Real Estate vs the S&P 500 (DFGR): is it outperforming?
Over the past month, DFGR has underperformed the S&P 500 by 1.3 points. Here is where that puts it in the sector rotation — updated daily.
Where DFGR sits on the rotation map
Real Estate highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
DFGR vs SPY: head-to-head returns
DFGR (real estate) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means DFGR won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Real Estate (DFGR) is out of favor: it trails the S&P 500 on both rotation windows — 1.3 points behind over the past month and 2.9 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #57 of the 115 groups Zensei tracks.
On the shorter tape, DFGR's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. DFGR's relative-strength line has dropped below its moving averages — the outperformance trend is fading. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via Dimensional Global Real Estate ETF, whose 92 tracked holdings are led by WELLTOWER INC, PROLOGIS INC and EQUINIX INC. Weighted by portfolio, the fund's holdings trade at roughly 54.7× earnings and 10.2× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside DFGR
Top 5 of 92 tracked holdings, by portfolio weight.
Real Estate vs the market — common questions
Is real estate outperforming the S&P 500?
Right now, no: over the past month DFGR has underperformed the S&P 500 by 1.3 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is DFGR?
DFGR is Dimensional Global Real Estate ETF, the fund Zensei uses to measure the real estate group against the S&P 500 benchmark (SPY).
Which stocks are in DFGR?
DFGR's largest tracked positions are WELLTOWER INC, PROLOGIS INC, EQUINIX INC, AMERICAN TOWER CORP, SIMON PROPERTY GROUP INC — 92 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is real estate in right now?
As of the latest daily data, real estate is in the lagging quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track real estate against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.