SPDR Dow Jones International Real Estate ETF
ALTAR
Score™
6.5% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
20.2x P/Sales
ratio
5.8x
P/BV
ratio
0.9x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR DJ Wilshire International Real Estate ETF objective is to track as closely as possible, before fees and expenses, the total performance of the Dow Jones Wilshire Ex-US Real Estate Securit

FUND BASICS
Category International Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Dec 15, 2006
Assets (mns) $909
Currency USD
Expense ratio 59 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 143
Wgt avg mkt cap (mns) $7,724
Large cap (>$10bn) 30.4%
Mid cap ($2-10bn) 60.5%
Small cap (<$2bn) 6.6%
Developed mkts 94.7%
Emerging mkts 4.5%

TOP TEN HOLDINGS
GOODMAN GROUP 4.6 %
DEUTSCHE WOHNEN AG 4.0 %
MITSUI FUDOSAN CO LTD 3.9 %
LINK REIT 3.6 %
SEGRO PLC 3.1 %
LEG IMMOBILIEN AG 2.1 %
SCENTRE GROUP 1.8 %
NIPPON BUILDING FUND INC 1.8 %
NIPPON PROLOGIS REIT INC 1.7 %
JAPAN REAL ESTATE INVESTMENT 1.6 %
Total 28.3 %

TOP COUNTRY EXPOSURE
JAPAN 24.5 %
AUSTRALIA 11.3 %
BRITAIN 9.5 %
SINGAPORE 9.3 %
GERMANY 6.8 %
HONG KONG 6.7 %
SWEDEN 3.6 %
FRANCE 3.0 %
CANADA 2.8 %
SWITZERLAND 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.8% -14.1% 0.5% 4.1% -0.3%

Market Correlations
versus... Beta R-squared
S&P500 0.77 53%
MSCI EAFE 0.95 69%
MSCI Emg. Mkts. 0.71 61%

Technical Indicators
Recent close $31.19
30d moving avg. $30.34
Annualized volatility 18.5%
Short interest (ETF) 1.7%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 652
Turnover 2.2%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $68

