CWI vs. RODM

Last updated Jun 23, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and RODM (Hartford Multifactor Developed Markets (ex-US) ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI All Country World ex-U.S. Index while RODM tracks the Hartford Risk-Optimized Multifactor Developed Markets (ex-US) Index. Both are passively managed. Over the past 10 years, CWI returned 10.82%/yr vs 9.39%/yr for RODM. Their correlation of 0.85 suggests significant overlap in exposure. CWI charges 0.30%/yr vs 0.29%/yr for RODM.

Performance

CWI vs. RODM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and Hartford Multifactor Developed Markets (ex-US) ETF (RODM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWI achieves a 16.41% return, which is significantly higher than RODM's 10.94% return. Over the past 10 years, CWI has outperformed RODM with an annualized return of 10.82%, while RODM has yielded a comparatively lower 9.39% annualized return.

CWI

• 1D: 0.29%
• 1M: 4.38%
• YTD: 16.41%
• 6M: 17.00%
• 1Y: 35.32%
• 3Y*: 20.65%
• 5Y*: 9.71%
• 10Y*: 10.82%

RODM

• 1D: -0.05%
• 1M: -1.11%
• YTD: 10.94%
• 6M: 11.39%
• 1Y: 25.72%
• 3Y*: 20.45%
• 5Y*: 9.96%
• 10Y*: 9.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CWI vs. RODM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI SPDR MSCI ACWI ex-US ETF	16.41%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%
RODM Hartford Multifactor Developed Markets (ex-US) ETF	10.94%	34.42%	8.02%	15.76%	-14.54%	11.11%	-0.62%	17.15%	-9.97%	25.14%

Correlation

The correlation between CWI and RODM is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 26, 2015	0.85

The correlation between CWI and RODM has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

CWI vs. RODM - Sectors Allocation Comparison

Sectors	CWI	RODM
Financial Services	23.8%	26.6%
Technology	21.6%	10.5%
Industrials	14.4%	16.7%
Consumer Cyclical	8.0%	6.0%
Healthcare	6.8%	9.0%
Basic Materials	6.6%	6.4%
Energy	5.1%	6.3%
Communication Services	5.0%	5.5%
Consumer Defensive	5.0%	4.0%
Utilities	2.8%	4.8%
Real Estate	1.2%	3.5%

Return for Risk

CWI vs. RODM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWI

CWI Risk / Return Rank: 68
CWI Sharpe Ratio Rank: 70
CWI Sortino Ratio Rank: 67
CWI Omega Ratio Rank: 70
CWI Calmar Ratio Rank: 64
CWI Martin Ratio Rank: 67

RODM

RODM Risk / Return Rank: 77
RODM Sharpe Ratio Rank: 77
RODM Sortino Ratio Rank: 78
RODM Omega Ratio Rank: 76
RODM Calmar Ratio Rank: 74
RODM Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CWI vs. RODM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and Hartford Multifactor Developed Markets (ex-US) ETF (RODM). 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	RODM	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.37	-0.18
Sortino ratio: Return per unit of downside risk	2.97	3.32	-0.35
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	3.09	3.64	-0.54
Martin ratio: Return relative to average drawdown	11.87	14.43	-2.56

CWI vs. RODM - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.19, which is comparable to the RODM Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of CWI and RODM, 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. RODM - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than RODM's maximum drawdown of -35.98%. Use the drawdown chart below to compare losses from any high point for CWI and RODM.

Drawdown Indicators

	CWI	RODM	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-35.98%	-24.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-7.10%	-4.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-10.58%	-3.27%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-28.85%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-35.98%	+1.34%
Current Drawdown Current decline from peak	0.00%	-1.47%	+1.47%
Average Drawdown Average peak-to-trough decline	-12.83%	-6.36%	-6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	1.79%	+1.19%

Volatility

CWI vs. RODM - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 6.51% compared to Hartford Multifactor Developed Markets (ex-US) ETF (RODM) at 3.15%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than RODM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	RODM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	3.15%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	8.76%	+5.43%
Volatility (1Y) Calculated over the trailing 1-year period	16.27%	10.94%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	13.45%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	15.19%	+1.98%

CWI vs. RODM - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than RODM's 0.29% expense ratio.

Dividends

CWI vs. RODM - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.64%, less than RODM's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.64%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
RODM Hartford Multifactor Developed Markets (ex-US) ETF	2.80%	3.11%	4.09%	4.42%	3.81%	4.41%	2.82%	2.82%	2.03%	2.24%	3.19%	2.60%

Frequently Asked Questions

Can I hold both CWI and RODM in my portfolio?

CWI and RODM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWI or RODM?

CWI has higher volatility (6.51%) compared to RODM (3.15%). In terms of maximum drawdown, CWI dropped -60.77% vs RODM's -35.98%.

Which ETF is better, CWI or RODM?

On 10-year performance, CWI leads with 10.82% vs 9.39% for RODM. On fees, RODM is cheaper at 0.29% per year. On volatility, RODM has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or RODM?

Over the 10-year period, CWI has performed better with a 10.82% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or RODM?

RODM is cheaper with a 0.29% expense ratio, compared with 0.30% for CWI.

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

RODM has the higher dividend yield at 2.80%, compared with 2.64% for CWI.

What is the main difference between CWI and RODM?

CWI tracks MSCI All Country World ex-U.S. Index, while RODM tracks Hartford Risk-Optimized Multifactor Developed Markets (ex-US) Index. They also come from different issuers: State Street and Hartford. Their fees differ too: 0.30% for CWI and 0.29% for RODM.

Which has better risk-adjusted returns?

RODM currently has the higher Sharpe Ratio (2.37 vs 2.19), 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.