CWI vs. IDHQ
CWI (State Street SPDR MSCI ACWI ex-US ETF) and IDHQ (Invesco S&P International Developed High Quality ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA Index, while IDHQ is a Quality Factor fund tracking the IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. Both are passively managed. Over the past 10 years, CWI returned 9.70%/yr vs 10.64%/yr for IDHQ. Their correlation of 0.81 means they have usually moved in the same direction. CWI charges 0.30%/yr vs 0.29%/yr for IDHQ.
Performance
CWI vs. IDHQ - Performance Comparison
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Returns By Period
In the year-to-date period, CWI achieves a 13.37% return, which is significantly lower than IDHQ's 26.27% return. Over the past 10 years, CWI has underperformed IDHQ with an annualized return of 9.70%, while IDHQ has yielded a comparatively higher 10.64% annualized 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%
IDHQ
- 1D
- -1.04%
- 1M
- -0.18%
- 6M
- 17.73%
- YTD
- 26.27%
- 1Y
- 41.32%
- 3Y*
- 19.52%
- 5Y*
- 9.70%
- 10Y*
- 10.64%
- ALL TIME*
- 5.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.74M | $9.97M | $9.68M | |
| $5.89M | $6.19M | $5.51M |
CWI vs. IDHQ - 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% |
IDHQ Invesco S&P International Developed High Quality ETF | 26.27% | 27.46% | 1.33% | 18.80% | -20.23% | 11.38% | 16.09% | 29.58% | -13.38% | 28.16% |
Correlation
The correlation between CWI and IDHQ is 0.91, 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. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2007 | 0.81 |
The correlation between CWI and IDHQ shifts across timeframes, from 0.81 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWI vs. IDHQ — Risk / Return Rank
CWI
IDHQ
CWI vs. IDHQ - 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 Invesco S&P International Developed High Quality ETF (IDHQ). 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 | IDHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.36 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 3.03 | -0.55 |
| Martin ratioReturn relative to average drawdown | 9.12 | 12.14 | -3.02 |
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Drawdowns
CWI vs. IDHQ - Drawdown Comparison
The maximum CWI drawdown since its inception was -60.77%, smaller than the maximum IDHQ drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for CWI and IDHQ.
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Drawdown Indicators
| CWI | IDHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.77% | -73.84% | +13.07% |
Max Drawdown (1Y)Largest decline over 1 year | -11.47% | -13.44% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -13.85% | -14.07% | +0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -28.80% | -33.54% | +4.74% |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | -33.54% | -1.10% |
Current DrawdownCurrent decline from peak | -2.61% | -1.04% | -1.57% |
Average DrawdownAverage peak-to-trough decline | -12.77% | -21.03% | +8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 3.35% | -0.23% |
Volatility
CWI vs. IDHQ - Volatility Comparison
State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to Invesco S&P International Developed High Quality ETF (IDHQ) at 4.17%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than IDHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWI | IDHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.63% | 4.17% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 15.27% | 18.92% | -3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.17% | 20.74% | -3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.57% | 17.85% | -1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 17.97% | -0.93% |
CWI vs. IDHQ - Expense Ratio Comparison
CWI has a 0.30% expense ratio, which is higher than IDHQ's 0.29% expense ratio.
Dividends
CWI vs. IDHQ - Dividend Comparison
CWI's dividend yield for the trailing twelve months is around 2.72%, more than IDHQ's 2.01% 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% |
IDHQ Invesco S&P International Developed High Quality ETF | 2.01% | 2.46% | 2.41% | 2.52% | 3.33% | 2.10% | 1.60% | 2.10% | 2.67% | 1.68% | 2.36% | 1.71% |
Frequently Asked Questions
With a correlation of 0.91, CWI and IDHQ 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 IDHQ (4.17%). In terms of maximum drawdown, CWI dropped -60.77% vs IDHQ's -73.84%.
On 10-year performance, IDHQ leads with 10.64% vs 9.70% for CWI. On fees, IDHQ is cheaper at 0.29% per year. On volatility, IDHQ has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IDHQ has performed better with a 10.64% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IDHQ is cheaper with a 0.29% expense ratio, compared with 0.30% for CWI.
CWI has the higher dividend yield at 2.72%, compared with 2.01% for IDHQ.
CWI is categorized as Foreign Large Cap Equities, while IDHQ is Quality Factor. CWI tracks MSCI ACWI ex USA Index, while IDHQ tracks IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for CWI and 0.29% for IDHQ.
IDHQ currently has the higher Sharpe Ratio (1.97 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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