# How State Street SPDR Portfolio Developed World ex-US ETF (SPDW) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/spdw
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **What you're buying:** A correlation of 0.99 with IEFA (iShares Core MSCI EAFE ETF) over 5 years: effectively the same bet as the larger fund.
- **Right now:** SPDW 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.
- **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 term:** SPDW 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.
- **In a crash:** Across six sell-offs, SPDW has typically fallen 1.2 times as far as the S&P 500.
- **Diversification:** SPDW 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.
- **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.

- $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.

## 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.

- 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.

- Type: ETF, International (Asset Management - Global)
- Trading since: April 26, 2007
- Assets: $41B
- Expense ratio: 0.03%
- Volatility (5 years): 16.8%; Sharpe ratio: 0.61
- Worst decline ever: −60.0%, from October 31, 2007 to March 9, 2009; back at its high by May 27, 2014

| Period | SPDW total return |
| --- | --- |
| 1 month | −3.6% |
| 3 months | +1.0% |
| 6 months | +1.9% |
| year to date | +11.8% |
| 1 year | +17.0% |
| 3 years | +81.6% |
| 5 years | +54.9% |
| 10 years | +153% |

## 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.

- 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.

| Measure | SPDW | Rank |
| --- | --- | --- |
| 1-year return | +17.0% | 624 of 2,485 (top 26%) |
| 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 49%) |
| Volatility, 5 years | 16.8% | 806 of 1,560 (top 52%) |
| Sharpe ratio, 5 years | 0.61 | 708 of 1,560 (top 46%) |
| Worst decline, past 10 years | −35.0% | 344 of 951 (top 37%) |

### 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).

- 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%.

### Is there a better investment than SPDW?

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.

- 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.

