DWX vs. PID

Last updated Jun 23, 2026

DWX (SPDR S&P International Dividend ETF) and PID (Invesco International Dividend Achievers™ ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while PID is a Global Equities fund tracking the Nasdaq International Dividend Achievers (NR). Both are passively managed. Over the past 10 years, DWX returned 7.87%/yr vs 8.91%/yr for PID. Their correlation of 0.84 suggests significant overlap in exposure. DWX charges 0.45%/yr vs 0.56%/yr for PID.

Performance

DWX vs. PID - Performance Comparison

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

Returns By Period

In the year-to-date period, DWX achieves a 6.32% return, which is significantly higher than PID's 2.80% return. Over the past 10 years, DWX has underperformed PID with an annualized return of 7.87%, while PID has yielded a comparatively higher 8.91% annualized return.

DWX

• 1D: -0.12%
• 1M: -0.67%
• YTD: 6.32%
• 6M: 7.53%
• 1Y: 16.05%
• 3Y*: 15.47%
• 5Y*: 7.53%
• 10Y*: 7.87%

PID

• 1D: -0.08%
• 1M: -3.06%
• YTD: 2.80%
• 6M: 3.32%
• 1Y: 13.78%
• 3Y*: 12.10%
• 5Y*: 8.29%
• 10Y*: 8.91%

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

DWX vs. PID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	6.32%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
PID Invesco International Dividend Achievers™ ETF	2.80%	24.45%	3.08%	14.28%	-6.48%	24.49%	-6.56%	25.87%	-11.46%	19.05%

Correlation

The correlation between DWX and PID is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 19, 2008	0.84

The correlation between DWX and PID shifts across timeframes, from 0.71 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

DWX vs. PID - Sectors Allocation Comparison

Sectors	DWX	PID
Financial Services	16.5%	17.5%
Communication Services	12.9%	13.7%
Consumer Defensive	12.8%	6.2%
Utilities	10.7%	15.1%
Industrials	10.5%	7.5%
Energy	10.3%	12.5%
Real Estate	10.1%	0.4%
Consumer Cyclical	6.3%	6.2%
Healthcare	4.3%	8.6%
Technology	3.4%	9.1%
Basic Materials	2.2%	3.3%

Return for Risk

DWX vs. PID — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 41
DWX Sharpe Ratio Rank: 43
DWX Sortino Ratio Rank: 41
DWX Omega Ratio Rank: 42
DWX Calmar Ratio Rank: 38
DWX Martin Ratio Rank: 38

PID

PID Risk / Return Rank: 40
PID Sharpe Ratio Rank: 41
PID Sortino Ratio Rank: 42
PID Omega Ratio Rank: 39
PID Calmar Ratio Rank: 38
PID Martin Ratio Rank: 40

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. PID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and Invesco International Dividend Achievers™ ETF (PID). 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	PID	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.41	+0.06
Sortino ratio: Return per unit of downside risk	2.06	2.09	-0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	1.88	1.85	+0.02
Martin ratio: Return relative to average drawdown	5.85	6.14	-0.28

DWX vs. PID - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.47, which is comparable to the PID Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of DWX and PID, 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. PID - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, roughly equal to the maximum PID drawdown of -66.34%. Use the drawdown chart below to compare losses from any high point for DWX and PID.

Drawdown Indicators

	DWX	PID	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-66.34%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-7.47%	-1.12%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-13.34%	+2.69%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-22.97%	-3.99%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-46.07%	+10.02%
Current Drawdown Current decline from peak	-4.04%	-4.65%	+0.61%
Average Drawdown Average peak-to-trough decline	-14.10%	-13.01%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.25%	+0.50%

Volatility

DWX vs. PID - Volatility Comparison

SPDR S&P International Dividend ETF (DWX) has a higher volatility of 2.95% compared to Invesco International Dividend Achievers™ ETF (PID) at 2.70%. This indicates that DWX's price experiences larger fluctuations and is considered to be riskier than PID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	PID	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	2.70%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	7.86%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	9.84%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	13.96%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	17.75%	-2.73%

DWX vs. PID - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is lower than PID's 0.56% expense ratio.

Dividends

DWX vs. PID - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 5.72%, more than PID's 4.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	5.72%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
PID Invesco International Dividend Achievers™ ETF	4.82%	3.28%	3.88%	3.31%	3.30%	3.30%	3.16%	3.99%	3.87%	3.46%	3.90%	4.48%

Frequently Asked Questions

Can I hold both DWX and PID in my portfolio?

DWX and PID have a correlation of 0.71, 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 PID?

DWX has higher volatility (2.95%) compared to PID (2.70%). In terms of maximum drawdown, DWX dropped -66.86% vs PID's -66.34%.

Which ETF is better, DWX or PID?

On 10-year performance, PID leads with 8.91% vs 7.87% for DWX. On fees, DWX is cheaper at 0.45% per year. On volatility, PID has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or PID?

Over the 10-year period, PID has performed better with a 8.91% return vs 7.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or PID?

DWX is cheaper with a 0.45% expense ratio, compared with 0.56% for PID.

Which ETF pays a higher dividend yield, DWX or PID?

DWX has the higher dividend yield at 5.72%, compared with 4.82% for PID.

What is the main difference between DWX and PID?

DWX is categorized as Foreign Large Cap Equities, while PID is Global Equities. DWX tracks S&P International Dividend Opportunities Index, while PID tracks Nasdaq International Dividend Achievers (NR). They also come from different issuers: State Street and Invesco. Their fees differ too: 0.45% for DWX and 0.56% for PID.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.47 vs 1.41), 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.