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DWX vs. PDC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DWX vs. PDC.TO

Last updated Jun 3, 2026

DWX (SPDR S&P International Dividend ETF) and PDC.TO (Invesco Canadian Dividend Index ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while PDC.TO is a Dividend fund managed by Invesco. Over the past 10 years, DWX returned 7.32%/yr vs 10.09%/yr for PDC.TO. A 0.67 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.58%/yr for PDC.TO.

Performance

DWX vs. PDC.TO - Performance Comparison

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

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Different Trading Currencies

DWX is traded in USD, while PDC.TO is traded in CAD. To make them comparable, the PDC.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DWX achieves a 6.54% return, which is significantly lower than PDC.TO's 17.82% return. Over the past 10 years, DWX has underperformed PDC.TO with an annualized return of 7.32%, while PDC.TO has yielded a comparatively higher 10.09% annualized return.

DWX

1D
-0.01%
1M
-0.12%
YTD
6.54%
6M
9.07%
1Y
15.35%
3Y*
15.08%
5Y*
7.37%
10Y*
7.32%

PDC.TO

1D
1.45%
1M
2.03%
YTD
17.82%
6M
18.09%
1Y
34.40%
3Y*
18.88%
5Y*
10.16%
10Y*
10.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DWX vs. PDC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DWX
SPDR S&P International Dividend ETF		6.54%31.62%2.56%14.74%-12.99%10.56%-5.10%20.26%-11.11%18.91%
PDC.TO
Invesco Canadian Dividend Index ETF		17.82%27.45%6.97%9.17%-10.74%30.87%-3.81%30.99%-18.86%17.65%

Correlation

The correlation between DWX and PDC.TO is 0.57, 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

0.57

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

0.66

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

0.72

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

0.72

Correlation (All Time)
Calculated using the full available price history since Jun 21, 2011

0.67

The correlation between DWX and PDC.TO shifts across timeframes, from 0.57 (1 year) to 0.72 (10 years), reflecting how their relationship changes across market environments.

DWX vs. PDC.TO - Sectors Allocation Comparison

Sectors
DWX
PDC.TO

Financial Services

16.4%
44.7%

Communication Services

12.8%
4.8%

Consumer Defensive

12.6%
0.8%

Utilities

11.3%
13.7%

Real Estate

10.5%
2.3%

Energy

10.4%
21.8%

Industrials

10.2%
1.0%

Consumer Cyclical

6.2%
6.6%

Healthcare

4.5%

-

Technology

2.8%
0.7%

Basic Materials

2.3%
3.5%

Financial Services

DWX
16.4%
PDC.TO
44.7%

Communication Services

DWX
12.8%
PDC.TO
4.8%

Consumer Defensive

DWX
12.6%
PDC.TO
0.8%

Utilities

DWX
11.3%
PDC.TO
13.7%

Real Estate

DWX
10.5%
PDC.TO
2.3%

Energy

DWX
10.4%
PDC.TO
21.8%

Industrials

DWX
10.2%
PDC.TO
1.0%

Consumer Cyclical

DWX
6.2%
PDC.TO
6.6%

Healthcare

DWX
4.5%
PDC.TO

-

Technology

DWX
2.8%
PDC.TO
0.7%

Basic Materials

DWX
2.3%
PDC.TO
3.5%

Compare stocks, funds, or ETFs

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

SPDR S&P International Dividend ETF

Invesco Canadian Dividend Index ETF

Often compared with DWX:
DWX vs. SCHDDWX vs. VYMIDWX vs. IDVDWX vs. PIDDWX vs. BKIEDWX vs. SPYDWX vs. IQDF
Often compared with PDC.TO:
PDC.TO vs. XDIV.TOPDC.TO vs. RCD.TOPDC.TO vs. VDY.TOPDC.TO vs. PDIV.TOPDC.TO vs. RBNK.TOPDC.TO vs. XDV.TOPDC.TO vs. DFND

Return for Risk

DWX vs. PDC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DWX
DWX Risk / Return Rank: 3939
Overall Rank
DWX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
DWX Sortino Ratio Rank: 3838
Sortino Ratio Rank
DWX Omega Ratio Rank: 4040
Omega Ratio Rank
DWX Calmar Ratio Rank: 3838
Calmar Ratio Rank
DWX Martin Ratio Rank: 3939
Martin Ratio Rank
PDC.TO
PDC.TO Risk / Return Rank: 9696
Overall Rank
PDC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PDC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
PDC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
PDC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PDC.TO Martin Ratio Rank: 9696
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.

DWX vs. PDC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and Invesco Canadian Dividend Index ETF (PDC.TO). 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.

DWXPDC.TODifference

Sharpe ratio

Return per unit of total volatility

1.43

3.51

-2.08

Sortino ratio

Return per unit of downside risk

2.01

4.64

-2.63

Omega ratio

Gain probability vs. loss probability

1.26

1.67

-0.40

Calmar ratio

Return relative to maximum drawdown

1.90

6.91

-5.01

Martin ratio

Return relative to average drawdown

6.21

23.66

-17.45

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. PDC.TO - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.43, which is lower than the PDC.TO Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of DWX and PDC.TO, 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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Sharpe Ratios by Period

DWXPDC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

3.51

-2.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.69

-0.08

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

0.12

0.45

-0.33

Drawdowns

DWX vs. PDC.TO - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than PDC.TO's maximum drawdown of -47.11%. Use the drawdown chart below to compare losses from any high point for DWX and PDC.TO.

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Drawdown Indicators

DWXPDC.TODifference

Max Drawdown

Largest peak-to-trough decline

-66.86%

-47.11%

-19.75%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

-5.00%

-3.59%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-15.42%

+4.77%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-26.36%

-0.60%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-47.11%

+11.06%

Current Drawdown

Current decline from peak

-3.85%

-0.63%

-3.22%

Average Drawdown

Average peak-to-trough decline

-14.13%

-8.53%

-5.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.62%

1.46%

+1.16%

Volatility

DWX vs. PDC.TO - Volatility Comparison

SPDR S&P International Dividend ETF (DWX) and Invesco Canadian Dividend Index ETF (PDC.TO) have volatilities of 3.08% and 3.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DWXPDC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.08%

3.17%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

8.69%

8.22%

+0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

10.82%

9.84%

+0.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.21%

14.78%

-2.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.09%

18.75%

-3.66%

DWX vs. PDC.TO - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is lower than PDC.TO's 0.58% expense ratio.

Dividends

DWX vs. PDC.TO - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.19%, more than PDC.TO's 3.27% yield.

PositionTTM20252024202320222021202020192018201720162015
DWX
SPDR S&P International Dividend ETF		4.19%4.44%4.31%4.12%4.68%3.89%3.84%4.40%5.06%3.85%5.25%5.81%
PDC.TO
Invesco Canadian Dividend Index ETF		3.27%3.84%4.29%4.56%4.05%3.49%4.85%4.14%4.90%4.05%3.61%4.20%

Frequently Asked Questions

DWX and PDC.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, DWX is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

DWX is cheaper with a 0.45% expense ratio, compared with 0.58% for PDC.TO.

DWX is categorized as Foreign Large Cap Equities, while PDC.TO is Dividend. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.45% for DWX and 0.58% for PDC.TO.

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