PATN vs. DWX

Last updated Aug 4, 2026

PATN (Pacer Nasdaq International Patent Leaders ETF) and DWX (State Street SPDR S&P International Dividend ETF) are both Foreign Large Cap Equities funds - PATN tracks the Nasdaq International Patent Leaders Index while DWX tracks the S&P International Dividend Opportunities Index. Both are passively managed. Over the past year, PATN returned 53.28% vs 19.67% for DWX. Their 0.49 correlation means their historical movements had little consistent relationship. PATN charges 0.65%/yr vs 0.45%/yr for DWX.

Performance

PATN vs. DWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Nasdaq International Patent Leaders ETF (PATN) and State Street SPDR S&P International Dividend ETF (DWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PATN achieves a 28.74% return, which is significantly higher than DWX's 10.64% return.

PATN

• 1D: 0.61%
• 1M: -3.34%
• 6M: 17.25%
• YTD: 28.74%
• 1Y: 53.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.65%

DWX

• 1D: -0.42%
• 1M: 3.07%
• 6M: 6.49%
• YTD: 10.64%
• 1Y: 19.67%
• 3Y*: 16.41%
• 5Y*: 8.12%
• 10Y*: 7.29%
• ALL TIME*: 2.78%

*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)
DWX State Street SPDR S&P International Dividend ETF	$956.39K	$1.20M	$907.10K
PATN Pacer Nasdaq International Patent Leaders ETF	$6.30M	$4.83M	$3.83M

PATN vs. DWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PATN Pacer Nasdaq International Patent Leaders ETF	28.74%	40.01%	-1.73%
DWX State Street SPDR S&P International Dividend ETF	10.64%	31.62%	-8.88%

Correlation

The correlation between PATN and DWX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.49

PATN vs. DWX - Sectors Allocation Comparison

Sectors	PATN	DWX
Technology	43.9%	2.9%
Industrials	17.5%	10.6%
Consumer Cyclical	10.5%	6.6%
Healthcare	9.5%	4.4%
Communication Services	7.0%	12.1%
Consumer Defensive	6.2%	13.1%
Basic Materials	3.2%	2.1%
Energy	0.9%	10.1%
Financial Services	0.7%	17.3%
Real Estate	-	10.2%
Utilities	-	10.6%

Return for Risk

PATN vs. DWX — Risk / Return Rank

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

PATN

PATN Risk / Return Rank: 83
PATN Sharpe Ratio Rank: 85
PATN Sortino Ratio Rank: 79
PATN Omega Ratio Rank: 83
PATN Calmar Ratio Rank: 88
PATN Martin Ratio Rank: 82

DWX

DWX Risk / Return Rank: 69
DWX Sharpe Ratio Rank: 76
DWX Sortino Ratio Rank: 74
DWX Omega Ratio Rank: 76
DWX Calmar Ratio Rank: 64
DWX Martin Ratio Rank: 57

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.

PATN vs. DWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Nasdaq International Patent Leaders ETF (PATN) and State Street SPDR S&P International Dividend ETF (DWX). 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.

	PATN	DWX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.79	+0.32
Sortino ratio: Return per unit of downside risk	2.71	2.49	+0.22
Omega ratio: Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	3.72	2.30	+1.42
Martin ratio: Return relative to average drawdown	11.66	6.96	+4.70

PATN vs. DWX - Sharpe Ratio Comparison

The current PATN Sharpe Ratio is 2.11, which is comparable to the DWX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of PATN and DWX, 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

PATN vs. DWX - Drawdown Comparison

The maximum PATN drawdown since its inception was -16.77%, smaller than the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for PATN and DWX.

Drawdown Indicators

	PATN	DWX	Difference
Max Drawdown Largest peak-to-trough decline	-16.77%	-66.86%	+50.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.40%	-8.59%	-5.81%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.05%	—
Current Drawdown Current decline from peak	-9.34%	-1.68%	-7.66%
Average Drawdown Average peak-to-trough decline	-3.44%	-14.02%	+10.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	2.83%	+1.75%

Volatility

PATN vs. DWX - Volatility Comparison

Pacer Nasdaq International Patent Leaders ETF (PATN) has a higher volatility of 8.80% compared to State Street SPDR S&P International Dividend ETF (DWX) at 2.85%. This indicates that PATN's price experiences larger fluctuations and is considered to be riskier than DWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PATN	DWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	2.85%	+5.95%
Volatility (6M) Calculated over the trailing 6-month period	22.85%	9.22%	+13.63%
Volatility (1Y) Calculated over the trailing 1-year period	25.38%	11.05%	+14.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.70%	12.25%	+10.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.70%	14.72%	+7.98%

PATN vs. DWX - Expense Ratio Comparison

PATN has a 0.65% expense ratio, which is higher than DWX's 0.45% expense ratio.

Dividends

PATN vs. DWX - Dividend Comparison

PATN's dividend yield for the trailing twelve months is around 1.69%, less than DWX's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX State Street SPDR S&P International Dividend ETF	4.12%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
PATN Pacer Nasdaq International Patent Leaders ETF	1.69%	2.25%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PATN and DWX in my portfolio?

PATN and DWX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PATN or DWX?

PATN has higher volatility (8.80%) compared to DWX (2.85%). In terms of maximum drawdown, PATN dropped -16.77% vs DWX's -66.86%.

Which ETF is better, PATN or DWX?

On 1-year performance, PATN leads with 53.28% vs 19.67% for DWX. On fees, DWX is cheaper at 0.45% per year. On volatility, DWX has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PATN or DWX?

Over the 1-year period, PATN has performed better with a 53.28% return vs 19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PATN or DWX?

DWX is cheaper with a 0.45% expense ratio, compared with 0.65% for PATN.

Which ETF pays a higher dividend yield, PATN or DWX?

DWX has the higher dividend yield at 4.12%, compared with 1.69% for PATN.

What is the main difference between PATN and DWX?

PATN tracks Nasdaq International Patent Leaders Index, while DWX tracks S&P International Dividend Opportunities Index. They also come from different issuers: Pacer and State Street. Their fees differ too: 0.65% for PATN and 0.45% for DWX.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (2.11 vs 1.79), 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.