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the SPDR Dow Jones International Real Estate ETF ETF based on the alternatives' overlap in portfolio holdings with RWX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: RWX Expense: 59 bp ALTAR Score™: 6.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH RWX
Ticker Fund
Name
Overlap1
vs RWX
(%)
Expense
ratio
(bp)
Savings
vs RWX
(bp)
ALTAR
Score™
(%)
ALTAR
vs RWX
(%)
IFGL iShares International Developed Real Estate ETF 58.4 48 11 7.4 +0.9
WPS iShares International Developed Property ETF 53.4 48 11 7.6 +1.1
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 46.7 10 49 9.0 +2.4
VNQI Vanguard Global ex-US Real Estate Index Fund 40.8 12 47 10.0 +3.4
RWO SPDR Dow Jones Global Real Estate ETF 36.7 50 9 6.8 +0.3
DRW WisdomTree Global ex-US Real Estate Fund 35.7 58 1 10.6 +4.1
IFEU iShares Europe Development Real Estate ETF 33.5 48 11 6.4 -0.2
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 27.4 60 -1 7.0 +0.5
REET iShares Global REIT ETF 24.4 14 45 7.2 +0.7
GQRE FlexShares Global Quality Real Estate Index Fund 19.5 45 14 6.4 -0.1
DWX SPDR S&P International Dividend ETF 11.3 45 14 7.6 +1.1
SCIX Global X Scientific Beta Asia ex-Japan ETF 10.7 38 21 6.6 +0.1
EPP iShares MSCI Pacific ex-Japan ETF 6.6 48 11 6.6 +0.0
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 6.6 24 35 7.0 +0.4
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 6.5 19 40 6.9 +0.3
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 6.5 80 -21 6.4 -0.1
EWS iShares MSCI Singapore ETF 6.4 50 9 8.7 +2.2
EWH iShares MSCI Hong Kong ETF 6.3 49 10 6.8 +0.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 6.2 35 24 8.5 +2.0
FEUZ First Trust Eurozone AlphaDEX ETF 6.0 80 -21 7.1 +0.5
FLHK Franklin FTSE Hong Kong ETF 5.9 9 50 7.9 +1.4
SCID Global X Scientific Beta Europe ETF 5.5 39 20 6.3 -0.3
IEUS iShares MSCI Europe Small-Cap ETF 5.5 40 19 7.5 +1.0
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 5.5 30 29 8.4 +1.9
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 5.4 80 -21 7.5 +1.0
SMEZ SPDR EURO STOXX Small Cap ETF 5.4 45 14 5.9 -0.6
SCZ iShares MSCI Eafe Small-Cap ETF 5.2 40 19 6.9 +0.3
SCIJ Global X Scientific Beta Japan ETF 5.1 40 19 6.8 +0.3
RNDM Developed International Equity Select ETF 5.1 65 -6 6.2 -0.4
EWA iShares MSCI Australia ETF 5.0 50 9 6.3 -0.3
ZHOK SPDR Solactive Hong Kong ETF 5.0 14 45 6.7 +0.1
FLAU Franklin FTSE Australia ETF 4.9 9 50 6.8 +0.3
OEUR O'shares FTSE Europe Quality Dividend ETF 4.8 48 11 6.5 +0.0
SCHC Schwab International Small-Cap Equity ETF 4.6 11 48 6.5 -0.1
EWUS iShares MSCI United Kingdom Small Cap ETF 4.5 59 0 8.4 +1.9
EWJE iShares MSCI Japan Equal Weighted ETF 4.5 15 44 7.1 +0.6
ISZE iShares Edge MSCI Intl Size Factor ETF 4.4 30 29 7.1 +0.5
FDEV Fidelity Targeted International Factor ETF 4.4 39 20 6.3 -0.2
SCJ iShares MSCI Japan Small-Cap ETF 4.3 49 10 6.1 -0.5
EFAS Global X MSCI SuperDividend EAFE ETF 4.1 56 3 9.4 +2.8
FGM First Trust Germany AlphaDEX Fund 4.0 80 -21 5.7 -0.8
FEP First Trust Europe AlphaDEX Fund 3.9 80 -21 7.1 +0.6
IDLB Invesco FTSE International Low Beta Equal Weight ETF 3.9 45 14 7.0 +0.4
EFAV iShares Edge MSCI Min Vol EAFE ETF 3.9 20 39 5.4 -1.1
IPAC iShares Core MSCI Pacific ETF 3.8 9 50 7.1 +0.6
WWJD Inspire International ESG ETF 3.7 80 -21 7.2 +0.7
MVIN Natixis Seeyond International Minimum Volatility ETF 3.7 56 3 5.5 -1.0
FDT First Trust Developed Markets ex-US Alphadex Fund 3.6 80 -21 7.2 +0.7
FAUS First Trust Australia AlphaDEX Fund 3.6 80 -21 6.1 -0.5
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 3.5 40 19 8.4 +1.9
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 3.4 49 10 6.2 -0.4
FID First Trust S&P International Dividend Aristocrats ETF 3.3 60 -1 9.7 +3.2
JPIN JPMorgan Diversified Return International Equity ETF 3.2 37 22 7.7 +1.2
EWJV iShares MSCI Japan Value ETF 3.2 15 44 10.0 +3.5
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 3.2 11 48 6.5 -0.1
WDIV SPDR Global Dividend ETF 3.2 40 19 9.7 +3.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 3.1 29 30 7.4 +0.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 3.1 29 30 7.6 +1.1
FIDI Fidelity International High Dividend ETF 2.9 39 20 11.1 +4.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 2.8 39 20 6.4 -0.1
FNDC Schwab Fundamental International Small Co. Index ETF 2.7 39 20 7.0 +0.4
DIM WisdomTree International MidCap Dividend Fund 2.7 58 1 7.4 +0.9
FSZ First Trust Switzerland AlphaDEX Fund 2.6 80 -21 5.1 -1.4
FLGR Franklin FTSE Germany ETF 2.6 9 50 6.9 +0.4
EWG iShares MSCI Germany ETF 2.5 49 10 6.6 +0.0
DBGR Xtrackers MSCI Germany Hedged Equity ETF 2.5 45 14 6.6 +0.1
ASEA Global X Southeast Asia ETF 2.5 65 -6 10.9 +4.4
IDLV Invesco S&P International Developed Low Volatility ETF 2.5 25 34 6.6 +0.0
EWK iShares MSCI Belgium Capped ETF 2.5 49 10 6.6 +0.1
IEFA iShares Core MSCI EAFE ETF 2.4 7 52 7.1 +0.6
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 2.4 32 27 5.9 -0.6
GCOW Pacer Global High Dividend ETF 2.4 60 -1 10.3 +3.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 2.3 14 45 6.8 +0.3
IDMO Invesco S&P International Developed Momentum ETF 2.3 26 33 4.5 -2.1
IDEV iShares Core MSCI International Developed Markets ETF 2.2 5 54 7.1 +0.5
BBJP JPMorgan BetaBuilders Japan ETF 2.2 19 40 7.2 +0.7
VPL Vanguard FTSE Pacific ETF 2.2 8 51 7.4 +0.9
EMFM Global X MSCI Next Emerging & Frontier ETF 2.2 66 -7 9.0 +2.4
EWJ iShares MSCI Japan ETF 2.1 49 10 6.9 +0.4
JPMV iShares Edge MSCI Min Vol Japan ETF 2.1 30 29 6.2 -0.3
DBJP Xtrackers MSCI Japan Hedged Equity ETF 2.1 45 14 7.0 +0.5
GWX SPDR S&P International Small Cap ETF 2.1 40 19 6.2 -0.3
SDG iShares Sustainable MSCI Global Impact ETF 2.1 49 10 6.2 -0.4
EFV iShares MSCI EAFE Value ETF 2.1 39 20 9.5 +2.9
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 2.1 20 39 6.9 +0.4
SPDW SPDR Portfolio Developed World ex-US ETF 2.0 4 55 7.0 +0.5
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 2.0 61 -2 4.8 -1.7
RFDI First Trust Riverfront Dynamic Developed International ETF 2.0 83 -24 5.6 -1.0
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 1.9 58 1 7.6 +1.0
TPIF Timothy Plan International ETF 1.9 62 -3 6.1 -0.4
EFA iShares MSCI EAFE ETF 1.9 32 27 6.9 +0.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 1.9 39 20 8.1 +1.6
BLES Inspire Global Hope Large Cap ETF 1.9 52 7 6.4 -0.1
VSGX Vanguard ESG International Stock ETF 1.8 17 42 7.0 +0.5
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 1.8 35 24 6.7 +0.2
QEFA SPDR MSCI EAFE Quality Mix ETF 1.8 30 29 6.7 +0.2
GSID Goldman Sachs MarketBeta International Equity ETF 1.8 20 39 7.1 +0.6
VEA Vanguard FTSE Developed Markets ETF 1.8 5 54 7.3 +0.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR Dow Jones International Real Estate ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.6 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 CATEGORY
AVERAGE
1.59
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.