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FRGN vs. SPDW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FRGN vs. SPDW

Last updated Jun 24, 2026

FRGN (Horizon International Equity ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds. FRGN is actively managed, while SPDW is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. FRGN charges 0.75%/yr vs 0.04%/yr for SPDW.

Performance

FRGN vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon International Equity ETF (FRGN) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FRGN achieves a 21.88% return, which is significantly higher than SPDW's 13.42% return.

FRGN

1D
-3.30%
1M
1.00%
YTD
21.88%
6M
21.77%
1Y
—
3Y*
—
5Y*
—
10Y*
—

SPDW

1D
0.12%
1M
0.32%
YTD
13.42%
6M
13.07%
1Y
28.56%
3Y*
19.49%
5Y*
9.26%
10Y*
10.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FRGN vs. SPDW - Yearly Performance Comparison

2026 (YTD)2025
FRGN
Horizon International Equity ETF		21.88%1.47%
SPDW
SPDR Portfolio World ex-US ETF		13.42%3.25%

Correlation

The correlation between FRGN and SPDW is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (All Time)
Calculated using the full available price history since Dec 3, 2025

0.93

FRGN vs. SPDW - Sectors Allocation Comparison

Sectors
FRGN
SPDW

Technology

23.2%
16.8%

Basic Materials

10.3%
7.3%

Energy

8.7%
4.9%

Communication Services

4.9%
3.9%

Real Estate

1.4%
2.3%

Utilities

1.2%
3.0%

Financial Services

1.1%
22.2%

Consumer Cyclical

0.4%
7.8%

Healthcare

0.3%
7.9%

Industrials

0.3%
18.4%

Consumer Defensive

0.2%
5.4%

Technology

FRGN
23.2%
SPDW
16.8%

Basic Materials

FRGN
10.3%
SPDW
7.3%

Energy

FRGN
8.7%
SPDW
4.9%

Communication Services

FRGN
4.9%
SPDW
3.9%

Real Estate

FRGN
1.4%
SPDW
2.3%

Utilities

FRGN
1.2%
SPDW
3.0%

Financial Services

FRGN
1.1%
SPDW
22.2%

Consumer Cyclical

FRGN
0.4%
SPDW
7.8%

Healthcare

FRGN
0.3%
SPDW
7.9%

Industrials

FRGN
0.3%
SPDW
18.4%

Consumer Defensive

FRGN
0.2%
SPDW
5.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Horizon International Equity ETF

SPDR Portfolio World ex-US ETF

Often compared with FRGN:
FRGN vs. SFTXFRGN vs. YNOTFRGN vs. SMOXFRGN vs. HBTAFRGN vs. GMOIFRGN vs. QGRDFRGN vs. SFTY
Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS

Return for Risk

FRGN vs. SPDW — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPDW
SPDW Risk / Return Rank: 5757
Overall Rank
SPDW Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 5555
Sortino Ratio Rank
SPDW Omega Ratio Rank: 5757
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5656
Calmar Ratio Rank
SPDW Martin Ratio Rank: 5959
Martin Ratio Rank
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.

FRGN vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon International Equity ETF (FRGN) 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.

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.

FRGNSPDWDifference
Sharpe ratioReturn per unit of total volatility

—

1.72

—

Sortino ratioReturn per unit of downside risk

—

2.38

—

Omega ratioGain probability vs. loss probability

—

1.32

—

Calmar ratioReturn relative to maximum drawdown

—

2.48

—

Martin ratioReturn relative to average drawdown

—

9.57

—

FRGN vs. SPDW - Sharpe Ratio Comparison

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Drawdowns

FRGN vs. SPDW - Drawdown Comparison

The maximum FRGN drawdown since its inception was -12.40%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for FRGN and SPDW.

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Drawdown Indicators

FRGNSPDWDifference

Max Drawdown

Largest peak-to-trough decline

-12.40%

-60.02%

+47.62%

Max Drawdown (1Y)

Largest decline over 1 year

—

-11.55%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-13.53%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-30.21%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.98%

—

Current Drawdown

Current decline from peak

-3.30%

-2.87%

-0.43%

Average Drawdown

Average peak-to-trough decline

-2.36%

-12.87%

+10.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

2.99%

—

Volatility

FRGN vs. SPDW - Volatility Comparison

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Volatility by Period

FRGNSPDWDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

7.04%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

14.58%

—

Volatility (1Y)

Calculated over the trailing 1-year period

22.41%

16.71%

+5.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.41%

16.70%

+5.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.41%

17.13%

+5.28%

FRGN vs. SPDW - Expense Ratio Comparison

FRGN has a 0.75% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

FRGN vs. SPDW - Dividend Comparison

FRGN's dividend yield for the trailing twelve months is around 0.21%, less than SPDW's 3.05% yield.

PositionTTM20252024202320222021202020192018201720162015
FRGN
Horizon International Equity ETF		0.21%0.25%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPDW
SPDR Portfolio World ex-US ETF		3.05%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

With a correlation of 0.93, FRGN 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.

On fees, SPDW is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPDW is cheaper with a 0.04% expense ratio, compared with 0.75% for FRGN.

SPDW has the higher dividend yield at 3.05%, compared with 0.21% for FRGN.

They also come from different issuers: Horizon and State Street. Their fees differ too: 0.75% for FRGN and 0.04% for SPDW.

Portfolio Optimizer

Find the right allocation for FRGN and SPDW

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