CWI vs. HDMV
Compare and contrast key facts about SPDR MSCI ACWI ex-US ETF (CWI) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV).
CWI and HDMV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CWI is a passively managed fund by State Street that tracks the performance of the MSCI All Country World ex-U.S. Index. It was launched on Jan 10, 2007. HDMV is an actively managed fund by First Trust. It was launched on Aug 24, 2016.
Performance
CWI vs. HDMV - Performance Comparison
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CWI vs. HDMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWI SPDR MSCI ACWI ex-US ETF | 1.87% | 32.75% | 6.27% | 15.74% | -15.39% | 8.81% | 9.83% | 21.92% | -13.83% | 26.89% |
HDMV First Trust Horizon Managed Volatility Developed Intl ETF | 4.18% | 29.31% | 2.99% | 9.62% | -11.47% | 7.39% | -9.42% | 15.00% | -7.60% | 27.49% |
Returns By Period
In the year-to-date period, CWI achieves a 1.87% return, which is significantly lower than HDMV's 4.18% return.
CWI
- 1D
- 3.22%
- 1M
- -8.11%
- YTD
- 1.87%
- 6M
- 6.68%
- 1Y
- 27.73%
- 3Y*
- 15.86%
- 5Y*
- 7.61%
- 10Y*
- 9.02%
HDMV
- 1D
- 2.14%
- 1M
- -6.09%
- YTD
- 4.18%
- 6M
- 7.46%
- 1Y
- 20.52%
- 3Y*
- 12.99%
- 5Y*
- 7.11%
- 10Y*
- —
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CWI vs. HDMV - Expense Ratio Comparison
CWI has a 0.30% expense ratio, which is lower than HDMV's 0.80% expense ratio.
Return for Risk
CWI vs. HDMV — Risk / Return Rank
CWI
HDMV
CWI vs. HDMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). 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 | HDMV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.61 | 1.57 | +0.04 |
Sortino ratioReturn per unit of downside risk | 2.21 | 2.04 | +0.17 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.28 | +0.06 |
Martin ratioReturn relative to average drawdown | 9.07 | 8.16 | +0.91 |
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 | HDMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 1.57 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.60 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.41 | -0.19 |
Correlation
The correlation between CWI and HDMV is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CWI vs. HDMV - Dividend Comparison
CWI's dividend yield for the trailing twelve months is around 2.91%, less than HDMV's 4.70% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWI SPDR MSCI ACWI ex-US ETF | 2.91% | 2.97% | 2.89% | 2.80% | 3.17% | 2.65% | 2.07% | 3.05% | 2.81% | 2.29% | 2.45% | 2.62% |
HDMV First Trust Horizon Managed Volatility Developed Intl ETF | 4.70% | 5.09% | 3.24% | 3.14% | 3.53% | 3.11% | 1.45% | 3.63% | 2.88% | 3.23% | 0.18% | 0.00% |
Drawdowns
CWI vs. HDMV - Drawdown Comparison
The maximum CWI drawdown since its inception was -60.77%, which is greater than HDMV's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for CWI and HDMV.
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Drawdown Indicators
| CWI | HDMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.77% | -32.01% | -28.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.47% | -8.73% | -2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -29.45% | -24.11% | -5.34% |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | — | — |
Current DrawdownCurrent decline from peak | -8.57% | -6.09% | -2.48% |
Average DrawdownAverage peak-to-trough decline | -12.95% | -6.83% | -6.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 2.44% | +0.52% |
Volatility
CWI vs. HDMV - Volatility Comparison
SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 8.14% compared to First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) at 6.07%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than HDMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWI | HDMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.14% | 6.07% | +2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 11.60% | 8.25% | +3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.37% | 13.16% | +4.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 11.94% | +4.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.05% | 13.23% | +3.82% |