RWR vs USRT: Grades, Fees and Holdings Compared

State Street SPDR Dow Jones REIT ETF

RWRANYSE Arca

iShares Core U.S. REIT ETF

USRTANYSE Arca

Overlap

88.4%by weight

Expense ratio

USRT −0.17pt a year

RWR0.25%USRT0.08%

Avg volume · 30D

USRT 3.1×the volume

RWR256KUSRT787K

10Y return · a year

USRT +1.0pt

RWR+5.5%USRT+6.5%

RWR vs USRT Performance

Oct 29, 2021 – Oct 30, 2026

+14.3%RWR+17.7%USRT

Expense ratio: RWR 0.25%; USRT 0.08%, better
Fund size: RWR $1.82B; USRT $4.29B
1Y total return: RWR +13.9%; USRT +13.9%
Yield (12M): RWR 3.47%, better; USRT 2.75%
Holdings: RWR 100; USRT 126
Avg volume (30D): RWR 256K sh; USRT 787K sh, better
NAV per share: RWR $108.29; USRT $63.78
52W range

ETF.net Grade

Pillar letters and Scores for RWR, USRT, with each pillar’s weight
Pillar	RWR	USRT
Cost30% weight	B62	A93Higher
Mission25% weight	A100	A100
Risk15% weight	B61	B61
Tradability15% weight	A78	A81Higher
Holdings10% weight	B56Higher	C53
Durability5% weight	A76	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. RWR and USRT 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 ›

USRT ranks 1st and RWR 7th 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 80
Rank 6AVNQVanguard Real Estate ETFScore 74
Rank 7ARWRState Street SPDR Dow Jones REIT ETFScore 73
Rank 8ABBREJPMorgan BetaBuilders MSCI US REIT ETFScore 71

Our read on each fund

ETF.net Research

RWRAState Street SPDR Dow Jones REIT ETF

USRTAiShares Core U.S. REIT ETF

In short

RWR A 2001-vintage REIT specialist: roughly 100 US real estate investment trusts tracked through the Dow Jones U.S. Select REIT Capped Index, priced under the typical broad real estate fund.

USRT Cheap, plain-vanilla ownership of U.S. landlords: roughly 130 equity REITs for eight basis points, running since 2007. One of the least expensive doors into the real estate aisle.

Stated mandate

RWR The fund seeks to track, before expenses, the total return performance of the Dow Jones U.S. Select REIT Capped Index.

USRT The fund seeks to track an index composed of U.S. real estate equities.

Why people hold it

RWR Trading since 2001, giving it a record that spans multiple property and rate cycles, not just the last one.
0.25% expense ratio, below the median for US broad real estate ETFs.
Sticks tightly to the Dow Jones U.S. Select REIT Capped Index: one of the cleanest index deliveries in its peer group.ssga.com
About 100 REITs, paying out quarterly, in a plain 1940 Act fund with no leverage or derivative wrapper.

USRT 0.08% a year against a 0.37% median for U.S. real estate funds. Among the category's heavyweights, only SCHH (0.07%) is cheaper.
Tracks the FTSE Nareit Equity REITs 40 Act Capped Index with very little drift, one of the tightest index jobs in its peer group.ishares.com
Live since 2007, a multi-billion-dollar fund from iShares, holding about 130 REITs across the U.S. property market.ishares.com

Worth knowing

RWR Several broad real estate rivals undercut it on fee: SCHH at 0.07%, USRT at 0.08%, VNQ at 0.13%.
One sector, one country: US real estate only, so property values and borrowing costs drive the ride.
Volume is moderate rather than heavyweight next to the category's biggest names.

USRT One sector, one country. Real estate swings with rates and property cycles, so expect a bumpier ride than a broad U.S. stock fund.
Actively traded, but the aisle's largest funds (VNQ, SCHH) turn over more shares. Worth watching the spread on chunky orders.
Income arrives quarterly, not monthly.ishares.com

Full RWR profile⁠

Full USRT profile⁠

RWR vs USRT Holdings

How RWR and USRT differ

Overlap by weight

88.4%

Shared holdings make up 99.7% of RWR and 89.9% of USRT.

