At a glance
RWR charges 0.25% a year, above the 0.24% average of the 8 funds most like it (the 6th cheapest of 9). It has $1.84B in assets, the 4th largest of that group; it paid 3.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +15.6% a year. At its worst it fell 44.4% 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 51.4% of the fund, out of 99 in all.
The short version
SPDR Dow Jones REIT ETF (RWR), from State Street, tracks the Dow Jones U.S. Select REIT Capped Index. The index holds roughly 100 U.S. real estate investment trusts (REITs), which are companies that own and rent out property. It leaves out mortgage, timber and cell-tower REITs so that it stays close to physical real estate. At 0.25% a year, it costs more than close rivals such as Schwab US REIT ETF, which charges 0.07%.
Price history
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RWR +8.6% 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 | |
|---|---|---|---|---|---|---|
| RWR official prospectus, to Dec 31, 2025 | — | +3.19% | — | +6.35% | +4.52% | — |
| RWR price data to Oct 27, 2026 | +11.5% | +8.6% | +15.6% | +2.5% | +5.6% | +6.3% |
- Over the year to Oct 27, 2026, RWR returned +8.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +2.5% and its 10-year +5.6%.
- In the 2020 COVID crash it fell 44.4% and regained its old high 14 months after the low.
- Its worst full calendar year was 2008 (-38.8%); its best was 2021 (+45.5%).
- The deepest fall in its price history was 74.9% (Feb 7, 2007 to Mar 6, 2009), recovered by Apr 4, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.5% | — |
| 2025 | +3.2% | +3.19% |
| 2024 | +7.7% | +7.74% |
| 2023 | +13.8% | +13.84% |
| 2022 | -26.1% | -26.12% |
| 2021 | +45.5% | +45.46% |
| 2020 | -11.3% | -11.51% |
| 2019 | +22.7% | +22.72% |
| 2018 | -4.4% | -4.33% |
| 2017 | +3.5% | +3.53% |
| 2016 | +6.4% | +6.31% |
| 2015 | +4.1% | — |
| 2014 | +31.8% | — |
| 2013 | +0.9% | — |
| 2012 | +16.9% | — |
| 2011 | +9.0% | — |
| 2010 | +27.9% | — |
| 2009 | +28.4% | — |
| 2008 | -38.8% | — |
| 2007 | -17.9% | — |
| 2006 | +35.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 71.1% over that stretch · deepest drop along the way 71.8%, back to its old high 37.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.5% over that stretch · deepest drop along the way 44.4%, back to its old high 14 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.6% over that stretch · deepest drop along the way 32.3%, back to its old high 40 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.5600 | |
| 2025 | $3.7200 | 0.0% |
| 2024 | $3.7200 | +4.2% |
| 2023 | $3.5700 | +7.9% |
| 2022 | $3.3100 | -2.9% |
| 2021 | $3.4100 | +5.9% |
| 2020 | $3.2200 | -6.1% |
| 2019 | $3.4300 | -4.7% |
| 2018 | $3.6000 | +25.9% |
| 2017 | $2.8600 | -30.4% |
| 2016 | $4.1100 | +41.7% |
| 2015 | $2.9000 | +4.3% |
| 2014 | $2.7800 | +14.9% |
| 2013 | $2.4200 | +8.5% |
| 2012 | $2.2300 | +9.9% |
| 2011 | $2.0300 | +13.4% |
| 2010 | $1.7900 | -9.6% |
| 2009 | $1.9800 | -31.1% |
| 2008 | $2.8750 | -12.6% |
| 2007 | $3.2890 | -1.8% |
| 2006 | $3.3490 |
What's inside
As of Jun 30, 2026, the fund held 99 securities; the ten largest made up 51.42% of assets.
| Holding | Weight | |
|---|---|---|
| Welltower Inc | 10.57% | |
| Prologis Inc | 9.15% | |
| Simon Property Group Inc | 4.66% | |
| Equinix Inc | 4.45% | |
| Realty Income Corp | 4.42% | |
| Digital Realty Trust Inc | 4.40% | |
| Public Storage | 4.36% | |
| Ventas Inc | 4.06% | |
| Extra Space Storage Inc | 2.88% | |
| AvalonBay Communities Inc | 2.46% | |
| Equity Residential | 2.18% | |
| Essex Property Trust Inc | 1.76% | |
| Kimco Realty Corp | 1.61% | |
| Invitation Homes Inc | 1.55% | |
| Mid-America Apartment Communities Inc | 1.52% |
By country
United States 99.08%By asset type
Stocks 99.08%By sector
Sectors of the companies held, for the 40.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $55.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.51%, +0.22%, +3.74%.
How it works
RWR aims to match the total return of the Dow Jones U.S. Select REIT Capped Index, before fees. S&P Dow Jones Indices designs the index as a stand-in for owning property directly. To qualify, a company must own and operate commercial or residential real estate and earn at least 75% of its revenue from it. It also needs a float-adjusted market value of at least $200 million and a median of $5 million in daily trading. The index excludes mortgage REITs, hybrid REITs, home builders, brokers and “specialty” REITs such as timber, railroad and tower owners. It held 97 REITs as of July 31, 2026.
