At a glance
RWO charges 0.5% a year, above the 0.15% average of the 8 funds most like it (the most expensive of 9). It has $1.25B in assets, the 8th largest of that group; it paid 3.47% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.2% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +13.8% a year. At its worst it fell 42.9% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 40 months after the lows. Its ten largest positions make up 42.8% of the fund, out of 225 in all.
The short version
SPDR Dow Jones Global Real Estate ETF (RWO) is State Street's index fund tracking the Dow Jones Global Select Real Estate Securities Index: REITs (property companies that pay out most of their income) and other landlords, about 73% in the US as of June 30, 2026. Its trailing yield was 3.47%, paid quarterly, as of October 27, 2026. The catch is cost: its 0.50% expense ratio is the highest among similar funds, which average 0.15%.
Price history
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RWO +5.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RWO official prospectus, to Dec 31, 2025 | — | +9.24% | — | +3.90% | +3.28% | — |
| RWO price data to Oct 27, 2026 | +7.6% | +5.2% | +13.8% | +0.9% | +3.9% | +3.7% |
- Over the year to Oct 27, 2026, RWO returned +5.2%, 5th of 9 among similar funds.
- Its 5-year annualized return was +0.9% and its 10-year +3.9%.
- In the 2020 COVID crash it fell 42.9% and regained its old high 14.2 months after the low.
- Its worst full calendar year was 2022 (-25.1%); its best was 2009 (+32.0%).
- The deepest fall in its price history was 67.7% (May 30, 2008 to Mar 9, 2009), recovered by Jul 17, 2012.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +8.8% | +9.24% |
| 2024 | +1.7% | +1.59% |
| 2023 | +10.9% | +11.35% |
| 2022 | -25.1% | -25.05% |
| 2021 | +31.0% | +30.71% |
| 2020 | -10.4% | -10.62% |
| 2019 | +21.2% | +21.39% |
| 2018 | -6.0% | -6.09% |
| 2017 | +7.8% | +7.82% |
| 2016 | +3.9% | +3.88% |
| 2015 | +1.0% | — |
| 2014 | +18.6% | — |
| 2013 | +2.4% | — |
| 2012 | +25.8% | — |
| 2011 | -3.0% | — |
| 2010 | +24.2% | — |
| 2009 | +32.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.6% over that stretch · deepest drop along the way 42.9%, back to its old high 14.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32% over that stretch · deepest drop along the way 32.3%, back to its old high 40.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1500 | |
| 2025 | $1.6300 | +3.8% |
| 2024 | $1.5700 | +1.3% |
| 2023 | $1.5500 | +2.6% |
| 2022 | $1.5100 | -3.8% |
| 2021 | $1.5700 | +8.3% |
| 2020 | $1.4500 | -29.3% |
| 2019 | $2.0500 | +18.5% |
| 2018 | $1.7300 | +8.8% |
| 2017 | $1.5900 | -10.2% |
| 2016 | $1.7700 | +26.4% |
| 2015 | $1.4000 | -4.8% |
| 2014 | $1.4700 | -6.4% |
| 2013 | $1.5700 | -6.5% |
| 2012 | $1.6800 | +54.1% |
| 2011 | $1.0900 | -58.4% |
| 2010 | $2.6200 | +89.9% |
| 2009 | $1.3800 |
What's inside
As of Jun 30, 2026, the fund held 225 securities; the ten largest made up 42.84% of assets.
| Holding | Weight | |
|---|---|---|
| Welltower Inc | 9.41% | |
| Prologis Inc | 7.42% | |
| Equinix Inc | 6.04% | |
| Simon Property Group Inc | 4.26% | |
| Digital Realty Trust Inc | 3.48% | |
| Realty Income Corp | 3.39% | |
| Public Storage | 2.95% | |
| Ventas Inc | 2.54% | |
| Extra Space Storage Inc | 1.80% | |
| AvalonBay Communities Inc | 1.54% | |
| Mitsui Fudosan Co Ltd | 1.49% | |
| Equity Residential | 1.36% | |
| Essex Property Trust Inc | 1.10% | |
| Kimco Realty Corp | 1.00% | |
| Invitation Homes Inc | 0.97% |
By country
United States 72.6%Japan 6.89%United Kingdom 3.65%Singapore 2.56%Australia 2.28%By asset type
Stocks 99.22%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $17.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.23%, -0.54%, +1.93%.
How it works
The fund aims to match the Dow Jones Global Select Real Estate Securities Index, built by S&P Dow Jones Indices, which is not affiliated with State Street. The index weights companies by float-adjusted market capitalization, meaning the value of shares actually available to trade, so the biggest landlords count most. To join, a company must own and operate commercial or residential property. New members also need at least 75% of revenue from that business, a market value of at least $200 million and at least $5 million in median daily trading. The index leaves out mortgage REITs, tower, timber and prison REITs, home builders and brokers. It held 221 securities as of November 30, 2025.
The index is reviewed and rebalanced every quarter, after the close on the third Friday of March, June, September and December. The adviser, SSGA Funds Management, uses a sampling approach. It may hold a subset of index stocks with similar risk and return, but it must keep at least 80% in index securities or depositary receipts based on them. As of June 30, 2026, the fund had 225 holdings. The top 10 made up 42.84%, led by Welltower (9.4%), Prologis (7.4%) and Equinix (6.0%). The fund can use futures contracts to manage cash, and it held one small futures position. Portfolio turnover was 5%.
