RWX vs VNQI: Grades, Fees and Holdings Compared

State Street SPDR Dow Jones International Real Estate ETF

RWXDNYSE Arca

Vanguard Global ex-U.S. Real Estate ETF

VNQIANasdaq

Overlap

25.5%by weight

Expense ratio

VNQI −0.47pt a year

RWX0.59%VNQI0.12%

Avg volume · 30D

VNQI 7.8×the volume

RWX37.7KVNQI293K

10Y return · a year

VNQI +0.9pt

RWX+0.9%VNQI+1.8%

RWX vs VNQI Performance

Oct 29, 2021 – Oct 30, 2026

−12.9%RWX−9.8%VNQI

Expense ratio: RWX 0.59%; VNQI 0.12%, better
Fund size: RWX $230M; VNQI $3.6B
1Y total return: RWX −2.8%, better; VNQI −5.1%
Yield (12M): RWX 4.19%; VNQI 5.05%, better
Holdings: RWX 146; VNQI 761
Avg volume (30D): RWX 37.7K sh; VNQI 293K sh, better
NAV per share: RWX $25.77; VNQI $42.63
52W range

ETF.net Grade

Pillar letters and Scores for RWX, VNQI, with each pillar’s weight
Pillar	RWX	VNQI
Cost30% weight	F12	A94Higher
Mission25% weight	A81	A85Higher
Risk15% weight	D35	D38Higher
Tradability15% weight	C53	B62Higher
Holdings10% weight	A71	A84Higher
Durability5% weight	B66	A91Higher

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. RWX 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 RWX 15th 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 14DSPRESP Funds S&P Global REIT Sharia ETFScore 39
Rank 15DRWXState Street SPDR Dow Jones International Real Estate ETFScore 36
Rank 16DBLDGCambria Global Real Estate ETFScore 34

Our read on each fund

ETF.net Research

RWXDState Street SPDR Dow Jones International Real Estate ETF

VNQIAVanguard Global ex-U.S. Real Estate ETF

In short

RWX Owning landlords abroad, the old-school way. Since 2006 RWX has tracked a Dow Jones index of listed real estate outside the US: roughly 120 property companies, and not a single American REIT in the mix.

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

RWX The fund seeks to track, before fees and expenses, the total return of the Dow Jones Global ex-U.S. Select Real Estate Securities Index and provide exposure to the international real estate market.

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

RWX Pure ex-US by design. Its Dow Jones index leaves American REITs out, so it layers on top of a domestic property holding instead of doubling up on it.ssga.com
Trading since 2006, so its record runs through real property cycles rather than a backtest.
Roughly 120 listed property companies outside the US, with rent income passed along on a quarterly distribution schedule.
The portfolio hews closely to the index it names, so the label and the holdings tell the same story.

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

RWX At 0.59% a year it sits above the category median of 0.50%, and well above index rivals HAUZ (0.10%) and VNQI (0.12%).
It trades thinly next to the category's biggest funds, so bid-ask spreads can run wider, which shows up most on large or hurried orders.
Global peers like REET and RWO put US and overseas property in one ticker. RWX skips the US on purpose, so it covers a slice of real estate, not the whole map.

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 RWX profile⁠

Full VNQI profile⁠

RWX vs VNQI Holdings

How RWX and VNQI differ

Overlap by weight

25.5%

Shared holdings make up 59.6% of RWX and 25.5% of VNQI.

Level by level

Holdings77 in both25.5%
Countryby domicile73.1%
Sector7 Sectors79.9%
Asset classEquity100%

Sector

Sector weights in RWX and VNQI, widest gap first
Sector	More in RWXMore in VNQI	RWX	VNQI
Real Estate	VNQI +19.9 points	78.4%	98.3%
Financials	RWX +9.2 points	9.6%	0.4%
Technology	RWX +3.9 points	3.9%	0.0%
Consumer Discretionary	RWX +3.4 points	4.0%	0.6%
Health Care	RWX +1.9 points	1.9%	0.0%
Energy	RWX +1.7 points	1.7%	0.0%
Industrials	VNQI +0.3 points	0.4%	0.7%

Country, concentration and asset class

Country by domicile

Country weights in RWX and VNQI, widest gap first
Country	More in RWXMore in VNQI	RWX	VNQI
South Africa	VNQI +7.3 points	1.5%	8.8%
United Kingdom	RWX +6.4 points	13.2%	6.8%
Japan	RWX +5.2 points	27.1%	21.9%
China	VNQI +5.1 points	0.0%	5.1%
India	VNQI +3.9 points	0.0%	3.9%
Singapore	RWX +3.7 points	9.8%	6.1%
France	RWX +3.3 points	6.5%	3.2%
Switzerland	RWX +2.5 points	5.4%	2.9%
Other countries (26)	VNQI +4.8 points	36.6%	41.4%

