FDT vs. SPDW

Last updated Jun 4, 2026

FDT (First Trust Developed Markets ex-US AlphaDEX Fund) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - FDT tracks the NASDAQ AlphaDEX DM Ex-US Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, FDT returned 10.91%/yr vs 10.09%/yr for SPDW. Their correlation of 0.91 suggests significant overlap in exposure. FDT charges 0.80%/yr vs 0.04%/yr for SPDW.

Performance

FDT vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Developed Markets ex-US AlphaDEX Fund (FDT) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDT achieves a 25.50% return, which is significantly higher than SPDW's 15.00% return. Over the past 10 years, FDT has outperformed SPDW with an annualized return of 10.91%, while SPDW has yielded a comparatively lower 10.09% annualized return.

FDT

• 1D: -0.64%
• 1M: 5.22%
• YTD: 25.50%
• 6M: 28.63%
• 1Y: 55.05%
• 3Y*: 30.08%
• 5Y*: 12.55%
• 10Y*: 10.91%

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

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

FDT vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDT First Trust Developed Markets ex-US AlphaDEX Fund	25.50%	52.21%	6.97%	15.03%	-19.51%	11.43%	4.29%	16.82%	-19.98%	34.42%
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between FDT and SPDW is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.91

The correlation between FDT and SPDW has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

FDT vs. SPDW - Sectors Allocation Comparison

Sectors	FDT	SPDW
Industrials	34.0%	19.2%
Consumer Cyclical	11.5%	7.8%
Financial Services	10.2%	22.9%
Basic Materials	9.6%	7.3%
Energy	9.2%	5.5%
Technology	8.1%	13.7%
Real Estate	5.3%	2.5%
Utilities	5.2%	3.3%
Consumer Defensive	2.8%	5.7%
Communication Services	2.7%	3.8%
Healthcare	1.4%	8.3%

Return for Risk

FDT vs. SPDW — Risk / Return Rank

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

FDT

FDT Risk / Return Rank: 84
FDT Sharpe Ratio Rank: 88
FDT Sortino Ratio Rank: 84
FDT Omega Ratio Rank: 86
FDT Calmar Ratio Rank: 79
FDT Martin Ratio Rank: 81

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 60

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.

FDT vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Developed Markets ex-US AlphaDEX Fund (FDT) and SPDR Portfolio World ex-US ETF (SPDW). 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.

	FDT	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	3.00	2.07	+0.93
Sortino ratio: Return per unit of downside risk	3.85	2.87	+0.98
Omega ratio: Gain probability vs. loss probability	1.54	1.37	+0.16
Calmar ratio: Return relative to maximum drawdown	4.13	2.80	+1.33
Martin ratio: Return relative to average drawdown	16.12	10.93	+5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDT vs. SPDW - Sharpe Ratio Comparison

The current FDT Sharpe Ratio is 3.00, which is higher than the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FDT and SPDW, 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

	FDT	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.07	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.57	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.59	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.24	+0.16

Drawdowns

FDT vs. SPDW - Drawdown Comparison

The maximum FDT drawdown since its inception was -46.10%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for FDT and SPDW.

Drawdown Indicators

	FDT	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-46.10%	-60.02%	+13.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-11.55%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-13.53%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-33.18%	-30.21%	-2.97%
Max Drawdown (10Y) Largest decline over 10 years	-46.10%	-34.98%	-11.12%
Current Drawdown Current decline from peak	-1.59%	-0.87%	-0.72%
Average Drawdown Average peak-to-trough decline	-10.78%	-12.91%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.95%	+0.48%

Volatility

FDT vs. SPDW - Volatility Comparison

First Trust Developed Markets ex-US AlphaDEX Fund (FDT) has a higher volatility of 7.23% compared to SPDR Portfolio World ex-US ETF (SPDW) at 5.63%. This indicates that FDT's price experiences larger fluctuations and is considered to be riskier than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDT	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	5.63%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	13.17%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	15.60%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	16.49%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	17.26%	+1.26%

FDT vs. SPDW - Expense Ratio Comparison

FDT has a 0.80% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

FDT vs. SPDW - Dividend Comparison

FDT's dividend yield for the trailing twelve months is around 2.84%, less than SPDW's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDT First Trust Developed Markets ex-US AlphaDEX Fund	2.84%	3.27%	3.89%	4.36%	2.29%	3.80%	2.42%	2.78%	2.13%	1.57%	1.76%	1.83%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both FDT and SPDW in my portfolio?

With a correlation of 0.91, FDT and SPDW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FDT or SPDW?

FDT has higher volatility (7.23%) compared to SPDW (5.63%). In terms of maximum drawdown, FDT dropped -46.10% vs SPDW's -60.02%.

Which ETF is better, FDT or SPDW?

On 10-year performance, FDT leads with 10.91% vs 10.09% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDT or SPDW?

Over the 10-year period, FDT has performed better with a 10.91% return vs 10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDT or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.80% for FDT.

Which ETF pays a higher dividend yield, FDT or SPDW?

SPDW has the higher dividend yield at 2.87%, compared with 2.84% for FDT.

What is the main difference between FDT and SPDW?

FDT tracks NASDAQ AlphaDEX DM Ex-US Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.80% for FDT and 0.04% for SPDW.

Which has better risk-adjusted returns?

FDT currently has the higher Sharpe Ratio (3.00 vs 2.07), 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.