Relative Intelligence · Developed International Equity
How State Street SPDR Portfolio Developed World ex-US ETF (SPDW) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SPDW alone. It places SPDW (State Street SPDR Portfolio Developed World ex-US ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SPDW stands in the market, and of the alternatives worth a closer look.
Period covered: SPDW's full trading record, from April 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- What you're buyingA correlation of 0.99 with IEFA (iShares Core MSCI EAFE ETF) over 5 years: effectively the same bet as the larger fund. Consistency ↓
- Right nowSPDW has trailed the market, rising 1.9% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. At a glance ↓
- Fund or market?SPDW rose 1.0% over the past 3 months, in line with the developed international stock ETF EFA (iShares MSCI EAFE ETF), which rose 1.1%. The S&P 500 rose 3.9%.
- Long termSPDW turned $10,000 into $25,300 over the past decade, against $42,100 in the S&P 500. Even so, over the past decade, only SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) of its similar funds outpaced SPDW. Growth of $10,000 ↓
- In a crashAcross six sell-offs, SPDW has typically fallen 1.2 times as far as the S&P 500. Crash tests ↓
- DiversificationSPDW is more of the same, not a cushion: a correlation of 0.81 with the S&P 500 over 5 years and 0.82 with the total US market, more closely than 65% of ETFs with at least $100 million in assets. SPDW fell in 19 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Popular alternatives
- EFV (iShares MSCI EAFE Value ETF) earned more than SPDW with less volatility over the past 5 years: 13.6% a year at 15.9% volatility, against 9.1% a year at 16.8%.
- Nearby categories and themes
- LVHI (Franklin International Low Volatility High Dividend Index ETF, international equity) and DBEF (Xtrackers MSCI EAFE Hedged Equity ETF, international equity) earned more than SPDW with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 9.1% a year at 16.8%.
- Whole market
- 88 of the 3,633 stocks and funds worth at least $500 million earned more than SPDW with less volatility over the past 5 years, among them VTV (Vanguard Morningstar Value ETF), VIG (Vanguard Dividend Appreciation ETF) and VYM (Vanguard High Dividend Yield ETF).
How much would $10,000 in SPDW have grown?
This chart tracks a hypothetical $10,000 investment in SPDW over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SPDW over the same span and SPDW's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 14 years rather than SPDW's full 19 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in SPDW at the end of September 2012 would have grown to $31,282 by September 2026, less than the $67,346 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of SPDW, and DXJ finished highest, at $91,874.
Choose a period
From the end of September 2012 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,273 of the 2,213 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPDW; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- DXJ$91,874+819% total · +17.2% a year
- SPY (S&P 500)$67,346+573% total · +14.6% a year
- VTI$64,447+544% total · +14.2% a year
- BRK-B$56,455+465% total · +13.2% a year
- DBEF$46,451+365% total · +11.6% a year
- VEA$32,583+226% total · +8.8% a year
- SCHF$31,502+215% total · +8.5% a year
- SPDW$31,282+213% total · +8.5% a year
- EFV$30,195+202% total · +8.2% a year
- EFAV$25,172+152% total · +6.8% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,344 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPDW; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- LVHI$21,792+118% total · +16.9% a year
- EFV$19,482+94.8% total · +14.3% a year
- FNDF$19,446+94.5% total · +14.2% a year
- DBEF$19,021+90.2% total · +13.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- SPYX$18,695+86.9% total · +13.3% a year
- SCHK$18,395+83.9% total · +13.0% a year
- VTI$18,064+80.6% total · +12.6% a year
- AVDE$16,780+67.8% total · +10.9% a year
- SPDW$16,223+62.2% total · +10.2% a year
SPDW at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: SPDW began trading on April 26, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- SPDW's deepest decline since it began trading in 2007 was 60.0%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high.
- Over 18 full calendar years, SPDW's best was 2025, when it returned 34.7%, and its worst was 2008, when it lost 40.8%. It lost money in six of those years.
- SPDW is 5.3% below its all-time high.
The fund
- Issuer
- SPDR
- Began trading
- April 2007
- Expense ratio
- 0.03%per year
- Assets
- $41B
- Category
- International
Returns
- Past 1 year
- +17.0%total return
- Past 3 years
- +81.6%+22.0% a year
- Past 5 years
- +54.9%+9.1% a year
- Past 10 years
- +153%+9.7% a year
- Best calendar year
- +34.7%2025
- Worst calendar year
- −40.8%2008
- Losing years
- 6 of 18full calendar years
Risk
- Volatility
- 16.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.61return per unit of risk, 5 years
- Worst decline ever
- −60.0%Oct 2007 to Mar 2009
- From its all-time high
- −5.3%below the peak
SPDW against the whole market
Where SPDW ranks among every stock and fund, and what across the market has done better.
How does SPDW rank among all ETFs?
This section ranks SPDW on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how SPDW stacks up against its peers, these rankings show where it stands in the market as a whole.
