FPXI vs. SPWO

Last updated Jun 24, 2026

FPXI (First Trust International Equity Opportunities ETF) and SPWO (SP Funds S&P World (ex-US) ETF) are both Foreign Large Cap Equities funds - FPXI tracks the IPOX International Index while SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index. Both are passively managed. Over the past year, FPXI returned 51.16% vs 43.56% for SPWO. A 0.79 correlation means they provide meaningful diversification when combined. FPXI charges 0.70%/yr vs 0.55%/yr for SPWO.

Performance

FPXI vs. SPWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust International Equity Opportunities ETF (FPXI) and SP Funds S&P World (ex-US) ETF (SPWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPXI achieves a 38.06% return, which is significantly higher than SPWO's 22.93% return.

FPXI

• 1D: -5.63%
• 1M: 8.84%
• YTD: 38.06%
• 6M: 35.72%
• 1Y: 51.16%
• 3Y*: 29.56%
• 5Y*: 4.36%
• 10Y*: 13.94%

SPWO

• 1D: -4.73%
• 1M: 2.00%
• YTD: 22.93%
• 6M: 23.17%
• 1Y: 43.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPXI vs. SPWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FPXI First Trust International Equity Opportunities ETF	38.06%	26.37%	12.62%	0.16%
SPWO SP Funds S&P World (ex-US) ETF	22.93%	26.32%	9.25%	1.36%

Correlation

The correlation between FPXI and SPWO is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.79

The correlation between FPXI and SPWO has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

FPXI vs. SPWO - Sectors Allocation Comparison

Sectors	FPXI	SPWO
Technology	37.3%	49.7%
Industrials	21.5%	11.9%
Basic Materials	13.2%	7.3%
Healthcare	10.9%	10.8%
Consumer Cyclical	6.5%	10.3%
Financial Services	4.2%	0.8%
Communication Services	2.2%	1.6%
Energy	2.1%	2.6%
Utilities	1.0%	0.3%
Consumer Defensive	0.7%	4.1%
Real Estate	0.5%	0.7%

Return for Risk

FPXI vs. SPWO — Risk / Return Rank

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

FPXI

FPXI Risk / Return Rank: 64
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 59
FPXI Omega Ratio Rank: 57
FPXI Calmar Ratio Rank: 73
FPXI Martin Ratio Rank: 68

SPWO

SPWO Risk / Return Rank: 63
SPWO Sharpe Ratio Rank: 63
SPWO Sortino Ratio Rank: 57
SPWO Omega Ratio Rank: 62
SPWO Calmar Ratio Rank: 66
SPWO Martin Ratio Rank: 67

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.

FPXI vs. SPWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust International Equity Opportunities ETF (FPXI) and SP Funds S&P World (ex-US) ETF (SPWO). 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.

	FPXI	SPWO	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.00	-0.07
Sortino ratio: Return per unit of downside risk	2.60	2.60	0.00
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	3.48	3.18	+0.30
Martin ratio: Return relative to average drawdown	11.66	11.81	-0.16

FPXI vs. SPWO - Sharpe Ratio Comparison

The current FPXI Sharpe Ratio is 1.93, which is comparable to the SPWO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FPXI and SPWO, 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

FPXI vs. SPWO - Drawdown Comparison

The maximum FPXI drawdown since its inception was -55.78%, which is greater than SPWO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for FPXI and SPWO.

Drawdown Indicators

	FPXI	SPWO	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-18.03%	-37.75%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-13.75%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-20.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-55.78%	—	—
Current Drawdown Current decline from peak	-5.63%	-4.73%	-0.90%
Average Drawdown Average peak-to-trough decline	-20.17%	-2.81%	-17.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	3.70%	+0.70%

Volatility

FPXI vs. SPWO - Volatility Comparison

First Trust International Equity Opportunities ETF (FPXI) has a higher volatility of 13.69% compared to SP Funds S&P World (ex-US) ETF (SPWO) at 11.02%. This indicates that FPXI's price experiences larger fluctuations and is considered to be riskier than SPWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXI	SPWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.69%	11.02%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	23.40%	19.16%	+4.24%
Volatility (1Y) Calculated over the trailing 1-year period	26.63%	21.87%	+4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	19.90%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	19.90%	+1.56%

FPXI vs. SPWO - Expense Ratio Comparison

FPXI has a 0.70% expense ratio, which is higher than SPWO's 0.55% expense ratio.

Dividends

FPXI vs. SPWO - Dividend Comparison

FPXI's dividend yield for the trailing twelve months is around 0.58%, less than SPWO's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXI First Trust International Equity Opportunities ETF	0.58%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%
SPWO SP Funds S&P World (ex-US) ETF	1.06%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPXI and SPWO in my portfolio?

FPXI and SPWO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPXI or SPWO?

FPXI has higher volatility (13.69%) compared to SPWO (11.02%). In terms of maximum drawdown, FPXI dropped -55.78% vs SPWO's -18.03%.

Which ETF is better, FPXI or SPWO?

On 1-year performance, FPXI leads with 51.16% vs 43.56% for SPWO. On fees, SPWO is cheaper at 0.55% per year. On volatility, SPWO has been the lower-risk option at 11.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPXI or SPWO?

Over the 1-year period, FPXI has performed better with a 51.16% return vs 43.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPXI or SPWO?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.70% for FPXI.

Which ETF pays a higher dividend yield, FPXI or SPWO?

SPWO has the higher dividend yield at 1.06%, compared with 0.58% for FPXI.

What is the main difference between FPXI and SPWO?

FPXI tracks IPOX International Index, while SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index. They also come from different issuers: First Trust and SP Funds. Their fees differ too: 0.70% for FPXI and 0.55% for SPWO.

Which has better risk-adjusted returns?

SPWO currently has the higher Sharpe Ratio (2.00 vs 1.93), 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.