SPDR Dow Jones Global Real Estate ETF (RWO) Valuation
RWO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 45.4 trailing earnings
- Forward P/E
- 36.1 analyst estimates
- Price / sales
- 7.37
- Price / book
- 2.48
- EV / EBITDA
- 19.0
- Earnings yield
- 2.20% inverse of P/E
- Dividend yield
- 3.65% of the holdings
- Return on equity
- 5.4% combined
- Net margin
- 16.2% combined
- Beta
- 0.96 weighted, vs S&P 500
RWO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| RWO | 45.4 | 36.1 | 7.37 | 2.48 | 3.65% | 5.4% | 16.2% | 4.5% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
RWO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 98.7% | 45.4 | 36.1 | 7.37 | 2.48 | 3.65% | 5.4% |
RWO earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How RWO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
RWO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 10.44% | 105.3 | 78.1 | 13.3 | 1.45% | 6.42% |
| PLD | Prologis, Inc. | 7.30% | 27.7 | 29.2 | 12.4 | 3.40% | 17.08% |
| EQIX | Equinix, Inc. | 5.82% | 63.4 | 52.1 | 9.8 | 2.09% | 5.94% |
| SPG | Simon Property Group, Inc. | 4.25% | 14.5 | 30.7 | 11.2 | 4.33% | 18.99% |
| DLR | Digital Realty Trust, Inc. | 3.79% | 85.4 | 66.2 | 9.8 | 2.77% | 2.87% |
| O | Realty Income Corporation | 3.34% | 40.6 | 33.7 | 8.7 | 5.81% | 5.33% |
| PSA | Public Storage | 3.08% | 28.5 | 27.2 | 11.4 | 4.02% | 7.01% |
| EQR | Equity Residential | 2.79% | — | — | — | — | — |
| VTR | Ventas, Inc. | 2.58% | 159.0 | 128.2 | 6.9 | 2.42% | 1.05% |
| EXR | Extra Space Storage Inc. | 1.88% | 30.8 | 29.0 | 8.8 | 4.64% | 3.95% |
| 8801 | Mitsui Fudosan Co. Ltd. | 1.73% | — | — | — | — | — |
| HST | Host Hotels & Resorts, Inc. | 1.08% | 16.2 | 22.2 | 2.7 | 3.34% | 4.32% |
| ESS | Essex Property Trust, Inc. | 1.07% | 41.9 | 43.9 | 9.4 | 3.85% | 1.66% |
| KIM | Kimco Realty Corporation | 0.97% | 27.0 | 27.5 | 7.0 | 4.89% | 2.33% |
| SUI | Sun Communities, Inc. | 0.93% | 89.5 | 33.8 | 6.5 | 3.79% | 0.68% |
| WPC | W. P. Carey Inc. | 0.91% | 22.3 | 24.2 | 8.2 | 5.83% | 2.65% |
| SGRO | Segro Plc | 0.91% | — | — | — | — | — |
| INVH | Invitation Homes Inc. | 0.89% | 24.8 | 30.4 | 5.6 | 4.43% | 2.31% |
| OHI | Omega Healthcare Investors, Inc. | 0.86% | 16.3 | 10.1 | 11.6 | 5.96% | 3.42% |
| DOC | Healthpeak Properties, Inc. | 0.82% | 54.2 | 169.5 | 4.6 | 6.43% | 0.98% |
| MAA | Mid-America Apartment Communities, Inc. | 0.81% | 34.1 | 33.6 | 6.3 | 5.25% | 1.55% |
| 0823 | Link Real Estate Investment Trust | 0.76% | — | — | — | — | — |
| SCG | Scentre Group | 0.75% | — | — | — | — | — |
| URW | WFD Unibail Rodamco NV | 0.74% | — | — | — | — | — |
| ELS | Equity LifeStyle Properties, Inc. | 0.74% | 29.6 | 28.6 | 7.8 | 3.55% | 1.62% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About RWO valuation
Adding up its 93 holdings with company data, RWO trades at 45.4 times trailing earnings and 36.1 times analysts' forward estimates, with a price-to-book ratio of 2.48 and a dividend yield of 3.65%. Its earnings yield of 2.20% is 3.13 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.3% of the fund and earn 73.0% of its combined profit. Companies that lost money over the past year are 4.5% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 70.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: RWO chart, RWO performance, RWO holdings, RWO dividends.
RWO valuation FAQ
What is the P/E ratio of RWO?
Based on its holdings, RWO has a trailing P/E of 45.4 and a forward P/E of 36.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of RWO?
The trailing earnings yield is 2.20% (1 ÷ P/E) and the forward earnings yield 2.77%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is RWO more expensive than the S&P 500?
RWO trades at 45.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 36.1 and 19.9.
What is the price-to-book ratio of RWO?
The holdings of RWO trade at 2.48 times book value, with a combined return on equity of 5.4%.