AVDS vs. GWX

Last updated Jun 5, 2026

AVDS (Avantis International Small Cap Equity ETF) and GWX (SPDR S&P International Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. AVDS is actively managed, while GWX is passively managed. Over the past year, AVDS returned 32.55% vs 31.16% for GWX. With a 0.95 correlation, they move nearly in lockstep. AVDS charges 0.30%/yr vs 0.40%/yr for GWX.

Performance

AVDS vs. GWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Small Cap Equity ETF (AVDS) and SPDR S&P International Small Cap ETF (GWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AVDS having a 12.75% return and GWX slightly higher at 12.82%.

AVDS

• 1D: 0.65%
• 1M: 2.23%
• YTD: 12.75%
• 6M: 15.97%
• 1Y: 32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GWX

• 1D: 0.92%
• 1M: 0.17%
• YTD: 12.82%
• 6M: 15.59%
• 1Y: 31.16%
• 3Y*: 17.59%
• 5Y*: 5.81%
• 10Y*: 7.61%

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

AVDS vs. GWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AVDS Avantis International Small Cap Equity ETF	12.75%	38.18%	3.20%	3.79%
GWX SPDR S&P International Small Cap ETF	12.82%	35.89%	0.21%	2.04%

Correlation

The correlation between AVDS and GWX is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jul 21, 2023	0.96

The correlation between AVDS and GWX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

AVDS vs. GWX - Sectors Allocation Comparison

Sectors	AVDS	GWX
Industrials	22.6%	22.0%
Basic Materials	17.0%	14.5%
Consumer Cyclical	12.8%	11.2%
Financial Services	12.1%	7.8%
Technology	9.7%	15.1%
Energy	6.1%	4.7%
Consumer Defensive	5.1%	4.7%
Healthcare	4.5%	8.5%
Real Estate	3.2%	7.2%
Utilities	3.2%	1.3%
Communication Services	2.9%	2.9%

Return for Risk

AVDS vs. GWX — Risk / Return Rank

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

AVDS

AVDS Risk / Return Rank: 63
AVDS Sharpe Ratio Rank: 68
AVDS Sortino Ratio Rank: 67
AVDS Omega Ratio Rank: 67
AVDS Calmar Ratio Rank: 54
AVDS Martin Ratio Rank: 59

GWX

GWX Risk / Return Rank: 58
GWX Sharpe Ratio Rank: 61
GWX Sortino Ratio Rank: 60
GWX Omega Ratio Rank: 58
GWX Calmar Ratio Rank: 54
GWX Martin Ratio Rank: 59

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.

AVDS vs. GWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Small Cap Equity ETF (AVDS) and SPDR S&P International Small Cap ETF (GWX). 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.

	AVDS	GWX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.02	+0.19
Sortino ratio: Return per unit of downside risk	3.03	2.79	+0.25
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.63	2.63	0.00
Martin ratio: Return relative to average drawdown	10.21	10.19	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVDS vs. GWX - Sharpe Ratio Comparison

The current AVDS Sharpe Ratio is 2.20, which is comparable to the GWX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of AVDS and GWX, 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

	AVDS	GWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.02	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.23	+1.04

Drawdowns

AVDS vs. GWX - Drawdown Comparison

The maximum AVDS drawdown since its inception was -13.51%, smaller than the maximum GWX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for AVDS and GWX.

Drawdown Indicators

	AVDS	GWX	Difference
Max Drawdown Largest peak-to-trough decline	-13.51%	-63.25%	+49.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.44%	-11.91%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.27%	—
Current Drawdown Current decline from peak	-1.09%	-1.96%	+0.87%
Average Drawdown Average peak-to-trough decline	-2.83%	-14.73%	+11.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.07%	+0.12%

Volatility

AVDS vs. GWX - Volatility Comparison

The current volatility for Avantis International Small Cap Equity ETF (AVDS) is 4.37%, while SPDR S&P International Small Cap ETF (GWX) has a volatility of 5.12%. This indicates that AVDS experiences smaller price fluctuations and is considered to be less risky than GWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVDS	GWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.12%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	12.43%	12.85%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	15.54%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.35%	16.74%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.35%	17.36%	-2.01%

AVDS vs. GWX - Expense Ratio Comparison

AVDS has a 0.30% expense ratio, which is lower than GWX's 0.40% expense ratio.

Dividends

AVDS vs. GWX - Dividend Comparison

AVDS's dividend yield for the trailing twelve months is around 2.14%, less than GWX's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDS Avantis International Small Cap Equity ETF	2.14%	2.37%	3.07%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GWX SPDR S&P International Small Cap ETF	2.51%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%

Frequently Asked Questions

Can I hold both AVDS and GWX in my portfolio?

With a correlation of 0.94, AVDS and GWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AVDS or GWX?

GWX has higher volatility (5.12%) compared to AVDS (4.37%). In terms of maximum drawdown, AVDS dropped -13.51% vs GWX's -63.25%.

Which ETF is better, AVDS or GWX?

On 1-year performance, AVDS leads with 32.55% vs 31.16% for GWX. On fees, AVDS is cheaper at 0.30% per year. On volatility, AVDS has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVDS or GWX?

Over the 1-year period, AVDS has performed better with a 32.55% return vs 31.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVDS or GWX?

AVDS is cheaper with a 0.30% expense ratio, compared with 0.40% for GWX.

Which ETF pays a higher dividend yield, AVDS or GWX?

GWX has the higher dividend yield at 2.51%, compared with 2.14% for AVDS.

What is the main difference between AVDS and GWX?

They also come from different issuers: Avantis and State Street. Their fees differ too: 0.30% for AVDS and 0.40% for GWX.

Which has better risk-adjusted returns?

AVDS currently has the higher Sharpe Ratio (2.20 vs 2.02), 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.