What are real estate ETFs?
Real estate ETFs mostly own REITs, or real estate investment trusts. These are companies that own property such as warehouses, apartments, data centers and senior housing. They collect rent and must pay out most of their taxable income as dividends. Welltower is the most widely held stock, in 8 of the 15 funds in this guide. Equinix, Digital Realty, Public Storage, Essex Property Trust and Invitation Homes each appear in 7. Prologis and Simon Property Group each appear in 6.
Most of the funds track an index. REET follows a global index of developed and emerging markets and has 343 holdings. RWR tracks a Dow Jones REIT index and has 99. SRET, RIET and RDOG use indexes built around dividends. NURE tracks the Dow Jones U.S. Select Short-Term REIT Index, and RITA's index applies Islamic and green screens. CSRE from Cohen & Steers and REIT from ALPS are actively managed, with 42 and 31 holdings. Concentration varies a lot: RITA keeps 69.5% of its money in its top 10 holdings, while RIET keeps 16.7% there. A few funds reach beyond REITs. HOMZ adds housing stocks such as Home Depot and Lowe's, and PTEC owns property-technology firms such as CoStar Group and Zillow. REIX adds infrastructure, and ASET is built from three FlexShares funds. None of the 15 is leveraged, inverse or options-based.
Costs vary widely. The median expense ratio, the yearly fee taken out of fund assets, is 0.50%. REET is the cheapest at 0.14%, followed by RWR at 0.25%. The actively managed CSRE is the most expensive at 0.70%.
The money is concentrated. The five largest funds, REET, RWR, CSRE, SRET and RIET, hold 97.8% of the group's assets. REET alone has about $5.1 billion. At the other end, REAI has about $1.1 million.
Real estate ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 15 biggest real estate ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Welltower Inc. | 8 of 15 | 8.85% |
| Equinix, Inc. | 7 of 15 | 4.86% |
| Digital Realty Trust, Inc. | 7 of 15 | 4.4% |
| Public Storage. | 7 of 15 | 4.36% |
| Essex Property Trust, Inc. | 7 of 15 | 2.71% |
| Invitation Homes Inc | 7 of 15 | 2.66% |
| Prologis, Inc. | 6 of 15 | 7.2% |
| Simon Property Group, Inc. | 6 of 15 | 3.91% |
| Avalonbay Communities, Inc. | 6 of 15 | 2.46% |
| Equity Residential | 6 of 15 | 2.18% |
| Ventas, Inc. | 5 of 15 | 3.86% |
| Extra Space Storage Inc. | 5 of 15 | 2.88% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest real estate ETFs, side by side
Swipe the table to see all 5 funds.
| REET | RWR | CSRE | SRET | RIET | |
|---|---|---|---|---|---|
| Net assets | $5.13B | $1.84B | $440.9M | $233.0M | $104.5M |
| Expense ratio | 0.14% | 0.25% | 0.7% | 0.58% | 0.5% |
| Holdings | 343 | 99 | 42 | 29 | 100 |
| In the 10 largest | 41.63% | 51.42% | 56.67% | 41.86% | 16.71% |
| Biggest holding | Welltower Inc. (8.85%) | Welltower Inc (10.57%) | Welltower Inc (15.18%) | Apple Hospitality REIT, Inc. (4.88%) | National Storage Affiliates Tr (2.1%) |
| Yield | 3.6% | 3.52% | 2.06% | 9.58% | 13.03% |
| 1-year return | +4.1% | +8.6% | +7.2% | -1.0% | -2.1% |
| 3 years, a year | +13.5% | +15.6% | — | +12.2% | +9.4% |
| 5 years, a year | +1.0% | +2.5% | — | -0.2% | -2.3% |
| Worst drop, past year | -11.3% | -12.8% | -10.6% | -15.4% | -16.3% |
| Launched | 2014 | 2001 | 2025 | 2015 | 2021 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
REET vs RWR
REET is bigger and cheaper, charging 0.14% a year against 0.25% for RWR. REET has 343 holdings from developed and emerging markets, with 41.6% in its top 10. RWR has 99, with 51.4% in its top 10. Welltower leads both, at 8.9% of REET and 10.6% of RWR, and 66.9% of their assets overlap. In the year to October 27, 2026, RWR returned 8.6% and REET 4.1%, with worst drops of 12.8% and 11.3%. REET may suit investors who want global reach; RWR may suit those comfortable with a tighter list of REITs.
