GWX vs. XLU

Last updated Jun 5, 2026

GWX (SPDR S&P International Small Cap ETF) and XLU (State Street Utilities Select Sector SPDR 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 XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, GWX returned 7.61%/yr vs 9.22%/yr for XLU. At a 0.41 correlation, their price movements are largely independent. GWX charges 0.40%/yr vs 0.08%/yr for XLU.

Performance

GWX vs. XLU - 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 Utilities Select Sector SPDR ETF (XLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWX achieves a 12.82% return, which is significantly higher than XLU's 3.65% return. Over the past 10 years, GWX has underperformed XLU with an annualized return of 7.61%, while XLU has yielded a comparatively higher 9.22% annualized return.

GWX

• 1D: 0.92%
• 1M: 0.17%
• YTD: 12.82%
• 6M: 15.59%
• 1Y: 31.16%
• 3Y*: 17.59%
• 5Y*: 5.81%
• 10Y*: 7.61%

XLU

• 1D: 0.53%
• 1M: -5.24%
• YTD: 3.65%
• 6M: 1.99%
• 1Y: 11.64%
• 3Y*: 13.76%
• 5Y*: 9.36%
• 10Y*: 9.22%

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

GWX vs. XLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	12.82%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
XLU State Street Utilities Select Sector SPDR ETF	3.65%	16.03%	23.31%	-7.18%	1.44%	17.70%	0.51%	25.93%	3.94%	12.05%

Correlation

The correlation between GWX and XLU is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 27, 2007	0.41

The correlation between GWX and XLU shifts across timeframes, from 0.30 (10 years) to 0.41 (all time), reflecting how their relationship changes across market environments.

GWX vs. XLU - Sectors Allocation Comparison

Sectors	GWX	XLU
Industrials	22.0%	-
Technology	15.1%	-
Basic Materials	14.5%	-
Consumer Cyclical	11.2%	-
Healthcare	8.5%	-
Financial Services	7.8%	-
Real Estate	7.2%	-
Consumer Defensive	4.7%	-
Energy	4.7%	-
Communication Services	2.9%	-
Utilities	1.3%	100.0%

Return for Risk

GWX vs. XLU — Risk / Return Rank

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

GWX

GWX Risk / Return Rank: 58
GWX Sharpe Ratio Rank: 61
GWX Sortino Ratio Rank: 60
GWX Omega Ratio Rank: 58
GWX Calmar Ratio Rank: 54
GWX Martin Ratio Rank: 59

XLU

XLU Risk / Return Rank: 24
XLU Sharpe Ratio Rank: 24
XLU Sortino Ratio Rank: 23
XLU Omega Ratio Rank: 23
XLU Calmar Ratio Rank: 27
XLU Martin Ratio Rank: 23

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. XLU - 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 Utilities Select Sector SPDR ETF (XLU). 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	XLU	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.81	+1.21
Sortino ratio: Return per unit of downside risk	2.79	1.18	+1.61
Omega ratio: Gain probability vs. loss probability	1.35	1.15	+0.21
Calmar ratio: Return relative to maximum drawdown	2.63	1.27	+1.36
Martin ratio: Return relative to average drawdown	10.19	2.84	+7.35
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. XLU - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 2.02, which is higher than the XLU Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of GWX and XLU, 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	XLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	0.81	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.54	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.48	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.40	-0.17

Drawdowns

GWX vs. XLU - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for GWX and XLU.

Drawdown Indicators

	GWX	XLU	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-51.98%	-11.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-9.18%	-2.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-17.26%	+2.53%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-25.26%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-36.07%	-9.20%
Current Drawdown Current decline from peak	-1.96%	-7.30%	+5.34%
Average Drawdown Average peak-to-trough decline	-14.73%	-10.22%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	4.11%	-1.04%

Volatility

GWX vs. XLU - Volatility Comparison

The current volatility for SPDR S&P International Small Cap ETF (GWX) is 5.12%, while State Street Utilities Select Sector SPDR ETF (XLU) has a volatility of 5.47%. This indicates that GWX experiences smaller price fluctuations and is considered to be less risky than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	XLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.47%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	11.52%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	14.57%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	17.32%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	19.25%	-1.89%

GWX vs. XLU - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is higher than XLU's 0.08% expense ratio.

Dividends

GWX vs. XLU - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.51%, less than XLU's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.51%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%
XLU State Street Utilities Select Sector SPDR ETF	2.71%	2.71%	2.96%	3.39%	2.92%	2.79%	3.14%	2.95%	3.33%	3.33%	3.41%	3.67%

Frequently Asked Questions

Can I hold both GWX and XLU in my portfolio?

GWX and XLU have a correlation of 0.32, 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 XLU?

XLU has higher volatility (5.47%) compared to GWX (5.12%). In terms of maximum drawdown, GWX dropped -63.25% vs XLU's -51.98%.

Which ETF is better, GWX or XLU?

On 10-year performance, XLU leads with 9.22% vs 7.61% for GWX. On fees, XLU is cheaper at 0.08% per year. On volatility, GWX has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GWX or XLU?

Over the 10-year period, XLU has performed better with a 9.22% return vs 7.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GWX or XLU?

XLU is cheaper with a 0.08% expense ratio, compared with 0.40% for GWX.

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

XLU has the higher dividend yield at 2.71%, compared with 2.51% for GWX.

What is the main difference between GWX and XLU?

GWX is categorized as Foreign Small & Mid Cap Equities, while XLU is Utilities Equities. GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index, while XLU tracks Utilities Select Sector Index. Their fees differ too: 0.40% for GWX and 0.08% for XLU.

Which has better risk-adjusted returns?

GWX currently has the higher Sharpe Ratio (2.02 vs 0.81), 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.