- SPDW lands in the broad middle of the market on every measure here. SPDW's 1-year return ranks in the top 25% of the 2,485 ETFs with at least $100 million in assets with 1 year of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | SPDW | Rank | Standing |
|---|---|---|---|
| 1-year return | +17.0% | 624 of 2,485 | top 25% |
| 3-year return | +81.6% | 536 of 1,949 | top 28% |
| 5-year return | +54.9% | 592 of 1,560 | top 38% |
| 10-year return | +153% | 460 of 958 | top 48% |
| Volatility, 5 years | 16.8% | 806 of 1,560 | bottom 49% |
| Sharpe ratio, 5 years | 0.61 | 708 of 1,560 | top 45% |
| Worst decline, past 10 years | −35.0% | 344 of 951 | top 36% |
What has beaten SPDW on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SPDW sits where the dashed lines cross. Anything in the green box above and to the left earned more than SPDW with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 88 ETFs worth at least $500 million sit in the green region: each earned more than SPDW over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half SPDW's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 34% less than SPDW's 16.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.61 for SPDW.
- Among SPDW's popular alternatives, EFV is in the region. EFV earned 13.6% a year against 9.1% a year for SPDW, at 15.9% volatility, 5% less than SPDW's 16.8%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SPDW; faint dots are 39 more of the 88 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than SPDW?
Investments that beat SPDW over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SPDW's popular alternatives, EFV earned more than SPDW with less volatility over the past 5 years: 13.6% a year at 15.9% volatility, against 9.1% a year at 16.8%.
- Looking beyond its popular alternatives, LVHI (international equity) and DBEF (international equity) earned more than SPDW with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 9.1% a year at 16.8%.
- Across the whole market, 88 of the 3,633 stocks and funds worth at least $500 million earned more than SPDW with less volatility over the past 5 years, among them VTV, VIG and VYM.
How this works
The table below lists investments that beat SPDW over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks SPDW's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SPDW follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SPDW's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SPDW's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SPDW's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with SPDW?lower diversifies more | Expenseper year | |||
| SPDWState Street SPDR Portfolio Developed World ex-US ETF · this page | +9.1% | 16.8% | 0.61 | −35.0% | +153% | 1.00 | 0.03% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.81 | 0.09% | ||
| Popular alternativesbest 2 shownThe investments people most often weigh against SPDW. 4 of 20 passed at least one test. | |||||||||
EFViShares MSCI EAFE Value ETF · International Equity | Higher return, lower volatilityHigher return in most periods | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.92 | 0.31% | |
SPYXState Street SPDR S&P 500 Fossil Fuel Reserves Free ETF · Broad Market | Higher return, similar volatilityHigher return in most periods | +12.3% | 17.2% | 0.77 | −32.8% | +322% | 0.81 | 0.20% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Developed International Equity and International Equity and the categories next to it (Emerging Markets Equity), plus SPDW's specific themes. 17 of 50 passed at least one test. | |||||||||
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.78 | 0.40% | |
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Higher return, lower volatilityHigher return in most periods | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.90 | 0.35% | |
FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.96 | 0.25% | |
AVDVAvantis International Small Cap Value ETF · International Equity | Higher return, similar volatilityHigher return in most periods | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.94 | 0.36% | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.56 | 0.48% | |
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Higher return in most periods | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.83 | 0.25% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 368 of 3,565 passed at least one test. | |||||||||
FTLSFirst Trust Long/Short Equity ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.73 | 0.95% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.54 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.34 | — | |
PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.53 | 0.60% | |
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.85 | 0.31% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.84 | 0.03% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.82 | 0.15% | |
PFMInvesco Dividend Achievers ETF · Dividend & Income | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +10.4% | 13.4% | 0.81 | −32.2% | +213% | 0.84 | 0.52% | |
What these numbers mean for SPDW
- Annual return
- SPDW returned 9.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $15,500. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- SPDW's volatility over the past 5 years was 16.8%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPDW's return lands within 16.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- SPDW's Sharpe ratio over the past 5 years was 0.61, against 0.79 for the S&P 500, so SPDW earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- SPDW's worst fall from a peak to a low over the past 10 years was 35.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 35.0% fall takes a 53.8% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SPDW's monthly returns had a correlation of 0.81 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against SPDW instead: the lower it is, the more that option would diversify a SPDW holding. Guide: Correlation and diversification →
Show all 88 stocks and funds worth at least $500 million that earned more than SPDW with less volatility