REET vs SRET
These two have little in common: just 5.6% of their assets overlap. REET has 343 holdings and is led by Welltower at 8.9%. SRET holds 29 high-yielding REITs from a global index, led by Apple Hospitality REIT at 4.9%. Its top 10 make up 41.9%, close to REET's 41.6%. SRET's yield was 9.58% against REET's 3.6%, but SRET costs 0.58% a year versus 0.14%. In the year to October 27, 2026, SRET returned -1% and REET 4.1%. SRET's worst drop was deeper, 15.4% against 11.3%. SRET may suit income seekers; REET may suit investors who want breadth.
SRET vs RIET
Both aim for high dividends, and 26.8% of their assets overlap. RIET is far more spread out. It has 100 holdings and 16.7% in its top 10, with National Storage Affiliates Trust the largest at 2.1%. SRET holds 29, with 41.9% in its top 10, and its index is global. RIET's yield was 13.03% against SRET's 9.58%, and RIET costs 0.50% a year versus 0.58%. In the year to October 27, 2026, RIET returned -2.1% and SRET -1%, with worst drops of 16.3% and 15.4%. SRET may suit those wanting a short list of high payers; RIET may suit those wanting the yield spread widely.
How much do the largest real estate ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| REET and RWR | 66.9% | 84 | |
| RWR and CSRE | 43.6% | 26 | |
| REET and CSRE | 36.5% | 29 | |
| SRET and RIET | 26.8% | 20 | |
| RWR and RIET | 11.3% | 25 | |
| REET and RIET | 9.6% | 24 | |
| REET and SRET | 5.6% | 34 | |
| CSRE and RIET | 3.8% | 3 | |
| RWR and SRET | 3.7% | 7 | |
| CSRE and SRET | 3.6% | 2 |
From each fund’s full holdings in its latest N-PORT report.
How have real estate ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing real estate ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | NURE Nuveen Short-Term REIT ETF | $35.6M | 0.36% | +7.0% | +15.9% | +15.6% | +12.6% |
| 2 | RWR SPDR Dow Jones REIT ETF | $1.84B | 0.25% | +0.7% | +11.5% | +8.6% | +15.6% |
| 3 | REIT ALPS Active REIT ETF | $56.4M | 0.68% | -0.1% | +11.7% | +7.9% | +14.2% |
| 4 | CSRE Cohen & Steers Real Estate Active ETF | $440.9M | 0.7% | +2.4% | +9.9% | +7.2% | — |
| 5 | REET iShares Global REIT ETF | $5.13B | 0.14% | +0.3% | +7.0% | +4.1% | +13.5% |
| 6 | SRET Global X SuperDividend REIT ETF | $233.0M | 0.58% | -0.9% | -2.2% | -1.0% | +12.2% |
| 7 | RIET Hoya Capital High Dividend Yield ETF | $104.5M | 0.5% | -3.4% | -1.8% | -2.1% | +9.4% |
| 8 | HOMZ Hoya Capital Housing ETF | $34.0M | 0.3% | +0.7% | -5.4% | -6.6% | +12.0% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How real estate ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| REET | not yet launched | -43.9% | -31.0% |
| RWR | -71.1% | -43.5% | -31.6% |
| CSRE | not yet launched | not yet launched | not yet launched |
| SRET | not yet launched | -64.4% | -25.5% |
| RIET | not yet launched | not yet launched | -30.0% |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives real estate ETFs?
Real estate companies earn most of their money from rent, so their profits rise and fall with occupancy, rent levels and the health of their tenants. Interest rates matter a great deal. REITs pay out most of their income, so they grow by borrowing and selling new shares. Higher rates raise those costs and can push down property values. They can also make REIT dividends look less attractive next to bonds. Each property type also has its own demand cycle: data centers for Equinix and Digital Realty, warehouses for Prologis, malls for Simon Property Group and senior housing for Welltower.
These funds have not protected investors in sell-offs. In the 2008 financial crisis, RWR fell 71.1%, against 55.2% for the S&P 500. In the 2020 COVID crash, REET dropped 43.9%, RWR 43.5% and SRET 64.4%, while the S&P 500 fell 33.7%. In the 2022 bear market, interest rates rose quickly. REET fell 31%, RWR 31.6% and RIET 30%, compared with 24.5% for the S&P 500. SRET's 25.5% drop was close to the index.