Each REIT is weighted by float-adjusted market capitalization, meaning the value of shares open to public investors. At each quarterly rebalance, no company may exceed 10%. Companies above 4.5% can’t together top 22.5%. A daily check triggers extra trimming if the largest holdings grow too big. As of June 30, 2026, Welltower (10.6%) and Prologis (9.2%) led, and the top 10 holdings made up 51.4% of assets.
The adviser, SSGA Funds Management, uses sampling. That means it may hold only some of the index’s stocks, but it keeps at least 80% of assets in index securities. Small futures positions and cash help it handle money moving in and out. Portfolio turnover was 8%.
What it really costs
- RWR charges 0.25% a year, versus an average of 0.24% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RWR | $26 | $80 | $141 | $318 |
In a retirement portfolio
It is a single-sector REIT fund that has had very deep losses, so it fits better as a smaller add-on than as a core position.
RWR adds U.S. property owners, from health care buildings and warehouses to malls, data centers and self-storage. It pays income quarterly, with a trailing 12-month yield of 3.52% as of October 27, 2026. In the SEC’s standard $10,000 example, it costs $26 in year one and $318 over 10 years.
The losses have been steep. The fund fell 71.8% in the 2008 financial crisis, 44.4% in the 2020 COVID crash and 32.3% in the 2022 bear market. It took until February 2026 to recover from the 2022 drop. Its worst calendar year was 2008, at -38.8%. Its deepest drop, 74.9%, took about 49 months to recover. Selling shares or drawing income in stretches like these would lock in losses. REIT dividends can also be cut. Past results don’t predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want U.S. REITs that own physical property, without the mortgage, timber or cell-tower REITs its Dow Jones index excludes.
- Income-focused holders comfortable with quarterly payouts. The trailing 12-month yield was 3.52% as of October 27, 2026.
- Those adding a small real estate slice beside broad stock funds who can sit through drops like the 71.8% loss in 2008.
Look elsewhere if
- Cost-focused investors: Schwab US REIT ETF (0.07%) and iShares Core U.S. REIT ETF (0.08%) charge far less than RWR’s 0.25%.
- Anyone wanting cell-tower REITs or overseas property. SPDR Dow Jones Global Real Estate ETF covers global real estate instead.
- People who may need to sell soon. The fund’s 32.3% drop in 2022 took until February 2026 to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RWR this fund | — | 0.25% | $1.84B | +8.6% | +15.6% |
| USRT iShares Core U.S. REIT ETF | 88% | 0.08% | $4.66B | +8.5% | +15.9% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 87% | 0.11% | $1.26B | +8.1% | +15.4% |
| FRI First Trust S&P REIT Index Fund | 83% | 0.5% | $180.5M | +8.3% | +15.4% |
| DFAR Dimensional US Real Estate ETF | 82% | 0.19% | $1.78B | +7.6% | +14.0% |
| SCHH Schwab US REIT ETF | 80% | 0.07% | $11.20B | +7.1% | +14.1% |
| FREL Fidelity MSCI Real Estate Index ETF | 76% | 0.084% | $1.49B | +3.2% | +13.3% |
| IYR iShares U.S. Real Estate ETF | 74% | 0.39% | $4.67B | +1.9% | +12.7% |
Questions investors ask
Is RWR good for retirement income?
It can supply income, but the shares swing a lot. RWR pays dividends quarterly, and its trailing 12-month yield was 3.52% as of October 27, 2026. Its price has fallen hard at times: it lost 44.4% in the 2020 COVID crash and 32.3% in the 2022 bear market. It may suit retirees who treat it as one slice of a diversified portfolio rather than their main source of income.
What's the difference between RWR and USRT?
The main difference is cost. iShares Core U.S. REIT ETF (USRT) charges 0.08% a year, while RWR charges 0.25%. Their holdings overlapped by 88% in their latest N-PORT reports, and returns have been close. As of October 27, 2026, RWR returned 8.6% over one year against USRT’s 8.5%. Over three years, RWR returned 15.6% a year against 15.9%. USRT is also larger, with about $4.7 billion in net assets as of July 31, 2026.
How often does RWR pay dividends?
Quarterly. RWR passes along the dividends its REITs pay, four times a year. Over the 12 months to October 27, 2026, it paid $3.77 per share, a trailing yield of 3.52%. Payments can vary from quarter to quarter because they depend on what the underlying REITs pay out. Much REIT income is taxed as ordinary income rather than at the lower qualified-dividend rates. That matters for shares held in taxable accounts.
What are RWR's top holdings?
As of June 30, 2026, the largest holdings were Welltower (10.6%) and Prologis (9.2%). Next came Simon Property Group (4.7%), followed by Equinix, Realty Income, Digital Realty Trust and Public Storage at about 4.4% each. The top 10 made up 51.4% of the fund’s $1.84 billion in net assets, spread across 99 holdings. The mix covers health care buildings, warehouses, malls, data centers and self-storage. Cell-tower REITs are missing because the index excludes them.
How has RWR performed over 10 years?
According to its prospectus, RWR returned an average of 4.52% a year over the 10 years ended December 31, 2025. Over five years it returned 6.35% a year, and over one year 3.19%. Based on share prices, the 10-year annualized return was 5.6% as of October 27, 2026. The ride was bumpy. Calendar-year results ran from a 45.46% gain in 2021 to a 26.12% loss in 2022, and the worst quarter was a 28.62% drop in early 2020.