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

Concentration

Weight in the 10 largest Holdings

RWX29.8%
VNQI21.5%

Securities held

RWX128
VNQI729

Asset class

RWX: Equity
VNQI: Equity

Holdings

Only in RWX51
In both77
Only in VNQI652

Only in RWX

51 securities, 40.3% of RWX by weight

Segro PLC3.51%
Unibail Rodamco Westfield2.77%
Klepierre2.04%
Land Securities Group PLC1.69%
Aedifica1.51%
British Land Co PLC1.34%
Merlin Properties Socimi SA1.32%
Londonmetric Property PLC1.27%
Nepi Rockcastle N.v.1.27%
Tritax Big Box Reit PLC1.22%
Trust Fibra Uno1.15%
Prologis Property Mexico SA1.12%
Warehouses De Pauw NV1.06%
Azrieli Group Ltd0.99%
Leg Immobilien SE0.95%
Sagax Ab B0.87%
Gecina SA0.87%
Mega Or Holdings Ltd0.86%
Fastighets Ab Balder B Shrs0.77%
Growthpoint Properties Ltd0.76%
Primary Health Properties0.76%
Corp Inmobiliaria Vesta Sab0.75%
Melisron0.71%
Shaftesbury Capital PLC0.66%
Hammerson PLC0.64%
Redefine Properties Ltd0.64%
Unite Group Plc/The0.63%
Covivio0.62%
Derwent London PLC0.61%
Big Yellow Group PLC0.56%
Riocan Real Estate Invst Tr0.50%
Mapletree Pan Asia Com Trust0.48%
Granite Real Estate Investme0.42%
International Workplace Grou0.42%
First Capital Real Estate In0.40%
Can Apartment Prop Real Esta0.38%
Grainger PLC0.38%
Safestore Holdings PLC0.37%
Lumo Kodit Oyj0.37%
Supermarket Income Reit PLC0.35%
Amot Investments Ltd0.34%
Smartcentres Real Estate Inv0.32%
Colonial Sfl Socimi SA0.31%
Dream Industrial Real Estate0.29%
Aroundtown SA0.28%
Boardwalk Real Estate Invest0.23%
H+r Real Estate Inv Reit Uts0.20%
Arabian Centres Co Ltd0.20%
Ronesans Gayrimenkul Yatirim0.07%
Samhallsbyggnadsbolaget I No0.07%