Real estate ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | REET iShares Global REIT ETF | 0.14% | $14 a year | $5.13B |
| 2 | RWR SPDR Dow Jones REIT ETF | 0.25% | $25 a year | $1.84B |
| 3 | HOMZ Hoya Capital Housing ETF | 0.3% | $30 a year | $34.0M |
| 4 | RDOG ALPS REIT Dividend Dogs ETF | 0.35% | $35 a year | $11.1M |
| 5 | NURE Nuveen Short-Term REIT ETF | 0.36% | $36 a year | $35.6M |
Ordinary funds with at least $10 million in net assets. The median ordinary real estate ETF charges 0.5% a year; leveraged and inverse funds usually charge more.
Do real estate ETFs pay dividends?
13 of the 15 ordinary real estate ETFs with a page here paid distributions over the last 12 months, with a median yield of 3.55%.
| Highest yields | Yield | Net assets |
|---|---|---|
| RIET Hoya Capital High Dividend Yield ETF | 13.03% | $104.5M |
| SRET Global X SuperDividend REIT ETF | 9.58% | $233.0M |
| NURE Nuveen Short-Term REIT ETF | 4.11% | $35.6M |
| REET iShares Global REIT ETF | 3.6% | $5.13B |
| RWR SPDR Dow Jones REIT ETF | 3.52% | $1.84B |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a real estate ETF
- How much each fund charges. REET charges 0.14% a year and RWR 0.25%, followed by HOMZ at 0.30%, RDOG at 0.35% and NURE at 0.36%. The actively managed CSRE and REIT cost the most, at 0.70% and 0.68%.
- How much rides on a few stocks. RITA keeps 69.5% in its top 10, and CSRE has 15.2% in Welltower alone. RIET spreads its money across 100 holdings, with just 16.7% in its top 10. REET sits between, at 41.6%.
- Index rules or a manager's judgment. REET, RWR and NURE track market indexes, while SRET, RIET and RDOG follow indexes built around dividends. CSRE and REIT are actively managed, so results hinge on the manager's picks. CSRE dates only from February 2025.
- Global reach or a US focus. REET's index covers developed and emerging markets, and SRET also tracks a global index. RITA's index covers developed markets only, and NURE's is US-only. REAI holds overseas names such as Segro PLC alongside Equinix.
- Pure REITs or a broader property bet. HOMZ adds housing stocks such as Home Depot and Lowe's. PTEC owns property-technology firms such as CoStar Group and Zillow. REIX adds utilities such as Xcel Energy. ASET splits money among infrastructure, real estate and natural resources funds.
- Fund size and trading costs. REET holds about $5.1 billion and RWR about $1.8 billion, while PTEC has about $1.8 million and REAI about $1.1 million. Funds this small can have wider gaps between bid and ask prices and a higher risk of closing.
What are the risks of real estate ETFs?
- Rising interest rates weigh on REITs. REITs rely on borrowed money, and their dividends compete with bond yields, so rising rates tend to hurt. In the 2022 bear market, as rates jumped, REET fell 31% and RWR 31.6%, versus 24.5% for the S&P 500.
- A handful of landlords dominate. Welltower is in 8 of the 15 funds and makes up 15.2% of CSRE and 14.3% of RITA. RITA's top 10 holdings are 69.5% of the fund, so trouble at Welltower, Prologis or Simon Property Group would hit it hard.
- Sharp swings and deep drops. In the year to October 27, 2026, HOMZ had volatility (a measure of how widely prices swing) of 20%, and its worst drop was 18.4%. RIET's worst drop was 16.3%. In the 2020 COVID crash, SRET fell 64.4%.
- High yields can hide weak returns. RIET's yield was 13.03% and SRET's 9.58%, yet their 1-year returns were -2.1% and -1% as of October 27, 2026. Their five-year returns were also negative. Very high yields can signal doubts that payouts will last.
- Tiny funds can close. REAI has about $1.1 million in assets, PTEC about $1.8 million and REIX about $6.9 million. Funds this small can cost more to trade and may be shut down, returning cash and possibly a taxable gain.