Out of 3,633 tested over 5 years. The strongest 44 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with SPDW | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.73 | 0.95% |
| 2 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.85 | 0.31% |
| 3 | VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.84 | 0.03% |
| 4 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Same or nearby category | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.78 | 0.40% |
| 5 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.84 | 0.04% |
| 6 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.82 | 0.56% |
| 7 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.69 | 0.08% |
| 8 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.84 | 0.39% |
| 9 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.77 | 0.79% |
| 10 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.79 | 0.85% |
| 11 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.69 | 0.43% |
| 12 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.83 | 0.12% |
| 13 | VYMIVanguard International High Dividend Yield ETF · International Equity | Same or nearby category | +13.2% | 14.8% | 0.92 | −40.0% | +176% | 0.93 | 0.07% |
| 14 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.79 | 0.60% |
| 15 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.85 | 0.20% |
| 16 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.90 | 0.35% |
| 17 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.88 | 0.30% |
| 18 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.83 | 0.05% |
| 19 | QDFNorthern Trust Quality Dividend ETF · Dividend & Income | Whole market | +11.5% | 15.6% | 0.78 | −36.7% | +215% | 0.85 | 0.40% |
| 20 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.95 | 0.29% |
| 21 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.88 | 0.55% |
| 22 | SDOGALPS Sector Dividend Dogs ETF · Dividend & Income | Whole market | +10.3% | 15.2% | 0.72 | −43.6% | +158% | 0.80 | 0.36% |
| 23 | IQDFNorthern Trust International Quality Dividend ETF · International | Whole market | +10.9% | 15.8% | 0.74 | −39.8% | +141% | 0.97 | 0.49% |
| 24 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.86 | 0.19% |
| 25 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.85 | 0.19% |
| 26 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.83 | 0.15% |
| 27 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.95 | 0.50% |
| 28 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.87 | 0.50% |
| 29 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.80 | 0.07% |
| 30 | QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · Dividend & Income | Whole market | +11.8% | 15.0% | 0.82 | −22.6% | — | 0.80 | 0.60% |
| 31 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.65 | 0.36% |
| 32 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.71 | 0.75% |
| 33 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.80 | 0.77% |
| 34 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.85 | 0.15% |
| 35 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.77 | 0.56% |
| 36 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.61 | 0.95% |
| 37 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.17 | 0.98% |
| 38 | IDViShares International Select Dividend ETF · International Equity | Same or nearby category | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.87 | 0.50% |
| 39 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.87 | 0.09% |
| 40 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.98 | 0.19% |
| 41 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.95 | 0.40% |
| 42 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.73 | 0.55% |
| 43 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.21 | 0.90% |
| 44 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.71 | 0.27% |
SPDW against its popular alternatives
The investments people most often weigh against SPDW, compared period by period and year by year.
How do SPDW's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SPDW, which divides the map into what did better or worse on each measure.
- Four of the 20 popular alternatives, led by EFV, AVDE and DFAI, were both more rewarding and calmer than SPDW over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, SPDW returned 9.1% a year, less than the S&P 500's 12.7%, with lower volatility (16.8% against 17.1%).
Green points earned more than SPDW with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| EFV iShares MSCI EAFE Value ETF | +13.6% | 15.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | +12.3% | 17.2% |
| SCHK Schwab 1000 Index ETF | +11.9% | 17.3% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.5% | 17.5% |
| AVDE Avantis International Equity ETF | +10.1% | 16.4% |
| DFAI Dimensional - International Core Equity Market ETF | +9.7% | 16.0% |
| SCHF Schwab International Equity ETF | +9.5% | 16.8% |
| VEA Vanguard FTSE Developed Markets ETF | +9.3% | 16.9% |
| SPDW This pageState Street SPDR Portfolio Developed World ex-US ETF | +9.1% | 16.8% |
| JPIN JPMorgan Diversified Return International Equity ETF | +8.7% | 14.7% |
| IDEV iShares Core MSCI International Developed Markets ETF | +8.7% | 16.4% |
| GSIE Goldman Sachs ActiveBeta International Equity ETF | +8.6% | 16.1% |
| EFA iShares MSCI EAFE ETF | +8.6% | 16.6% |
| QEFA State Street SPDR MSCI EAFE StrategicFactors ETF | +8.5% | 14.8% |
| IEFA iShares Core MSCI EAFE ETF | +8.3% | 16.6% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | +7.6% | 11.9% |
| IDLV Invesco S&P International Developed Low Volatility ETF | +6.3% | 11.8% |
| VWO Vanguard FTSE Emerging Markets ETF | +5.2% | 17.5% |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | +5.0% | 16.7% |
| EFG iShares MSCI EAFE Growth ETF | +3.5% | 18.5% |
Has SPDW consistently beaten its popular alternatives?
This section compares SPDW with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than SPDW helps separate lasting outperformance from a single strong stretch.
- Four of the 22 popular alternatives, led by SPYX, VTI and EFV, outperformed SPDW in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SPYX and VTI outperformed SPDW in every long-term period and in all but one short-term period, the most consistent record in the group.