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 RWX and VNQI, widest gap first
Holding	More in RWXMore in VNQI	RWX	VNQI
Mitsui Fudosan Co Ltd	RWX +3.69 points	6.23%	2.54%
Link Reit	RWX +1.78 points	3.02%	1.24%
Scentre Group	RWX +1.74 points	3.01%	1.27%
Swiss Prime Site Reg	RWX +1.71 points	2.87%	1.16%
Capitaland Integrated Commer	RWX +1.51 points	2.62%	1.11%
Psp Swiss Property AG Reg	RWX +1.14 points	1.93%	0.79%
Hulic Co Ltd	RWX +0.99 points	1.73%	0.74%
Capitaland Ascendas Reit	RWX +0.91 points	1.65%	0.74%
Vicinity Centres	RWX +0.91 points	1.56%	0.65%
Gpt Group	RWX +0.89 points	1.50%	0.61%
Nippon Building Fund Inc	RWX +0.88 points	1.55%	0.67%
Wharf Real Estate Investment	RWX +0.82 points	1.45%	0.63%
Japan Real Estate Investment	RWX +0.63 points	1.14%	0.51%
Japan Metropolitan Fund Inve	RWX +0.62 points	1.11%	0.49%
Castellum Ab	RWX +0.61 points	1.01%	0.40%
Dexus/Au	RWX +0.57 points	1.00%	0.43%
Glp J Reit	RWX +0.51 points	0.91%	0.40%
Keppel Dc Reit	RWX +0.50 points	0.88%	0.38%
Nippon Prologis Reit Inc	RWX +0.46 points	0.84%	0.38%
Kdx Realty Investment Corp	RWX +0.43 points	0.80%	0.37%
Japan Hotel Reit Investment	RWX +0.41 points	0.72%	0.31%
Nomura Real Estate Master Fu	RWX +0.42 points	0.80%	0.38%
Swire Properties Ltd	RWX +0.42 points	0.72%	0.30%
United Urban Investment Corp	RWX +0.39 points	0.70%	0.31%
Invincible Investment Corp	RWX +0.39 points	0.68%	0.29%
Daiwa House Reit Investment	RWX +0.38 points	0.68%	0.30%
Orix Jreit Inc	RWX +0.37 points	0.70%	0.33%
Mapletree Logistics Trust	RWX +0.37 points	0.66%	0.29%
Mapletree Industrial Trust	RWX +0.36 points	0.67%	0.31%
Plaza SA Y Filiales	RWX +0.35 points	0.66%	0.31%
Central Pattana Pcl Nvdr	RWX +0.34 points	0.59%	0.25%
Parque Arauco S.a.	RWX +0.34 points	0.60%	0.26%
Japan Prime Realty Investmen	RWX +0.30 points	0.54%	0.24%
Wharf Holdings Ltd	RWX +0.30 points	0.53%	0.23%
Allos SA	RWX +0.30 points	0.42%	0.12%
Advance Residence Investment	RWX +0.30 points	0.55%	0.25%
Multiplan Empreendimentos	RWX +0.28 points	0.32%	0.04%
Frasers Logistics & Commerci	RWX +0.27 points	0.47%	0.20%
Frasers Centrepoint Trust	RWX +0.26 points	0.47%	0.21%
Keppel Reit	RWX +0.26 points	0.48%	0.22%
Industrial & Infrastructure	RWX +0.26 points	0.47%	0.21%
Region Group	RWX +0.25 points	0.43%	0.18%
Mitsui Fudosan Logistics Par	RWX +0.26 points	0.46%	0.20%
Suntec Reit	RWX +0.25 points	0.44%	0.19%
Wihlborgs Fastigheter Ab	RWX +0.25 points	0.44%	0.19%
Capitaland Ascott Trust	RWX +0.23 points	0.41%	0.18%
Sekisui House Reit Inc	RWX +0.22 points	0.41%	0.19%
Mitsui Fudosan Accommodation	RWX +0.21 points	0.39%	0.18%
Activia Properties Inc	RWX +0.21 points	0.38%	0.17%
Charter Hall Long Wale Reit	RWX +0.20 points	0.35%	0.15%
Japan Logistics Fund Inc	RWX +0.19 points	0.35%	0.16%
Lasalle Logiport Reit	RWX +0.19 points	0.35%	0.16%
LEOPALACE21 Corp	RWX +0.18 points	0.32%	0.14%
Hang Lung Properties Ltd	RWX +0.17 points	0.32%	0.15%
Fabege Ab	RWX +0.16 points	0.29%	0.13%
Hysan Development Co	RWX +0.15 points	0.27%	0.12%
Comforia Residential Reit In	RWX +0.15 points	0.28%	0.13%
Mitsui Fudosan Retail Fund I	RWX +0.15 points	0.27%	0.12%
Lendlease Global Commercial	RWX +0.15 points	0.26%	0.11%
Aeon Reit Investment Corp	RWX +0.14 points	0.26%	0.12%
Mori Hills Reit Investment C	RWX +0.14 points	0.25%	0.11%
Centuria Industrial Reit	RWX +0.14 points	0.24%	0.10%
Lendlease Group	RWX +0.13 points	0.26%	0.13%
Hulic Reit Inc	RWX +0.14 points	0.25%	0.11%
Mori Trust Reit Inc	RWX +0.13 points	0.24%	0.11%
Waypoint Reit	RWX +0.13 points	0.23%	0.10%
Ntt Ud Reit Investment Corp	RWX +0.13 points	0.24%	0.11%
Tokyu Reit Inc	RWX +0.13 points	0.22%	0.09%
Daiwa Securities Living Inve	RWX +0.13 points	0.24%	0.11%
Mitsubishi Estate Logistics	RWX +0.13 points	0.23%	0.10%
Daiwa Office Investment Corp	RWX +0.13 points	0.23%	0.10%
Japan Excellent Inc	RWX +0.11 points	0.21%	0.10%
Nippon Reit Investment Corp	RWX +0.11 points	0.20%	0.09%
Hoshino Resorts Reit Inc	RWX +0.10 points	0.19%	0.09%
Iguatemi SA Units	RWX +0.09 points	0.13%	0.04%
Global One Reit	RWX +0.10 points	0.17%	0.07%
New Israeli Sheqel	Same weight	<0.01%	<0.01%

All 126 RWX 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.

RWX vs VNQI Cost

Overpaying RWX vs VNQI

$9,115

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

RWX 0.59%
$11,635
VNQI 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

RWX 0.59%
VNQI 0.12%
Overpaying

Year by year

Year	RWX	VNQI	Overpaying
10	$1,058	$220	$838
20	$4,051	$859	$3,192
30	$11,635	$2,520	$9,115

Expense ratio

0.59%RWX
0.12%VNQI, cheaper

VNQI0.12%RWX0.59%

0.10%0.60%

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

VNQI 2nd cheapest of 18 funds

RWX 16th cheapest of 18 funds

RWX vs VNQI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RWX 4.19%; VNQI 5.05%, better
Payout (12M): RWX $1.08; VNQI $2.16
Last payment: RWX $0.29; VNQI $2.16
Ex-dividend: RWX Sep 21, 2026; VNQI Dec 19, 2025
Paid on: RWX Sep 23, 2026; VNQI Dec 23, 2025
Frequency: RWX Quarterly; VNQI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

RWXQuarterly · 39 paymentsAll RWX payments⁠

VNQIAnnual · 17 paymentsAll VNQI payments⁠

RWX vs VNQI Risk

Fall from peak · 5 years

RWX
VNQI

Risk facts

VolatilityStd dev, 3 years: RWX 17.3%VNQI 15.9%, better
Return per unit of riskSharpe ratio, 3 years: RWX 0.27VNQI 0.36, better
Worst fallMax drawdown, 5 years: RWX −34.5%VNQI −33.4%, better
Market sensitivityBeta, 5 years: RWX 0.97VNQI 0.95; Market = 1

RWX 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, 2026VNQI
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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RWX vs VNQI

In short

Stated mandate

Why people hold it