ILF vs. SPDW

Last updated Jun 14, 2026

ILF (iShares Latin American 40 ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both exchange-traded funds - ILF is a Latin America Equities fund tracking the S&P Latin America 40 Index, while SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, ILF returned 8.97%/yr vs 10.64%/yr for SPDW. A 0.69 correlation means they provide meaningful diversification when combined. ILF charges 0.48%/yr vs 0.04%/yr for SPDW.

Performance

ILF vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Latin American 40 ETF (ILF) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ILF having a 14.45% return and SPDW slightly higher at 14.86%. Over the past 10 years, ILF has underperformed SPDW with an annualized return of 8.97%, while SPDW has yielded a comparatively higher 10.64% annualized return.

ILF

• 1D: 1.19%
• 1M: 1.16%
• YTD: 14.45%
• 6M: 13.56%
• 1Y: 41.16%
• 3Y*: 14.49%
• 5Y*: 9.30%
• 10Y*: 8.97%

SPDW

• 1D: 0.29%
• 1M: 3.74%
• YTD: 14.86%
• 6M: 16.65%
• 1Y: 31.27%
• 3Y*: 19.01%
• 5Y*: 9.30%
• 10Y*: 10.64%

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

ILF vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ILF iShares Latin American 40 ETF	14.45%	52.65%	-23.11%	33.14%	9.81%	-13.59%	-11.71%	13.77%	-6.85%	26.33%
SPDW SPDR Portfolio World ex-US ETF	14.86%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between ILF and SPDW is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007	0.69

The correlation between ILF and SPDW has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

ILF vs. SPDW - Sectors Allocation Comparison

Sectors	ILF	SPDW
Financial Services	33.3%	22.2%
Basic Materials	24.0%	7.3%
Energy	12.0%	4.9%
Consumer Defensive	9.5%	5.4%
Industrials	9.3%	18.4%
Utilities	4.4%	3.0%
Communication Services	4.4%	3.9%
Consumer Cyclical	1.3%	7.8%
Healthcare	1.1%	7.9%
Real Estate	0.8%	2.3%
Technology	-	16.8%

Return for Risk

ILF vs. SPDW — Risk / Return Rank

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

ILF

ILF Risk / Return Rank: 61
ILF Sharpe Ratio Rank: 64
ILF Sortino Ratio Rank: 59
ILF Omega Ratio Rank: 58
ILF Calmar Ratio Rank: 67
ILF Martin Ratio Rank: 57

SPDW

SPDW Risk / Return Rank: 62
SPDW Sharpe Ratio Rank: 63
SPDW Sortino Ratio Rank: 62
SPDW Omega Ratio Rank: 63
SPDW Calmar Ratio Rank: 59
SPDW Martin Ratio Rank: 63

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.

ILF vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Latin American 40 ETF (ILF) and SPDR Portfolio World ex-US ETF (SPDW). 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.

	ILF	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.80	+0.02
Sortino ratio: Return per unit of downside risk	2.44	2.51	-0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio: Return relative to maximum drawdown	2.92	2.58	+0.34
Martin ratio: Return relative to average drawdown	8.90	9.95	-1.05

ILF vs. SPDW - Sharpe Ratio Comparison

The current ILF Sharpe Ratio is 1.83, which is comparable to the SPDW Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of ILF and SPDW, 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

ILF vs. SPDW - Drawdown Comparison

The maximum ILF drawdown since its inception was -67.48%, which is greater than SPDW's maximum drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for ILF and SPDW.

Drawdown Indicators

	ILF	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-67.48%	-60.02%	-7.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.94%	-11.55%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-23.97%	-13.53%	-10.44%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-30.21%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-57.79%	-34.98%	-22.81%
Current Drawdown Current decline from peak	-8.53%	-0.99%	-7.54%
Average Drawdown Average peak-to-trough decline	-23.92%	-12.89%	-11.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	2.99%	+1.57%

Volatility

ILF vs. SPDW - Volatility Comparison

iShares Latin American 40 ETF (ILF) has a higher volatility of 7.45% compared to SPDR Portfolio World ex-US ETF (SPDW) at 6.86%. This indicates that ILF's price experiences larger fluctuations and is considered to be riskier than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ILF	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.45%	6.86%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	18.62%	14.23%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	22.30%	16.51%	+5.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.27%	16.66%	+6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.42%	17.31%	+11.11%

ILF vs. SPDW - Expense Ratio Comparison

ILF has a 0.48% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

ILF vs. SPDW - Dividend Comparison

ILF's dividend yield for the trailing twelve months is around 3.84%, more than SPDW's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILF iShares Latin American 40 ETF	3.84%	4.39%	7.44%	4.61%	12.72%	8.47%	1.88%	3.09%	3.12%	1.80%	1.59%	3.25%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both ILF and SPDW in my portfolio?

ILF and SPDW have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ILF or SPDW?

ILF has higher volatility (7.45%) compared to SPDW (6.86%). In terms of maximum drawdown, ILF dropped -67.48% vs SPDW's -60.02%.

Which ETF is better, ILF or SPDW?

On 10-year performance, SPDW leads with 10.64% vs 8.97% for ILF. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ILF or SPDW?

Over the 10-year period, SPDW has performed better with a 10.64% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ILF or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.48% for ILF.

Which ETF pays a higher dividend yield, ILF or SPDW?

ILF has the higher dividend yield at 3.84%, compared with 2.87% for SPDW.

What is the main difference between ILF and SPDW?

ILF is categorized as Latin America Equities, while SPDW is Foreign Large Cap Equities. ILF tracks S&P Latin America 40 Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.48% for ILF and 0.04% for SPDW.

Which has better risk-adjusted returns?

ILF currently has the higher Sharpe Ratio (1.82 vs 1.80), 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.