- SPYX, SCHK and EFAV earned more for the risk they took than SPDW (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than SPDW over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| SPDW State Street SPDR Portfolio Developed World ex-US ETF (this page) | — | −3.6% | +1.0% | +1.9% | +11.8% | +17.0% | +81.6% | +54.9% | +153% | 16.8% | 0.61 | −35.0% | 0.03% | $41B | — |
| SPYX QualifiedState Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 4/5 short3/3 longAll-weather | −0.8% | +3.6% | +8.9% | +12.6% | +14.7% | +89.8% | +78.9% | +322% | 17.2% | 0.77 | −32.8% | 0.20% | $2.9B | 64% |
| VTI QualifiedVanguard Morningstar Total Stock Market ETF | 4/5 short3/3 longAll-weather | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 68% |
| EFV QualifiediShares MSCI EAFE Value ETF | 5/5 short2/3 long | −2.7% | +1.7% | +3.9% | +12.8% | +21.4% | +92.4% | +89.0% | +157% | 15.9% | 0.88 | −43.2% | 0.31% | $31B | 75% |
| SCHK QualifiedSchwab 1000 Index ETF | 4/5 short2/3 long | −0.7% | +3.6% | +8.7% | +13.2% | +15.4% | +89.0% | +75.6% | — | 17.3% | 0.74 | −34.8% | 0.03% | $5.7B | 68% |
| AVDE InternationalAvantis International Equity ETF | 2/5 short1/3 long | −2.6% | +1.9% | +0.9% | +10.2% | +16.4% | +83.7% | +61.8% | — | 16.4% | 0.67 | −37.0% | 0.23% | $19B | 89% |
| DFAI InternationalDimensional - International Core Equity Market ETF | 2/5 short1/3 long | −1.7% | +1.9% | +1.7% | +10.1% | +15.8% | +78.5% | +59.0% | — | 16.0% | 0.66 | −27.4% | 0.18% | $18B | 94% |
| SCHF InternationalSchwab International Equity ETF | 0/5 short1/3 long | −3.8% | +0.7% | +1.7% | +11.7% | +17.3% | +80.9% | +57.7% | +155% | 16.8% | 0.63 | −34.9% | 0.03% | $68B | 92% |
| QEFA InternationalState Street SPDR MSCI EAFE StrategicFactors ETF | 3/5 short0/3 long | +0.1% | +3.4% | +3.4% | +10.9% | +15.2% | +67.9% | +50.1% | +140% | 14.8% | 0.63 | −30.8% | 0.30% | $1.0B | 87% |
| EFAV InternationaliShares MSCI EAFE Min Vol Factor ETF | 3/5 short0/3 long | +2.0% | +5.1% | +4.0% | +12.0% | +15.0% | +64.8% | +44.4% | +97.7% | 11.9% | 0.68 | −27.6% | 0.20% | $5.4B | 75% |
| GSIE InternationalGoldman Sachs ActiveBeta International Equity ETF | 2/5 short0/3 long | −1.7% | +1.8% | +2.2% | +9.2% | +14.6% | +74.2% | +51.3% | +144% | 16.1% | 0.60 | −34.6% | 0.25% | $5.9B | 92% |
| JPIN InternationalJPMorgan Diversified Return International Equity ETF | 2/5 short0/3 long | −1.5% | +2.5% | +1.4% | +10.8% | +15.6% | +74.6% | +52.0% | +113% | 14.7% | 0.65 | −36.7% | 0.37% | $386M | 73% |
| DFIC InternationalDimensional - International Core Equity 2 ETF | 2/5 short0/3 long | −1.9% | +2.2% | +1.5% | +10.6% | +17.1% | +82.4% | — | — | — | — | −24.4% | 0.22% | $15B | 90% |
| IDEV InternationaliShares Core MSCI International Developed Markets ETF | 2/5 short0/3 long | −2.0% | +1.5% | +1.5% | +9.2% | +13.8% | +75.7% | +51.5% | — | 16.4% | 0.59 | −34.8% | 0.04% | $33B | 95% |
| IEFA InternationaliShares Core MSCI EAFE ETF | 1/5 short0/3 long | −2.4% | +1.2% | +1.3% | +8.8% | +12.8% | +72.4% | +49.0% | +140% | 16.6% | 0.56 | −34.8% | 0.07% | $190B | 94% |
| EFA InternationaliShares MSCI EAFE ETF | 1/5 short0/3 long | −2.3% | +1.1% | +1.4% | +8.6% | +12.5% | +71.2% | +51.0% | +139% | 16.6% | 0.58 | −34.2% | 0.32% | $77B | 93% |
| EFG InternationaliShares MSCI EAFE Growth ETF | 1/5 short0/3 long | −1.8% | +0.4% | −1.1% | +4.5% | +4.1% | +51.3% | +18.5% | +111% | 18.5% | 0.28 | −35.8% | 0.34% | $15B | 77% |
| VSS InternationalVanguard FTSE All-World ex-US Small-Cap ETF | 1/5 short0/3 long | −4.2% | +2.2% | −3.6% | +6.0% | +10.0% | +65.4% | +27.5% | +105% | 16.7% | 0.38 | −43.5% | 0.06% | $14B | 83% |
| IDLV InternationalInvesco S&P International Developed Low Volatility ETF | 1/5 short0/3 long | −0.1% | 0.0% | +0.4% | +6.4% | +10.1% | +55.8% | +35.9% | +74.8% | 11.8% | 0.58 | −34.6% | 0.25% | $321M | 66% |
| JIRE InternationalJPMorgan International Research Enhanced Equity ETF | 1/5 short0/3 long | −1.8% | +0.9% | +1.4% | +8.2% | +12.6% | +69.6% | — | — | — | — | −16.1% | 0.29% | $11B | 92% |
| VEA InternationalVanguard FTSE Developed Markets ETF | 0/5 short0/3 long | −3.5% | +1.0% | +1.4% | +11.5% | +17.0% | +81.0% | +55.9% | +153% | 16.9% | 0.61 | −35.8% | 0.03% | $314B | 99% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short0/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 90% |
| VWO InternationalVanguard FTSE Emerging Markets ETF | 0/5 short0/3 long | −4.7% | +0.7% | −0.8% | +6.4% | +8.3% | +67.2% | +29.1% | +102% | 17.5% | 0.38 | −36.4% | 0.06% | $165B | 72% |
How did SPDW do year by year?
