GWX vs. SPYG

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P International Small Cap ETF (GWX) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG).

GWX and SPYG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GWX is a passively managed fund by State Street that tracks the performance of the S&P Developed Ex-U.S. Under USD2 Billion Index. It was launched on Apr 20, 2007. SPYG is a passively managed fund by State Street that tracks the performance of the S&P 500 Growth Index. It was launched on Sep 25, 2000. Both GWX and SPYG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GWX vs. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

GWX vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	5.41%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	-6.91%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Returns By Period

In the year-to-date period, GWX achieves a 5.41% return, which is significantly higher than SPYG's -6.91% return. Over the past 10 years, GWX has underperformed SPYG with an annualized return of 7.61%, while SPYG has yielded a comparatively higher 15.90% annualized return.

GWX

• 1D: 1.99%
• 1M: -5.90%
• YTD: 5.41%
• 6M: 8.61%
• 1Y: 38.66%
• 3Y*: 14.78%
• 5Y*: 5.52%
• 10Y*: 7.61%

SPYG

• 1D: 1.32%
• 1M: -4.24%
• YTD: -6.91%
• 6M: -5.21%
• 1Y: 23.24%
• 3Y*: 22.39%
• 5Y*: 12.53%
• 10Y*: 15.90%

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

GWX vs. SPYG - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is higher than SPYG's 0.04% expense ratio.

GWX

SPDR S&P International Small Cap ETF

SPYG

State Street SPDR Portfolio S&P 500 Growth ETF

Return for Risk

GWX vs. SPYG — Risk / Return Rank

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

GWX

GWX Risk / Return Rank: 92
GWX Sharpe Ratio Rank: 93
GWX Sortino Ratio Rank: 94
GWX Omega Ratio Rank: 93
GWX Calmar Ratio Rank: 90
GWX Martin Ratio Rank: 91

SPYG

SPYG Risk / Return Rank: 62
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 61
SPYG Omega Ratio Rank: 60
SPYG Calmar Ratio Rank: 67
SPYG Martin Ratio Rank: 65

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. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio Return per unit of total volatility	2.30	1.04	+1.26
Sortino ratio Return per unit of downside risk	3.02	1.62	+1.40
Omega ratio Gain probability vs. loss probability	1.44	1.23	+0.21
Calmar ratio Return relative to maximum drawdown	3.26	1.75	+1.51
Martin ratio Return relative to average drawdown	13.14	6.81	+6.33
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. SPYG - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 2.30, which is higher than the SPYG Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of GWX and SPYG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GWX	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.04	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.60	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.78	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.32	-0.10

Correlation

The correlation between GWX and SPYG is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GWX vs. SPYG - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.69%, more than SPYG's 0.57% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.69%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.57%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Drawdowns

GWX vs. SPYG - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for GWX and SPYG.

Drawdown Indicators

	GWX	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-67.63%	+4.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-13.76%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-32.67%	-1.91%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-32.67%	-12.60%
Current Drawdown Current decline from peak	-7.24%	-9.06%	+1.82%
Average Drawdown Average peak-to-trough decline	-14.85%	-24.48%	+9.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.55%	-0.59%

Volatility

GWX vs. SPYG - Volatility Comparison

SPDR S&P International Small Cap ETF (GWX) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 7.43% and 7.32%, 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	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	7.32%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	12.90%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	22.42%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.56%	21.13%	-4.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	20.57%	-3.32%