DWX vs. VIGI

Last updated Jun 26, 2026

DWX (SPDR S&P International Dividend ETF) and VIGI (Vanguard International Dividend Appreciation ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while VIGI is a Dividend fund tracking the S&P Global Ex-U.S. Dividend Growers Index. Both are passively managed. Over the past 10 years, DWX returned 8.09%/yr vs 8.36%/yr for VIGI. Their correlation of 0.83 suggests significant overlap in exposure. DWX charges 0.45%/yr vs 0.15%/yr for VIGI.

Performance

DWX vs. VIGI - Performance Comparison

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

Returns By Period

In the year-to-date period, DWX achieves a 6.38% return, which is significantly higher than VIGI's 2.75% return. Both investments have delivered pretty close results over the past 10 years, with DWX having a 8.09% annualized return and VIGI not far ahead at 8.36%.

DWX

• 1D: 0.51%
• 1M: -0.86%
• YTD: 6.38%
• 6M: 6.47%
• 1Y: 15.10%
• 3Y*: 15.29%
• 5Y*: 7.34%
• 10Y*: 8.09%

VIGI

• 1D: 0.06%
• 1M: -0.76%
• YTD: 2.75%
• 6M: 2.05%
• 1Y: 7.59%
• 3Y*: 10.17%
• 5Y*: 4.28%
• 10Y*: 8.36%

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

DWX vs. VIGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	6.38%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
VIGI Vanguard International Dividend Appreciation ETF	2.75%	16.88%	2.73%	16.30%	-16.79%	12.51%	14.66%	27.53%	-11.50%	27.97%

Correlation

The correlation between DWX and VIGI is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Mar 2, 2016	0.83

The correlation between DWX and VIGI has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

DWX vs. VIGI - Sectors Allocation Comparison

Sectors	DWX	VIGI
Financial Services	16.5%	29.0%
Communication Services	12.9%	1.3%
Consumer Defensive	12.8%	9.7%
Utilities	10.7%	4.8%
Industrials	10.5%	17.1%
Energy	10.3%	2.8%
Real Estate	10.1%	1.3%
Consumer Cyclical	6.3%	3.1%
Healthcare	4.3%	14.6%
Technology	3.4%	11.5%
Basic Materials	2.2%	4.1%

Return for Risk

DWX vs. VIGI — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 42
DWX Sharpe Ratio Rank: 45
DWX Sortino Ratio Rank: 43
DWX Omega Ratio Rank: 43
DWX Calmar Ratio Rank: 40
DWX Martin Ratio Rank: 39

VIGI

VIGI Risk / Return Rank: 19
VIGI Sharpe Ratio Rank: 19
VIGI Sortino Ratio Rank: 18
VIGI Omega Ratio Rank: 18
VIGI Calmar Ratio Rank: 18
VIGI Martin Ratio Rank: 22

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. VIGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) and Vanguard International Dividend Appreciation ETF (VIGI). 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	VIGI	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.59	+0.79
Sortino ratio: Return per unit of downside risk	1.95	0.91	+1.03
Omega ratio: Gain probability vs. loss probability	1.25	1.11	+0.14
Calmar ratio: Return relative to maximum drawdown	1.77	0.72	+1.05
Martin ratio: Return relative to average drawdown	5.43	2.52	+2.91

DWX vs. VIGI - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.38, which is higher than the VIGI Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of DWX and VIGI, 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. VIGI - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than VIGI's maximum drawdown of -31.01%. Use the drawdown chart below to compare losses from any high point for DWX and VIGI.

Drawdown Indicators

	DWX	VIGI	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-31.01%	-35.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-10.64%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-14.50%	+3.85%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-28.80%	+1.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-31.01%	-5.04%
Current Drawdown Current decline from peak	-3.98%	-2.37%	-1.61%
Average Drawdown Average peak-to-trough decline	-14.09%	-6.15%	-7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.02%	-0.23%

Volatility

DWX vs. VIGI - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 2.94%, while Vanguard International Dividend Appreciation ETF (VIGI) has a volatility of 3.20%. This indicates that DWX experiences smaller price fluctuations and is considered to be less risky than VIGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWX	VIGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	3.20%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	10.33%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	13.00%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	14.46%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	15.77%	-0.95%

DWX vs. VIGI - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than VIGI's 0.15% expense ratio.

Dividends

DWX vs. VIGI - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.29%, more than VIGI's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.29%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
VIGI Vanguard International Dividend Appreciation ETF	2.15%	2.14%	1.93%	1.92%	2.06%	7.02%	1.29%	1.83%	1.99%	1.75%	1.05%	0.00%

Frequently Asked Questions

Can I hold both DWX and VIGI in my portfolio?

DWX and VIGI have a correlation of 0.76, 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 VIGI?

VIGI has higher volatility (3.20%) compared to DWX (2.94%). In terms of maximum drawdown, DWX dropped -66.86% vs VIGI's -31.01%.

Which ETF is better, DWX or VIGI?

On 10-year performance, VIGI leads with 8.36% vs 8.09% for DWX. On fees, VIGI is cheaper at 0.15% per year. On volatility, DWX has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or VIGI?

Over the 10-year period, VIGI has performed better with a 8.36% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or VIGI?

VIGI is cheaper with a 0.15% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.29%, compared with 2.15% for VIGI.

What is the main difference between DWX and VIGI?

DWX is categorized as Foreign Large Cap Equities, while VIGI is Dividend. DWX tracks S&P International Dividend Opportunities Index, while VIGI tracks S&P Global Ex-U.S. Dividend Growers Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.45% for DWX and 0.15% for VIGI.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.38 vs 0.59), 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.