This table shows each investment's total return in every full calendar year since 2008, along with where SPDW ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SPDW and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: SPDW began trading on April 26, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.
- SPDW finished ahead of the S&P 500 in five of its 18 full calendar years.
- Among its popular alternatives, SCHK came out ahead of SPDW most often, in six of the eight years both traded.
- Ranked against its popular alternatives each year, SPDW finished in the top quarter in two of 18 years and in the bottom quarter in no. In 2025, it ranked 5 of 22.
Newest year first. Green marks a year in which the fund came out ahead of SPDW; gray means the two finished within a fraction of a point. The rank row places SPDW among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SPDW | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDW This pageState Street SPDR Portfolio Developed World ex-US ETF | — | +34.7% | +3.6% | +17.8% | −16.0% | +11.4% | +9.9% | +22.5% | −14.2% | +25.9% | +3.0% | −1.8% | −5.3% | +18.9% | +19.1% | −13.5% | +11.1% | +28.5% | −40.8% |
| Rank among alternatives | Top quarter in 2 of 18 | 5 of 22 | 13 of 22 | 9 of 22 | 14 of 21 | 13 of 21 | 8 of 20 | 9 of 19 | 13 of 19 | 9 of 17 | 9 of 17 | 10 of 15 | 7 of 13 | 8 of 13 | 3 of 11 | 7 of 9 | 5 of 9 | 3 of 7 | 4 of 7 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 of 18 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% |
| SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 7 of 10 | +17.9% | +25.4% | +26.3% | −19.6% | +28.1% | +19.8% | +31.7% | −4.3% | +23.2% | +10.5% | — | — | — | — | — | — | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 13 of 18 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% | +17.4% | +28.9% | −37.0% |
| EFV iShares MSCI EAFE Value ETF | 7 of 18 | +42.2% | +5.3% | +18.9% | −5.2% | +11.1% | −3.0% | +15.8% | −14.7% | +21.2% | +5.1% | −5.9% | −6.8% | +21.9% | +18.8% | −12.4% | +4.5% | +28.4% | −41.7% |
| SCHK Schwab 1000 Index ETF | 6 of 8 | +17.2% | +24.6% | +26.5% | −19.5% | +26.1% | +20.7% | +31.2% | −5.0% | — | — | — | — | — | — | — | — | — | — |
| AVDE Avantis International Equity ETF | 4 of 6 | +38.0% | +4.9% | +17.2% | −13.7% | +13.6% | +8.3% | — | — | — | — | — | — | — | — | — | — | — | — |
| DFAI Dimensional - International Core Equity Market ETF | 3 of 5 | +34.1% | +4.7% | +17.5% | −12.9% | +13.9% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SCHF Schwab International Equity ETF | 2 of 16 | +34.6% | +3.3% | +18.3% | −14.8% | +11.4% | +9.5% | +22.2% | −14.2% | +26.1% | +3.0% | −2.6% | −5.6% | +18.9% | +18.8% | −12.6% | +9.3% | — | — |
| QEFA State Street SPDR MSCI EAFE StrategicFactors ETF | 4 of 11 | +29.3% | +2.3% | +17.4% | −14.0% | +12.5% | +6.8% | +21.9% | −10.4% | +24.0% | −0.2% | +2.0% | — | — | — | — | — | — | — |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | 5 of 14 | +26.0% | +5.3% | +12.5% | −15.1% | +7.2% | −0.1% | +16.7% | −5.8% | +22.3% | −2.0% | +7.7% | +3.7% | +15.7% | +11.2% | — | — | — | — |
| GSIE Goldman Sachs ActiveBeta International Equity ETF | 3 of 10 | +32.6% | +5.3% | +16.9% | −15.9% | +13.2% | +7.5% | +22.8% | −13.4% | +26.2% | +2.4% | — | — | — | — | — | — | — | — |
| JPIN JPMorgan Diversified Return International Equity ETF | 3 of 11 | +33.3% | +2.7% | +17.4% | −14.1% | +6.8% | +4.9% | +16.1% | −13.1% | +25.3% | +0.9% | +2.6% | — | — | — | — | — | — | — |
