# RWX ETF: fees, returns, drawdowns and holdings

> What RWX holds, its 0.59% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

State Street SPDR Dow Jones International Real Estate ETF (RWX) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns real estate companies outside the US, such as companies that own offices, shops and apartments. It charges 0.59% a year. From December 2006 to October 2026 it returned about 0.4% a year, and its worst drop was −73.6%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.59% a year (about $59 on $10,000).
- Started trading on December 15, 2006.
- Last close: $25.51 on October 16, 2026.
- Return over the last year: −4.5%.
- Worst drop since 2006: −73.6%.
- 2 Tactfolio classic strategies hold it.

## How has RWX done since 2006?

From December 2006 to October 2026, RWX returned about 0.4% a year. The S&P 500 returned about 10.8% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $10,862 at the end, with every dividend reinvested.

| Period | RWX | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −2.9% | 1.5% |
| 3 months | −6.3% | 1.9% |
| 6 months | −8.6% | 9.3% |
| Year to date | −6.1% | 12.8% |
| 1 year | −4.5% | 16.8% |
| 3 years, per year | 6.6% | 22.0% |
| 5 years, per year | −2.9% | 12.8% |
| 10 years, per year | 0.7% | 15.4% |
| Since 2006, per year | 0.4% | 10.8% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## RWX returns by month and year

RWX rose in 136 of its 239 months (57%). Its best month was May 2009, at 15.7%. Its worst was October 2008, at −25.3%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 4.0% | 4.6% | −11.9% | 6.1% | −2.1% | −1.1% | 3.9% | −2.7% | −6.0% | 0.5% |  |  | −6.1% |
| 2025 | 3.4% | 1.3% | 2.3% | 6.7% | 2.9% | 3.0% | −3.0% | 4.9% | 0.8% | −0.8% | 2.1% | 0.4% | 26.2% |
| 2024 | −5.5% | −3.5% | 5.6% | −5.1% | 2.1% | −3.8% | 6.4% | 6.4% | 2.6% | −8.8% | −1.5% | −6.1% | −12.2% |
| 2023 | 6.5% | −5.0% | −2.1% | 4.2% | −7.1% | −0.9% | 6.3% | −3.9% | −5.0% | −3.5% | 9.6% | 8.9% | 6.3% |
| 2022 | −4.3% | −1.8% | 2.4% | −6.7% | −0.1% | −10.3% | 6.3% | −7.3% | −12.1% | 1.5% | 9.9% | 0.6% | −21.8% |
| 2021 | −1.3% | 1.4% | 1.5% | 4.7% | 3.1% | −0.5% | 3.2% | 0.4% | −6.0% | 3.2% | −3.7% | 3.5% | 9.3% |
| 2020 | 0.1% | −7.8% | −24.5% | 4.6% | 2.8% | 1.1% | 2.3% | 3.7% | −1.9% | −3.9% | 13.6% | 5.9% | −9.0% |
| 2019 | 9.7% | −1.5% | 3.3% | −1.8% | −0.5% | 2.1% | −1.6% | 2.0% | 2.5% | 3.7% | −0.9% | 1.8% | 19.9% |
| 2018 | 3.9% | −6.7% | 2.5% | 2.0% | −2.0% | −1.2% | 1.5% | −1.3% | −1.5% | −4.7% | 2.0% | −2.4% | −8.3% |
| 2017 | 2.3% | 1.3% | 0.5% | 2.1% | 2.5% | −1.7% | 3.3% | −0.3% | −1.3% | 0.2% | 2.4% | 3.3% | 15.5% |
| 2016 | −3.2% | 1.3% | 8.5% | 2.2% | −1.5% | 0.2% | 3.5% | −2.1% | 0.2% | −6.6% | −2.9% | 1.6% | 0.3% |
| 2015 | 3.6% | 3.1% | −2.0% | 2.3% | −1.9% | −2.6% | 1.0% | −6.7% | 0.4% | 5.4% | −3.4% | −1.8% | −3.2% |
| 2014 | −4.2% | 5.1% | −0.1% | 3.7% | 3.4% | 1.4% | −0.6% | 1.7% | −6.8% | 5.1% | −1.3% | −2.5% | 4.3% |
| 2013 | 0.5% | 0.5% | 3.4% | 7.2% | −10.8% | −1.6% | 1.5% | −4.0% | 9.1% | 2.4% | −2.1% | −0.4% | 4.4% |
| 2012 | 9.2% | 5.0% | 1.6% | 1.6% | −7.8% | 8.3% | 3.2% | 1.6% | 2.6% | 3.8% | 1.4% | 4.0% | 39.1% |
| 2011 | −0.4% | 3.0% | −1.8% | 6.2% | −0.6% | −0.9% | −2.3% | −4.5% | −14.1% | 9.4% | −2.3% | −5.8% | −15.0% |
| 2010 | −4.3% | 1.6% | 3.9% | 0.8% | −11.1% | 0.0% | 12.8% | 0.8% | 9.6% | 4.9% | −6.1% | 9.8% | 22.0% |
| 2009 | −12.8% | −13.4% | 10.0% | 13.0% | 15.7% | 0.8% | 9.8% | 8.0% | 4.9% | −2.4% | 2.0% | 0.8% | 36.4% |
| 2008 | −5.2% | −1.6% | 0.0% | 4.9% | −1.9% | −12.7% | −0.4% | −5.3% | −12.8% | −25.3% | −9.7% | 6.2% | −50.6% |
| 2007 | 1.6% | 2.5% | 3.0% | 1.4% | 1.8% | −6.3% | −6.0% | 0.8% | 5.3% | 2.3% | −8.3% | −4.8% | −7.3% |
| 2006 (part) |  |  |  |  |  |  |  |  |  |  |  | 4.3% | 4.3% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is RWX compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.54.** When the S&P 500 moved 1% in a day, RWX tended to move about 0.54%.
- **Correlation 0.59.** RWX moved with the S&P 500 some of the time.
- **Up and down months.** In months the S&P 500 rose, RWX rose 56% as much on average. In months it fell, RWX fell 111% as much.