Level by level

Asset classEquity, Real Estate0.0%
Sector11 Sectors0.0%
Holdings96 in both88.4%
Countryby domicile100%

Sector

Sector weights in RWR and USRT, widest gap first
Sector	More in RWRMore in USRT	RWR	USRT
Real Estate	RWR +100.0 points	100.0%	0.0%
Health Care REITs	USRT +21.2 points	0.0%	21.2%
Retail Reits	USRT +19.3 points	0.0%	19.3%
Industrial REITs	USRT +12.7 points	0.0%	12.7%
Data Center REITs	USRT +11.5 points	0.0%	11.5%
Multi-Family Residential REITs	USRT +9.9 points	0.0%	9.9%
Self Storage REITs	USRT +8.8 points	0.0%	8.8%
Single-Family Residential REITs	USRT +5.2 points	0.0%	5.2%
Hotel & Resort REITs	USRT +4.5 points	0.0%	4.5%
Office REITs	USRT +4.1 points	0.0%	4.1%
Diversified REIT's	USRT +2.7 points	0.0%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in RWR and USRT, widest gap first
Country	More in RWRMore in USRT	RWR	USRT
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

RWR54.3%
USRT50.3%

Securities held

RWR98
USRT123

Asset class

RWR: Equity
USRT: Real Estate

Holdings

Only in RWR2
In both96
Only in USRT27

Only in RWR

2 securities, 0.1% of RWR by weight

Fermi Inc0.08%
Dj Us Real Estate DEC26<0.01%

Only in USRT

27 securities, 9.8% of USRT by weight

Iron Mountain Inc3.00%
Vici Pptys Inc2.31%
Lamar Advertising Company Clas1.17%
Gaming and Leisure Properties Reit0.95%
Outfront Media0.44%
Sabra Health Care Reit0.43%
Millrose Properties Inc Class A0.34%
Lineage0.22%
Inventrust Properties0.20%
Ltc Properties Reit0.20%
Cto Realty Growth0.06%
Chatham Lodging Trust Reit0.06%
Safehold Inc0.05%
Alexanders Reit Inc0.05%
Ah Realty Inc0.04%
National Healthcare Properties0.04%
Saul Centers Reit Inc0.03%
Frontview Reit0.03%
One Liberty Properties Reit Inc0.03%
Industrial Logistics Properties Tr0.03%
Farmland Partners Inc0.03%
Gladstone Land Reit0.03%
Alpine Income Property Trust Inc0.02%
Nexpoint Diversified Real Estate T0.01%
Net Lease Office Properties0.01%
Brt Apartments Corp0.01%
Braemar Hotels Resorts Inc<0.01%

Weight gaps

All 96 Holdings in both funds, largest gap first.

