CWI vs. CIL

Last updated Aug 2, 2026

CWI (State Street SPDR MSCI ACWI ex-US ETF) and CIL (VictoryShares International Volatility Wtd ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI ACWI ex USA Index while CIL tracks the Nasdaq Victory International 500 Volatility Weighted Index. Both are passively managed. Over the past 10 years, CWI returned 9.70%/yr vs 8.18%/yr for CIL. Their 0.71 correlation means they have sometimes moved together and sometimes differently. CWI charges 0.30%/yr vs 0.45%/yr for CIL.

Performance

CWI vs. CIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI ACWI ex-US ETF (CWI) and VictoryShares International Volatility Wtd ETF (CIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWI achieves a 13.37% return, which is significantly higher than CIL's 5.44% return. Over the past 10 years, CWI has outperformed CIL with an annualized return of 9.70%, while CIL has yielded a comparatively lower 8.18% annualized return.

CWI

• 1D: -0.30%
• 1M: 0.10%
• 6M: 7.85%
• YTD: 13.37%
• 1Y: 29.12%
• 3Y*: 17.89%
• 5Y*: 9.44%
• 10Y*: 9.70%
• ALL TIME*: 5.43%

CIL

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 5.44%
• 1Y: 16.21%
• 3Y*: 14.57%
• 5Y*: 7.36%
• 10Y*: 8.18%
• ALL TIME*: 7.33%

*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)
CIL VictoryShares International Volatility Wtd ETF	$0.00	$0.00	$0.00
CWI State Street SPDR MSCI ACWI ex-US ETF	$9.74M	$9.97M	$9.68M

CWI vs. CIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI State Street SPDR MSCI ACWI ex-US ETF	13.37%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%
CIL VictoryShares International Volatility Wtd ETF	5.44%	32.99%	3.76%	16.29%	-16.00%	11.07%	7.21%	19.13%	-13.34%	27.67%

Correlation

The correlation between CWI and CIL is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015	0.71

The correlation between CWI and CIL shifts across timeframes, from 0.52 (1 year) to 0.80 (3 years), reflecting how their relationship changes across market environments.

CWI vs. CIL - Sectors Allocation Comparison

Sectors	CWI	CIL
Financial Services	18.4%	24.8%
Technology	15.6%	6.4%
Industrials	8.0%	18.4%
Consumer Cyclical	5.4%	8.2%
Healthcare	5.3%	7.7%
Energy	4.9%	4.6%
Basic Materials	4.3%	6.6%
Communication Services	2.7%	5.8%
Consumer Defensive	2.5%	8.8%
Utilities	1.2%	6.6%
Real Estate	0.9%	2.2%

Return for Risk

CWI vs. CIL — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 73
CWI Sharpe Ratio Rank: 73
CWI Sortino Ratio Rank: 72
CWI Omega Ratio Rank: 74
CWI Calmar Ratio Rank: 71
CWI Martin Ratio Rank: 74

CIL

CIL Risk / Return Rank: 93
CIL Sharpe Ratio Rank: 93
CIL Sortino Ratio Rank: 94
CIL Omega Ratio Rank: 96
CIL Calmar Ratio Rank: 89
CIL Martin Ratio Rank: 94

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.

CWI vs. CIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI ACWI ex-US ETF (CWI) and VictoryShares International Volatility Wtd ETF (CIL). 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.

	CWI	CIL	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.51	-0.85
Sortino ratio: Return per unit of downside risk	2.32	3.80	-1.49
Omega ratio: Gain probability vs. loss probability	1.31	1.67	-0.36
Calmar ratio: Return relative to maximum drawdown	2.48	3.69	-1.20
Martin ratio: Return relative to average drawdown	9.12	18.41	-9.29

CWI vs. CIL - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is lower than the CIL Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of CWI and CIL, 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

CWI vs. CIL - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than CIL's maximum drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for CWI and CIL.

Drawdown Indicators

	CWI	CIL	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-36.27%	-24.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-4.60%	-6.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-11.29%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-29.89%	+1.09%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-36.27%	+1.63%
Current Drawdown Current decline from peak	-2.61%	-0.58%	-2.03%
Average Drawdown Average peak-to-trough decline	-12.77%	-6.47%	-6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.03%	+2.09%

Volatility

CWI vs. CIL - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to VictoryShares International Volatility Wtd ETF (CIL) at 0.00%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than CIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	CIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	0.00%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	2.31%	+12.96%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	6.80%	+10.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	16.39%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.74%	+0.30%

CWI vs. CIL - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is lower than CIL's 0.45% expense ratio.

Dividends

CWI vs. CIL - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, more than CIL's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIL VictoryShares International Volatility Wtd ETF	1.05%	2.70%	3.46%	2.91%	2.41%	3.04%	1.73%	2.69%	2.85%	2.17%	2.34%	0.43%
CWI State Street SPDR MSCI ACWI ex-US ETF	2.72%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%

Frequently Asked Questions

Can I hold both CWI and CIL in my portfolio?

CWI and CIL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWI or CIL?

CWI has higher volatility (5.63%) compared to CIL (0.00%). In terms of maximum drawdown, CWI dropped -60.77% vs CIL's -36.27%.

Which ETF is better, CWI or CIL?

On 10-year performance, CWI leads with 9.70% vs 8.18% for CIL. On fees, CWI is cheaper at 0.30% per year. On volatility, CIL has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or CIL?

Over the 10-year period, CWI has performed better with a 9.70% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or CIL?

CWI is cheaper with a 0.30% expense ratio, compared with 0.45% for CIL.

Which ETF pays a higher dividend yield, CWI or CIL?

CWI has the higher dividend yield at 2.72%, compared with 1.05% for CIL.

What is the main difference between CWI and CIL?

CWI tracks MSCI ACWI ex USA Index, while CIL tracks Nasdaq Victory International 500 Volatility Weighted Index. They also come from different issuers: State Street and Crestview. Their fees differ too: 0.30% for CWI and 0.45% for CIL.

Which has better risk-adjusted returns?

CIL currently has the higher Sharpe Ratio (2.51 vs 1.66), 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.