CEFA vs. SPDW

Last updated Aug 2, 2026

CEFA (Global X S&P Catholic Values Developed ex-U.S. ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - CEFA tracks the S&P Developed ex-U.S. Catholic Values Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 5 years, CEFA returned 7.72%/yr vs 9.68%/yr for SPDW. Their correlation of 0.81 means they have usually moved in the same direction. CEFA charges 0.35%/yr vs 0.04%/yr for SPDW.

Performance

CEFA vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFA achieves a 10.56% return, which is significantly lower than SPDW's 14.31% return.

CEFA

• 1D: -0.72%
• 1M: 1.53%
• 6M: 5.32%
• YTD: 10.56%
• 1Y: 22.90%
• 3Y*: 15.02%
• 5Y*: 7.72%
• 10Y*: —
• ALL TIME*: 10.97%

SPDW

• 1D: -0.71%
• 1M: -0.02%
• 6M: 8.06%
• YTD: 14.31%
• 1Y: 29.86%
• 3Y*: 18.18%
• 5Y*: 9.68%
• 10Y*: 10.02%
• ALL TIME*: 5.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	$214.17K	$182.86K	$268.34K
SPDW SPDR Portfolio World ex-US ETF	$139.26M	$163.06M	$165.12M

CEFA vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	10.56%	26.46%	5.03%	17.40%	-16.66%	7.97%	21.61%
SPDW SPDR Portfolio World ex-US ETF	14.31%	34.75%	3.55%	17.81%	-15.98%	11.45%	21.19%

Correlation

The correlation between CEFA and SPDW is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	0.81

The correlation between CEFA and SPDW shifts across timeframes, from 0.81 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

CEFA vs. SPDW - Sectors Allocation Comparison

Sectors	CEFA	SPDW
Financial Services	26.4%	18.0%
Industrials	18.1%	10.6%
Technology	13.0%	9.5%
Healthcare	10.3%	6.3%
Consumer Cyclical	8.6%	5.2%
Consumer Defensive	6.8%	3.0%
Basic Materials	5.4%	5.4%
Communication Services	3.6%	1.8%
Energy	3.6%	4.9%
Utilities	3.0%	1.4%
Real Estate	1.1%	1.8%

Return for Risk

CEFA vs. SPDW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEFA

CEFA Risk / Return Rank: 58
CEFA Sharpe Ratio Rank: 59
CEFA Sortino Ratio Rank: 60
CEFA Omega Ratio Rank: 58
CEFA Calmar Ratio Rank: 55
CEFA Martin Ratio Rank: 60

SPDW

SPDW Risk / Return Rank: 76
SPDW Sharpe Ratio Rank: 77
SPDW Sortino Ratio Rank: 75
SPDW Omega Ratio Rank: 76
SPDW Calmar Ratio Rank: 74
SPDW Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEFA vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) and SPDR Portfolio World ex-US ETF (SPDW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CEFA	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.74	-0.33
Sortino ratio: Return per unit of downside risk	2.03	2.41	-0.38
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	1.97	2.56	-0.60
Martin ratio: Return relative to average drawdown	7.23	9.68	-2.45

CEFA vs. SPDW - Sharpe Ratio Comparison

The current CEFA Sharpe Ratio is 1.40, which is comparable to the SPDW Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of CEFA and SPDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CEFA vs. SPDW - Drawdown Comparison

The maximum CEFA drawdown since its inception was -31.97%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for CEFA and SPDW.

Drawdown Indicators

	CEFA	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-31.97%	-60.02%	+28.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-11.55%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-13.53%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-31.97%	-30.21%	-1.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-0.72%	-2.11%	+1.39%
Average Drawdown Average peak-to-trough decline	-6.90%	-12.82%	+5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	3.05%	+0.08%

Volatility

CEFA vs. SPDW - Volatility Comparison

The current volatility for Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) is 4.70%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 5.26%. This indicates that CEFA experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFA	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	5.26%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	14.09%	15.21%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	17.09%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	16.77%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	17.13%	+0.10%

CEFA vs. SPDW - Expense Ratio Comparison

CEFA has a 0.35% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

CEFA vs. SPDW - Dividend Comparison

CEFA's dividend yield for the trailing twelve months is around 2.68%, less than SPDW's 3.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	2.68%	2.86%	3.26%	2.35%	2.35%	3.49%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDW SPDR Portfolio World ex-US ETF	3.03%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both CEFA and SPDW in my portfolio?

With a correlation of 0.96, CEFA and SPDW 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, CEFA or SPDW?

SPDW has higher volatility (5.26%) compared to CEFA (4.70%). In terms of maximum drawdown, CEFA dropped -31.97% vs SPDW's -60.02%.

Which ETF is better, CEFA or SPDW?

On 5-year performance, SPDW leads with 9.68% vs 7.72% for CEFA. On fees, SPDW is cheaper at 0.04% per year. On volatility, CEFA has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFA or SPDW?

Over the 5-year period, SPDW has performed better with a 9.68% return vs 7.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFA or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.35% for CEFA.

Which ETF pays a higher dividend yield, CEFA or SPDW?

SPDW has the higher dividend yield at 3.03%, compared with 2.68% for CEFA.

What is the main difference between CEFA and SPDW?

CEFA tracks S&P Developed ex-U.S. Catholic Values Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.35% for CEFA and 0.04% for SPDW.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.74 vs 1.40), 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.