GWX vs. DISVX

Last updated Jul 15, 2026

GWX (SPDR S&P International Small Cap ETF) and DISVX (DFA International Small Cap Value Portfolio Institutional Class) are both Foreign Small & Mid Cap Equities funds. GWX is passively managed, while DISVX is actively managed. Over the past 10 years, GWX returned 7.37%/yr vs 10.70%/yr for DISVX. Their correlation of 0.91 suggests significant overlap in exposure. GWX charges 0.40%/yr vs 0.43%/yr for DISVX.

Performance

GWX vs. DISVX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GWX having a 8.30% return and DISVX slightly lower at 7.99%. Over the past 10 years, GWX has underperformed DISVX with an annualized return of 7.37%, while DISVX has yielded a comparatively higher 10.70% annualized return.

GWX

• 1D: 0.88%
• 1M: -3.32%
• 6M: 5.54%
• YTD: 8.30%
• 1Y: 19.92%
• 3Y*: 14.52%
• 5Y*: 5.50%
• 10Y*: 7.37%

DISVX

• 1D: -0.78%
• 1M: -1.71%
• 6M: 4.97%
• YTD: 7.99%
• 1Y: 27.19%
• 3Y*: 23.09%
• 5Y*: 13.84%
• 10Y*: 10.70%

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

GWX vs. DISVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	8.30%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
DISVX DFA International Small Cap Value Portfolio Institutional Class	7.99%	52.17%	7.88%	17.58%	-9.80%	15.84%	0.82%	21.04%	-23.36%	25.41%

Correlation

The correlation between GWX and DISVX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007	0.91

The correlation between GWX and DISVX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

GWX vs. DISVX — Risk / Return Rank

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

GWX

GWX Risk / Return Rank: 41
GWX Sharpe Ratio Rank: 42
GWX Sortino Ratio Rank: 41
GWX Omega Ratio Rank: 41
GWX Calmar Ratio Rank: 41
GWX Martin Ratio Rank: 43

DISVX

DISVX Risk / Return Rank: 58
DISVX Sharpe Ratio Rank: 71
DISVX Sortino Ratio Rank: 69
DISVX Omega Ratio Rank: 67
DISVX Calmar Ratio Rank: 46
DISVX Martin Ratio Rank: 40

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.

GWX vs. DISVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and DFA International Small Cap Value Portfolio Institutional Class (DISVX). 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	DISVX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.85	-0.65
Sortino ratio: Return per unit of downside risk	1.73	2.61	-0.89
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.68	2.09	-0.41
Martin ratio: Return relative to average drawdown	5.66	6.78	-1.12

GWX vs. DISVX - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.21, which is lower than the DISVX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GWX and DISVX, 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. DISVX - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, roughly equal to the maximum DISVX drawdown of -61.57%. Use the drawdown chart below to compare losses from any high point for GWX and DISVX.

Drawdown Indicators

	GWX	DISVX	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-61.57%	-1.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-13.26%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-13.69%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-27.43%	-7.15%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-49.24%	+3.97%
Current Drawdown Current decline from peak	-5.89%	-5.63%	-0.26%
Average Drawdown Average peak-to-trough decline	-14.68%	-12.17%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	4.06%	-0.53%

Volatility

GWX vs. DISVX - Volatility Comparison

SPDR S&P International Small Cap ETF (GWX) and DFA International Small Cap Value Portfolio Institutional Class (DISVX) have volatilities of 4.55% and 4.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	DISVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	4.76%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	12.64%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.61%	14.99%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	16.14%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	16.46%	+0.84%

GWX vs. DISVX - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is lower than DISVX's 0.43% expense ratio.

Dividends

GWX vs. DISVX - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.73%, less than DISVX's 6.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DISVX DFA International Small Cap Value Portfolio Institutional Class	6.66%	7.17%	4.56%	3.87%	2.40%	3.51%	1.84%	3.97%	5.91%	3.77%	5.85%	3.51%
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 DISVX in my portfolio?

GWX and DISVX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWX or DISVX?

DISVX has higher volatility (4.76%) compared to GWX (4.55%). In terms of maximum drawdown, GWX dropped -63.25% vs DISVX's -61.57%.

Which has better risk-adjusted returns?

DISVX currently has the higher Sharpe Ratio (1.85 vs 1.21), 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.