DWX vs. QLTI

Last updated Jun 3, 2026

DWX (SPDR S&P International Dividend ETF) and QLTI (GMO International Quality ETF) are both Foreign Large Cap Equities funds. DWX is passively managed, while QLTI is actively managed. Over the past year, DWX returned 15.35% vs 3.29% for QLTI. A 0.64 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.60%/yr for QLTI.

Performance

DWX vs. QLTI - Performance Comparison

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

Returns By Period

In the year-to-date period, DWX achieves a 6.54% return, which is significantly higher than QLTI's -0.94% 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%

QLTI

• 1D: -0.51%
• 1M: 1.31%
• YTD: -0.94%
• 6M: 1.78%
• 1Y: 3.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DWX vs. QLTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DWX SPDR S&P International Dividend ETF	6.54%	31.62%	-4.12%
QLTI GMO International Quality ETF	-0.94%	17.12%	-8.17%

Correlation

The correlation between DWX and QLTI 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 (All Time) Calculated using the full available price history since Oct 30, 2024	0.64

The correlation between DWX and QLTI has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Return for Risk

DWX vs. QLTI — Risk / Return Rank

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

DWX

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

QLTI

QLTI Risk / Return Rank: 12
QLTI Sharpe Ratio Rank: 12
QLTI Sortino Ratio Rank: 11
QLTI Omega Ratio Rank: 11
QLTI Calmar Ratio Rank: 12
QLTI Martin Ratio Rank: 12

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. QLTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and GMO International Quality ETF (QLTI). 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	QLTI	Difference
Sharpe ratio Return per unit of total volatility	1.43	0.22	+1.21
Sortino ratio Return per unit of downside risk	2.01	0.42	+1.59
Omega ratio Gain probability vs. loss probability	1.26	1.05	+0.21
Calmar ratio Return relative to maximum drawdown	1.90	0.28	+1.61
Martin ratio Return relative to average drawdown	6.21	0.81	+5.40
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. QLTI - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.43, which is higher than the QLTI Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of DWX and QLTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DWX	QLTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	0.22	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.25	-0.13

Drawdowns

DWX vs. QLTI - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than QLTI's maximum drawdown of -14.82%. Use the drawdown chart below to compare losses from any high point for DWX and QLTI.

Drawdown Indicators

	DWX	QLTI	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-14.82%	-52.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-13.72%	+5.13%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	—	—
Current Drawdown Current decline from peak	-3.85%	-6.36%	+2.51%
Average Drawdown Average peak-to-trough decline	-14.13%	-3.77%	-10.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	4.75%	-2.13%

Volatility

DWX vs. QLTI - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 3.08%, while GMO International Quality ETF (QLTI) has a volatility of 5.25%. This indicates that DWX experiences smaller price fluctuations and is considered to be less risky than QLTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	QLTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	5.25%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	12.36%	-3.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	15.30%	-4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	16.70%	-4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	16.70%	-1.61%

DWX vs. QLTI - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is lower than QLTI's 0.60% expense ratio.

Dividends

DWX vs. QLTI - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.19%, more than QLTI's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QLTI GMO International Quality ETF	0.52%	0.52%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWX and QLTI in my portfolio?

DWX and QLTI 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 QLTI?

QLTI has higher volatility (5.25%) compared to DWX (3.08%). In terms of maximum drawdown, DWX dropped -66.86% vs QLTI's -14.82%.

Which ETF is better, DWX or QLTI?

On 1-year performance, DWX leads with 15.35% vs 3.29% for QLTI. On fees, DWX is cheaper at 0.45% per year. On volatility, DWX has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or QLTI?

Over the 1-year period, DWX has performed better with a 15.35% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or QLTI?

DWX is cheaper with a 0.45% expense ratio, compared with 0.60% for QLTI.

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

DWX has the higher dividend yield at 4.19%, compared with 0.52% for QLTI.

What is the main difference between DWX and QLTI?

They also come from different issuers: State Street and GMO. Their fees differ too: 0.45% for DWX and 0.60% for QLTI.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.43 vs 0.22), 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.