ISVL vs. GWX

Last updated Aug 2, 2026

ISVL (iShares International Developed Small Cap Value Factor ETF) and GWX (SPDR S&P International Small Cap ETF) are both exchange-traded funds - ISVL is a Small Cap Value Equities fund tracking the FTSE Developed ex US ex Korea Small Cap Focused Value Index (USD) (Net), while GWX is a Foreign Small & Mid Cap Equities fund tracking the S&P Developed Ex-U.S. Under USD2 Billion Index. Both are passively managed. Over the past 5 years, ISVL returned 11.04%/yr vs 4.99%/yr for GWX. Their correlation of 0.93 means they have usually moved in the same direction. ISVL charges 0.31%/yr vs 0.40%/yr for GWX.

Performance

ISVL vs. GWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Developed Small Cap Value Factor ETF (ISVL) and SPDR S&P International Small Cap ETF (GWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISVL achieves a 11.86% return, which is significantly higher than GWX's 6.57% return.

ISVL

• 1D: -0.25%
• 1M: 2.47%
• 6M: 4.89%
• YTD: 11.86%
• 1Y: 28.25%
• 3Y*: 21.24%
• 5Y*: 11.04%
• 10Y*: —
• ALL TIME*: 12.03%

GWX

• 1D: -0.67%
• 1M: -1.75%
• 6M: -0.65%
• YTD: 6.57%
• 1Y: 18.38%
• 3Y*: 14.16%
• 5Y*: 4.99%
• 10Y*: 6.98%
• ALL TIME*: 4.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GWX SPDR S&P International Small Cap ETF	$2.09M	$2.68M	$2.97M
ISVL iShares International Developed Small Cap Value Factor ETF	$896.60K	$851.74K	$961.36K

ISVL vs. GWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISVL iShares International Developed Small Cap Value Factor ETF	11.86%	42.84%	4.58%	17.56%	-13.69%	8.32%
GWX SPDR S&P International Small Cap ETF	6.57%	35.89%	0.21%	10.94%	-19.98%	5.19%

Correlation

The correlation between ISVL and GWX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.93

The correlation between ISVL and GWX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

ISVL vs. GWX - Sectors Allocation Comparison

Sectors	ISVL	GWX
Industrials	23.7%	22.6%
Financial Services	21.7%	7.9%
Real Estate	10.8%	7.2%
Consumer Cyclical	10.7%	11.4%
Basic Materials	9.0%	14.2%
Energy	6.1%	4.1%
Consumer Defensive	5.4%	4.6%
Technology	4.7%	15.6%
Healthcare	3.7%	8.2%
Communication Services	2.8%	2.9%
Utilities	1.3%	1.4%

Return for Risk

ISVL vs. GWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ISVL

ISVL Risk / Return Rank: 78
ISVL Sharpe Ratio Rank: 83
ISVL Sortino Ratio Rank: 83
ISVL Omega Ratio Rank: 82
ISVL Calmar Ratio Rank: 67
ISVL Martin Ratio Rank: 73

GWX

GWX Risk / Return Rank: 44
GWX Sharpe Ratio Rank: 45
GWX Sortino Ratio Rank: 44
GWX Omega Ratio Rank: 44
GWX Calmar Ratio Rank: 44
GWX Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ISVL vs. GWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Developed Small Cap Value Factor ETF (ISVL) and SPDR S&P International Small Cap ETF (GWX). 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.

	ISVL	GWX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.11	+0.82
Sortino ratio: Return per unit of downside risk	2.74	1.61	+1.12
Omega ratio: Gain probability vs. loss probability	1.35	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	2.31	1.58	+0.73
Martin ratio: Return relative to average drawdown	8.98	4.84	+4.14

ISVL vs. GWX - Sharpe Ratio Comparison

The current ISVL Sharpe Ratio is 1.93, which is higher than the GWX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of ISVL and GWX, 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

ISVL vs. GWX - Drawdown Comparison

The maximum ISVL drawdown since its inception was -30.48%, smaller than the maximum GWX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for ISVL and GWX.

Drawdown Indicators

	ISVL	GWX	Difference
Max Drawdown Largest peak-to-trough decline	-30.48%	-63.25%	+32.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-11.91%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-12.50%	-14.73%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-34.58%	+4.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.27%	—
Current Drawdown Current decline from peak	-0.25%	-7.40%	+7.15%
Average Drawdown Average peak-to-trough decline	-6.50%	-14.66%	+8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.88%	-0.68%

Volatility

ISVL vs. GWX - Volatility Comparison

The current volatility for iShares International Developed Small Cap Value Factor ETF (ISVL) is 4.45%, while SPDR S&P International Small Cap ETF (GWX) has a volatility of 5.20%. This indicates that ISVL experiences smaller price fluctuations and is considered to be less risky than GWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISVL	GWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	5.20%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	14.72%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	16.98%	-2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	16.99%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	17.34%	-0.62%

ISVL vs. GWX - Expense Ratio Comparison

ISVL has a 0.31% expense ratio, which is lower than GWX's 0.40% expense ratio.

Dividends

ISVL vs. GWX - Dividend Comparison

ISVL's dividend yield for the trailing twelve months is around 3.09%, more than GWX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.78%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%
ISVL iShares International Developed Small Cap Value Factor ETF	3.09%	2.69%	3.92%	3.82%	3.37%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISVL and GWX in my portfolio?

ISVL and GWX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISVL or GWX?

GWX has higher volatility (5.20%) compared to ISVL (4.45%). In terms of maximum drawdown, ISVL dropped -30.48% vs GWX's -63.25%.

Which ETF is better, ISVL or GWX?

On 5-year performance, ISVL leads with 11.04% vs 4.99% for GWX. On fees, ISVL is cheaper at 0.31% per year. On volatility, ISVL has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISVL or GWX?

Over the 5-year period, ISVL has performed better with a 11.04% return vs 4.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISVL or GWX?

ISVL is cheaper with a 0.31% expense ratio, compared with 0.40% for GWX.

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

ISVL has the higher dividend yield at 3.09%, compared with 2.78% for GWX.

What is the main difference between ISVL and GWX?

ISVL is categorized as Small Cap Value Equities, while GWX is Foreign Small & Mid Cap Equities. ISVL tracks FTSE Developed ex US ex Korea Small Cap Focused Value Index (USD) (Net), while GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.31% for ISVL and 0.40% for GWX.

Which has better risk-adjusted returns?

ISVL currently has the higher Sharpe Ratio (1.93 vs 1.11), 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.