Holding weights in RWR and USRT, widest gap first
Holding	More in RWRMore in USRT	RWR	USRT
Prologis IncPLD	RWR +2.63 points	9.56%	6.93%
Equinix IncEQIX	USRT +1.59 points	4.53%	6.12%
Welltower IncWELL	RWR +0.98 points	10.01%	9.03%
Ventas IncVTR	RWR +0.49 points	4.26%	3.77%
Vivmark ResidentialVMRK	RWR +0.47 points	4.33%	3.86%
Public StoragePSA	RWR +0.44 points	4.91%	4.47%
Extra Space Storage IncEXR	RWR +0.38 points	3.14%	2.76%
Realty Income CorpO	RWR +0.29 points	4.32%	4.03%
American Healthcare Reit IncAHR	RWR +0.26 points	1.15%	0.89%
Host Hotels & Resorts IncHST	RWR +0.25 points	1.75%	1.50%
Essex Property Trust IncESS	RWR +0.22 points	1.69%	1.47%
Kimco Realty CorpKIM	RWR +0.22 points	1.63%	1.41%
Wp Carey IncWPC	RWR +0.21 points	1.47%	1.26%
Mid America Apartment CommMAA	RWR +0.18 points	1.36%	1.18%
Omega Healthcare InvestorsOHI	RWR +0.17 points	1.41%	1.24%
Sun Communities IncSUI	RWR +0.17 points	1.36%	1.19%
Healthpeak Properties IncDOC	RWR +0.15 points	1.30%	1.15%
Ryman Hospitality PropertiesRHP	RWR +0.14 points	0.91%	0.77%
Camden Property TrustCPT	RWR +0.15 points	1.01%	0.86%
Equity Lifestyle PropertiesELS	RWR +0.14 points	1.13%	0.99%
Eastgroup Properties IncEGP	RWR +0.14 points	1.06%	0.92%
Bxp IncBXP	RWR +0.13 points	1.00%	0.87%
Agree Realty CorpADC	RWR +0.11 points	0.83%	0.72%
Brixmor Property Group IncBRX	RWR +0.12 points	0.89%	0.77%
Terreno Realty CorpTRNO	RWR +0.11 points	0.71%	0.60%
Caretrust Reit IncCTRE	RWR +0.11 points	0.85%	0.74%
Nnn Reit IncNNN	RWR +0.10 points	0.78%	0.68%
Stag Industrial IncSTAG	RWR +0.10 points	0.71%	0.61%
First Industrial Realty TrFR	RWR +0.09 points	0.72%	0.63%
Rexford Industrial Realty InREXR	RWR +0.10 points	0.85%	0.75%
Simon Property Group IncSPG	RWR +0.09 points	4.81%	4.72%
Healthcare Realty Trust IncHR	RWR +0.09 points	0.62%	0.53%
American Homes 4 Rent AAMH	RWR +0.08 points	0.99%	0.91%
Essential Properties RealtyEPRT	RWR +0.07 points	0.57%	0.50%
Macerich Co/TheMAC	RWR +0.07 points	0.68%	0.61%
Park Hotels & Resorts IncPK	RWR +0.07 points	0.34%	0.27%
Epr PropertiesEPR	RWR +0.06 points	0.44%	0.38%
Kite Realty Group TrustKRG	RWR +0.06 points	0.50%	0.44%
Apple Hospitality Reit IncAPLE	RWR +0.06 points	0.41%	0.35%
Federal Realty Invs TrustFRT	RWR +0.06 points	0.88%	0.82%
Digital Realty Trust IncDLR	RWR +0.06 points	4.41%	4.35%
Phillips Edison & Company InPECO	RWR +0.06 points	0.49%	0.43%
Janus Living Inc Class A 1JAN	RWR +0.06 points	0.24%	0.18%
Kilroy Realty CorpKRC	RWR +0.06 points	0.42%	0.36%
Americold Realty Trust IncCOLD	RWR +0.05 points	0.41%	0.36%
Cousins Properties IncCUZ	RWR +0.06 points	0.48%	0.42%
Regency Centers CorpREG	RWR +0.05 points	1.24%	1.19%
Copt Defense PropertiesCDP	RWR +0.05 points	0.38%	0.33%
Natl Health Investors IncNHI	RWR +0.05 points	0.33%	0.28%
Invitation Homes IncINVH	RWR +0.05 points	1.42%	1.37%
Tanger IncSKT	RWR +0.05 points	0.42%	0.37%
Broadstone Net Lease IncBNL	RWR +0.05 points	0.33%	0.28%
Sl Green Realty CorpSLG	RWR +0.05 points	0.36%	0.31%
Lxp Industrial TrustLXP	RWR +0.05 points	0.36%	0.31%
Independence Realty Trust InIRT	RWR +0.05 points	0.35%	0.30%
Diamondrock Hospitality CoDRH	RWR +0.04 points	0.29%	0.25%
Sunstone Hotel Investors IncSHO	RWR +0.04 points	0.24%	0.20%
Douglas Emmett IncDEI	RWR +0.04 points	0.17%	0.13%
Highwoods Properties IncHIW	RWR +0.04 points	0.33%	0.29%
Curbline Properties CorpCURB	RWR +0.04 points	0.30%	0.26%
Udr IncUDR	RWR +0.04 points	1.03%	0.99%
Netstreit CorpNTST	RWR +0.04 points	0.18%	0.14%
Vornado Realty TrustVNO	RWR +0.03 points	0.56%	0.53%
Pebblebrook Hotel TrustPEB	RWR +0.03 points	0.24%	0.21%
Acadia Realty TrustAKR	RWR +0.03 points	0.26%	0.23%
Alexandria Real Estate EquitARE	RWR +0.03 points	0.63%	0.60%
Four Corners Property TrustFCPT	RWR +0.03 points	0.24%	0.21%
Rlj Lodging TrustRLJ	RWR +0.03 points	0.17%	0.14%
Xenia Hotels & Resorts IncXHR	RWR +0.03 points	0.19%	0.16%
Urban Edge PropertiesUE	RWR +0.03 points	0.25%	0.22%
Diversified Healthcare TrustDHC	RWR +0.02 points	0.17%	0.15%
Medical Properties Trust IncMPT	RWR +0.02 points	0.12%	0.10%
Global Net Lease IncGNL	RWR +0.02 points	0.15%	0.13%
CubesmartCUBE	RWR +0.02 points	0.86%	0.84%
Getty Realty CorpGTY	RWR +0.02 points	0.16%	0.14%
Smartstop Self Storage ReitSMA	RWR +0.01 points	0.19%	0.18%
Innovative Industrial ProperIIPR	RWR +0.02 points	0.15%	0.13%
Easterly Government PropertiDEA	RWR +0.01 points	0.10%	0.09%
Umh Properties IncUMH	RWR +0.01 points	0.12%	0.11%
Piedmont Realty Trust IncPDM	RWR +0.02 points	0.12%	0.10%
Postal Realty Trust Inc APSTL	RWR +0.01 points	0.06%	0.05%
CenterspaceCSR	RWR +0.01 points	0.10%	0.09%
American Assets Trust IncAAT	RWR +0.01 points	0.10%	0.09%
Summit Hotel Properties IncINN	RWR +0.02 points	0.08%	0.06%
Hudson Pacific Properties InHPP	RWR +0.01 points	0.06%	0.05%
Cbl & Associates PropertiesCBL	RWR +0.01 points	0.10%	0.09%
Empire State Realty Trust AESRT	RWR +0.01 points	0.07%	0.06%
Jbg Smith PropertiesJBGS	RWR +0.01 points	0.07%	0.06%
Brandywine Realty TrustBDN	RWR +0.01 points	0.05%	0.04%
Service Properties TrustSVC	RWR +0.01 points	0.08%	0.07%
Gladstone Commercial CorpGOOD	Same weight	0.05%	0.05%
Universal Health Rlty IncomeUHT	RWR +0.01 points	0.05%	0.04%
Nexpoint ResidentialNXRT	Same weight	0.04%	0.04%
Chiron Real Estate IncXRN	RWR +0.01 points	0.04%	0.03%
Site Centers CorpSITC	Same weight	0.02%	0.02%
Community Healthcare Trust ICHCT	Same weight	0.03%	0.03%

