DWX vs. SPY

Last updated Jun 23, 2026

DWX (SPDR S&P International Dividend ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DWX returned 7.87%/yr vs 15.70%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.09%/yr for SPY.

Performance

DWX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) and State Street SPDR S&P 500 ETF (SPY). 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 lower than SPY's 9.74% return. Over the past 10 years, DWX has underperformed SPY with an annualized return of 7.87%, while SPY has yielded a comparatively higher 15.70% 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%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

DWX vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DWX and SPY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 19, 2008	0.71

Over the past year, the correlation between DWX and SPY has dropped to 0.47 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

DWX vs. SPY - Sectors Allocation Comparison

Sectors	DWX	SPY
Financial Services	16.5%	11.1%
Communication Services	12.9%	10.6%
Consumer Defensive	12.8%	4.5%
Utilities	10.7%	2.1%
Industrials	10.5%	7.8%
Energy	10.3%	3.1%
Real Estate	10.1%	1.8%
Consumer Cyclical	6.3%	9.9%
Healthcare	4.3%	8.3%
Technology	3.4%	39.0%
Basic Materials	2.2%	1.7%

Return for Risk

DWX vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.16	-0.69
Sortino ratio: Return per unit of downside risk	2.06	2.91	-0.85
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.88	3.01	-1.14
Martin ratio: Return relative to average drawdown	5.85	13.54	-7.68

DWX vs. SPY - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.47, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DWX and SPY, 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. SPY - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DWX and SPY.

Drawdown Indicators

	DWX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-55.19%	-11.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-8.88%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-18.76%	+8.11%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-24.50%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-33.72%	-2.33%
Current Drawdown Current decline from peak	-4.04%	-1.75%	-2.29%
Average Drawdown Average peak-to-trough decline	-14.10%	-9.04%	-5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	1.97%	+0.78%

Volatility

DWX vs. SPY - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 2.95%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that DWX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	4.64%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	9.75%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	12.43%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	17.14%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	17.99%	-2.97%

DWX vs. SPY - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DWX vs. SPY - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 5.72%, more than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DWX and SPY in my portfolio?

DWX and SPY have a correlation of 0.47, 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 SPY?

SPY has higher volatility (4.64%) compared to DWX (2.95%). In terms of maximum drawdown, DWX dropped -66.86% vs SPY's -55.19%.

Which ETF is better, DWX or SPY?

On 10-year performance, SPY leads with 15.70% vs 7.87% for DWX. On fees, SPY is cheaper at 0.09% per year. On volatility, DWX has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or SPY?

Over the 10-year period, SPY has performed better with a 15.70% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 5.72%, compared with 1.01% for SPY.

What is the main difference between DWX and SPY?

DWX is categorized as Foreign Large Cap Equities, while SPY is S&P 500. DWX tracks S&P International Dividend Opportunities Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.45% for DWX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.47), 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.