AMDWX vs. SPWO

Last updated Jun 5, 2026

AMDWX (Amana Mutual Funds Trust Developing World Fund) and SPWO (SP Funds S&P World ETF) are both funds - AMDWX is a Emerging Markets Diversified fund managed by Amana, while SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net. Over the past year, AMDWX returned 53.11% vs 47.54% for SPWO. A 0.79 correlation means they provide meaningful diversification when combined. AMDWX charges 1.14%/yr vs 0.55%/yr for SPWO.

Performance

AMDWX vs. SPWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Mutual Funds Trust Developing World Fund (AMDWX) and SP Funds S&P World ETF (SPWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AMDWX having a 27.14% return and SPWO slightly lower at 26.98%.

AMDWX

• 1D: -0.70%
• 1M: 6.59%
• YTD: 27.14%
• 6M: 30.21%
• 1Y: 53.11%
• 3Y*: 20.10%
• 5Y*: 8.88%
• 10Y*: 8.48%

SPWO

• 1D: 0.09%
• 1M: 8.23%
• YTD: 26.98%
• 6M: 27.41%
• 1Y: 47.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMDWX vs. SPWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMDWX Amana Mutual Funds Trust Developing World Fund	27.14%	19.97%	6.93%	2.74%
SPWO SP Funds S&P World ETF	26.98%	26.32%	9.25%	2.96%

Correlation

The correlation between AMDWX and SPWO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.79

The correlation between AMDWX and SPWO has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

AMDWX vs. SPWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMDWX

AMDWX Risk / Return Rank: 89
AMDWX Sharpe Ratio Rank: 93
AMDWX Sortino Ratio Rank: 86
AMDWX Omega Ratio Rank: 85
AMDWX Calmar Ratio Rank: 91
AMDWX Martin Ratio Rank: 90

SPWO

SPWO Risk / Return Rank: 73
SPWO Sharpe Ratio Rank: 76
SPWO Sortino Ratio Rank: 72
SPWO Omega Ratio Rank: 73
SPWO Calmar Ratio Rank: 71
SPWO Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMDWX vs. SPWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Mutual Funds Trust Developing World Fund (AMDWX) and SP Funds S&P World ETF (SPWO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AMDWX	SPWO	Difference
Sharpe ratio: Return per unit of total volatility	3.20	2.44	+0.77
Sortino ratio: Return per unit of downside risk	4.13	3.23	+0.90
Omega ratio: Gain probability vs. loss probability	1.59	1.43	+0.17
Calmar ratio: Return relative to maximum drawdown	4.78	3.48	+1.30
Martin ratio: Return relative to average drawdown	17.85	13.22	+4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMDWX vs. SPWO - Sharpe Ratio Comparison

The current AMDWX Sharpe Ratio is 3.20, which is higher than the SPWO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of AMDWX and SPWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMDWX	SPWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	2.44	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.44	-1.07

Drawdowns

AMDWX vs. SPWO - Drawdown Comparison

The maximum AMDWX drawdown since its inception was -28.88%, which is greater than SPWO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for AMDWX and SPWO.

Drawdown Indicators

	AMDWX	SPWO	Difference
Max Drawdown Largest peak-to-trough decline	-28.88%	-18.03%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.75%	+2.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.42%	—	—
Current Drawdown Current decline from peak	-0.70%	-1.12%	+0.42%
Average Drawdown Average peak-to-trough decline	-9.00%	-2.79%	-6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.61%	-0.57%

Volatility

AMDWX vs. SPWO - Volatility Comparison

Amana Mutual Funds Trust Developing World Fund (AMDWX) and SP Funds S&P World ETF (SPWO) have volatilities of 7.59% and 7.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMDWX	SPWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.59%	7.55%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	16.56%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	19.64%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	19.02%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.09%	19.02%	-4.93%

AMDWX vs. SPWO - Expense Ratio Comparison

AMDWX has a 1.14% expense ratio, which is higher than SPWO's 0.55% expense ratio.

Dividends

AMDWX vs. SPWO - Dividend Comparison

AMDWX's dividend yield for the trailing twelve months is around 2.21%, more than SPWO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMDWX Amana Mutual Funds Trust Developing World Fund	2.21%	2.80%	0.58%	0.91%	1.03%	1.16%	0.00%	0.37%	0.50%	0.18%	0.28%	0.58%
SPWO SP Funds S&P World ETF	1.02%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMDWX and SPWO in my portfolio?

AMDWX and SPWO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDWX or SPWO?

AMDWX has higher volatility (7.59%) compared to SPWO (7.55%). In terms of maximum drawdown, AMDWX dropped -28.88% vs SPWO's -18.03%.

Which has better risk-adjusted returns?

AMDWX currently has the higher Sharpe Ratio (3.20 vs 2.44), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.