DWX vs. SPYM

Last updated Jun 3, 2026

DWX (SPDR S&P International Dividend ETF) and SPYM (State Street SPDR Portfolio 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 SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DWX returned 7.32%/yr vs 15.70%/yr for SPYM. A 0.64 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.02%/yr for SPYM.

Performance

DWX vs. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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 lower than SPYM's 11.72% return. Over the past 10 years, DWX has underperformed SPYM with an annualized return of 7.32%, while SPYM has yielded a comparatively higher 15.70% 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%

SPYM

• 1D: 0.12%
• 1M: 5.39%
• YTD: 11.72%
• 6M: 12.10%
• 1Y: 29.72%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.70%

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

DWX vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPYM State Street SPDR Portfolio S&P 500 ETF	11.72%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between DWX and SPYM is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.44
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 20, 2008	0.64

The correlation between DWX and SPYM shifts across timeframes, from 0.44 (3 years) to 0.64 (all time), reflecting how their relationship changes across market environments.

DWX vs. SPYM - Sectors Allocation Comparison

Sectors	DWX	SPYM
Financial Services	16.4%	11.1%
Communication Services	12.8%	10.6%
Consumer Defensive	12.6%	4.6%
Utilities	11.3%	2.5%
Real Estate	10.5%	1.8%
Energy	10.4%	3.2%
Industrials	10.2%	7.6%
Consumer Cyclical	6.2%	9.9%
Healthcare	4.5%	8.4%
Technology	2.8%	38.5%
Basic Materials	2.3%	1.7%

Return for Risk

DWX vs. SPYM — 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

SPYM

SPYM Risk / Return Rank: 75
SPYM Sharpe Ratio Rank: 77
SPYM Sortino Ratio Rank: 75
SPYM Omega Ratio Rank: 77
SPYM Calmar Ratio Rank: 68
SPYM Martin Ratio Rank: 80

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. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio Return per unit of total volatility	1.43	2.54	-1.11
Sortino ratio Return per unit of downside risk	2.01	3.44	-1.43
Omega ratio Gain probability vs. loss probability	1.26	1.46	-0.20
Calmar ratio Return relative to maximum drawdown	1.90	3.42	-1.52
Martin ratio Return relative to average drawdown	6.21	15.95	-9.74
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. SPYM - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.43, which is lower than the SPYM Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of DWX and SPYM, 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	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.54	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.85	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.88	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.62	-0.50

Drawdowns

DWX vs. SPYM - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for DWX and SPYM.

Drawdown Indicators

	DWX	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-54.46%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-8.90%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-18.72%	+8.07%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-24.48%	-2.48%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-33.87%	-2.18%
Current Drawdown Current decline from peak	-3.85%	0.00%	-3.85%
Average Drawdown Average peak-to-trough decline	-14.13%	-7.15%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	1.91%	+0.71%

Volatility

DWX vs. SPYM - Volatility Comparison

SPDR S&P International Dividend ETF (DWX) has a higher volatility of 3.08% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 2.74%. This indicates that DWX's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	2.74%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	8.89%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	11.78%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	16.80%	-4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	18.01%	-2.92%

DWX vs. SPYM - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

DWX vs. SPYM - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.19%, more than SPYM's 0.99% 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%
SPYM State Street SPDR Portfolio S&P 500 ETF	0.99%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both DWX and SPYM in my portfolio?

DWX and SPYM have a correlation of 0.46, 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 SPYM?

DWX has higher volatility (3.08%) compared to SPYM (2.74%). In terms of maximum drawdown, DWX dropped -66.86% vs SPYM's -54.46%.

Which ETF is better, DWX or SPYM?

On 10-year performance, SPYM leads with 15.70% vs 7.32% for DWX. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or SPYM?

Over the 10-year period, SPYM has performed better with a 15.70% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.19%, compared with 0.99% for SPYM.

What is the main difference between DWX and SPYM?

DWX is categorized as Foreign Large Cap Equities, while SPYM is S&P 500. DWX tracks S&P International Dividend Opportunities Index, while SPYM tracks S&P 500 Index. Their fees differ too: 0.45% for DWX and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.54 vs 1.43), 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.