CWI vs. SPYG

Last updated Aug 2, 2026

CWI (State Street SPDR MSCI ACWI ex-US ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, CWI returned 9.70%/yr vs 17.38%/yr for SPYG. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CWI charges 0.30%/yr vs 0.04%/yr for SPYG.

Performance

CWI vs. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWI achieves a 13.37% return, which is significantly higher than SPYG's 10.06% return. Over the past 10 years, CWI has underperformed SPYG with an annualized return of 9.70%, while SPYG has yielded a comparatively higher 17.38% 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%

SPYG

• 1D: 1.45%
• 1M: -0.05%
• 6M: 9.50%
• YTD: 10.06%
• 1Y: 21.72%
• 3Y*: 24.04%
• 5Y*: 13.28%
• 10Y*: 17.38%
• ALL TIME*: 7.45%

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

Liquidity Comparison

Position	Avg. 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
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	$321.11M	$273.47M	$308.09M

CWI vs. SPYG - 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	10.06%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between CWI and SPYG is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 17, 2007	0.77

The correlation between CWI and SPYG has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

CWI vs. SPYG - Sectors Allocation Comparison

Sectors	CWI	SPYG
Financial Services	18.4%	8.7%
Technology	15.6%	52.3%
Industrials	8.0%	6.4%
Consumer Cyclical	5.4%	8.6%
Healthcare	5.3%	6.2%
Energy	4.9%	0.1%
Basic Materials	4.3%	0.3%
Communication Services	2.7%	15.6%
Consumer Defensive	2.5%	1.0%
Utilities	1.2%	0.4%
Real Estate	0.9%	0.6%

Return for Risk

CWI vs. SPYG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CWI

CWI Risk / Return Rank: 73
CWI Sharpe Ratio Rank: 73
CWI Sortino Ratio Rank: 72
CWI Omega Ratio Rank: 74
CWI Calmar Ratio Rank: 71
CWI Martin Ratio Rank: 74

SPYG

SPYG Risk / Return Rank: 43
SPYG Sharpe Ratio Rank: 44
SPYG Sortino Ratio Rank: 44
SPYG Omega Ratio Rank: 41
SPYG Calmar Ratio Rank: 40
SPYG Martin Ratio Rank: 46

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. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.08	+0.59
Sortino ratio: Return per unit of downside risk	2.32	1.58	+0.74
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	2.48	1.42	+1.06
Martin ratio: Return relative to average drawdown	9.12	5.17	+3.95

CWI vs. SPYG - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is higher than the SPYG Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of CWI and SPYG, 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. SPYG - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for CWI and SPYG.

Drawdown Indicators

	CWI	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-67.63%	+6.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-13.76%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-22.14%	+8.29%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-32.67%	+3.87%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-32.67%	-1.97%
Current Drawdown Current decline from peak	-2.61%	-4.33%	+1.72%
Average Drawdown Average peak-to-trough decline	-12.77%	-24.20%	+11.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.78%	-0.66%

Volatility

CWI vs. SPYG - Volatility Comparison

The current volatility for State Street SPDR MSCI ACWI ex-US ETF (CWI) is 5.63%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 6.08%. This indicates that CWI experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	6.08%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	14.85%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	18.18%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	21.50%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	20.79%	-3.75%

CWI vs. SPYG - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

CWI vs. SPYG - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, more than SPYG's 0.49% 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.49%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both CWI and SPYG in my portfolio?

CWI and SPYG have a correlation of 0.76, 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 SPYG?

SPYG has higher volatility (6.08%) compared to CWI (5.63%). In terms of maximum drawdown, CWI dropped -60.77% vs SPYG's -67.63%.

Which ETF is better, CWI or SPYG?

On 10-year performance, SPYG leads with 17.38% vs 9.70% for CWI. On fees, SPYG is cheaper at 0.04% per year. On volatility, CWI has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or SPYG?

Over the 10-year period, SPYG has performed better with a 17.38% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.30% for CWI.

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

CWI has the higher dividend yield at 2.72%, compared with 0.49% for SPYG.

What is the main difference between CWI and SPYG?

CWI is categorized as Foreign Large Cap Equities, while SPYG is S&P 500. CWI tracks MSCI ACWI ex USA Index, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.30% for CWI and 0.04% for SPYG.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.66 vs 1.08), 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.