GWX vs. SPY

Last updated Jun 4, 2026

GWX (SPDR S&P International Small Cap ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GWX is a Foreign Small & Mid Cap Equities fund tracking the S&P Developed Ex-U.S. Under USD2 Billion Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GWX returned 7.57%/yr vs 15.49%/yr for SPY. A 0.77 correlation means they provide meaningful diversification when combined. GWX charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

GWX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Small Cap ETF (GWX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWX achieves a 11.79% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, GWX has underperformed SPY with an annualized return of 7.57%, while SPY has yielded a comparatively higher 15.49% annualized return.

GWX

• 1D: -1.21%
• 1M: 0.57%
• YTD: 11.79%
• 6M: 14.68%
• 1Y: 30.65%
• 3Y*: 17.00%
• 5Y*: 5.61%
• 10Y*: 7.57%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

GWX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	11.79%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GWX and SPY is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 27, 2007	0.77

The correlation between GWX and SPY has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

GWX vs. SPY - Sectors Allocation Comparison

Sectors	GWX	SPY
Industrials	22.0%	7.8%
Technology	15.1%	35.9%
Basic Materials	14.5%	1.8%
Consumer Cyclical	11.2%	10.3%
Healthcare	8.5%	8.4%
Financial Services	7.8%	11.8%
Real Estate	7.2%	1.9%
Consumer Defensive	4.7%	4.8%
Energy	4.7%	3.6%
Communication Services	2.9%	11.3%
Utilities	1.3%	2.4%

Return for Risk

GWX vs. SPY — Risk / Return Rank

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

GWX

GWX Risk / Return Rank: 56
GWX Sharpe Ratio Rank: 58
GWX Sortino Ratio Rank: 58
GWX Omega Ratio Rank: 57
GWX Calmar Ratio Rank: 52
GWX Martin Ratio Rank: 57

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and State Street SPDR S&P 500 ETF (SPY). 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.

	GWX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.38	-0.39
Sortino ratio: Return per unit of downside risk	2.75	3.24	-0.49
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.58	3.16	-0.58
Martin ratio: Return relative to average drawdown	10.03	14.72	-4.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWX vs. SPY - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.98, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GWX and SPY, 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

	GWX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.38	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.82	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.87	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.59	-0.35

Drawdowns

GWX vs. SPY - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GWX and SPY.

Drawdown Indicators

	GWX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-55.19%	-8.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-8.88%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-18.76%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-24.50%	-10.08%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-33.72%	-11.55%
Current Drawdown Current decline from peak	-2.86%	-0.70%	-2.16%
Average Drawdown Average peak-to-trough decline	-14.74%	-9.05%	-5.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.91%	+1.15%

Volatility

GWX vs. SPY - Volatility Comparison

SPDR S&P International Small Cap ETF (GWX) has a higher volatility of 5.21% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that GWX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	2.84%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	8.90%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.52%	11.83%	+3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	17.05%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	17.94%	-0.58%

GWX vs. SPY - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GWX vs. SPY - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.54%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.54%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GWX and SPY in my portfolio?

GWX and SPY have a correlation of 0.72, 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 SPY?

GWX has higher volatility (5.21%) compared to SPY (2.84%). In terms of maximum drawdown, GWX dropped -63.25% vs SPY's -55.19%.

Which ETF is better, GWX or SPY?

On 10-year performance, SPY leads with 15.49% vs 7.57% for GWX. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GWX or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GWX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for GWX.

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

GWX has the higher dividend yield at 2.54%, compared with 0.98% for SPY.

What is the main difference between GWX and SPY?

GWX is categorized as Foreign Small & Mid Cap Equities, while SPY is S&P 500. GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.40% for GWX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.98), 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.