VNQI
Mitsui Fudosan Co Ltd	VNQI +0.90 points	1.64%	2.54%
Scentre Group	VNQI +0.48 points	0.79%	1.27%
Link Reit	VNQI +0.45 points	0.79%	1.24%
Capitaland Integrated Commer	VNQI +0.42 points	0.69%	1.11%
Swiss Prime Site Reg	VNQI +0.40 points	0.76%	1.16%
Capitaland Ascendas Reit	VNQI +0.30 points	0.44%	0.74%
Hulic Co Ltd	VNQI +0.29 points	0.45%	0.74%
Psp Swiss Property AG Reg	VNQI +0.28 points	0.51%	0.79%
Nippon Building Fund Inc	VNQI +0.26 points	0.41%	0.67%
Wharf Real Estate Investment	VNQI +0.25 points	0.38%	0.63%
Vicinity Centres	VNQI +0.24 points	0.41%	0.65%
Gpt Group	VNQI +0.22 points	0.39%	0.61%
Japan Real Estate Investment	VNQI +0.21 points	0.30%	0.51%
Japan Metropolitan Fund Inve	VNQI +0.20 points	0.29%	0.49%
Nomura Real Estate Master Fu	VNQI +0.17 points	0.21%	0.38%
Dexus/Au	VNQI +0.17 points	0.26%	0.43%
Glp J Reit	VNQI +0.16 points	0.24%	0.40%
Kdx Realty Investment Corp	VNQI +0.16 points	0.21%	0.37%
Nippon Prologis Reit Inc	VNQI +0.16 points	0.22%	0.38%
Keppel Dc Reit	VNQI +0.15 points	0.23%	0.38%
Orix Jreit Inc	VNQI +0.15 points	0.18%	0.33%
Castellum Ab	VNQI +0.14 points	0.26%	0.40%
Mapletree Industrial Trust	VNQI +0.13 points	0.18%	0.31%
Plaza SA Y Filiales	VNQI +0.14 points	0.17%	0.31%
Daiwa House Reit Investment	VNQI +0.12 points	0.18%	0.30%
United Urban Investment Corp	VNQI +0.13 points	0.18%	0.31%
Swire Properties Ltd	VNQI +0.11 points	0.19%	0.30%
Japan Hotel Reit Investment	VNQI +0.12 points	0.19%	0.31%
Mapletree Logistics Trust	VNQI +0.12 points	0.17%	0.29%
Invincible Investment Corp	VNQI +0.11 points	0.18%	0.29%
Advance Residence Investment	VNQI +0.11 points	0.14%	0.25%
Parque Arauco S.a.	VNQI +0.10 points	0.16%	0.26%
Japan Prime Realty Investmen	VNQI +0.10 points	0.14%	0.24%
Wharf Holdings Ltd	VNQI +0.09 points	0.14%	0.23%
Keppel Reit	VNQI +0.09 points	0.13%	0.22%
Central Pattana Pcl Nvdr	VNQI +0.09 points	0.16%	0.25%
Industrial & Infrastructure	VNQI +0.08 points	0.13%	0.21%
Mitsui Fudosan Logistics Par	VNQI +0.08 points	0.12%	0.20%
Sekisui House Reit Inc	VNQI +0.08 points	0.11%	0.19%
Frasers Centrepoint Trust	VNQI +0.09 points	0.12%	0.21%
Frasers Logistics & Commerci	VNQI +0.08 points	0.12%	0.20%
Mitsui Fudosan Accommodation	VNQI +0.08 points	0.10%	0.18%
Wihlborgs Fastigheter Ab	VNQI +0.08 points	0.11%	0.19%
Suntec Reit	VNQI +0.08 points	0.11%	0.19%
Activia Properties Inc	VNQI +0.07 points	0.10%	0.17%
Capitaland Ascott Trust	VNQI +0.07 points	0.11%	0.18%
Hang Lung Properties Ltd	VNQI +0.07 points	0.08%	0.15%
Lasalle Logiport Reit	VNQI +0.07 points	0.09%	0.16%
Japan Logistics Fund Inc	VNQI +0.07 points	0.09%	0.16%
Region Group	VNQI +0.07 points	0.11%	0.18%
Lendlease Group	VNQI +0.06 points	0.07%	0.13%
Comforia Residential Reit In	VNQI +0.05 points	0.07%	0.13%
Charter Hall Long Wale Reit	VNQI +0.06 points	0.09%	0.15%
LEOPALACE21 Corp	VNQI +0.05 points	0.09%	0.14%
Daiwa Securities Living Inve	VNQI +0.05 points	0.06%	0.11%
Fabege Ab	VNQI +0.06 points	0.07%	0.13%
Aeon Reit Investment Corp	VNQI +0.05 points	0.07%	0.12%
Mitsui Fudosan Retail Fund I	VNQI +0.05 points	0.07%	0.12%
Hulic Reit Inc	VNQI +0.05 points	0.06%	0.11%
Mori Hills Reit Investment C	VNQI +0.05 points	0.06%	0.11%
Hysan Development Co	VNQI +0.05 points	0.07%	0.12%
Ntt Ud Reit Investment Corp	VNQI +0.05 points	0.06%	0.11%
Lendlease Global Commercial	VNQI +0.04 points	0.07%	0.11%
Mori Trust Reit Inc	VNQI +0.04 points	0.07%	0.11%
Mitsubishi Estate Logistics	VNQI +0.04 points	0.06%	0.10%
Daiwa Office Investment Corp	VNQI +0.04 points	0.06%	0.10%
Japan Excellent Inc	VNQI +0.04 points	0.06%	0.10%
Nippon Reit Investment Corp	VNQI +0.04 points	0.05%	0.09%
Multiplan Empreendimentos	RWO +0.04 points	0.08%	0.04%
Tokyu Reit Inc	VNQI +0.03 points	0.06%	0.09%
Centuria Industrial Reit	VNQI +0.03 points	0.07%	0.10%
Hoshino Resorts Reit Inc	VNQI +0.04 points	0.05%	0.09%
Waypoint Reit	VNQI +0.04 points	0.06%	0.10%
Global One Reit	VNQI +0.03 points	0.04%	0.07%
Allos SA	VNQI +0.01 points	0.11%	0.12%
Iguatemi SA Units	VNQI +0.01 points	0.03%	0.04%
New Israeli Sheqel	Same weight	<0.01%	<0.01%

