CWI vs. GXUS
CWI (SPDR MSCI ACWI ex-US ETF) and GXUS (Goldman Sachs MarketBeta(R) Total International Equity ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI All Country World ex-U.S. Index while GXUS tracks the Solactive GBS Global Markets ex United States Large & Mid Cap Index - Benchmark TR Net. Both are passively managed. Over the past year, CWI returned 32.11% vs 31.75% for GXUS. Their correlation of 0.93 suggests significant overlap in exposure. CWI charges 0.30%/yr vs 0.18%/yr for GXUS.
Performance
CWI vs. GXUS - Performance Comparison
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Returns By Period
In the year-to-date period, CWI achieves a 13.91% return, which is significantly lower than GXUS's 14.90% 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%
GXUS
- 1D
- -0.98%
- 1M
- 5.14%
- YTD
- 14.90%
- 6M
- 17.66%
- 1Y
- 31.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CWI vs. GXUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CWI SPDR MSCI ACWI ex-US ETF | 13.91% | 32.75% | 6.27% | 7.17% |
GXUS Goldman Sachs MarketBeta(R) Total International Equity ETF | 14.90% | 31.47% | 4.61% | 6.23% |
Correlation
The correlation between CWI and GXUS is 0.89, 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 | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023 | 0.93 |
The correlation between CWI and GXUS has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
CWI vs. GXUS — Risk / Return Rank
CWI
GXUS
CWI vs. GXUS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and Goldman Sachs MarketBeta(R) Total International Equity ETF (GXUS). 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 | GXUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.78 | +0.03 |
| Martin ratioReturn relative to average drawdown | 10.92 | 10.51 | +0.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWI | GXUS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 1.95 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 1.25 | -1.00 |
Drawdowns
CWI vs. GXUS - Drawdown Comparison
The maximum CWI drawdown since its inception was -60.77%, which is greater than GXUS's maximum drawdown of -13.90%. Use the drawdown chart below to compare losses from any high point for CWI and GXUS.
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Drawdown Indicators
| CWI | GXUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.77% | -13.90% | -46.87% |
Max Drawdown (1Y)Largest decline over 1 year | -11.47% | -11.46% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -13.85% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | — | — |
Current DrawdownCurrent decline from peak | -1.22% | -0.98% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -12.86% | -2.80% | -10.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 3.03% | -0.08% |
Volatility
CWI vs. GXUS - Volatility Comparison
SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.81% compared to Goldman Sachs MarketBeta(R) Total International Equity ETF (GXUS) at 5.42%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than GXUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWI | GXUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 5.42% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 13.11% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.35% | 16.33% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 15.22% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 15.22% | +1.91% |
CWI vs. GXUS - Expense Ratio Comparison
CWI has a 0.30% expense ratio, which is higher than GXUS's 0.18% expense ratio.
Dividends
CWI vs. GXUS - Dividend Comparison
CWI's dividend yield for the trailing twelve months is around 2.70%, more than GXUS's 2.19% 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% |
GXUS Goldman Sachs MarketBeta(R) Total International Equity ETF | 2.19% | 2.66% | 2.87% | 1.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWI and GXUS have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWI has higher volatility (5.81%) compared to GXUS (5.42%). In terms of maximum drawdown, CWI dropped -60.77% vs GXUS's -13.90%.
On 1-year performance, CWI leads with 32.11% vs 31.75% for GXUS. On fees, GXUS is cheaper at 0.18% per year. On volatility, GXUS has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CWI has performed better with a 32.11% return vs 31.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GXUS is cheaper with a 0.18% expense ratio, compared with 0.30% for CWI.
CWI has the higher dividend yield at 2.70%, compared with 2.19% for GXUS.
CWI tracks MSCI All Country World ex-U.S. Index, while GXUS tracks Solactive GBS Global Markets ex United States Large & Mid Cap Index - Benchmark TR Net. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.30% for CWI and 0.18% for GXUS.
CWI currently has the higher Sharpe Ratio (2.10 vs 1.95), 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.
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