The 15 strongest of 88 investments that beat SPDW over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with SPDW | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SPDW: State Street SPDR Portfolio Developed World ex-US ETF (this page) |  | +9.1% | 16.8% | 0.61 | −35.0% | +153% |  |  |
| FTLS: First Trust Long/Short Equity ETF | Broad Market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.73 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| SIXA: ETC 6 Meridian Mega Cap Equity ETF | Broad Market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.85 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.84 | Higher return, lower volatility; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.78 | Higher return, lower volatility; Higher return in most periods |
| [VIG](https://easycompare.io/research/vig): Vanguard Dividend Appreciation ETF | US Dividend Equity | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.84 | Higher return, lower volatility; Higher return in most periods |
| PVAL: Putnam Focused Large Cap Value ETF | US Large-Cap Value | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.82 | Higher return, lower volatility; Higher return in most periods |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.69 | Higher return, lower volatility; Higher return in most periods |
| RWL: Invesco S&P 500 Revenue ETF | US Large-Cap Equity | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.84 | Higher return, lower volatility; Higher return in most periods |
| PJUL: Innovator U.S. Equity Power Buffer ETF | Broad Market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.77 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | Multi-Asset | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.79 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| FDL: First Trust Morningstar Dividend Leaders Index Fund | US Dividend Equity | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.69 | Higher return, lower volatility; Higher return in most periods |
| JQUA: JPMorgan U.S. Quality Factor ETF | US Quality Equity | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.83 | Higher return, lower volatility; Higher return in most periods |
| VYMI: Vanguard International High Dividend Yield ETF | International Equity | +13.2% | 14.8% | 0.92 | −40.0% | +176% | 0.93 | Higher return, lower volatility; Higher return in most periods |
| GCOW: Pacer Global Cash Cows Dividend ETF | International | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.79 | Higher return, lower volatility; Higher return in most periods |
| IWX: iShares Russell Top 200 Value ETF | Broad Market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.85 | Higher return, lower volatility; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of SPDW | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SPDW: State Street SPDR Portfolio Developed World ex-US ETF (this page) | +17.0% | +81.6% | +54.9% | +153% |  |  | 0.61 |
| SPYX: State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | +14.7% | +89.8% | +78.9% | +322% | 4/5 short-term, 3/3 long-term | all-weather | 0.77 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | +15.2% | +87.9% | +72.6% | +302% | 4/5 short-term, 3/3 long-term | all-weather | 0.71 |
| EFV: iShares MSCI EAFE Value ETF | +21.4% | +92.4% | +89.0% | +157% | 5/5 short-term, 2/3 long-term | consistent | 0.88 |
| SCHK: Schwab 1000 Index ETF | +15.4% | +89.0% | +75.6% | — | 4/5 short-term, 2/3 long-term | consistent | 0.74 |
| AVDE: Avantis International Equity ETF | +16.4% | +83.7% | +61.8% | — | 2/5 short-term, 1/3 long-term |  | 0.67 |
| DFAI: Dimensional - International Core Equity Market ETF | +15.8% | +78.5% | +59.0% | — | 2/5 short-term, 1/3 long-term |  | 0.66 |
| [SCHF](https://easycompare.io/research/schf): Schwab International Equity ETF | +17.3% | +80.9% | +57.7% | +155% | 0/5 short-term, 1/3 long-term |  | 0.63 |
| QEFA: State Street SPDR MSCI EAFE StrategicFactors ETF | +15.2% | +67.9% | +50.1% | +140% | 3/5 short-term, 0/3 long-term |  | 0.63 |
| EFAV: iShares MSCI EAFE Min Vol Factor ETF | +15.0% | +64.8% | +44.4% | +97.7% | 3/5 short-term, 0/3 long-term |  | 0.68 |
| GSIE: Goldman Sachs ActiveBeta International Equity ETF | +14.6% | +74.2% | +51.3% | +144% | 2/5 short-term, 0/3 long-term |  | 0.60 |
| JPIN: JPMorgan Diversified Return International Equity ETF | +15.6% | +74.6% | +52.0% | +113% | 2/5 short-term, 0/3 long-term |  | 0.65 |
| DFIC: Dimensional - International Core Equity 2 ETF | +17.1% | +82.4% | — | — | 2/5 short-term, 0/3 long-term |  | — |
| IDEV: iShares Core MSCI International Developed Markets ETF | +13.8% | +75.7% | +51.5% | — | 2/5 short-term, 0/3 long-term |  | 0.59 |
| [IEFA](https://easycompare.io/research/iefa): iShares Core MSCI EAFE ETF | +12.8% | +72.4% | +49.0% | +140% | 1/5 short-term, 0/3 long-term |  | 0.56 |
| [EFA](https://easycompare.io/research/efa): iShares MSCI EAFE ETF | +12.5% | +71.2% | +51.0% | +139% | 1/5 short-term, 0/3 long-term |  | 0.58 |
| EFG: iShares MSCI EAFE Growth ETF | +4.1% | +51.3% | +18.5% | +111% | 1/5 short-term, 0/3 long-term |  | 0.28 |
| VSS: Vanguard FTSE All-World ex-US Small-Cap ETF | +10.0% | +65.4% | +27.5% | +105% | 1/5 short-term, 0/3 long-term |  | 0.38 |
| IDLV: Invesco S&P International Developed Low Volatility ETF | +10.1% | +55.8% | +35.9% | +74.8% | 1/5 short-term, 0/3 long-term |  | 0.58 |
| JIRE: JPMorgan International Research Enhanced Equity ETF | +12.6% | +69.6% | — | — | 1/5 short-term, 0/3 long-term |  | — |
| [VEA](https://easycompare.io/research/vea): Vanguard FTSE Developed Markets ETF | +17.0% | +81.0% | +55.9% | +153% | 0/5 short-term, 0/3 long-term |  | 0.61 |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | +14.6% | +77.2% | +48.6% | +140% | 0/5 short-term, 0/3 long-term |  | 0.57 |
| [VWO](https://easycompare.io/research/vwo): Vanguard FTSE Emerging Markets ETF | +8.3% | +67.2% | +29.1% | +102% | 0/5 short-term, 0/3 long-term |  | 0.38 |

### 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.

- 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.

