DEEF vs. SPDW

Last updated Jun 4, 2026

DEEF (Xtrackers FTSE Developed ex US Multifactor ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - DEEF tracks the FTSE Developed ex US Comprehensive Factor Net Tax (US RIC) Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, DEEF returned 8.28%/yr vs 10.09%/yr for SPDW. Their correlation of 0.88 suggests significant overlap in exposure. DEEF charges 0.24%/yr vs 0.04%/yr for SPDW.

Performance

DEEF vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEEF achieves a 10.24% return, which is significantly lower than SPDW's 15.00% return. Over the past 10 years, DEEF has underperformed SPDW with an annualized return of 8.28%, while SPDW has yielded a comparatively higher 10.09% annualized return.

DEEF

• 1D: -0.08%
• 1M: 2.38%
• YTD: 10.24%
• 6M: 13.08%
• 1Y: 23.80%
• 3Y*: 17.65%
• 5Y*: 7.51%
• 10Y*: 8.28%

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

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

DEEF vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEEF Xtrackers FTSE Developed ex US Multifactor ETF	10.24%	32.36%	2.77%	16.99%	-16.94%	9.22%	7.90%	19.30%	-14.50%	29.23%
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between DEEF and SPDW is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 25, 2015	0.88

The correlation between DEEF and SPDW has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

DEEF vs. SPDW - Sectors Allocation Comparison

Sectors	DEEF	SPDW
Industrials	23.4%	19.2%
Financial Services	14.2%	22.9%
Consumer Cyclical	10.8%	7.8%
Consumer Defensive	9.7%	5.7%
Basic Materials	9.6%	7.3%
Utilities	6.8%	3.3%
Real Estate	5.4%	2.5%
Energy	4.9%	5.5%
Technology	4.8%	13.7%
Healthcare	4.4%	8.3%
Communication Services	4.2%	3.8%

Return for Risk

DEEF vs. SPDW — Risk / Return Rank

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

DEEF

DEEF Risk / Return Rank: 49
DEEF Sharpe Ratio Rank: 52
DEEF Sortino Ratio Rank: 50
DEEF Omega Ratio Rank: 52
DEEF Calmar Ratio Rank: 46
DEEF Martin Ratio Rank: 47

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 60

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.

DEEF vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) and SPDR Portfolio World ex-US ETF (SPDW). 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.

	DEEF	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.07	-0.30
Sortino ratio: Return per unit of downside risk	2.43	2.87	-0.43
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio: Return relative to maximum drawdown	2.25	2.80	-0.55
Martin ratio: Return relative to average drawdown	7.82	10.93	-3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEEF vs. SPDW - Sharpe Ratio Comparison

The current DEEF Sharpe Ratio is 1.77, which is comparable to the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of DEEF and SPDW, 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

	DEEF	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.07	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.57	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.59	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.24	+0.26

Drawdowns

DEEF vs. SPDW - Drawdown Comparison

The maximum DEEF drawdown since its inception was -36.48%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for DEEF and SPDW.

Drawdown Indicators

	DEEF	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-36.48%	-60.02%	+23.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-11.55%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-11.07%	-13.53%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	-31.08%	-30.21%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-36.48%	-34.98%	-1.50%
Current Drawdown Current decline from peak	-3.63%	-0.87%	-2.76%
Average Drawdown Average peak-to-trough decline	-7.09%	-12.91%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.95%	+0.10%

Volatility

DEEF vs. SPDW - Volatility Comparison

The current volatility for Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) is 3.88%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 5.63%. This indicates that DEEF experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEEF	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	5.63%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	13.17%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	15.60%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	16.49%	-1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	17.26%	-0.97%

DEEF vs. SPDW - Expense Ratio Comparison

DEEF has a 0.24% expense ratio, which is higher than SPDW's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DEEF vs. SPDW - Dividend Comparison

DEEF's dividend yield for the trailing twelve months is around 3.38%, more than SPDW's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEF Xtrackers FTSE Developed ex US Multifactor ETF	3.38%	3.63%	4.04%	3.96%	3.31%	3.84%	2.71%	3.74%	2.80%	2.61%	4.35%	0.00%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both DEEF and SPDW in my portfolio?

DEEF and SPDW have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEEF or SPDW?

SPDW has higher volatility (5.63%) compared to DEEF (3.88%). In terms of maximum drawdown, DEEF dropped -36.48% vs SPDW's -60.02%.

Which ETF is better, DEEF or SPDW?

On 10-year performance, SPDW leads with 10.09% vs 8.28% for DEEF. On fees, SPDW is cheaper at 0.04% per year. On volatility, DEEF has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEEF or SPDW?

Over the 10-year period, SPDW has performed better with a 10.09% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEEF or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.24% for DEEF.

Which ETF pays a higher dividend yield, DEEF or SPDW?

DEEF has the higher dividend yield at 3.38%, compared with 2.87% for SPDW.

What is the main difference between DEEF and SPDW?

DEEF tracks FTSE Developed ex US Comprehensive Factor Net Tax (US RIC) Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.24% for DEEF and 0.04% for SPDW.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (2.07 vs 1.77), 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.