CWI vs. SCHF

Last updated Jun 23, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and SCHF (Schwab International Equity ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI All Country World ex-U.S. Index while SCHF tracks the FTSE Developed ex U.S. Index. Both are passively managed. Over the past 10 years, CWI returned 10.82%/yr vs 11.18%/yr for SCHF. With a 0.97 correlation, they move nearly in lockstep. CWI charges 0.30%/yr vs 0.06%/yr for SCHF.

Performance

CWI vs. SCHF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and Schwab International Equity ETF (SCHF). 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 lower than SCHF's 17.68% return. Both investments have delivered pretty close results over the past 10 years, with CWI having a 10.82% annualized return and SCHF not far ahead at 11.18%.

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%

SCHF

• 1D: 0.21%
• 1M: 3.82%
• YTD: 17.68%
• 6M: 18.27%
• 1Y: 36.30%
• 3Y*: 20.89%
• 5Y*: 10.67%
• 10Y*: 11.18%

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

CWI vs. SCHF - 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%
SCHF Schwab International Equity ETF	17.68%	34.55%	3.28%	18.35%	-14.80%	11.40%	9.48%	22.26%	-14.29%	26.03%

Correlation

The correlation between CWI and SCHF is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.97

The correlation between CWI and SCHF has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

CWI vs. SCHF - Sectors Allocation Comparison

Sectors	CWI	SCHF
Financial Services	23.8%	23.3%
Technology	21.6%	17.6%
Industrials	14.4%	18.1%
Consumer Cyclical	8.0%	7.3%
Healthcare	6.8%	7.0%
Basic Materials	6.6%	7.4%
Energy	5.1%	4.7%
Communication Services	5.0%	3.6%
Consumer Defensive	5.0%	5.7%
Utilities	2.8%	3.2%
Real Estate	1.2%	2.0%

Return for Risk

CWI vs. SCHF — 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

SCHF

SCHF Risk / Return Rank: 68
SCHF Sharpe Ratio Rank: 71
SCHF Sortino Ratio Rank: 68
SCHF Omega Ratio Rank: 70
SCHF Calmar Ratio Rank: 66
SCHF Martin Ratio Rank: 68

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. SCHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and Schwab International Equity ETF (SCHF). 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	SCHF	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.20	-0.01
Sortino ratio: Return per unit of downside risk	2.97	2.97	0.00
Omega ratio: Gain probability vs. loss probability	1.40	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	3.09	3.18	-0.08
Martin ratio: Return relative to average drawdown	11.87	12.22	-0.34

CWI vs. SCHF - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.19, which is comparable to the SCHF Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CWI and SCHF, 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. SCHF - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than SCHF's maximum drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for CWI and SCHF.

Drawdown Indicators

	CWI	SCHF	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-34.87%	-25.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-11.48%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.41%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-29.14%	+0.34%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-34.87%	+0.23%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.83%	-7.36%	-5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.98%	0.00%

Volatility

CWI vs. SCHF - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) and Schwab International Equity ETF (SCHF) have volatilities of 6.51% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	SCHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	6.42%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	14.43%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.27%	16.63%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	16.55%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	17.21%	-0.04%

CWI vs. SCHF - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than SCHF's 0.06% expense ratio.

Dividends

CWI vs. SCHF - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.64%, less than SCHF's 2.90% 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%
SCHF Schwab International Equity ETF	2.90%	3.42%	3.26%	2.97%	2.80%	3.19%	2.08%	2.95%	3.06%	2.35%	2.58%	2.26%

Frequently Asked Questions

Can I hold both CWI and SCHF in my portfolio?

With a correlation of 0.97, CWI and SCHF 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.

Which is riskier, CWI or SCHF?

CWI has higher volatility (6.51%) compared to SCHF (6.42%). In terms of maximum drawdown, CWI dropped -60.77% vs SCHF's -34.87%.

Which ETF is better, CWI or SCHF?

On 10-year performance, SCHF leads with 11.18% vs 10.82% for CWI. On fees, SCHF is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or SCHF?

Over the 10-year period, SCHF has performed better with a 11.18% return vs 10.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or SCHF?

SCHF is cheaper with a 0.06% expense ratio, compared with 0.30% for CWI.

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

SCHF has the higher dividend yield at 2.90%, compared with 2.64% for CWI.

What is the main difference between CWI and SCHF?

CWI tracks MSCI All Country World ex-U.S. Index, while SCHF tracks FTSE Developed ex U.S. Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.30% for CWI and 0.06% for SCHF.

Which has better risk-adjusted returns?

SCHF currently has the higher Sharpe Ratio (2.20 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.