Thanks!
Forward P/E is not a disclosed measure for many ETFs just because they hold so many secuities. ZRE does not disclose any multiples. Trailing P/E for XRE is 15.8x while trailing P/B is 0.78x. For REITs also, earnings multiples are not the primary valuation metric used since investors are typically more focussed on the cash flows that are paid out. Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) are better measures of performance for REITs.
We do like the outlook for REITs and think that as rates stabilize and even decline, the sector should benefit. Out of the two REITs mentioned we like XRE better due to the bigger size and slightly lower expense ratio.
Authors of this answer, directors, partners and/or officers of 5i Research and/or affiliated companies have a financial or other interest in ZRE.