GII vs. VWO

Last updated Jun 9, 2026

GII (SPDR S&P Global Infrastructure ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - GII is a Utilities Equities fund tracking the S&P Global Infrastructure, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, GII returned 8.22%/yr vs 8.60%/yr for VWO. A 0.65 correlation means they provide meaningful diversification when combined. GII charges 0.40%/yr vs 0.08%/yr for VWO.

Performance

GII vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Infrastructure ETF (GII) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GII achieves a 6.75% return, which is significantly lower than VWO's 8.50% return. Both investments have delivered pretty close results over the past 10 years, with GII having a 8.22% annualized return and VWO not far ahead at 8.60%.

GII

• 1D: -0.87%
• 1M: -2.02%
• YTD: 6.75%
• 6M: 7.80%
• 1Y: 13.78%
• 3Y*: 15.30%
• 5Y*: 9.70%
• 10Y*: 8.22%

VWO

• 1D: 0.52%
• 1M: -3.65%
• YTD: 8.50%
• 6M: 9.73%
• 1Y: 24.29%
• 3Y*: 16.22%
• 5Y*: 4.65%
• 10Y*: 8.60%

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

GII vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GII SPDR S&P Global Infrastructure ETF	6.75%	21.79%	14.30%	5.90%	-0.54%	11.39%	-6.81%	26.32%	-10.08%	19.07%
VWO Vanguard FTSE Emerging Markets ETF	8.50%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between GII and VWO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.65

Over the past year, the correlation between GII and VWO has dropped to 0.43 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

GII vs. VWO - Sectors Allocation Comparison

Sectors	GII	VWO
Industrials	27.6%	8.0%
Utilities	26.3%	2.9%
Energy	20.7%	4.6%
Financial Services	4.7%	19.5%
Technology	2.6%	29.6%
Communication Services	0.3%	7.1%
Real Estate	0.1%	2.2%
Basic Materials	-	8.0%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	3.7%
Healthcare	-	3.9%

Return for Risk

GII vs. VWO — Risk / Return Rank

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

GII

GII Risk / Return Rank: 43
GII Sharpe Ratio Rank: 40
GII Sortino Ratio Rank: 39
GII Omega Ratio Rank: 39
GII Calmar Ratio Rank: 52
GII Martin Ratio Rank: 46

VWO

VWO Risk / Return Rank: 49
VWO Sharpe Ratio Rank: 47
VWO Sortino Ratio Rank: 47
VWO Omega Ratio Rank: 50
VWO Calmar Ratio Rank: 49
VWO Martin Ratio Rank: 51

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.

GII vs. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	GII	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.49	-0.21
Sortino ratio: Return per unit of downside risk	1.83	2.08	-0.25
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	2.33	2.18	+0.14
Martin ratio: Return relative to average drawdown	7.00	7.79	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GII vs. VWO - Sharpe Ratio Comparison

The current GII Sharpe Ratio is 1.28, which is comparable to the VWO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of GII and VWO, 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

	GII	VWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.49	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.27	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.45	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.26	+0.02

Drawdowns

GII vs. VWO - Drawdown Comparison

The maximum GII drawdown since its inception was -50.98%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for GII and VWO.

Drawdown Indicators

	GII	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-67.68%	+16.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-11.17%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-17.37%	+3.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	-32.60%	+11.93%
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	-36.39%	-6.45%
Current Drawdown Current decline from peak	-5.42%	-4.67%	-0.75%
Average Drawdown Average peak-to-trough decline	-11.51%	-15.81%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.12%	-1.15%

Volatility

GII vs. VWO - Volatility Comparison

The current volatility for SPDR S&P Global Infrastructure ETF (GII) is 3.74%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 6.29%. This indicates that GII experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GII	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	6.29%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	13.80%	-4.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	16.37%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	17.45%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	19.23%	-2.08%

GII vs. VWO - Expense Ratio Comparison

GII has a 0.40% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

GII vs. VWO - Dividend Comparison

GII's dividend yield for the trailing twelve months is around 2.74%, more than VWO's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.74%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
VWO Vanguard FTSE Emerging Markets ETF	2.49%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both GII and VWO in my portfolio?

GII and VWO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GII or VWO?

VWO has higher volatility (6.29%) compared to GII (3.74%). In terms of maximum drawdown, GII dropped -50.98% vs VWO's -67.68%.

Which ETF is better, GII or VWO?

On 10-year performance, VWO leads with 8.60% vs 8.22% for GII. On fees, VWO is cheaper at 0.08% per year. On volatility, GII has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GII or VWO?

Over the 10-year period, VWO has performed better with a 8.60% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GII or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.40% for GII.

Which ETF pays a higher dividend yield, GII or VWO?

GII has the higher dividend yield at 2.74%, compared with 2.49% for VWO.

What is the main difference between GII and VWO?

GII is categorized as Utilities Equities, while VWO is Emerging Markets Equities. GII tracks S&P Global Infrastructure, while VWO tracks FTSE Emerging Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.40% for GII and 0.08% for VWO.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.49 vs 1.28), 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.