DWX vs. FSPSX

Last updated Jun 24, 2026

DWX (SPDR S&P International Dividend ETF) and FSPSX (Fidelity International Index Fund) are both Foreign Large Cap Equities funds - DWX tracks the S&P International Dividend Opportunities Index while FSPSX tracks the MSCI EAFE Index. Both are passively managed. Over the past 10 years, DWX returned 7.81%/yr vs 10.29%/yr for FSPSX. Their correlation of 0.85 suggests significant overlap in exposure. DWX charges 0.45%/yr vs 0.04%/yr for FSPSX.

Performance

DWX vs. FSPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) and Fidelity International Index Fund (FSPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWX achieves a 5.78% return, which is significantly lower than FSPSX's 10.74% return. Over the past 10 years, DWX has underperformed FSPSX with an annualized return of 7.81%, while FSPSX has yielded a comparatively higher 10.29% annualized return.

DWX

• 1D: -0.51%
• 1M: -1.18%
• YTD: 5.78%
• 6M: 6.08%
• 1Y: 14.56%
• 3Y*: 15.28%
• 5Y*: 7.29%
• 10Y*: 7.81%

FSPSX

• 1D: 0.18%
• 1M: 2.11%
• YTD: 10.74%
• 6M: 10.40%
• 1Y: 24.77%
• 3Y*: 17.73%
• 5Y*: 9.39%
• 10Y*: 10.29%

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

DWX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	5.78%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
FSPSX Fidelity International Index Fund	10.74%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Correlation

The correlation between DWX and FSPSX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.85

The correlation between DWX and FSPSX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

DWX vs. FSPSX — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 37
DWX Sharpe Ratio Rank: 39
DWX Sortino Ratio Rank: 38
DWX Omega Ratio Rank: 39
DWX Calmar Ratio Rank: 35
DWX Martin Ratio Rank: 36

FSPSX

FSPSX Risk / Return Rank: 39
FSPSX Sharpe Ratio Rank: 40
FSPSX Sortino Ratio Rank: 38
FSPSX Omega Ratio Rank: 38
FSPSX Calmar Ratio Rank: 39
FSPSX Martin Ratio Rank: 42

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.

DWX vs. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and Fidelity International Index Fund (FSPSX). 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.

	DWX	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.69	-0.36
Sortino ratio: Return per unit of downside risk	1.88	2.39	-0.51
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	1.70	2.26	-0.56
Martin ratio: Return relative to average drawdown	5.28	8.48	-3.20

DWX vs. FSPSX - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.33, which is comparable to the FSPSX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DWX and FSPSX, 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

DWX vs. FSPSX - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than FSPSX's maximum drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for DWX and FSPSX.

Drawdown Indicators

	DWX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-33.69%	-33.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-11.39%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-13.58%	+2.93%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-29.41%	+2.45%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-33.69%	-2.36%
Current Drawdown Current decline from peak	-4.53%	0.00%	-4.53%
Average Drawdown Average peak-to-trough decline	-14.10%	-6.53%	-7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	3.04%	-0.28%

Volatility

DWX vs. FSPSX - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 2.98%, while Fidelity International Index Fund (FSPSX) has a volatility of 4.77%. This indicates that DWX experiences smaller price fluctuations and is considered to be less risky than FSPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	4.77%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	12.68%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	15.26%	-4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	16.07%	-3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	16.53%	-1.71%

DWX vs. FSPSX - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than FSPSX's 0.04% expense ratio.

Dividends

DWX vs. FSPSX - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.31%, more than FSPSX's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.31%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
FSPSX Fidelity International Index Fund	2.85%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%

Frequently Asked Questions

Can I hold both DWX and FSPSX in my portfolio?

DWX and FSPSX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWX or FSPSX?

FSPSX has higher volatility (4.77%) compared to DWX (2.98%). In terms of maximum drawdown, DWX dropped -66.86% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FSPSX currently has the higher Sharpe Ratio (1.69 vs 1.33), 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.