DWX vs. IQDF

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P International Dividend ETF (DWX) and FlexShares International Quality Dividend Index Fund (IQDF).

DWX and IQDF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DWX is a passively managed fund by State Street that tracks the performance of the S&P International Dividend Opportunities Index. It was launched on Feb 12, 2008. IQDF is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust International Quality Dividend Index. It was launched on Apr 12, 2013. Both DWX and IQDF 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

DWX vs. IQDF - Performance Comparison

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

DWX vs. IQDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	4.30%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
IQDF FlexShares International Quality Dividend Index Fund	4.40%	35.42%	6.62%	20.10%	-14.69%	10.18%	3.54%	20.96%	-17.39%	23.87%

Returns By Period

The year-to-date returns for both investments are quite close, with DWX having a 4.30% return and IQDF slightly higher at 4.40%. Over the past 10 years, DWX has underperformed IQDF with an annualized return of 7.47%, while IQDF has yielded a comparatively higher 8.80% annualized return.

DWX

• 1D: 1.94%
• 1M: -5.87%
• YTD: 4.30%
• 6M: 8.96%
• 1Y: 24.41%
• 3Y*: 14.87%
• 5Y*: 8.07%
• 10Y*: 7.47%

IQDF

• 1D: 2.86%
• 1M: -6.36%
• YTD: 4.40%
• 6M: 11.87%
• 1Y: 31.50%
• 3Y*: 19.06%
• 5Y*: 9.60%
• 10Y*: 8.80%

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

DWX vs. IQDF - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is lower than IQDF's 0.47% expense ratio.

IQDF

FlexShares International Quality Dividend Index Fund

DWX

SPDR S&P International Dividend ETF

Return for Risk

DWX vs. IQDF — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 90
DWX Sharpe Ratio Rank: 90
DWX Sortino Ratio Rank: 91
DWX Omega Ratio Rank: 90
DWX Calmar Ratio Rank: 89
DWX Martin Ratio Rank: 89

IQDF

IQDF Risk / Return Rank: 89
IQDF Sharpe Ratio Rank: 89
IQDF Sortino Ratio Rank: 90
IQDF Omega Ratio Rank: 90
IQDF Calmar Ratio Rank: 86
IQDF Martin Ratio Rank: 89

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. IQDF - Risk-Adjusted Trends Comparison

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

	DWX	IQDF	Difference
Sharpe ratio Return per unit of total volatility	1.96	1.89	+0.07
Sortino ratio Return per unit of downside risk	2.58	2.53	+0.05
Omega ratio Gain probability vs. loss probability	1.37	1.38	0.00
Calmar ratio Return relative to maximum drawdown	2.79	2.60	+0.18
Martin ratio Return relative to average drawdown	10.67	11.16	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWX vs. IQDF - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.96, which is comparable to the IQDF Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DWX and IQDF, 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

	DWX	IQDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.89	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.63	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.53	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.40	-0.28

Correlation

The correlation between DWX and IQDF is 0.86, 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

DWX vs. IQDF - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.28%, more than IQDF's 3.07% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.28%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
IQDF FlexShares International Quality Dividend Index Fund	3.07%	3.27%	6.72%	6.06%	5.59%	4.13%	3.31%	4.46%	5.78%	3.89%	3.75%	4.27%

Drawdowns

DWX vs. IQDF - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than IQDF's maximum drawdown of -39.83%. Use the drawdown chart below to compare losses from any high point for DWX and IQDF.

Drawdown Indicators

	DWX	IQDF	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-39.83%	-27.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-11.77%	+3.18%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-30.34%	+3.38%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-39.83%	+3.78%
Current Drawdown Current decline from peak	-5.87%	-7.04%	+1.17%
Average Drawdown Average peak-to-trough decline	-14.23%	-9.44%	-4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.75%	-0.51%

Volatility

DWX vs. IQDF - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 5.64%, while FlexShares International Quality Dividend Index Fund (IQDF) has a volatility of 7.65%. This indicates that DWX experiences smaller price fluctuations and is considered to be less risky than IQDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	IQDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	7.65%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	10.83%	-2.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	16.78%	-4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.13%	15.28%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	16.57%	-1.36%