| Measure | RWX | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | −2.8% | 12.8% |
| Volatility | 15.8% | 17.1% |
| Worst drop | −34.5% | −24.5% |
| Sharpe ratio | -0.10 | 0.79 |
| Sortino ratio | -0.14 | 1.15 |
| Calmar ratio | -0.08 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is RWX above its 200-day average?

RWX closed 6.1% below its 200-day average on October 16, 2026. A rule that holds RWX only above that average would be out of it today.

- Its 50-day average is 2.7% below its 200-day average.
- It closed 13.7% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for RWX](https://tactfolio.com/builder) and backtest it in a minute.

## What was RWX's worst drop?

A drawdown is how far a fund falls from its last high point. RWX's worst fall was −73.6%, from May 7, 2007 to March 9, 2009. It got back to that high on January 17, 2018. On October 16, 2026 it was 17.2% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −73.6% | May 7, 2007 | Mar 9, 2009 | Jan 17, 2018 | 22 months | 8.9 years |
| −43.4% | Feb 14, 2020 | Mar 19, 2020 | Jun 7, 2021 | 34 days | 15 months |
| −35.9% | Aug 5, 2021 | Oct 14, 2022 | Not yet | 14 months | n/a |
| −14.0% | Jan 26, 2018 | Dec 24, 2018 | Sep 26, 2019 | 11 months | 9 months |
| −10.0% | Feb 23, 2007 | Mar 5, 2007 | Apr 16, 2007 | 10 days | 42 days |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does RWX hold?

This fund owns real estate companies outside the US, such as companies that own offices, shops and apartments. Many of them pay out rent income as dividends. Its value also moves with foreign currencies.

It tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. It had 126 holdings as of October 15, 2026, according to SPDR (State Street).

| Fact | RWX |
| --- | --- |
| Full name | State Street SPDR Dow Jones International Real Estate ETF |
| Issuer | SPDR (State Street) |
| Expense ratio | 0.59% a year |
| Started trading | December 15, 2006 |
| Tracks | Dow Jones Global ex-U.S. Select Real Estate Securities Index |
| Type | Real estate, ETF |
| Holdings | 126 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) |

## What is the RWX expense ratio?

RWX charges 0.59% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.59% fee comes to about $59 a year. Of the 162 ETFs on Tactfolio, 8% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold RWX?

2 classic strategies hold RWX at least some of the time. Each is a set of written rules you can open, test and copy.

- [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012
- [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019

## How does RWX compare with similar ETFs?

Funds that can stand in for RWX:

- [RWO](https://tactfolio.com/etf/RWO.md): State Street SPDR Dow Jones Global Real Estate ETF, 0.5% a year
- [SCHH](https://tactfolio.com/etf/SCHH.md): Schwab U.S. REIT ETF, 0.07% a year
- [XLRE](https://tactfolio.com/etf/XLRE.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year
- [VNQ](https://tactfolio.com/etf/VNQ.md): Vanguard Real Estate ETF, 0.13% a year

See [all 5 RWX alternatives](https://tactfolio.com/alternatives/RWX.md), compared on the same dates as RWX.

## Test RWX in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add RWX, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for RWX and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from SPDR (State Street). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of RWX?

RWX charges 0.59% a year, according to SPDR (State Street) as of October 16, 2026. That is about $59 a year for every $10,000 you hold.

### When did RWX start trading?

RWX started trading on December 15, 2006. It is run by SPDR (State Street).

### What does RWX track?

RWX tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. This fund owns real estate companies outside the US, such as companies that own offices, shops and apartments.

### How much has RWX returned per year?

From December 2006 to October 2026, RWX returned about 0.4% a year with dividends reinvested. Its worst drop was −73.6%. Past returns do not tell you what it will do next.

### Is RWX above its 200-day moving average?

On October 16, 2026, RWX closed 6.1% below its 200-day moving average. This page updates after each US market close.

### Which strategies use RWX?

2 of Tactfolio's classic strategies hold RWX, including Adaptive Asset Allocation (AAA), Kipnis Defensive Adaptive Asset Allocation (KDA).

## Sources

- [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.