GWX vs. DFIS

Last updated Aug 4, 2026

GWX (SPDR S&P International Small Cap ETF) and DFIS (Dimensional International Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. GWX is passively managed, while DFIS is actively managed. Over the past 3 years, GWX returned 15.22%/yr vs 18.58%/yr for DFIS. Their correlation of 0.95 means they have usually moved in the same direction. GWX charges 0.40%/yr vs 0.39%/yr for DFIS.

Performance

GWX vs. DFIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Small Cap ETF (GWX) and Dimensional International Small Cap ETF (DFIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWX achieves a 8.23% return, which is significantly lower than DFIS's 11.05% return.

GWX

• 1D: 1.56%
• 1M: -0.22%
• 6M: 1.82%
• YTD: 8.23%
• 1Y: 20.23%
• 3Y*: 15.22%
• 5Y*: 5.29%
• 10Y*: 7.13%
• ALL TIME*: 4.56%

DFIS

• 1D: 0.71%
• 1M: 1.69%
• 6M: 4.76%
• YTD: 11.05%
• 1Y: 24.15%
• 3Y*: 18.58%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFIS Dimensional International Small Cap ETF	$28.82M	$39.30M	$27.03M
GWX SPDR S&P International Small Cap ETF	$2.09M	$2.59M	$3.00M

GWX vs. DFIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GWX SPDR S&P International Small Cap ETF	8.23%	35.89%	0.21%	10.94%	-13.99%
DFIS Dimensional International Small Cap ETF	11.05%	37.49%	3.80%	15.19%	-12.50%

Correlation

The correlation between GWX and DFIS is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.95

The correlation between GWX and DFIS has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

GWX vs. DFIS - Sectors Allocation Comparison

Sectors	GWX	DFIS
Industrials	22.6%	24.4%
Technology	15.6%	9.4%
Basic Materials	14.2%	13.8%
Consumer Cyclical	11.4%	13.8%
Healthcare	8.2%	5.5%
Financial Services	7.9%	12.5%
Real Estate	7.2%	3.5%
Consumer Defensive	4.6%	5.3%
Energy	4.1%	5.3%
Communication Services	2.9%	3.5%
Utilities	1.4%	3.1%

Return for Risk

GWX vs. DFIS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GWX

GWX Risk / Return Rank: 45
GWX Sharpe Ratio Rank: 46
GWX Sortino Ratio Rank: 45
GWX Omega Ratio Rank: 44
GWX Calmar Ratio Rank: 45
GWX Martin Ratio Rank: 45

DFIS

DFIS Risk / Return Rank: 62
DFIS Sharpe Ratio Rank: 67
DFIS Sortino Ratio Rank: 67
DFIS Omega Ratio Rank: 64
DFIS Calmar Ratio Rank: 53
DFIS Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GWX vs. DFIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and Dimensional International Small Cap ETF (DFIS). 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.

	GWX	DFIS	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.59	-0.40
Sortino ratio: Return per unit of downside risk	1.72	2.25	-0.53
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.71	1.95	-0.25
Martin ratio: Return relative to average drawdown	5.21	7.09	-1.89

GWX vs. DFIS - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.19, which is comparable to the DFIS Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GWX and DFIS, 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

GWX vs. DFIS - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than DFIS's maximum drawdown of -27.23%. Use the drawdown chart below to compare losses from any high point for GWX and DFIS.

Drawdown Indicators

	GWX	DFIS	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-27.23%	-36.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-12.44%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-13.55%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	—	—
Current Drawdown Current decline from peak	-5.96%	-1.21%	-4.75%
Average Drawdown Average peak-to-trough decline	-14.66%	-6.05%	-8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.41%	+0.48%

Volatility

GWX vs. DFIS - Volatility Comparison

SPDR S&P International Small Cap ETF (GWX) has a higher volatility of 5.45% compared to Dimensional International Small Cap ETF (DFIS) at 4.34%. This indicates that GWX's price experiences larger fluctuations and is considered to be riskier than DFIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	DFIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	4.34%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	13.01%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.07%	15.24%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	17.26%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	17.26%	+0.09%

GWX vs. DFIS - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is higher than DFIS's 0.39% expense ratio.

Dividends

GWX vs. DFIS - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.73%, more than DFIS's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIS Dimensional International Small Cap ETF	1.98%	2.23%	2.19%	2.36%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GWX SPDR S&P International Small Cap ETF	2.73%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%

Frequently Asked Questions

Can I hold both GWX and DFIS in my portfolio?

With a correlation of 0.91, GWX and DFIS 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, GWX or DFIS?

GWX has higher volatility (5.45%) compared to DFIS (4.34%). In terms of maximum drawdown, GWX dropped -63.25% vs DFIS's -27.23%.

Which ETF is better, GWX or DFIS?

On 3-year performance, DFIS leads with 18.58% vs 15.22% for GWX. On fees, DFIS is cheaper at 0.39% per year. On volatility, DFIS has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GWX or DFIS?

Over the 3-year period, DFIS has performed better with a 18.58% return vs 15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GWX or DFIS?

DFIS is cheaper with a 0.39% expense ratio, compared with 0.40% for GWX.

Which ETF pays a higher dividend yield, GWX or DFIS?

GWX has the higher dividend yield at 2.73%, compared with 1.98% for DFIS.

What is the main difference between GWX and DFIS?

They also come from different issuers: State Street and Dimensional. Their fees differ too: 0.40% for GWX and 0.39% for DFIS.

Which has better risk-adjusted returns?

DFIS currently has the higher Sharpe Ratio (1.59 vs 1.19), 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.