CWI vs. EPIN

Last updated Aug 2, 2026

CWI (State Street SPDR MSCI ACWI ex-US ETF) and EPIN (Harbor International Equity ETF) are both Foreign Large Cap Equities funds. CWI is passively managed, while EPIN is actively managed. Over the past year, CWI returned 29.12% vs 38.00% for EPIN. Their correlation of 0.93 means they have usually moved in the same direction. CWI charges 0.30%/yr vs 0.80%/yr for EPIN.

Performance

CWI vs. EPIN - 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 Harbor International Equity ETF (EPIN). 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 EPIN's 23.34% 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%

EPIN

• 1D: 0.40%
• 1M: -0.70%
• 6M: 14.34%
• YTD: 23.34%
• 1Y: 38.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 34.77%

*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
EPIN Harbor International Equity ETF	$41.81K	$24.58K	$20.32K

CWI vs. EPIN - Yearly Performance Comparison

	2026 (YTD)	2025
CWI State Street SPDR MSCI ACWI ex-US ETF	13.37%	15.18%
EPIN Harbor International Equity ETF	23.34%	14.36%

Correlation

The correlation between CWI and EPIN is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.93

The correlation between CWI and EPIN has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

CWI vs. EPIN - Sectors Allocation Comparison

Sectors	CWI	EPIN
Financial Services	18.4%	19.1%
Technology	15.6%	29.6%
Industrials	8.0%	20.6%
Consumer Cyclical	5.4%	7.0%
Healthcare	5.3%	8.2%
Energy	4.9%	3.8%
Basic Materials	4.3%	7.1%
Communication Services	2.7%	1.0%
Consumer Defensive	2.5%	3.6%
Utilities	1.2%	-
Real Estate	0.9%	-

Return for Risk

CWI vs. EPIN — 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

EPIN

EPIN Risk / Return Rank: 83
EPIN Sharpe Ratio Rank: 83
EPIN Sortino Ratio Rank: 81
EPIN Omega Ratio Rank: 82
EPIN Calmar Ratio Rank: 84
EPIN Martin Ratio Rank: 84

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. EPIN - 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 Harbor International Equity ETF (EPIN). 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	EPIN	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.95	-0.29
Sortino ratio: Return per unit of downside risk	2.32	2.66	-0.34
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.48	3.20	-0.72
Martin ratio: Return relative to average drawdown	9.12	11.52	-2.40

CWI vs. EPIN - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is comparable to the EPIN Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of CWI and EPIN, 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. EPIN - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than EPIN's maximum drawdown of -11.64%. Use the drawdown chart below to compare losses from any high point for CWI and EPIN.

Drawdown Indicators

	CWI	EPIN	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-11.64%	-49.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-11.64%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	—	—
Current Drawdown Current decline from peak	-2.61%	-2.49%	-0.12%
Average Drawdown Average peak-to-trough decline	-12.77%	-1.93%	-10.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.23%	-0.11%

Volatility

CWI vs. EPIN - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) and Harbor International Equity ETF (EPIN) have volatilities of 5.63% and 5.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	EPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	5.55%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	16.99%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	19.13%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	18.37%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	18.37%	-1.33%

CWI vs. EPIN - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is lower than EPIN's 0.80% expense ratio.

Dividends

CWI vs. EPIN - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, more than EPIN's 0.64% 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%
EPIN Harbor International Equity ETF	0.64%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWI and EPIN in my portfolio?

With a correlation of 0.92, CWI and EPIN 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, CWI or EPIN?

CWI has higher volatility (5.63%) compared to EPIN (5.55%). In terms of maximum drawdown, CWI dropped -60.77% vs EPIN's -11.64%.

Which ETF is better, CWI or EPIN?

On 1-year performance, EPIN leads with 38.00% vs 29.12% for CWI. On fees, CWI is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or EPIN?

Over the 1-year period, EPIN has performed better with a 38.00% return vs 29.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or EPIN?

CWI is cheaper with a 0.30% expense ratio, compared with 0.80% for EPIN.

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

CWI has the higher dividend yield at 2.72%, compared with 0.64% for EPIN.

What is the main difference between CWI and EPIN?

They also come from different issuers: State Street and Harbor. Their fees differ too: 0.30% for CWI and 0.80% for EPIN.

Which has better risk-adjusted returns?

EPIN currently has the higher Sharpe Ratio (1.95 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.