GWX vs. NISM
GWX (SPDR S&P International Small Cap ETF) and NISM (NYLI International Small-Mid Cap Equity ETF) are both Foreign Small & Mid Cap Equities funds. GWX is passively managed, while NISM is actively managed. Their correlation of 0.84 suggests significant overlap in exposure. GWX charges 0.40%/yr vs 0.70%/yr for NISM.
Performance
GWX vs. NISM - Performance Comparison
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Returns By Period
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%
NISM
- 1D
- 0.94%
- 1M
- -0.24%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GWX vs. NISM - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
GWX SPDR S&P International Small Cap ETF | -4.48% |
NISM NYLI International Small-Mid Cap Equity ETF | -1.78% |
Correlation
The correlation between GWX and NISM is 0.84, 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 May 13, 2026 | 0.84 |
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Return for Risk
GWX vs. NISM — Risk / Return Rank
GWX
NISM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GWX vs. NISM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and NYLI International Small-Mid Cap Equity ETF (NISM). 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 | NISM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.22 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | — | — |
| Martin ratioReturn relative to average drawdown | 5.66 | — | — |
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Drawdowns
GWX vs. NISM - Drawdown Comparison
The maximum GWX drawdown since its inception was -63.25%, which is greater than NISM's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for GWX and NISM.
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Drawdown Indicators
| GWX | NISM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.25% | -4.35% | -58.90% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.73% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.27% | — | — |
Current DrawdownCurrent decline from peak | -5.89% | -1.85% | -4.04% |
Average DrawdownAverage peak-to-trough decline | -14.68% | -1.75% | -12.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | — | — |
Volatility
GWX vs. NISM - Volatility Comparison
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Volatility by Period
| GWX | NISM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 14.31% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 14.31% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.30% | 14.31% | +2.99% |
GWX vs. NISM - Expense Ratio Comparison
GWX has a 0.40% expense ratio, which is lower than NISM's 0.70% expense ratio.
Dividends
GWX vs. NISM - Dividend Comparison
GWX's dividend yield for the trailing twelve months is around 2.73%, more than NISM's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NISM NYLI International Small-Mid Cap Equity ETF | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GWX and NISM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GWX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GWX is cheaper with a 0.40% expense ratio, compared with 0.70% for NISM.
GWX has the higher dividend yield at 2.73%, compared with 0.24% for NISM.
They also come from different issuers: State Street and New York Life Investment Management. Their fees differ too: 0.40% for GWX and 0.70% for NISM.
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