DEEF vs. SPDW

Last updated Apr 1, 2026

Compare and contrast key facts about Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) and SPDR Portfolio World ex-US ETF (SPDW).

DEEF and SPDW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DEEF is a passively managed fund by Deutsche Bank that tracks the performance of the FTSE Developed ex US Comprehensive Factor Net Tax (US RIC) Index. It was launched on Nov 24, 2015. SPDW is a passively managed fund by State Street that tracks the performance of the S&P Developed Ex-U.S. BMI Index. It was launched on Apr 26, 2007. Both DEEF and SPDW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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	5.41%	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	2.79%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Returns By Period

In the year-to-date period, DEEF achieves a 5.41% return, which is significantly higher than SPDW's 2.79% return. Over the past 10 years, DEEF has underperformed SPDW with an annualized return of 7.98%, while SPDW has yielded a comparatively higher 9.30% annualized return.

DEEF

• 1D: 2.85%
• 1M: -7.64%
• YTD: 5.41%
• 6M: 10.87%
• 1Y: 30.51%
• 3Y*: 16.25%
• 5Y*: 7.77%
• 10Y*: 7.98%

SPDW

• 1D: 3.30%
• 1M: -8.46%
• YTD: 2.79%
• 6M: 8.61%
• 1Y: 29.84%
• 3Y*: 16.03%
• 5Y*: 8.28%
• 10Y*: 9.30%

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

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%.

DEEF

Xtrackers FTSE Developed ex US Multifactor ETF

SPDW

SPDR Portfolio World ex-US ETF

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: 90
DEEF Sharpe Ratio Rank: 91
DEEF Sortino Ratio Rank: 91
DEEF Omega Ratio Rank: 92
DEEF Calmar Ratio Rank: 88
DEEF Martin Ratio Rank: 89

SPDW

SPDW Risk / Return Rank: 87
SPDW Sharpe Ratio Rank: 86
SPDW Sortino Ratio Rank: 88
SPDW Omega Ratio Rank: 87
SPDW Calmar Ratio Rank: 86
SPDW Martin Ratio Rank: 87

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	2.04	1.71	+0.33
Sortino ratio Return per unit of downside risk	2.70	2.34	+0.36
Omega ratio Gain probability vs. loss probability	1.41	1.34	+0.06
Calmar ratio Return relative to maximum drawdown	2.79	2.49	+0.30
Martin ratio Return relative to average drawdown	11.11	9.76	+1.35
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 2.04, which is comparable to the SPDW Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of DEEF and SPDW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DEEF	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.71	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.51	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.54	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.21	+0.26

Correlation

The correlation between DEEF and SPDW is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DEEF vs. SPDW - Dividend Comparison

DEEF's dividend yield for the trailing twelve months is around 3.53%, more than SPDW's 3.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEF Xtrackers FTSE Developed ex US Multifactor ETF	3.53%	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	3.21%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

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 (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	-7.85%	-8.63%	+0.78%
Average Drawdown Average peak-to-trough decline	-7.15%	-13.01%	+5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.94%	-0.27%

Volatility

DEEF vs. SPDW - Volatility Comparison

The current volatility for Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) is 7.76%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 8.31%. 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	7.76%	8.31%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	11.51%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	17.57%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.87%	16.26%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	17.15%	-0.91%