CWI vs. VEU

Last updated Jun 4, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI All Country World ex-U.S. Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, CWI returned 9.91%/yr vs 9.94%/yr for VEU. With a 0.98 correlation, they move nearly in lockstep. CWI charges 0.30%/yr vs 0.04%/yr for VEU.

Performance

CWI vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CWI having a 13.91% return and VEU slightly higher at 14.60%. Both investments have delivered pretty close results over the past 10 years, with CWI having a 9.91% annualized return and VEU not far ahead at 9.94%.

CWI

• 1D: -1.22%
• 1M: 5.25%
• YTD: 13.91%
• 6M: 16.33%
• 1Y: 32.11%
• 3Y*: 19.76%
• 5Y*: 8.77%
• 10Y*: 9.91%

VEU

• 1D: -0.98%
• 1M: 5.07%
• YTD: 14.60%
• 6M: 17.34%
• 1Y: 32.37%
• 3Y*: 19.62%
• 5Y*: 8.67%
• 10Y*: 9.94%

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

CWI vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI SPDR MSCI ACWI ex-US ETF	13.91%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%
VEU Vanguard FTSE All-World ex-US ETF	14.60%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%

Correlation

The correlation between CWI and VEU is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 9, 2007	0.98

The correlation between CWI and VEU has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

CWI vs. VEU - Sectors Allocation Comparison

Sectors	CWI	VEU
Financial Services	17.4%	23.3%
Technology	14.9%	18.5%
Industrials	7.8%	15.7%
Consumer Cyclical	5.8%	8.2%
Healthcare	5.3%	7.1%
Energy	5.0%	5.2%
Basic Materials	4.4%	7.1%
Communication Services	3.2%	4.6%
Consumer Defensive	2.8%	5.1%
Utilities	1.2%	3.2%
Real Estate	0.9%	2.0%

Return for Risk

CWI vs. VEU — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 60
CWI Sharpe Ratio Rank: 61
CWI Sortino Ratio Rank: 61
CWI Omega Ratio Rank: 62
CWI Calmar Ratio Rank: 56
CWI Martin Ratio Rank: 60

VEU

VEU Risk / Return Rank: 60
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 62
VEU Calmar Ratio Rank: 56
VEU Martin Ratio Rank: 61

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. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and Vanguard FTSE All-World ex-US ETF (VEU). 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.

	CWI	VEU	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.13	-0.03
Sortino ratio: Return per unit of downside risk	2.90	2.94	-0.04
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	2.81	2.85	-0.03
Martin ratio: Return relative to average drawdown	10.92	11.06	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWI vs. VEU - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.10, which is comparable to the VEU Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of CWI and VEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CWI	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.13	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.54	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.58	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.25	0.00

Drawdowns

CWI vs. VEU - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, roughly equal to the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for CWI and VEU.

Drawdown Indicators

	CWI	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-61.52%	+0.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-11.43%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.69%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-29.45%	-29.31%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-34.98%	+0.34%
Current Drawdown Current decline from peak	-1.22%	-0.98%	-0.24%
Average Drawdown Average peak-to-trough decline	-12.86%	-13.13%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.93%	+0.02%

Volatility

CWI vs. VEU - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) and Vanguard FTSE All-World ex-US ETF (VEU) have volatilities of 5.81% and 5.59%, 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	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	5.59%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	13.04%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	15.29%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	16.07%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	17.21%	-0.08%

CWI vs. VEU - Expense Ratio Comparison

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

Dividends

CWI vs. VEU - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.70%, more than VEU's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.70%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
VEU Vanguard FTSE All-World ex-US ETF	2.61%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both CWI and VEU in my portfolio?

With a correlation of 0.99, CWI and VEU 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 VEU?

CWI has higher volatility (5.81%) compared to VEU (5.59%). In terms of maximum drawdown, CWI dropped -60.77% vs VEU's -61.52%.

Which ETF is better, CWI or VEU?

On 10-year performance, VEU leads with 9.94% vs 9.91% for CWI. On fees, VEU is cheaper at 0.04% per year. On volatility, VEU has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or VEU?

Over the 10-year period, VEU has performed better with a 9.94% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or VEU?

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

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

CWI has the higher dividend yield at 2.70%, compared with 2.61% for VEU.

What is the main difference between CWI and VEU?

CWI tracks MSCI All Country World ex-U.S. Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.30% for CWI and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (2.13 vs 2.10), 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.