CWI vs. DISVX

Last updated Jun 4, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and DISVX (DFA International Small Cap Value Portfolio) are both funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while DISVX is a Foreign Small & Mid Cap Equities fund managed by Dimensional. Over the past 10 years, CWI returned 9.91%/yr vs 10.65%/yr for DISVX. Their correlation of 0.89 suggests significant overlap in exposure. CWI charges 0.30%/yr vs 0.46%/yr for DISVX.

Performance

CWI vs. DISVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and DFA International Small Cap Value Portfolio (DISVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWI achieves a 13.91% return, which is significantly higher than DISVX's 10.61% return. Over the past 10 years, CWI has underperformed DISVX with an annualized return of 9.91%, while DISVX has yielded a comparatively higher 10.65% annualized return.

CWI

• 1D: -1.22%
• 1M: 5.25%
• YTD: 13.91%
• 6M: 16.33%
• 1Y: 32.11%
• 3Y*: 19.76%
• 5Y*: 8.77%
• 10Y*: 9.91%

DISVX

• 1D: 0.06%
• 1M: 3.32%
• YTD: 10.61%
• 6M: 14.85%
• 1Y: 36.19%
• 3Y*: 26.27%
• 5Y*: 13.72%
• 10Y*: 10.65%

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

CWI vs. DISVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI SPDR MSCI ACWI ex-US ETF	13.91%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%
DISVX DFA International Small Cap Value Portfolio	10.61%	52.17%	7.88%	17.58%	-9.80%	15.84%	0.82%	21.04%	-23.36%	25.41%

Correlation

The correlation between CWI and DISVX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 18, 2007	0.89

The correlation between CWI and DISVX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

CWI vs. DISVX — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 60
CWI Sharpe Ratio Rank: 61
CWI Sortino Ratio Rank: 61
CWI Omega Ratio Rank: 62
CWI Calmar Ratio Rank: 56
CWI Martin Ratio Rank: 60

DISVX

DISVX Risk / Return Rank: 60
DISVX Sharpe Ratio Rank: 73
DISVX Sortino Ratio Rank: 68
DISVX Omega Ratio Rank: 66
DISVX Calmar Ratio Rank: 49
DISVX Martin Ratio Rank: 46

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.

CWI vs. DISVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and DFA International Small Cap Value Portfolio (DISVX). 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.

	CWI	DISVX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.49	-0.39
Sortino ratio: Return per unit of downside risk	2.90	3.43	-0.53
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	2.81	2.68	+0.13
Martin ratio: Return relative to average drawdown	10.92	9.57	+1.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWI vs. DISVX - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.10, which is comparable to the DISVX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CWI and DISVX, 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

	CWI	DISVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.49	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.86	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.64	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.52	-0.27

Drawdowns

CWI vs. DISVX - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, roughly equal to the maximum DISVX drawdown of -61.57%. Use the drawdown chart below to compare losses from any high point for CWI and DISVX.

Drawdown Indicators

	CWI	DISVX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-61.57%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-13.26%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.69%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-29.45%	-27.43%	-2.02%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-49.24%	+14.60%
Current Drawdown Current decline from peak	-1.22%	-3.34%	+2.12%
Average Drawdown Average peak-to-trough decline	-12.86%	-12.20%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.70%	-0.75%

Volatility

CWI vs. DISVX - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.81% compared to DFA International Small Cap Value Portfolio (DISVX) at 3.94%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than DISVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	DISVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	3.94%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	11.64%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	14.37%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	16.07%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	16.78%	+0.35%

CWI vs. DISVX - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is lower than DISVX's 0.46% expense ratio.

Dividends

CWI vs. DISVX - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.70%, less than DISVX's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.70%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
DISVX DFA International Small Cap Value Portfolio	6.52%	7.17%	4.56%	3.87%	2.40%	3.51%	1.84%	3.97%	5.91%	3.77%	5.85%	3.51%

Frequently Asked Questions

Can I hold both CWI and DISVX in my portfolio?

CWI and DISVX have a correlation of 0.83, 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 DISVX?

CWI has higher volatility (5.81%) compared to DISVX (3.94%). In terms of maximum drawdown, CWI dropped -60.77% vs DISVX's -61.57%.

Which has better risk-adjusted returns?

DISVX currently has the higher Sharpe Ratio (2.49 vs 2.10), 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.