All 97 RWR holdings⁠All 123 USRT 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.

RWR vs USRT Cost

Overpaying RWR vs USRT

$3,470

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

RWR 0.25%
$5,159
USRT 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

RWR 0.25%
USRT 0.08%
Overpaying

Year by year

Year	RWR	USRT	Overpaying
10	$455	$147	$308
20	$1,769	$575	$1,194
30	$5,159	$1,689	$3,470

Expense ratio

0.25%RWR
0.08%USRT, cheaper

USRT0.08%RWR0.25%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

RWR 9th cheapest of 21 funds

RWR vs USRT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RWR 3.47%, better; USRT 2.75%
Payout (12M): RWR $3.77; USRT $1.75
Last payment: RWR $0.98; USRT $0.47
Ex-dividend: RWR Sep 21, 2026; USRT Sep 15, 2026
Paid on: RWR Sep 23, 2026; USRT Sep 18, 2026
Frequency: RWR Quarterly; USRT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWRQuarterly · 39 paymentsAll RWR payments⁠

USRTQuarterly · 39 paymentsAll USRT payments⁠

RWR vs USRT Risk

Fall from peak · 5 years

RWR
USRT

Risk facts

VolatilityStd dev, 3 years: RWR 16.1%USRT 16.1%
Return per unit of riskSharpe ratio, 3 years: RWR 0.69USRT 0.70, better
Worst fallMax drawdown, 5 years: RWR −32.6%USRT −31.0%, better
Market sensitivityBeta, 5 years: RWR 0.98USRT 0.96; Market = 1

RWR and USRT in the news

All news⁠

Category Review
Vanguard's property fund lost a first-half lead over stocks
Updated Oct 8, 2026USRT
Deep Dive
Vanguard's property fund is up 4% this year. Mortgage funds are down 15%
Oct 5, 2026USRT
ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026USRT
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026USRT
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026USRT

Popular comparisons

RWRAvsSCHHA
State Street SPDR Dow Jones REIT ETF · Schwab U.S. REIT ETF
Expense ratio
0.25% · 0.07%
Category
USRTAvsSCHHA
iShares Core U.S. REIT ETF · Schwab U.S. REIT ETF
Expense ratio
0.08% · 0.07%
Category
RWRAvsFRELA
State Street SPDR Dow Jones REIT ETF · Fidelity MSCI Real Estate Index ETF
Expense ratio
0.25% · 0.08%
Category
USRTAvsFRELA
iShares Core U.S. REIT ETF · Fidelity MSCI Real Estate Index ETF
Expense ratio
0.08% · 0.08%
Category
RWRAvsXLREA
State Street SPDR Dow Jones REIT ETF · State Street Real Estate Select Sector SPDR ETF
Expense ratio
0.25% · 0.08%
Category
USRTAvsXLREA
iShares Core U.S. REIT ETF · State Street Real Estate Select Sector SPDR ETF
Expense ratio
0.08% · 0.08%
Category

RWR vs USRT

In short

Stated mandate

Why people hold it