All 224 RWO holdings⁠All 682 VNQI 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.

RWO vs VNQI Cost

Overpaying RWO vs VNQI

$7,459

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

RWO 0.50%
$9,979
VNQI 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

RWO 0.50%
VNQI 0.12%
Overpaying

Year by year

Year	RWO	VNQI	Overpaying
10	$900	$220	$680
20	$3,460	$859	$2,601
30	$9,979	$2,520	$7,459

Expense ratio

0.50%RWO
0.12%VNQI, cheaper

VNQI0.12%RWO0.50%

0.10%0.60%

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

VNQI 2nd cheapest of 18 funds

RWO 10th cheapest of 18 funds

RWO vs VNQI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RWO 3.42%; VNQI 5.05%, better
Payout (12M): RWO $1.63; VNQI $2.16
Last payment: RWO $0.43; VNQI $2.16
Ex-dividend: RWO Sep 21, 2026; VNQI Dec 19, 2025
Paid on: RWO Sep 23, 2026; VNQI Dec 23, 2025
Frequency: RWO Quarterly; VNQI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

RWOQuarterly · 39 paymentsAll RWO payments⁠

VNQIAnnual · 17 paymentsAll VNQI payments⁠

RWO vs VNQI Risk

Fall from peak · 5 years

RWO
VNQI

Risk facts

VolatilityStd dev, 3 years: RWO 15.5%, betterVNQI 15.9%
Return per unit of riskSharpe ratio, 3 years: RWO 0.60, betterVNQI 0.36
Worst fallMax drawdown, 5 years: RWO −32.8%, betterVNQI −33.4%
Market sensitivityBeta, 5 years: RWO 0.91VNQI 0.95; Market = 1

RWO and VNQI 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, 2026RWOVNQI
Deep Dive
The 10-year is back at 5.01%. Listed REIT funds fell 2%
Sep 19, 2026VNQI
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026VNQI
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026VNQI

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