GWX vs. VOO

Last updated Jun 4, 2026

GWX (SPDR S&P International Small Cap ETF) and VOO (Vanguard 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 VOO 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 15.56%/yr for VOO. A 0.77 correlation means they provide meaningful diversification when combined. GWX charges 0.40%/yr vs 0.03%/yr for VOO.

Performance

GWX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Small Cap ETF (GWX) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.91% return. Over the past 10 years, GWX has underperformed VOO with an annualized return of 7.57%, while VOO has yielded a comparatively higher 15.56% 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%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

GWX vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between GWX and VOO 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 Sep 10, 2010	0.77

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

GWX vs. VOO - Sectors Allocation Comparison

Sectors	GWX	VOO
Industrials	22.0%	8.3%
Technology	15.1%	35.7%
Basic Materials	14.5%	1.8%
Consumer Cyclical	11.2%	10.2%
Healthcare	8.5%	8.5%
Financial Services	7.8%	11.6%
Real Estate	7.2%	1.9%
Consumer Defensive	4.7%	4.9%
Energy	4.7%	3.5%
Communication Services	2.9%	11.3%
Utilities	1.3%	2.4%

Return for Risk

GWX vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO 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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.39	-0.40
Sortino ratio: Return per unit of downside risk	2.75	3.25	-0.51
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	14.73	-4.69
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. VOO - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.98, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of GWX and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.39	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.83	-0.49
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	0.89	-0.66

Drawdowns

GWX vs. VOO - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GWX and VOO.

Drawdown Indicators

	GWX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-33.99%	-29.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-8.90%	-3.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-18.69%	+3.96%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-24.52%	-10.06%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-33.99%	-11.28%
Current Drawdown Current decline from peak	-2.86%	-0.70%	-2.16%
Average Drawdown Average peak-to-trough decline	-14.74%	-3.69%	-11.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.91%	+1.15%

Volatility

GWX vs. VOO - Volatility Comparison

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

Volatility by Period

	GWX	VOO	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%	11.80%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	16.81%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	18.01%	-0.65%

GWX vs. VOO - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

GWX vs. VOO - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.54%, more than VOO's 1.03% 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both GWX and VOO in my portfolio?

GWX and VOO 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 VOO?

GWX has higher volatility (5.21%) compared to VOO (2.84%). In terms of maximum drawdown, GWX dropped -63.25% vs VOO's -33.99%.

Which ETF is better, GWX or VOO?

On 10-year performance, VOO leads with 15.56% vs 7.57% for GWX. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO 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 VOO?

Over the 10-year period, VOO has performed better with a 15.56% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.40% for GWX.

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

GWX has the higher dividend yield at 2.54%, compared with 1.03% for VOO.

What is the main difference between GWX and VOO?

GWX is categorized as Foreign Small & Mid Cap Equities, while VOO is S&P 500. GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index, while VOO tracks S&P 500 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.40% for GWX and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 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.