| DFIC Dimensional - International Core Equity 2 ETF | 2 of 3 | +37.0% | +4.1% | +17.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| IDEV iShares Core MSCI International Developed Markets ETF | 4 of 8 | +32.6% | +4.5% | +17.3% | −15.0% | +13.0% | +8.3% | +23.2% | −14.1% | — | — | — | — | — | — | — | — | — | — |
| IEFA iShares Core MSCI EAFE ETF | 3 of 13 | +32.1% | +3.3% | +17.9% | −15.3% | +11.6% | +8.2% | +22.6% | −14.1% | +26.6% | +1.6% | +0.7% | −6.3% | +22.5% | — | — | — | — | — |
| EFA iShares MSCI EAFE ETF | 5 of 18 | +31.6% | +3.5% | +18.4% | −14.4% | +11.5% | +7.6% | +22.0% | −13.8% | +25.1% | +1.4% | −1.0% | −6.2% | +21.4% | +18.8% | −12.2% | +8.2% | +27.0% | −41.0% |
| EFG iShares MSCI EAFE Growth ETF | 8 of 18 | +20.7% | +1.5% | +17.5% | −23.1% | +11.0% | +17.8% | +27.5% | −12.9% | +28.8% | −3.1% | +3.7% | −5.9% | +21.6% | +18.3% | −12.9% | +13.1% | +24.2% | −40.2% |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 7 of 16 | +29.6% | +2.9% | +15.6% | −21.5% | +13.1% | +11.8% | +21.4% | −18.5% | +30.6% | +4.2% | 0.0% | −5.1% | +16.6% | +20.8% | −19.6% | +25.6% | — | — |
| IDLV Invesco S&P International Developed Low Volatility ETF | 3 of 13 | +27.8% | +2.2% | +9.2% | −12.2% | +9.8% | −9.8% | +20.8% | −8.1% | +21.9% | +3.4% | −4.0% | +1.3% | +15.2% | — | — | — | — | — |
| VEA Vanguard FTSE Developed Markets ETF | 4 of 18 | +35.2% | +3.1% | +17.9% | −15.3% | +11.7% | +9.7% | +22.6% | −14.8% | +26.4% | +2.6% | −0.4% | −5.9% | +21.8% | +18.6% | −12.3% | +8.4% | +27.4% | −40.6% |
| VXUS Vanguard Total International Stock ETF | 5 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — |
| VWO Vanguard FTSE Emerging Markets ETF | 7 of 18 | +25.6% | +10.6% | +9.3% | −18.0% | +1.3% | +15.2% | +20.8% | −14.8% | +31.5% | +12.2% | −15.8% | 0.0% | −4.9% | +19.2% | −18.8% | +19.5% | +76.3% | −52.5% |
Risk and diversification
How SPDW has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were SPDW's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SPDW's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: SPDW began trading on April 26, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of SPDW's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: SPDW fell 23.6% from July 2014 to February 2016, while the S&P 500 slipped only 4.9%.
- The slowest recovery came after SPDW fell 60.0% from October 2007 to March 2009; it did not regain that peak until May 2014, five years later.
Green means SPDW fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | SPDW fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −60.0% | −54.7% | Oct 2007 | Mar 2009 | 17 months | May 2014 | 5.2 years |
| Late-2018 sell-off | −35.0% | −18.8% | Jan 2018 | Mar 2020 | 2.2 years | Nov 2020 | 8 months |
| 2022 bear market | −30.2% | −18.3% | Sep 2021 | Sep 2022 | 12 months | Mar 2024 | 18 months |
| 2015 China and oil sell-off | −23.6% | −4.9% | Jul 2014 | Feb 2016 | 19 months | May 2017 | 15 months |
| No named crash | −13.5% | −12.2% | Mar 2025 | Apr 2025 | 1 month | Apr 2025 | Under a month |
How did SPDW do in stock market crashes?
This section measures how far SPDW, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: SPDW began trading on April 26, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, EFAV held up best, falling less than SPDW in all six crashes they both traded through.
