CWI vs. EFAS

Last updated Aug 2, 2026

CWI (State Street SPDR MSCI ACWI ex-US ETF) and EFAS (Global X MSCI SuperDividend® EAFE ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA Index, while EFAS is a Dividend fund tracking the MSCI EAFE Top 50 Dividend Index. Both are passively managed. Over the past 5 years, CWI returned 9.44%/yr vs 14.43%/yr for EFAS. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CWI charges 0.30%/yr vs 0.55%/yr for EFAS.

Performance

CWI vs. EFAS - 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 Global X MSCI SuperDividend® EAFE ETF (EFAS). 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 lower than EFAS's 20.56% 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%

EFAS

• 1D: -0.90%
• 1M: 6.31%
• 6M: 14.73%
• YTD: 20.56%
• 1Y: 32.01%
• 3Y*: 25.41%
• 5Y*: 14.43%
• 10Y*: —
• ALL TIME*: 10.80%

*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)
CWI State Street SPDR MSCI ACWI ex-US ETF	$9.74M	$9.97M	$9.68M
EFAS Global X MSCI SuperDividend® EAFE ETF	$411.25K	$354.75K	$345.09K

CWI vs. EFAS - 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%
EFAS Global X MSCI SuperDividend® EAFE ETF	20.56%	46.83%	3.07%	14.65%	-8.00%	12.75%	-5.42%	14.60%	-11.60%	22.76%

Correlation

The correlation between CWI and EFAS is 0.53, 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.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since Nov 16, 2016	0.72

The correlation between CWI and EFAS shifts across timeframes, from 0.53 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

CWI vs. EFAS - Sectors Allocation Comparison

Sectors	CWI	EFAS
Financial Services	18.4%	35.3%
Technology	15.6%	0.1%
Industrials	8.0%	6.6%
Consumer Cyclical	5.4%	1.9%
Healthcare	5.3%	0.1%
Energy	4.9%	10.3%
Basic Materials	4.3%	1.9%
Communication Services	2.7%	8.9%
Consumer Defensive	2.5%	7.7%
Utilities	1.2%	11.8%
Real Estate	0.9%	15.6%

Return for Risk

CWI vs. EFAS — 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

EFAS

EFAS Risk / Return Rank: 94
EFAS Sharpe Ratio Rank: 96
EFAS Sortino Ratio Rank: 95
EFAS Omega Ratio Rank: 94
EFAS Calmar Ratio Rank: 96
EFAS Martin Ratio Rank: 91

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. EFAS - 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 Global X MSCI SuperDividend® EAFE ETF (EFAS). 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	EFAS	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.94	-1.28
Sortino ratio: Return per unit of downside risk	2.32	4.11	-1.79
Omega ratio: Gain probability vs. loss probability	1.31	1.52	-0.21
Calmar ratio: Return relative to maximum drawdown	2.48	6.07	-3.59
Martin ratio: Return relative to average drawdown	9.12	14.92	-5.80

CWI vs. EFAS - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is lower than the EFAS Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of CWI and EFAS, 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. EFAS - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than EFAS's maximum drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for CWI and EFAS.

Drawdown Indicators

	CWI	EFAS	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-44.38%	-16.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-5.30%	-6.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-11.84%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-28.81%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	—	—
Current Drawdown Current decline from peak	-2.61%	-0.90%	-1.71%
Average Drawdown Average peak-to-trough decline	-12.77%	-6.99%	-5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.15%	+0.97%

Volatility

CWI vs. EFAS - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to Global X MSCI SuperDividend® EAFE ETF (EFAS) at 2.71%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than EFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	EFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	2.71%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	8.68%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	10.95%	+6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	15.51%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	18.23%	-1.19%

CWI vs. EFAS - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is lower than EFAS's 0.55% expense ratio.

Dividends

CWI vs. EFAS - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, less than EFAS's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EFAS Global X MSCI SuperDividend® EAFE ETF	4.52%	4.83%	6.76%	6.33%	7.28%	5.19%	4.34%	5.75%	6.63%	6.15%	0.21%	0.00%

Frequently Asked Questions

Can I hold both CWI and EFAS in my portfolio?

CWI and EFAS have a correlation of 0.53, 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 EFAS?

CWI has higher volatility (5.63%) compared to EFAS (2.71%). In terms of maximum drawdown, CWI dropped -60.77% vs EFAS's -44.38%.

Which ETF is better, CWI or EFAS?

On 5-year performance, EFAS leads with 14.43% vs 9.44% for CWI. On fees, CWI is cheaper at 0.30% per year. On volatility, EFAS has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or EFAS?

Over the 5-year period, EFAS has performed better with a 14.43% return vs 9.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or EFAS?

CWI is cheaper with a 0.30% expense ratio, compared with 0.55% for EFAS.

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

EFAS has the higher dividend yield at 4.52%, compared with 2.72% for CWI.

What is the main difference between CWI and EFAS?

CWI is categorized as Foreign Large Cap Equities, while EFAS is Dividend. CWI tracks MSCI ACWI ex USA Index, while EFAS tracks MSCI EAFE Top 50 Dividend Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.30% for CWI and 0.55% for EFAS.

Which has better risk-adjusted returns?

EFAS currently has the higher Sharpe Ratio (2.94 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.