Real Estate vs the S&P 500 (DFGR): is it outperforming?
Over the past month, DFGR has outperformed the S&P 500 by 4.2 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 2026-07-22 · computed from daily adjusted closes · how we measure
The read
Real Estate (DFGR) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 4.1 points, but over the past month it has moved decisively ahead of the market — a 4.2-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #29 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 — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
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 58.2× earnings and 10.3× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
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, yes: over the past month DFGR has outperformed the S&P 500 by 4.2 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 improving quadrant — behind the market over the longer window, but ahead over the past month. 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.