- SPDW fell less than the S&P 500 in four of the nine crashes it has traded through. The clearest case was the late-2018 sell-off, when SPDW fell 16.5% and the S&P 500 fell 19.3%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SPDW.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDW This pageState Street SPDR Portfolio Developed World ex-US ETF | — | −2.5% | −29.0% | −33.7% | −16.5% | −5.8% | −20.6% | −23.0% | 0.0% | −60.0% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 2 of 5 | −3.6% | −26.1% | −32.8% | −19.2% | −6.6% | — | — | — | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 4 of 9 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| EFV iShares MSCI EAFE Value ETF | 2 of 9 | −3.6% | −25.8% | −36.3% | −15.9% | −5.7% | −25.0% | −23.3% | −0.5% | −63.9% | — |
| SCHK Schwab 1000 Index ETF | 1 of 5 | −3.7% | −25.3% | −34.8% | −19.6% | −6.3% | — | — | — | — | — |
| AVDE Avantis International Equity ETF | 1 of 3 | −3.0% | −28.4% | −35.7% | — | — | — | — | — | — | — |
| DFAI Dimensional - International Core Equity Market ETF | 1 of 2 | −2.7% | −27.1% | — | — | — | — | — | — | — | — |
| SCHF Schwab International Equity ETF | 1 of 8 | −2.4% | −28.4% | −33.5% | −16.4% | −5.8% | −20.1% | −23.5% | −0.5% | — | — |
| QEFA State Street SPDR MSCI EAFE StrategicFactors ETF | 5 of 6 | −1.9% | −27.1% | −30.1% | −14.1% | −5.6% | −16.4% | — | — | — | — |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | 6 of 6 | −0.7% | −25.4% | −27.2% | −10.2% | −5.1% | −11.1% | — | — | — | — |
| GSIE Goldman Sachs ActiveBeta International Equity ETF | 0 of 5 | −2.4% | −29.0% | −33.6% | −17.0% | −5.6% | — | — | — | — | — |
| JPIN JPMorgan Diversified Return International Equity ETF | 4 of 6 | −1.5% | −27.7% | −33.3% | −15.4% | −6.1% | −14.1% | — | — | — | — |
| DFIC Dimensional - International Core Equity 2 ETF | 0 of 1 | −2.9% | — | — | — | — | — | — | — | — | — |
| IDEV iShares Core MSCI International Developed Markets ETF | 1 of 5 | −2.5% | −28.4% | −33.9% | −17.2% | −5.5% | — | — | — | — | — |
| IEFA iShares Core MSCI EAFE ETF | 1 of 6 | −2.5% | −29.2% | −33.2% | −17.1% | −5.8% | −19.9% | — | — | — | — |
| EFA iShares MSCI EAFE ETF | 1 of 9 | −2.5% | −28.7% | −32.6% | −16.3% | −5.9% | −20.7% | −22.7% | −0.2% | −61.0% | — |
| EFG iShares MSCI EAFE Growth ETF | 4 of 9 | −1.3% | −34.2% | −29.0% | −17.1% | −5.9% | −17.0% | −23.7% | −0.1% | −58.4% | — |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 1 of 8 | −3.0% | −31.7% | −38.2% | −18.4% | −5.8% | −16.5% | −26.8% | −1.5% | — | — |
| IDLV Invesco S&P International Developed Low Volatility ETF | 5 of 6 | −1.1% | −22.2% | −34.5% | −10.1% | −4.9% | −13.8% | — | — | — | — |
| VEA Vanguard FTSE Developed Markets ETF | 1 of 9 | −2.5% | −28.8% | −34.1% | −17.1% | −5.9% | −19.9% | −23.1% | −0.2% | −60.7% | — |
| VXUS Vanguard Total International Stock ETF | 2 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| VWO Vanguard FTSE Emerging Markets ETF | 3 of 9 | −2.7% | −27.9% | −30.6% | −11.3% | −6.8% | −23.8% | −27.9% | 0.0% | −67.7% | — |
How closely does SPDW move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SPDW with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- QEFA took just 82% of the S&P 500's losses, against 95% for SPDW, while still keeping 70% of its gains.
- Over the past 10 years, SPDW captured 80% of the S&P 500's gains in rising months and 95% of its losses in falling months, with a beta of 0.86. Its share of the market's losses was larger than its share of the gains.
- Five of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than SPDW's 0.84, led by SPYX, VTI and EFV.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SPDW's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| SPDW This pageState Street SPDR Portfolio Developed World ex-US ETF | 80% | 95% | 0.84 | 0.86 |
| SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 100% | 99% | 1.00 | 1.00 |
| VTI Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| EFV iShares MSCI EAFE Value ETF | 75% | 84% | 0.89 | 0.76 |
| SCHF Schwab International Equity ETF | 79% | 93% | 0.86 | 0.84 |
| QEFA State Street SPDR MSCI EAFE StrategicFactors ETF | 70% | 82% | 0.86 | 0.71 |
| VEA Vanguard FTSE Developed Markets ETF | 81% | 96% | 0.84 | 0.86 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| VWO Vanguard FTSE Emerging Markets ETF | 63% | 75% | 0.84 | 0.69 |
| EFAV iShares MSCI EAFE Min Vol Factor ETF | 52% | 62% | 0.83 | 0.52 |
| GSIE Goldman Sachs ActiveBeta International Equity ETF | 76% | 91% | 0.83 | 0.81 |
| EFA iShares MSCI EAFE ETF | 76% | 92% | 0.83 | 0.81 |
| IEFA iShares Core MSCI EAFE ETF | 77% | 94% | 0.82 | 0.82 |
| JPIN JPMorgan Diversified Return International Equity ETF | 69% | 87% | 0.79 | 0.74 |
| IDLV Invesco S&P International Developed Low Volatility ETF | 51% | 68% | 0.76 | 0.55 |
| EFG iShares MSCI EAFE Growth ETF | 78% | 104% | 0.75 | 0.87 |
| VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 80% | 107% | 0.74 | 0.94 |