| Year | SPDW | SPY |
| --- | --- | --- |
| 2025 | +34.7% | +17.7% |
| 2024 | +3.6% | +24.9% |
| 2023 | +17.8% | +26.2% |
| 2022 | −16.0% | −18.2% |
| 2021 | +11.4% | +28.7% |
| 2020 | +9.9% | +18.3% |
| 2019 | +22.5% | +31.2% |
| 2018 | −14.2% | −4.6% |
| 2017 | +25.9% | +21.7% |
| 2016 | +3.0% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −60.0% | October 31, 2007 | March 9, 2009 | May 27, 2014 | −54.7% | 2008 financial crisis |
| −35.0% | January 26, 2018 | March 23, 2020 | November 11, 2020 | −18.8% | late-2018 sell-off |
| −30.2% | September 3, 2021 | September 27, 2022 | March 7, 2024 | −18.3% | 2022 bear market |
| −23.6% | July 3, 2014 | February 11, 2016 | May 2, 2017 | −4.9% | 2015 China and oil sell-off |
| −13.5% | March 19, 2025 | April 8, 2025 | April 28, 2025 | −12.2% |  |

### 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.

- 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%.

| Crash | Dates | SPDW fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −60.0% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −23.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −20.6% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −16.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −33.7% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −29.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.5% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| SPDW: State Street SPDR Portfolio Developed World ex-US ETF (this page) | 80.0% | 95.0% | 0.86 |
| SPYX: State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 100% | 99.0% | 1.00 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 1.02 |
| EFV: iShares MSCI EAFE Value ETF | 75.0% | 84.0% | 0.76 |
| [SCHF](https://easycompare.io/research/schf): Schwab International Equity ETF | 79.0% | 93.0% | 0.84 |
| QEFA: State Street SPDR MSCI EAFE StrategicFactors ETF | 70.0% | 82.0% | 0.71 |
| EFAV: iShares MSCI EAFE Min Vol Factor ETF | 52.0% | 62.0% | 0.52 |
| GSIE: Goldman Sachs ActiveBeta International Equity ETF | 76.0% | 91.0% | 0.81 |
| JPIN: JPMorgan Diversified Return International Equity ETF | 69.0% | 87.0% | 0.74 |
| [IEFA](https://easycompare.io/research/iefa): iShares Core MSCI EAFE ETF | 77.0% | 94.0% | 0.82 |
| [EFA](https://easycompare.io/research/efa): iShares MSCI EAFE ETF | 76.0% | 92.0% | 0.81 |
| EFG: iShares MSCI EAFE Growth ETF | 78.0% | 104% | 0.87 |
| VSS: Vanguard FTSE All-World ex-US Small-Cap ETF | 80.0% | 107% | 0.94 |
| IDLV: Invesco S&P International Developed Low Volatility ETF | 51.0% | 68.0% | 0.55 |
| [VEA](https://easycompare.io/research/vea): Vanguard FTSE Developed Markets ETF | 81.0% | 96.0% | 0.86 |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | 76.0% | 91.0% | 0.82 |
| [VWO](https://easycompare.io/research/vwo): Vanguard FTSE Emerging Markets ETF | 63.0% | 75.0% | 0.69 |

### 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).

- 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.

| Investment | Correlation with SPDW | 5Y return | Volatility | Sharpe | Rose in SPDW's 6 down years |
| --- | --- | --- | --- | --- | --- |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.45 | +126% | 18.9% | 0.96 | 2 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.31 | +177% | 25.5% | 0.93 | 2 of 6 |
| AMLP: Alerian MLP ETF | 0.38 | +111% | 18.9% | 0.89 | 3 of 6 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.29 | +59.7% | 12.4% | 0.82 | 1 of 6 |
| DBA: Invesco DB Agriculture Fund | 0.21 | +66.4% | 13.8% | 0.81 | 2 of 6 |
| USO: United States Oil Fund, LP | -0.09 | +176% | 37.7% | 0.73 | 1 of 6 |
| FLSP: Franklin Systematic Style Premia ETF | 0.03 | +49.8% | 13.4% | 0.68 | 1 of 6 |
| PDBC: Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.09 | +73.9% | 19.3% | 0.67 | 1 of 6 |

## 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/spdw
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against SPDW live: https://betterthanspy.com/?b=SPDW&utm_source=easycompare&utm_medium=research