DWX vs. SDY

Last updated Jun 14, 2026

DWX (SPDR S&P International Dividend ETF) and SDY (SPDR S&P Dividend ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, DWX returned 7.90%/yr vs 9.61%/yr for SDY. A 0.69 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.35%/yr for SDY.

Performance

DWX vs. SDY - Performance Comparison

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

Returns By Period

In the year-to-date period, DWX achieves a 8.17% return, which is significantly lower than SDY's 10.37% return. Over the past 10 years, DWX has underperformed SDY with an annualized return of 7.90%, while SDY has yielded a comparatively higher 9.61% annualized return.

DWX

• 1D: -0.27%
• 1M: 0.99%
• YTD: 8.17%
• 6M: 10.44%
• 1Y: 16.98%
• 3Y*: 15.54%
• 5Y*: 7.43%
• 10Y*: 7.90%

SDY

• 1D: 0.83%
• 1M: 3.57%
• YTD: 10.37%
• 6M: 9.32%
• 1Y: 16.30%
• 3Y*: 10.29%
• 5Y*: 6.56%
• 10Y*: 9.61%

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

DWX vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	8.17%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
SDY SPDR S&P Dividend ETF	10.37%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between DWX and SDY is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 19, 2008	0.69

The correlation between DWX and SDY shifts across timeframes, from 0.55 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

DWX vs. SDY - Sectors Allocation Comparison

Sectors	DWX	SDY
Financial Services	16.5%	11.9%
Communication Services	12.9%	2.5%
Consumer Defensive	12.8%	16.1%
Utilities	10.7%	14.0%
Industrials	10.5%	17.1%
Energy	10.3%	3.0%
Real Estate	10.1%	4.4%
Consumer Cyclical	6.3%	5.9%
Healthcare	4.3%	7.4%
Technology	3.4%	11.8%
Basic Materials	2.2%	5.9%

Return for Risk

DWX vs. SDY — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 47
DWX Sharpe Ratio Rank: 50
DWX Sortino Ratio Rank: 49
DWX Omega Ratio Rank: 50
DWX Calmar Ratio Rank: 44
DWX Martin Ratio Rank: 43

SDY

SDY Risk / Return Rank: 45
SDY Sharpe Ratio Rank: 47
SDY Sortino Ratio Rank: 51
SDY Omega Ratio Rank: 43
SDY Calmar Ratio Rank: 44
SDY Martin Ratio Rank: 38

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. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and SPDR S&P Dividend ETF (SDY). 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	SDY	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.44	+0.08
Sortino ratio: Return per unit of downside risk	2.13	2.20	-0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	1.94	1.95	-0.02
Martin ratio: Return relative to average drawdown	6.13	5.30	+0.83

DWX vs. SDY - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.52, which is comparable to the SDY Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of DWX and SDY, 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. SDY - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than SDY's maximum drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for DWX and SDY.

Drawdown Indicators

	DWX	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-54.75%	-12.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-7.67%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-14.39%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-15.21%	-11.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-36.70%	+0.65%
Current Drawdown Current decline from peak	-2.37%	-1.50%	-0.87%
Average Drawdown Average peak-to-trough decline	-14.11%	-6.20%	-7.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.83%	-0.12%

Volatility

DWX vs. SDY - Volatility Comparison

SPDR S&P International Dividend ETF (DWX) and SPDR S&P Dividend ETF (SDY) have volatilities of 3.01% and 2.89%, 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.

Volatility by Period

	DWX	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	2.89%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	7.47%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.03%	10.42%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.24%	14.05%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.06%	17.09%	-2.03%

DWX vs. SDY - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than SDY's 0.35% expense ratio.

Dividends

DWX vs. SDY - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.12%, more than SDY's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.12%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
SDY SPDR S&P Dividend ETF	2.42%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both DWX and SDY in my portfolio?

DWX and SDY have a correlation of 0.55, 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 SDY?

DWX has higher volatility (3.01%) compared to SDY (2.89%). In terms of maximum drawdown, DWX dropped -66.86% vs SDY's -54.75%.

Which ETF is better, DWX or SDY?

On 10-year performance, SDY leads with 9.61% vs 7.90% for DWX. On fees, SDY is cheaper at 0.35% per year. On volatility, SDY has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or SDY?

Over the 10-year period, SDY has performed better with a 9.61% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or SDY?

SDY is cheaper with a 0.35% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.12%, compared with 2.42% for SDY.

What is the main difference between DWX and SDY?

DWX is categorized as Foreign Large Cap Equities, while SDY is Mid Cap Value Equities. DWX tracks S&P International Dividend Opportunities Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. Their fees differ too: 0.45% for DWX and 0.35% for SDY.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.52 vs 1.44), 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.