What it really costs
- RWO charges 0.5% a year, versus an average of 0.15% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RWO | $51 | $160 | $280 | $628 |
In a retirement portfolio
RWO gives single-sector exposure to global property and has fallen sharply alongside stocks in every major downturn it has lived through.
RWO could add global property exposure and quarterly income: its trailing yield was 3.47% as of October 27, 2026. It has not cushioned stock market falls, though. The fund launched in May 2008, dropped 67.7% by March 2009 and took about 40 months to recover. It fell 42.9% in the 2020 COVID crash and needed about 14 months to recover. It fell 32.3% in 2022 and did not regain that peak until February 2026, about 40 months later. Its worst calendar year was 2022, at -25.1%. Anyone who needs cash from it in a bad year could have to draw from a deeply depressed position. It also costs more than its peers: 0.50% a year against a 0.15% peer average. In the SEC's standard example, that comes to $628 over 10 years on $10,000. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund with property companies in 21 countries, including Japan, the UK, Singapore and Australia, rather than US REITs alone.
- Income-focused holders who accept a 3.47% trailing yield (as of October 27, 2026), paid quarterly, that rises and falls with property income.
- Long-term holders who can ride out drops of 32% to 68%, as in 2008–09, 2020 and 2022, without needing to cash out.
Look elsewhere if
- Cost-conscious investors: iShares Global REIT ETF (REET) has 85% holdings overlap and a 0.14% expense ratio, compared with RWO's 0.50%.
- Anyone seeking protection in stock market crashes: RWO lost 42.9% in early 2020 and 32.3% during 2022.
- Investors wanting US-only property at lower cost, such as Schwab US REIT ETF (SCHH) at 0.07%, or the mortgage and tower REITs this index excludes.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RWO this fund | — | 0.5% | $1.25B | +5.2% | +13.8% |
| REET iShares Global REIT ETF | 85% | 0.14% | $5.13B | +4.1% | +13.5% |
| DFGR Dimensional Global Real Estate ETF | 79% | 0.22% | $3.86B | +3.7% | +13.2% |
| AVRE Avantis Real Estate ETF | 75% | 0.17% | $861.1M | +3.5% | +12.6% |
| USRT iShares Core U.S. REIT ETF | 72% | 0.08% | $4.66B | +8.5% | +15.9% |
| RWR SPDR Dow Jones REIT ETF | 71% | 0.25% | $1.84B | +8.6% | +15.6% |
| FREL Fidelity MSCI Real Estate Index ETF | 71% | 0.084% | $1.49B | +3.2% | +13.3% |
| DFAR Dimensional US Real Estate ETF | 69% | 0.19% | $1.78B | +7.6% | +14.0% |
Questions investors ask
Is RWO good for retirement income?
It can provide income, but with real risk. RWO's trailing 12-month yield was 3.47% as of October 27, 2026, about $1.64 per share, paid quarterly. REIT payouts can rise or fall with rents and property income. The fund has also had deep losses, including a 25.1% drop in 2022 and a 67.7% fall from May 2008 to March 2009. Its 0.50% expense ratio takes a bigger bite out of returns than most similar funds charge.
What's the difference between RWO and REET?
Mostly cost and size. Both hold global REITs and real estate companies, and their holdings overlapped 85% in the latest N-PORT reports. iShares Global REIT ETF (REET) charges 0.14% a year, while RWO charges 0.50%. REET had about $5.13 billion in net assets as of July 31, 2026, compared with RWO's $1.25 billion as of June 30, 2026. As of October 27, 2026, returns were close: 5.2% for RWO and 4.1% for REET over one year, and 13.8% versus 13.5% a year over three years.
How often does RWO pay dividends?
RWO pays dividends quarterly. In the 12 months to October 27, 2026, it paid about $1.64 per share, a trailing yield of 3.47%. Most of that income comes from REITs, which must pass most of their taxable income to shareholders. REIT dividends are generally taxed as ordinary income rather than at the lower rate for qualified dividends, which may matter in a taxable account. Payouts can change from quarter to quarter.
What are RWO's top holdings?
As of June 30, 2026, RWO's largest holdings were Welltower (9.4%), Prologis (7.4%), Equinix (6.0%), Simon Property Group (4.3%), Digital Realty Trust (3.5%) and Realty Income (3.4%). The top 10 made up 42.84% of the fund's 225 holdings. The largest non-US holding was Japan's Mitsui Fudosan, at 1.5%. US companies made up 72.6% of assets, followed by Japan at 6.89% and the UK at 3.65%.
How has RWO performed over 10 years?
Modestly, with big swings. According to the prospectus, RWO's average annual returns as of December 31, 2025, were 9.24% over one year, 3.9% over five years and 3.28% over 10 years. Calendar years ranged from a 30.71% gain in 2021 to a 25.05% loss in 2022. Its worst quarter was a 29.5% drop in the first quarter of 2020. For 2026 through October 27, the fund was up 7.6%.