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DWM vs. SPDW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DWM vs. SPDW

Last updated Jun 24, 2026

DWM (WisdomTree International Equity Fund) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - DWM tracks the WisdomTree International Equity Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, DWM returned 9.22%/yr vs 10.63%/yr for SPDW. Their correlation of 0.93 suggests significant overlap in exposure. DWM charges 0.48%/yr vs 0.04%/yr for SPDW.

Performance

DWM vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Equity Fund (DWM) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DWM achieves a 7.25% return, which is significantly lower than SPDW's 13.29% return. Over the past 10 years, DWM has underperformed SPDW with an annualized return of 9.22%, while SPDW has yielded a comparatively higher 10.63% annualized return.

DWM

1D
-1.33%
1M
-0.50%
YTD
7.25%
6M
7.15%
1Y
20.82%
3Y*
17.76%
5Y*
9.83%
10Y*
9.22%

SPDW

1D
-2.99%
1M
0.20%
YTD
13.29%
6M
13.11%
1Y
30.23%
3Y*
19.45%
5Y*
9.30%
10Y*
10.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DWM vs. SPDW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DWM
WisdomTree International Equity Fund		7.25%34.83%4.15%16.63%-9.04%10.76%-2.33%18.98%-13.53%24.08%
SPDW
SPDR Portfolio World ex-US ETF		13.29%34.75%3.55%17.81%-15.98%11.45%9.90%22.41%-14.22%25.81%

Correlation

The correlation between DWM and SPDW is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Apr 26, 2007

0.93

The correlation between DWM and SPDW has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

DWM vs. SPDW - Sectors Allocation Comparison

Sectors
DWM
SPDW

Industrials

18.8%
18.4%

Financial Services

18.1%
22.2%

Consumer Cyclical

9.7%
7.8%

Healthcare

8.0%
7.9%

Technology

7.5%
16.8%

Consumer Defensive

7.1%
5.4%

Basic Materials

5.5%
7.3%

Utilities

5.2%
3.0%

Communication Services

4.8%
3.9%

Energy

3.8%
4.9%

Real Estate

2.8%
2.3%

Industrials

DWM
18.8%
SPDW
18.4%

Financial Services

DWM
18.1%
SPDW
22.2%

Consumer Cyclical

DWM
9.7%
SPDW
7.8%

Healthcare

DWM
8.0%
SPDW
7.9%

Technology

DWM
7.5%
SPDW
16.8%

Consumer Defensive

DWM
7.1%
SPDW
5.4%

Basic Materials

DWM
5.5%
SPDW
7.3%

Utilities

DWM
5.2%
SPDW
3.0%

Communication Services

DWM
4.8%
SPDW
3.9%

Energy

DWM
3.8%
SPDW
4.9%

Real Estate

DWM
2.8%
SPDW
2.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

WisdomTree International Equity Fund

SPDR Portfolio World ex-US ETF

Often compared with DWM:
DWM vs. DOLDWM vs. NSRIXDWM vs. BROIXDWM vs. VFQYDWM vs. SCHFDWM vs. VXUSDWM vs. SCHD
Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS

Return for Risk

DWM vs. SPDW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DWM
DWM Risk / Return Rank: 4343
Overall Rank
DWM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
DWM Sortino Ratio Rank: 4444
Sortino Ratio Rank
DWM Omega Ratio Rank: 4343
Omega Ratio Rank
DWM Calmar Ratio Rank: 4040
Calmar Ratio Rank
DWM Martin Ratio Rank: 4444
Martin Ratio Rank
SPDW
SPDW Risk / Return Rank: 5656
Overall Rank
SPDW Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 5454
Sortino Ratio Rank
SPDW Omega Ratio Rank: 5656
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5555
Calmar Ratio Rank
SPDW Martin Ratio Rank: 5959
Martin Ratio Rank
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.

DWM vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Equity Fund (DWM) 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.

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.

DWMSPDWDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.82

-0.38

Sortino ratioReturn per unit of downside risk
2.10
2.50

-0.39

Omega ratioGain probability vs. loss probability

1.27

1.33

-0.06

Calmar ratioReturn relative to maximum drawdown

1.91

2.63

-0.72

Martin ratioReturn relative to average drawdown

6.91

10.15

-3.24

DWM vs. SPDW - Sharpe Ratio Comparison

The current DWM Sharpe Ratio is 1.44, which is comparable to the SPDW Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of DWM 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.

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Drawdowns

DWM vs. SPDW - Drawdown Comparison

The maximum DWM drawdown since its inception was -62.10%, roughly equal to the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for DWM and SPDW.

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Drawdown Indicators

DWMSPDWDifference

Max Drawdown

Largest peak-to-trough decline

-62.10%

-60.02%

-2.08%

Max Drawdown (1Y)

Largest decline over 1 year

-10.93%

-11.55%

+0.62%

Max Drawdown (3Y)

Largest decline over 3 years

-12.69%

-13.53%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-25.64%

-30.21%

+4.57%

Max Drawdown (10Y)

Largest decline over 10 years

-37.82%

-34.98%

-2.84%

Current Drawdown

Current decline from peak

-2.94%

-2.99%

+0.05%

Average Drawdown

Average peak-to-trough decline

-13.47%

-12.88%

-0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.99%

+0.03%

Volatility

DWM vs. SPDW - Volatility Comparison

The current volatility for WisdomTree International Equity Fund (DWM) is 4.25%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 7.05%. This indicates that DWM 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.

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Volatility by Period

DWMSPDWDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.25%

7.05%

-2.80%

Volatility (6M)

Calculated over the trailing 6-month period

12.32%

14.59%

-2.27%

Volatility (1Y)

Calculated over the trailing 1-year period

14.54%

16.72%

-2.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.33%

16.70%

-1.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.32%

17.13%

-0.81%

DWM vs. SPDW - Expense Ratio Comparison

DWM has a 0.48% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

DWM vs. SPDW - Dividend Comparison

DWM's dividend yield for the trailing twelve months is around 2.77%, less than SPDW's 3.06% yield.

PositionTTM20252024202320222021202020192018201720162015
DWM
WisdomTree International Equity Fund		2.77%3.06%3.86%4.15%4.36%3.64%2.74%3.46%3.86%2.99%3.43%3.55%
SPDW
SPDR Portfolio World ex-US ETF		3.06%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

With a correlation of 0.94, DWM and SPDW 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.

SPDW has higher volatility (7.05%) compared to DWM (4.25%). In terms of maximum drawdown, DWM dropped -62.10% vs SPDW's -60.02%.

On 10-year performance, SPDW leads with 10.63% vs 9.22% for DWM. On fees, SPDW is cheaper at 0.04% per year. On volatility, DWM has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPDW has performed better with a 10.63% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPDW is cheaper with a 0.04% expense ratio, compared with 0.48% for DWM.

SPDW has the higher dividend yield at 3.06%, compared with 2.77% for DWM.

DWM tracks WisdomTree International Equity Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.48% for DWM and 0.04% for SPDW.

SPDW currently has the higher Sharpe Ratio (1.82 vs 1.44), 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.

Portfolio Optimizer

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