List of all real estate ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | REET iShares Global REIT ETF | $5.13B | 0.14% | 3.6% | +7.0% | +4.1% | +1.0% |
| 2 | RWR SPDR Dow Jones REIT ETF | $1.84B | 0.25% | 3.52% | +11.5% | +8.6% | +2.5% |
| 3 | CSRE Cohen & Steers Real Estate Active ETF | $440.9M | 0.7% | 2.06% | +9.9% | +7.2% | — |
| 4 | SRET Global X SuperDividend REIT ETF | $233.0M | 0.58% | 9.58% | -2.2% | -1.0% | -0.2% |
| 5 | RIET Hoya Capital High Dividend Yield ETF | $104.5M | 0.5% | 13.03% | -1.8% | -2.1% | -2.3% |
| 6 | REIT ALPS Active REIT ETF | $56.4M | 0.68% | 3.03% | +11.7% | +7.9% | +2.8% |
| 7 | NURE Nuveen Short-Term REIT ETF | $35.6M | 0.36% | 4.11% | +15.9% | +15.6% | +0.2% |
| 8 | HOMZ Hoya Capital Housing ETF | $34.0M | 0.3% | 2.98% | -5.4% | -6.6% | +2.3% |
| 9 | RDOG ALPS REIT Dividend Dogs ETF | $11.1M | 0.35% | 6.42% | +11.8% | +12.8% | +0.5% |
| 10 | RITA ETFB Green SRI REITs ETF | $8.7M | 0.5% | 2.77% | +6.7% | +3.9% | — |
Questions investors ask about real estate ETFs
What is the largest real estate ETF?
REET, the iShares Global REIT ETF, is the largest of the 15 funds in this guide, with about $5.1 billion in net assets. RWR, the SPDR Dow Jones REIT ETF, is next with about $1.8 billion, followed by CSRE, SRET and RIET. Together those five hold 97.8% of the group's assets. REET has 343 holdings from developed and emerging markets, led by Welltower, Prologis and Equinix.
What is the cheapest real estate ETF?
REET is the cheapest, with an expense ratio (the yearly fee taken from fund assets) of 0.14%. RWR is next at 0.25%, then HOMZ at 0.30%, RDOG at 0.35% and NURE at 0.36%. The group's median is 0.50%, and the actively managed CSRE costs the most at 0.70%. A low fee doesn't mean the same holdings: HOMZ mixes REITs with housing stocks such as Home Depot and Lowe's.
REET vs RWR: what's the difference?
REET is global and cheaper; RWR is more concentrated. REET charges 0.14% a year and has 343 holdings from developed and emerging markets, with 41.6% in its top 10. RWR charges 0.25%, has 99 holdings and keeps 51.4% in its top 10. The two share 66.9% of their assets, and Welltower is the largest holding in each. In the year to October 27, 2026, RWR returned 8.6% and REET 4.1%.
Do real estate ETFs pay dividends?
Yes, most do: 13 of the 15 funds in this guide pay dividends, with a median yield of 3.55%. RIET has the highest yield at 13.03%, then SRET at 9.58% and NURE at 4.11%. REET yields 3.6% and RWR 3.52%. Yields run high because REITs must pass most of their taxable income to shareholders. A big yield isn't the whole story: RIET and SRET both had negative 1-year returns as of October 27, 2026.
Which real estate ETFs hold Welltower?
Eight of the 15 funds in this guide hold Welltower, more than hold any other stock. It is the largest holding in REET (8.85%), RWR (10.57%), CSRE (15.18%), REIT (10.11%), RITA (14.28%) and REIX (6.7%). Prologis, the warehouse owner, is in 6 funds and is the second-largest holding in REET, RWR and REIT. The data center owners Equinix and Digital Realty each appear in 7.
How many real estate ETFs are there?
This guide covers 15 US-listed real estate ETFs. They range from REET, with about $5.1 billion in net assets, to REAI, with about $1.1 million. Most own REITs, but some go wider. HOMZ includes housing stocks, and PTEC owns property-technology companies such as CoStar Group and Zillow. REIX adds infrastructure, and ASET combines three FlexShares funds. None is leveraged or inverse.
Real estate ETF vs REIT: what's the difference?
A REIT is a single company that owns and rents out property, such as Prologis and its warehouses. A real estate ETF holds a basket of REITs and other property stocks and trades like one stock. RWR has 99 holdings and REET 343, so one landlord's problems matter less than they would if you owned that REIT alone. The trade-off is a yearly fee, from 0.14% for REET to 0.70% for CSRE.
Why hold real estate ETFs in a Roth IRA?
Mainly for taxes. Most REIT dividends are taxed as ordinary income rather than at the lower rate for qualified dividends. In a taxable account, more of the payout can go to tax. In a Roth IRA, dividends aren't taxed as they arrive, and qualified withdrawals are tax-free. This matters most for high-yield funds such as RIET, with a 13.03% yield, and SRET at 9.58%, and less for REET at 3.6%. Tax situations vary by person.
Is there a Vanguard, Fidelity or Schwab real estate ETF?
No. None of the three offers a real estate ETF. The largest real estate ETFs come from iShares (REET), SPDR (State Street) (RWR) and Cohen & Steers, Inc. (New York) (CSRE), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts.
