GWX vs. SPYG

Last updated Jun 24, 2026

GWX (SPDR S&P International Small Cap ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth 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 SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, GWX returned 7.76%/yr vs 18.05%/yr for SPYG. A 0.73 correlation means they provide meaningful diversification when combined. GWX charges 0.40%/yr vs 0.04%/yr for SPYG.

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.

Returns By Period

In the year-to-date period, GWX achieves a 7.67% return, which is significantly lower than SPYG's 8.70% return. Over the past 10 years, GWX has underperformed SPYG with an annualized return of 7.76%, while SPYG has yielded a comparatively higher 18.05% annualized return.

GWX

• 1D: -2.78%
• 1M: -4.71%
• YTD: 7.67%
• 6M: 7.46%
• 1Y: 24.74%
• 3Y*: 16.34%
• 5Y*: 5.24%
• 10Y*: 7.76%

SPYG

• 1D: -2.40%
• 1M: -2.07%
• YTD: 8.70%
• 6M: 7.46%
• 1Y: 26.87%
• 3Y*: 25.48%
• 5Y*: 14.11%
• 10Y*: 18.05%

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

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	7.67%	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	8.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between GWX and SPYG is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007	0.73

The correlation between GWX and SPYG shifts across timeframes, from 0.59 (3 years) to 0.73 (all time), reflecting how their relationship changes across market environments.

GWX vs. SPYG - Sectors Allocation Comparison

Sectors	GWX	SPYG
Industrials	22.1%	5.4%
Technology	16.3%	52.1%
Basic Materials	14.7%	0.3%
Consumer Cyclical	11.1%	8.5%
Healthcare	8.2%	5.9%
Financial Services	7.6%	9.0%
Real Estate	7.0%	0.6%
Consumer Defensive	4.5%	1.0%
Energy	4.3%	0.1%
Communication Services	2.9%	15.9%
Utilities	1.4%	1.2%

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: 45
GWX Sharpe Ratio Rank: 46
GWX Sortino Ratio Rank: 44
GWX Omega Ratio Rank: 44
GWX Calmar Ratio Rank: 45
GWX Martin Ratio Rank: 48

SPYG

SPYG Risk / Return Rank: 45
SPYG Sharpe Ratio Rank: 47
SPYG Sortino Ratio Rank: 44
SPYG Omega Ratio Rank: 44
SPYG Calmar Ratio Rank: 41
SPYG Martin Ratio Rank: 48

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.

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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.57	-0.07
Sortino ratio: Return per unit of downside risk	2.09	2.17	-0.08
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.09	1.96	+0.13
Martin ratio: Return relative to average drawdown	7.72	7.79	-0.07

GWX vs. SPYG - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.49, which is comparable to the SPYG Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of GWX and SPYG, 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. 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 (3Y) Largest decline over 3 years	-14.73%	-22.14%	+7.41%
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	-6.44%	-5.52%	-0.92%
Average Drawdown Average peak-to-trough decline	-14.71%	-24.28%	+9.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.46%	-0.25%

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 7.04% and 7.26%, 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	7.04%	7.26%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	13.90%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	17.26%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	21.36%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	20.73%	-3.39%

GWX vs. SPYG - Expense Ratio Comparison

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

Dividends

GWX vs. SPYG - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.75%, more than SPYG's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.75%	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	0.50%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both GWX and SPYG in my portfolio?

GWX and SPYG have a correlation of 0.66, 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 SPYG?

SPYG has higher volatility (7.26%) compared to GWX (7.04%). In terms of maximum drawdown, GWX dropped -63.25% vs SPYG's -67.63%.

Which ETF is better, GWX or SPYG?

On 10-year performance, SPYG leads with 18.05% vs 7.76% for GWX. On fees, SPYG is cheaper at 0.04% per year. On volatility, GWX has been the lower-risk option at 7.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GWX or SPYG?

Over the 10-year period, SPYG has performed better with a 18.05% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GWX or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.40% for GWX.

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

GWX has the higher dividend yield at 2.75%, compared with 0.50% for SPYG.

What is the main difference between GWX and SPYG?

GWX is categorized as Foreign Small & Mid Cap Equities, while SPYG is S&P 500. GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.40% for GWX and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.57 vs 1.49), 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.