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CWI vs. SPGM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWI vs. SPGM

Last updated Jun 23, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and SPGM (SPDR Portfolio MSCI Global Stock Market ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while SPGM is a Global Equities fund tracking the MSCI ACWI IMI Index. Both are passively managed. Over the past 10 years, CWI returned 10.82%/yr vs 13.44%/yr for SPGM. A 0.78 correlation means they provide meaningful diversification when combined. CWI charges 0.30%/yr vs 0.09%/yr for SPGM.

Performance

CWI vs. SPGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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 16.41% return, which is significantly higher than SPGM's 12.88% return. Over the past 10 years, CWI has underperformed SPGM with an annualized return of 10.82%, while SPGM has yielded a comparatively higher 13.44% 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%

SPGM

1D
-0.19%
1M
1.80%
YTD
12.88%
6M
12.47%
1Y
31.93%
3Y*
21.14%
5Y*
11.67%
10Y*
13.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CWI vs. SPGM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPGM
SPDR Portfolio MSCI Global Stock Market ETF		12.88%23.62%16.75%21.34%-17.53%21.13%15.28%26.58%-10.12%23.26%

Correlation

The correlation between CWI and SPGM is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.89

Correlation (5Y)
Calculated over the trailing 5-year period

0.90

Correlation (10Y)
Calculated over the trailing 10-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2012

0.78

The correlation between CWI and SPGM shifts across timeframes, from 0.78 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.

CWI vs. SPGM - Sectors Allocation Comparison

Sectors
CWI
SPGM

Financial Services

23.8%
15.7%

Technology

21.6%
30.7%

Industrials

14.4%
12.5%

Consumer Cyclical

8.0%
9.0%

Healthcare

6.8%
7.9%

Basic Materials

6.6%
3.8%

Energy

5.1%
4.0%

Communication Services

5.0%
8.2%

Consumer Defensive

5.0%
4.5%

Utilities

2.8%
2.0%

Real Estate

1.2%
1.8%

Financial Services

CWI
23.8%
SPGM
15.7%

Technology

CWI
21.6%
SPGM
30.7%

Industrials

CWI
14.4%
SPGM
12.5%

Consumer Cyclical

CWI
8.0%
SPGM
9.0%

Healthcare

CWI
6.8%
SPGM
7.9%

Basic Materials

CWI
6.6%
SPGM
3.8%

Energy

CWI
5.1%
SPGM
4.0%

Communication Services

CWI
5.0%
SPGM
8.2%

Consumer Defensive

CWI
5.0%
SPGM
4.5%

Utilities

CWI
2.8%
SPGM
2.0%

Real Estate

CWI
1.2%
SPGM
1.8%

Compare stocks, funds, or ETFs

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

SPDR MSCI ACWI ex-US ETF

SPDR Portfolio MSCI Global Stock Market ETF

Often compared with CWI:
CWI vs. SPYCWI vs. IXUSCWI vs. VXUSCWI vs. FSPSXCWI vs. SCHFCWI vs. VTICWI vs. VT
Often compared with SPGM:
SPGM vs. VTSPGM vs. VOOSPGM vs. VXUSSPGM vs. QWLDSPGM vs. SWRD.ASSPGM vs. SPGPSPGM vs. FZROX

Return for Risk

CWI vs. SPGM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CWI
CWI Risk / Return Rank: 6868
Overall Rank
CWI Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CWI Sortino Ratio Rank: 6767
Sortino Ratio Rank
CWI Omega Ratio Rank: 7070
Omega Ratio Rank
CWI Calmar Ratio Rank: 6464
Calmar Ratio Rank
CWI Martin Ratio Rank: 6767
Martin Ratio Rank
SPGM
SPGM Risk / Return Rank: 7575
Overall Rank
SPGM Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPGM Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPGM Omega Ratio Rank: 7676
Omega Ratio Rank
SPGM Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPGM Martin Ratio Rank: 7979
Martin Ratio Rank
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. SPGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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.

CWISPGMDifference
Sharpe ratioReturn per unit of total volatility
2.19
2.36

-0.17

Sortino ratioReturn per unit of downside risk
2.97
3.18

-0.21

Omega ratioGain probability vs. loss probability

1.40

1.43

-0.03

Calmar ratioReturn relative to maximum drawdown

3.09

3.38

-0.28

Martin ratioReturn relative to average drawdown

11.87

14.88

-3.01

CWI vs. SPGM - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.19, which is comparable to the SPGM Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of CWI and SPGM, 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. SPGM - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than SPGM's maximum drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for CWI and SPGM.

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Drawdown Indicators

CWISPGMDifference

Max Drawdown

Largest peak-to-trough decline

-60.77%

-33.97%

-26.80%

Max Drawdown (1Y)

Largest decline over 1 year

-11.47%

-9.50%

-1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-13.85%

-16.90%

+3.05%

Max Drawdown (5Y)

Largest decline over 5 years

-28.80%

-25.93%

-2.87%

Max Drawdown (10Y)

Largest decline over 10 years

-34.64%

-33.97%

-0.67%

Current Drawdown

Current decline from peak

0.00%

-0.87%

+0.87%

Average Drawdown

Average peak-to-trough decline

-12.83%

-4.80%

-8.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.98%

2.15%

+0.83%

Volatility

CWI vs. SPGM - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 6.51% compared to SPDR Portfolio MSCI Global Stock Market ETF (SPGM) at 5.30%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than SPGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CWISPGMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.51%

5.30%

+1.21%

Volatility (6M)

Calculated over the trailing 6-month period

14.19%

11.29%

+2.90%

Volatility (1Y)

Calculated over the trailing 1-year period

16.27%

13.63%

+2.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

16.14%

+0.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.17%

17.59%

-0.42%

CWI vs. SPGM - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than SPGM's 0.09% expense ratio.

Dividends

CWI vs. SPGM - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.64%, more than SPGM's 1.79% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPGM
SPDR Portfolio MSCI Global Stock Market ETF		1.79%1.89%1.98%2.09%2.37%1.94%1.45%2.46%1.89%2.29%1.87%3.70%

Frequently Asked Questions

With a correlation of 0.93, CWI and SPGM 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 (6.51%) compared to SPGM (5.30%). In terms of maximum drawdown, CWI dropped -60.77% vs SPGM's -33.97%.

On 10-year performance, SPGM leads with 13.44% vs 10.82% for CWI. On fees, SPGM is cheaper at 0.09% per year. On volatility, SPGM has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPGM has performed better with a 13.44% return vs 10.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPGM is cheaper with a 0.09% expense ratio, compared with 0.30% for CWI.

CWI has the higher dividend yield at 2.64%, compared with 1.79% for SPGM.

CWI is categorized as Foreign Large Cap Equities, while SPGM is Global Equities. CWI tracks MSCI All Country World ex-U.S. Index, while SPGM tracks MSCI ACWI IMI Index. Their fees differ too: 0.30% for CWI and 0.09% for SPGM.

SPGM currently has the higher Sharpe Ratio (2.36 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.

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