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CWI vs. IDEV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWI vs. IDEV

Last updated Aug 2, 2026
Documentation

CWI (State Street SPDR MSCI ACWI ex-US ETF) and IDEV (iShares Core MSCI International Developed Markets ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI ACWI ex USA Index while IDEV tracks the MSCI World ex USA Investable Market Index. Both are passively managed. Over the past 5 years, CWI returned 9.44%/yr vs 9.25%/yr for IDEV. Their 0.96 correlation means they have historically moved very closely together. CWI charges 0.30%/yr vs 0.05%/yr for IDEV.

Performance

CWI vs. IDEV - 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 iShares Core MSCI International Developed Markets ETF (IDEV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CWI achieves a 13.37% return, which is significantly higher than IDEV's 11.37% 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%

IDEV

1D
-0.72%
1M
1.04%
6M
6.43%
YTD
11.37%
1Y
25.30%
3Y*
16.97%
5Y*
9.25%
10Y*
—
ALL TIME*
9.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. 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

IDEV

iShares Core MSCI International Developed Markets ETF
$135.88M$124.12M$125.37M

CWI vs. IDEV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%17.55%
IDEV
iShares Core MSCI International Developed Markets ETF		11.37%32.56%4.54%17.36%-14.99%13.00%8.32%23.12%-14.10%17.43%

Correlation

The correlation between CWI and IDEV is 0.94, 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.

0.94

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.96

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2017

0.96

The correlation between CWI and IDEV has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

CWI vs. IDEV - Sectors Allocation Comparison

Sectors
CWI
IDEV

Financial Services

18.4%
24.8%

Technology

15.6%
11.9%

Industrials

8.0%
18.4%

Consumer Cyclical

5.4%
7.6%

Healthcare

5.3%
8.7%

Energy

4.9%
5.0%

Basic Materials

4.3%
7.5%

Communication Services

2.7%
3.9%

Consumer Defensive

2.5%
6.0%

Utilities

1.2%
3.5%

Real Estate

0.9%
2.6%

Financial Services

CWI
18.4%
IDEV
24.8%

Technology

CWI
15.6%
IDEV
11.9%

Industrials

CWI
8.0%
IDEV
18.4%

Consumer Cyclical

CWI
5.4%
IDEV
7.6%

Healthcare

CWI
5.3%
IDEV
8.7%

Energy

CWI
4.9%
IDEV
5.0%

Basic Materials

CWI
4.3%
IDEV
7.5%

Communication Services

CWI
2.7%
IDEV
3.9%

Consumer Defensive

CWI
2.5%
IDEV
6.0%

Utilities

CWI
1.2%
IDEV
3.5%

Real Estate

CWI
0.9%
IDEV
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR MSCI ACWI ex-US ETF

iShares Core MSCI International Developed Markets ETF

Often compared with CWI:
CWI vs. SPYCWI vs. IXUSCWI vs. VXUSCWI vs. FSPSXCWI vs. SPGMCWI vs. SCHFCWI vs. VTI
Often compared with IDEV:
IDEV vs. VYMIIDEV vs. VEAIDEV vs. IEFAIDEV vs. IXUSIDEV vs. SCHFIDEV vs. FDEVIDEV vs. VEU

Return for Risk

CWI vs. IDEV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CWI
CWI Risk / Return Rank: 7373
Overall Rank
CWI Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CWI Sortino Ratio Rank: 7272
Sortino Ratio Rank
CWI Omega Ratio Rank: 7474
Omega Ratio Rank
CWI Calmar Ratio Rank: 7171
Calmar Ratio Rank
CWI Martin Ratio Rank: 7474
Martin Ratio Rank
IDEV
IDEV Risk / Return Rank: 7171
Overall Rank
IDEV Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
IDEV Sortino Ratio Rank: 7373
Sortino Ratio Rank
IDEV Omega Ratio Rank: 7272
Omega Ratio Rank
IDEV Calmar Ratio Rank: 6565
Calmar Ratio Rank
IDEV Martin Ratio Rank: 7272
Martin Ratio Rank
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. IDEV - 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 iShares Core MSCI International Developed Markets ETF (IDEV). 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.

CWIIDEVDifference
Sharpe ratioReturn per unit of total volatility
1.66
1.66

+0.01

Sortino ratioReturn per unit of downside risk
2.32
2.34

-0.03

Omega ratioGain probability vs. loss probability

1.31

1.30

+0.01

Calmar ratioReturn relative to maximum drawdown

2.48

2.24

+0.24

Martin ratioReturn relative to average drawdown

9.12

8.85

+0.27

CWI vs. IDEV - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is comparable to the IDEV Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of CWI and IDEV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CWI vs. IDEV - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than IDEV's maximum drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for CWI and IDEV.

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Drawdown Indicators

CWIIDEVDifference

Max Drawdown

Largest peak-to-trough decline

-60.77%

-34.77%

-26.00%

Max Drawdown (1Y)

Largest decline over 1 year

-11.47%

-11.20%

-0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-13.85%

-13.41%

-0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-28.80%

-29.15%

+0.35%

Max Drawdown (10Y)

Largest decline over 10 years

-34.64%

—

—

Current Drawdown

Current decline from peak

-2.61%

-0.72%

-1.89%

Average Drawdown

Average peak-to-trough decline

-12.77%

-6.47%

-6.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.83%

+0.29%

Volatility

CWI vs. IDEV - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to iShares Core MSCI International Developed Markets ETF (IDEV) at 4.44%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than IDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CWIIDEVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.63%

4.44%

+1.19%

Volatility (6M)

Calculated over the trailing 6-month period

15.27%

13.19%

+2.08%

Volatility (1Y)

Calculated over the trailing 1-year period

17.17%

15.21%

+1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.57%

16.36%

+0.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.04%

17.25%

-0.21%

CWI vs. IDEV - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than IDEV's 0.05% expense ratio.

Dividends

CWI vs. IDEV - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, less than IDEV's 3.18% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IDEV
iShares Core MSCI International Developed Markets ETF		3.18%3.40%3.30%3.07%2.69%3.05%2.00%3.18%3.16%1.54%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, CWI and IDEV 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.

CWI has higher volatility (5.63%) compared to IDEV (4.44%). In terms of maximum drawdown, CWI dropped -60.77% vs IDEV's -34.77%.

On 5-year performance, CWI leads with 9.44% vs 9.25% for IDEV. On fees, IDEV is cheaper at 0.05% per year. On volatility, IDEV has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, CWI has performed better with a 9.44% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IDEV is cheaper with a 0.05% expense ratio, compared with 0.30% for CWI.

IDEV has the higher dividend yield at 3.18%, compared with 2.72% for CWI.

CWI tracks MSCI ACWI ex USA Index, while IDEV tracks MSCI World ex USA Investable Market Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for CWI and 0.05% for IDEV.

CWI currently has the higher Sharpe Ratio (1.66 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.

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