RWR vs. RWO: Should Your REIT ETF Include International Stocks?
Key Points
State Street SPDR Dow Jones REIT ETF offers a more concentrated portfolio of domestic real estate at half the annual cost of the global version.
State Street SPDR Dow Jones Global Real Estate ETF provides international exposure across 224 holdings compared to just 98 for the domestic fund.
State Street SPDR Dow Jones REIT ETF has historically delivered higher total returns and growth of a $1,000 investment over the long term.
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The choice between State Street SPDR Dow Jones Global Real Estate ETF (NYSEMKT:RWO) and State Street SPDR Dow Jones REIT ETF (NYSEMKT:RWR) comes down to geographic scope and cost efficiency.
While both funds target real estate investment trusts, RWO includes international developed and emerging markets, whereas RWR focuses exclusively on the United States. This broader mandate for the global fund carries a higher expense ratio and a more diversified, albeit lower-performing, historical track record.
Snapshot (cost & size)
| Metric | RWO | RWR |
|---|---|---|
| Issuer | SPDR | SPDR |
| Share price | $50.48 (07/2/26) | $115.18 (as of 7/2/26) |
| Expense ratio | 0.50% | 0.25% |
| 1-yr return (as of 7/2/26) | 17.50% | 22.80% |
| Dividend yield | 3.20% | 3.30% |
| Beta | 0.98 | 0.97 |
| AUM | $1.3 billion | $1.9 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
The State Street SPDR Dow Jones REIT ETF is the more affordable option, featuring an expense ratio of 0.25% compared to 0.50% for the global version. Both funds offer similar income potential, with current yields separated by only 0.10%.
Performance & risk comparison
| Metric | RWO | RWR |
|---|---|---|
| Max drawdown (5 yr) | (32.80%) | (32.60%) |
| Growth of $1,000 over 5 years (total return) | $1,162 | $1,306 |
What's inside
State Street SPDR Dow Jones REIT ETF focuses entirely on the domestic market, with its portfolio allocated 100.00% to United States real estate. It holds 98 positions, and its largest positions include Welltower at 10.8%, Prologis at 9.8%, and Simon Property Group at 4.6%. It was launched in 2001. State Street SPDR Dow Jones REIT ETF has paid $3.78 per share over the trailing 12 months, which on its recent ~$115.18 share price works out to a 3.30% yield.
State Street SPDR Dow Jones Global Real Estate ETF provides a wider lens, holding 224 positions across global markets. Its largest positions include Welltower at 9.7%, Prologis at 7.7%, and Equinix at 5.8%. It was launched in 2008. State Street SPDR Dow Jones Global Real Estate ETF has paid $1.60 per share over the trailing 12 months, which on its recent ~$50.48 share price works out to a 3.20% yield.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Although the real estate and housing markets have been under pressure amid stubbornly high inflation and interest rates, investors may still be interested in adding some real estate exposure to their portfolios. Investing in real estate investment trusts offers dividend income and diversification with more liquidity and fewer headaches than investing in physical real estate properties.
Choosing between these two State Street REIT ETFs comes down to your preference for investing in only the domestic market or adding global exposure. Exposure to international companies, and in particular emerging markets, can carry some additional risk in the form of currency fluctuations and political uncertainty, but it can also provide stronger potential upside and greater diversity than focusing solely on domestic companies.
In this matchup, though, RWO’s international exposure doesn’t seem to add much to the mix. It carries a slightly higher expense ratio, a marginally lower dividend yield, and has produced a lower return for a portfolio that holds the same or similar top companies and manages a similar amount of assets as RWR.
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Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Equinix, Prologis, and Simon Property Group. The Motley Fool has a disclosure policy.
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