What diversifies SPDW?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SPDW's. Because such investments tend not to fall at the same time, pairing SPDW with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SPDW into DBMF would have cut the portfolio's volatility by 23% over the past 5 years and raised its annual return (+10.2% for SPDW alone, +10.6% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of SPDW over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the six calendar years in which SPDW lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SPDW lost money. The last two columns show a portfolio that is 80% SPDW and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2014 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDW State Street SPDR Portfolio Developed World ex-US ETF (this page) | 1.00 | +54.9% | 0.61 | −16.0% | −14.2% | −1.8% | −5.3% | −13.5% | −40.8% | 16.2% | +10.2% |
| GLD CommoditiesSPDR Gold Shares | 0.45 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | −2.2% | +9.6% | +4.9% | 14.8% | +12.0% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.31 | +177% | 0.93 | +64.4% | −18.2% | −21.5% | −8.7% | +2.8% | −39.0% | 15.4% | +13.2% |
| AMLP EnergyAlerian MLP ETF | 0.38 | +111% | 0.89 | +25.5% | −12.6% | −25.7% | +4.8% | +10.2% | — | 14.8% | +12.1% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.29 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | 12.5% | +10.6% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.21 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | +2.6% | −10.7% | −19.1% | 13.6% | +10.5% |
| USO CommoditiesUnited States Oil Fund, LP | -0.09 | +176% | 0.73 | +29.0% | −19.6% | −46.0% | −42.4% | −2.3% | −56.3% | 14.4% | +14.0% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.03 | +49.8% | 0.68 | +0.5% | — | — | — | — | — | 13.1% | +10.1% |
| PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.09 | +73.9% | 0.67 | +19.3% | −12.8% | −26.8% | — | — | — | 13.8% | +11.1% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2014 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDW State Street SPDR Portfolio Developed World ex-US ETF (this page) | 1.00 | +54.9% | 0.61 | −16.0% | −14.2% | −1.8% | −5.3% | −13.5% | −40.8% | 16.2% | +10.2% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.31 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | +23.0% | +8.1% | −39.6% | 15.5% | +15.8% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.28 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | +12.9% | −24.4% | −20.5% | 19.8% | +28.4% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.42 | +1,636% | 1.46 | +17.0% | +0.8% | +67.7% | −10.4% | −17.0% | −15.2% | 18.6% | +24.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.17 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | +29.3% | +11.8% | −40.4% | 14.7% | +15.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.25 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | +0.4% | — | — | 15.9% | +17.9% |
Common questions
What was SPDW's worst drawdown?
SPDW's deepest decline since it began trading in 2007 was 60.0%, from October 2007 to March 2009. It took about five years from the low to climb back to its old high. Because SPDW launched in April 2007, that record does not include the dot-com bust.
What were SPDW's best and worst years?
Over 18 full calendar years, SPDW's best year was 2025, when it returned 34.7%. Its worst was 2008, with a return of -40.8%.
Is there a better investment than SPDW?
Among SPDW's popular alternatives, EFV earned more than SPDW with less volatility over the past 5 years: 13.6% a year at 15.9% volatility, against 9.1% a year at 16.8%. Looking beyond its popular alternatives, LVHI (international equity) and DBEF (international equity) earned more than SPDW with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 9.1% a year at 16.8%.
Is SPDW more volatile than the S&P 500?
No. SPDW's volatility over the past 5 years was 16.8%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPDW's return lands within 16.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is SPDW's Sharpe ratio?
SPDW's Sharpe ratio over the past 5 years was 0.61, against 0.79 for the S&P 500, so SPDW earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is SPDW with the S&P 500?
Over the past 5 years, SPDW's monthly returns had a correlation of 0.81 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against SPDW instead: the lower it is, the more that option would diversify a SPDW holding.
What are the best alternatives to SPDW?
Of the 22 popular alternatives we compared, four outperformed SPDW in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SPYX, VTI and EFV.
Did SPDW outperform the S&P 500?
SPDW finished ahead of the S&P 500 (SPY) in five of 18 full calendar years. In 2025, it returned +34.7%, against +17.7% for the index.
How did SPDW do in stock market crashes?
SPDW fell less than the S&P 500 (SPY) in four of the nine major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when SPDW fell 16.5% and the S&P 500 fell 19.3%.
What diversifies SPDW?
These had a low correlation with SPDW over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.45), XLE (correlation 0.31) and AMLP (correlation 0.38); among large stocks, CAH (correlation 0.31), CLS (correlation 0.28) and FIX (correlation 0.42). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than SPDW's. Returns within 0.5 points or 3% of SPDW's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to SPDW
VTIVanguard Morningstar Total Stock Market ETF
SCHFSchwab International Equity ETF
IEFAiShares Core MSCI EAFE ETF
EFAiShares MSCI EAFE ETF
VEAVanguard FTSE Developed Markets ETF
VXUSVanguard Total International Stock ETF
VWOVanguard FTSE Emerging Markets ETF
SCHD
NVDA
AAPL
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MSFT