CWI vs. VXUS

Last updated Aug 2, 2026

CWI (State Street SPDR MSCI ACWI ex-US ETF) and VXUS (Vanguard Total International Stock ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA Index, while VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 10 years, CWI returned 9.70%/yr vs 9.44%/yr for VXUS. Their 0.99 correlation means they have historically moved very closely together. CWI charges 0.30%/yr vs 0.05%/yr for VXUS.

Performance

CWI vs. VXUS - 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 Vanguard Total International Stock ETF (VXUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CWI having a 13.37% return and VXUS slightly lower at 12.75%. Both investments have delivered pretty close results over the past 10 years, with CWI having a 9.70% annualized return and VXUS not far behind at 9.44%.

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%

VXUS

• 1D: -0.21%
• 1M: -0.29%
• 6M: 6.78%
• YTD: 12.75%
• 1Y: 27.56%
• 3Y*: 17.23%
• 5Y*: 8.78%
• 10Y*: 9.44%
• ALL TIME*: 6.55%

*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
VXUS Vanguard Total International Stock ETF	$362.62M	$406.11M	$507.75M

CWI vs. VXUS - 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%
VXUS Vanguard Total International Stock ETF	12.75%	32.35%	5.08%	15.86%	-16.08%	8.98%	10.66%	21.75%	-14.43%	27.46%

Correlation

The correlation between CWI and VXUS is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	0.99

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

CWI vs. VXUS - Sectors Allocation Comparison

Sectors	CWI	VXUS
Financial Services	18.4%	23.2%
Technology	15.6%	23.7%
Industrials	8.0%	14.5%
Consumer Cyclical	5.4%	6.8%
Healthcare	5.3%	6.8%
Energy	4.9%	4.2%
Basic Materials	4.3%	6.6%
Communication Services	2.7%	3.8%
Consumer Defensive	2.5%	4.8%
Utilities	1.2%	2.9%
Real Estate	0.9%	1.7%

Return for Risk

CWI vs. VXUS — 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

VXUS

VXUS Risk / Return Rank: 71
VXUS Sharpe Ratio Rank: 72
VXUS Sortino Ratio Rank: 69
VXUS Omega Ratio Rank: 72
VXUS Calmar Ratio Rank: 71
VXUS Martin Ratio Rank: 72

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. VXUS - 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 Vanguard Total International Stock ETF (VXUS). 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	VXUS	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.62	+0.04
Sortino ratio: Return per unit of downside risk	2.32	2.24	+0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.48	2.42	+0.07
Martin ratio: Return relative to average drawdown	9.12	8.87	+0.25

CWI vs. VXUS - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is comparable to the VXUS Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of CWI and VXUS, 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. VXUS - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than VXUS's maximum drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for CWI and VXUS.

Drawdown Indicators

	CWI	VXUS	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-35.97%	-24.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-11.27%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.58%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-29.44%	+0.64%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-35.97%	+1.33%
Current Drawdown Current decline from peak	-2.61%	-2.84%	+0.23%
Average Drawdown Average peak-to-trough decline	-12.77%	-8.16%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.07%	+0.05%

Volatility

CWI vs. VXUS - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to Vanguard Total International Stock ETF (VXUS) at 5.29%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than VXUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	VXUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	5.29%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	15.06%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	16.86%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	16.35%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	17.03%	+0.01%

CWI vs. VXUS - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than VXUS's 0.05% expense ratio.

Dividends

CWI vs. VXUS - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, more than VXUS's 2.59% 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%
VXUS Vanguard Total International Stock ETF	2.59%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%

Frequently Asked Questions

Can I hold both CWI and VXUS in my portfolio?

With a correlation of 0.99, CWI and VXUS 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 VXUS?

CWI has higher volatility (5.63%) compared to VXUS (5.29%). In terms of maximum drawdown, CWI dropped -60.77% vs VXUS's -35.97%.

Which ETF is better, CWI or VXUS?

On 10-year performance, CWI leads with 9.70% vs 9.44% for VXUS. On fees, VXUS is cheaper at 0.05% per year. On volatility, VXUS has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or VXUS?

Over the 10-year period, CWI has performed better with a 9.70% return vs 9.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or VXUS?

VXUS is cheaper with a 0.05% expense ratio, compared with 0.30% for CWI.

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

CWI has the higher dividend yield at 2.72%, compared with 2.59% for VXUS.

What is the main difference between CWI and VXUS?

CWI is categorized as Foreign Large Cap Equities, while VXUS is Global Equities. CWI tracks MSCI ACWI ex USA Index, while VXUS tracks FTSE Global All Cap ex US Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.30% for CWI and 0.05% for VXUS.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.66 vs 1.62), 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.