FRGN vs. SPDW

Last updated Jun 4, 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.

Returns By Period

In the year-to-date period, FRGN achieves a 24.35% return, which is significantly higher than SPDW's 15.00% return.

FRGN

• 1D: -0.70%
• 1M: 8.09%
• YTD: 24.35%
• 6M: 26.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FRGN vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025
FRGN Horizon International Equity ETF	24.35%	1.47%
SPDW SPDR Portfolio World ex-US ETF	15.00%	2.66%

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 4, 2025	0.93

FRGN vs. SPDW - Sectors Allocation Comparison

Sectors	FRGN	SPDW
Technology	28.2%	13.7%
Financial Services	16.2%	22.9%
Industrials	12.1%	19.2%
Healthcare	10.1%	8.3%
Basic Materials	8.6%	7.3%
Energy	8.0%	5.5%
Consumer Cyclical	5.9%	7.8%
Communication Services	4.5%	3.8%
Consumer Defensive	3.7%	5.7%
Utilities	1.9%	3.3%
Real Estate	0.9%	2.5%

Return for Risk

FRGN vs. SPDW — Risk / Return Rank

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

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.

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.

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

Sharpe Ratios by Period

	FRGN	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.07	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	0.24	+2.60

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.

Drawdown Indicators

	FRGN	SPDW	Difference
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	-0.70%	-0.87%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.40%	-12.91%	+10.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.95%	—

Volatility

Volatility by Period

	FRGN	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	15.60%	+5.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	16.49%	+4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	17.26%	+4.07%

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 0.20%, less than SPDW's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRGN Horizon International Equity ETF	0.20%	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	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 FRGN and SPDW in my portfolio?

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.

Which ETF is better, FRGN or SPDW?

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.

Which ETF is cheaper, FRGN or SPDW?

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

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

SPDW has the higher dividend yield at 2.87%, compared with 0.20% for FRGN.

What is the main difference between FRGN and SPDW?

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