DWX vs. SPYV

Last updated Jun 14, 2026

DWX (SPDR S&P International Dividend ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, DWX returned 7.90%/yr vs 12.08%/yr for SPYV. A 0.72 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.04%/yr for SPYV.

Performance

DWX vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DWX having a 8.17% return and SPYV slightly higher at 8.25%. Over the past 10 years, DWX has underperformed SPYV with an annualized return of 7.90%, while SPYV has yielded a comparatively higher 12.08% 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%

SPYV

• 1D: 0.69%
• 1M: 1.59%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 21.87%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

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

DWX vs. SPYV - 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%
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between DWX and SPYV is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 19, 2008	0.72

The correlation between DWX and SPYV shifts across timeframes, from 0.56 (3 years) to 0.72 (all time), reflecting how their relationship changes across market environments.

DWX vs. SPYV - Sectors Allocation Comparison

Sectors	DWX	SPYV
Financial Services	16.5%	14.5%
Communication Services	12.9%	3.2%
Consumer Defensive	12.8%	8.9%
Utilities	10.7%	4.3%
Industrials	10.5%	10.5%
Energy	10.3%	7.0%
Real Estate	10.1%	3.4%
Consumer Cyclical	6.3%	11.1%
Healthcare	4.3%	11.5%
Technology	3.4%	22.4%
Basic Materials	2.2%	3.3%

Return for Risk

DWX vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.08	-0.56
Sortino ratio: Return per unit of downside risk	2.13	2.92	-0.79
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	1.94	3.33	-1.40
Martin ratio: Return relative to average drawdown	6.13	12.73	-6.59

DWX vs. SPYV - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.52, which is comparable to the SPYV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of DWX and SPYV, 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. SPYV - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than SPYV's maximum drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for DWX and SPYV.

Drawdown Indicators

	DWX	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-58.45%	-8.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-6.22%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-17.54%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-17.89%	-9.07%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-36.89%	+0.84%
Current Drawdown Current decline from peak	-2.37%	-0.18%	-2.19%
Average Drawdown Average peak-to-trough decline	-14.11%	-8.71%	-5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	1.63%	+1.08%

Volatility

DWX vs. SPYV - Volatility Comparison

SPDR S&P International Dividend ETF (DWX) has a higher volatility of 3.01% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.70%. This indicates that DWX's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	2.70%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	7.26%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.03%	9.97%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.24%	14.42%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.06%	16.94%	-1.88%

DWX vs. SPYV - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than SPYV's 0.04% expense ratio.

Dividends

DWX vs. SPYV - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.12%, more than SPYV's 1.68% 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%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both DWX and SPYV in my portfolio?

DWX and SPYV have a correlation of 0.57, 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 SPYV?

DWX has higher volatility (3.01%) compared to SPYV (2.70%). In terms of maximum drawdown, DWX dropped -66.86% vs SPYV's -58.45%.

Which ETF is better, DWX or SPYV?

On 10-year performance, SPYV leads with 12.08% vs 7.90% for DWX. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV 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 SPYV?

Over the 10-year period, SPYV has performed better with a 12.08% 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 SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.12%, compared with 1.68% for SPYV.

What is the main difference between DWX and SPYV?

DWX is categorized as Foreign Large Cap Equities, while SPYV is S&P 500. DWX tracks S&P International Dividend Opportunities Index, while SPYV tracks S&P 500 Value Index. Their fees differ too: 0.45% for DWX and 0.04% for SPYV.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.08 vs 1.52), 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.