CWI vs. XLU

Last updated Aug 2, 2026

CWI (State Street SPDR MSCI ACWI ex-US ETF) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA Index, while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, CWI returned 9.70%/yr vs 8.92%/yr for XLU. Their 0.43 correlation means their historical movements had little consistent relationship. CWI charges 0.30%/yr vs 0.08%/yr for XLU.

Performance

CWI vs. XLU - 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 Utilities Select Sector SPDR ETF (XLU). 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 XLU's 5.28% return. Over the past 10 years, CWI has outperformed XLU with an annualized return of 9.70%, while XLU has yielded a comparatively lower 8.92% 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%

XLU

• 1D: -0.69%
• 1M: -3.08%
• 6M: 3.92%
• YTD: 5.28%
• 1Y: 6.26%
• 3Y*: 13.58%
• 5Y*: 9.34%
• 10Y*: 8.92%
• ALL TIME*: 7.66%

*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
XLU State Street Utilities Select Sector SPDR ETF	$827.32M	$819.54M	$911.53M

CWI vs. XLU - 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%
XLU State Street Utilities Select Sector SPDR ETF	5.28%	16.03%	23.31%	-7.18%	1.44%	17.70%	0.51%	25.93%	3.94%	12.05%

Correlation

The correlation between CWI and XLU is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.29
Correlation (All Time) Calculated using the full available price history since Jan 17, 2007	0.43

Over the past year, the correlation between CWI and XLU has dropped to 0.19 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

CWI vs. XLU - Sectors Allocation Comparison

Sectors	CWI	XLU
Financial Services	18.4%	-
Technology	15.6%	-
Industrials	8.0%	-
Consumer Cyclical	5.4%	-
Healthcare	5.3%	-
Energy	4.9%	-
Basic Materials	4.3%	-
Communication Services	2.7%	-
Consumer Defensive	2.5%	-
Utilities	1.2%	100.0%
Real Estate	0.9%	-

Return for Risk

CWI vs. XLU — 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

XLU

XLU Risk / Return Rank: 21
XLU Sharpe Ratio Rank: 21
XLU Sortino Ratio Rank: 20
XLU Omega Ratio Rank: 20
XLU Calmar Ratio Rank: 24
XLU Martin Ratio Rank: 21

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. XLU - 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 Utilities Select Sector SPDR ETF (XLU). 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	XLU	Difference
Sharpe ratio: Return per unit of total volatility	1.66	0.43	+1.23
Sortino ratio: Return per unit of downside risk	2.32	0.69	+1.63
Omega ratio: Gain probability vs. loss probability	1.31	1.08	+0.22
Calmar ratio: Return relative to maximum drawdown	2.48	0.70	+1.78
Martin ratio: Return relative to average drawdown	9.12	1.44	+7.68

CWI vs. XLU - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is higher than the XLU Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of CWI and XLU, 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. XLU - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for CWI and XLU.

Drawdown Indicators

	CWI	XLU	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-51.98%	-8.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-9.18%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.15%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-25.26%	-3.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-36.07%	+1.43%
Current Drawdown Current decline from peak	-2.61%	-5.83%	+3.22%
Average Drawdown Average peak-to-trough decline	-12.77%	-10.19%	-2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	4.48%	-1.36%

Volatility

CWI vs. XLU - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to State Street Utilities Select Sector SPDR ETF (XLU) at 4.59%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	XLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	4.59%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	12.01%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	15.00%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	17.34%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	19.30%	-2.26%

CWI vs. XLU - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than XLU's 0.08% expense ratio.

Dividends

CWI vs. XLU - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, which matches XLU's 2.70% 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%
XLU State Street Utilities Select Sector SPDR ETF	2.70%	2.71%	2.96%	3.39%	2.92%	2.79%	3.14%	2.95%	3.33%	3.33%	3.41%	3.67%

Frequently Asked Questions

Can I hold both CWI and XLU in my portfolio?

CWI and XLU have a correlation of 0.19, 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 XLU?

CWI has higher volatility (5.63%) compared to XLU (4.59%). In terms of maximum drawdown, CWI dropped -60.77% vs XLU's -51.98%.

Which ETF is better, CWI or XLU?

On 10-year performance, CWI leads with 9.70% vs 8.92% for XLU. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or XLU?

Over the 10-year period, CWI has performed better with a 9.70% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or XLU?

XLU is cheaper with a 0.08% expense ratio, compared with 0.30% for CWI.

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

CWI has the higher dividend yield at 2.72%, compared with 2.70% for XLU.

What is the main difference between CWI and XLU?

CWI is categorized as Foreign Large Cap Equities, while XLU is Utilities Equities. CWI tracks MSCI ACWI ex USA Index, while XLU tracks Utilities Select Sector Index. Their fees differ too: 0.30% for CWI and 0.08% for XLU.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.66 vs 0.43), 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.