PDN vs. GWX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) and SPDR S&P International Small Cap ETF (GWX).

PDN and GWX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PDN is a passively managed fund by Invesco that tracks the performance of the FTSE RAFI Developed x US Mid/Small. It was launched on Sep 27, 2007. GWX is a passively managed fund by State Street that tracks the performance of the S&P Developed Ex-U.S. Under USD2 Billion Index. It was launched on Apr 20, 2007. Both PDN and GWX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PDN vs. GWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) and SPDR S&P International Small Cap ETF (GWX). The values are adjusted to include any dividend payments, if applicable.

PDN vs. GWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	3.50%	38.34%	0.57%	13.35%	-17.35%	9.03%	10.65%	19.17%	-18.38%	30.74%
GWX SPDR S&P International Small Cap ETF	3.35%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%

Returns By Period

The year-to-date returns for both stocks are quite close, with PDN having a 3.50% return and GWX slightly lower at 3.35%. Over the past 10 years, PDN has outperformed GWX with an annualized return of 8.23%, while GWX has yielded a comparatively lower 7.39% annualized return.

PDN

• 1D: 3.25%
• 1M: -8.12%
• YTD: 3.50%
• 6M: 7.50%
• 1Y: 34.17%
• 3Y*: 15.65%
• 5Y*: 6.49%
• 10Y*: 8.23%

GWX

• 1D: 3.25%
• 1M: -9.05%
• YTD: 3.35%
• 6M: 6.84%
• 1Y: 36.16%
• 3Y*: 14.03%
• 5Y*: 5.10%
• 10Y*: 7.39%

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

PDN vs. GWX - Expense Ratio Comparison

PDN has a 0.49% expense ratio, which is higher than GWX's 0.40% expense ratio.

PDN

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

GWX

SPDR S&P International Small Cap ETF

Return for Risk

PDN vs. GWX — Risk / Return Rank

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

PDN

PDN Risk / Return Rank: 91
PDN Sharpe Ratio Rank: 91
PDN Sortino Ratio Rank: 93
PDN Omega Ratio Rank: 93
PDN Calmar Ratio Rank: 89
PDN Martin Ratio Rank: 90

GWX

GWX Risk / Return Rank: 92
GWX Sharpe Ratio Rank: 93
GWX Sortino Ratio Rank: 93
GWX Omega Ratio Rank: 93
GWX Calmar Ratio Rank: 89
GWX Martin Ratio Rank: 91

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.

PDN vs. GWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) 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.

	PDN	GWX	Difference
Sharpe ratio Return per unit of total volatility	2.05	2.17	-0.12
Sortino ratio Return per unit of downside risk	2.78	2.86	-0.08
Omega ratio Gain probability vs. loss probability	1.41	1.42	0.00
Calmar ratio Return relative to maximum drawdown	2.95	2.94	+0.01
Martin ratio Return relative to average drawdown	11.91	11.98	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDN vs. GWX - Sharpe Ratio Comparison

The current PDN Sharpe Ratio is 2.05, which is comparable to the GWX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PDN and GWX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PDN	GWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.17	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.31	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.43	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.21	+0.05

Correlation

The correlation between PDN and GWX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PDN vs. GWX - Dividend Comparison

PDN's dividend yield for the trailing twelve months is around 3.29%, more than GWX's 2.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	3.29%	3.36%	3.36%	3.16%	2.68%	2.42%	1.79%	2.60%	2.21%	2.42%	2.16%	2.06%
GWX SPDR S&P International Small Cap ETF	2.74%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%

Drawdowns

PDN vs. GWX - Drawdown Comparison

The maximum PDN drawdown since its inception was -59.32%, smaller than the maximum GWX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for PDN and GWX.

Drawdown Indicators

	PDN	GWX	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-63.25%	+3.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-11.91%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-33.68%	-34.58%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-41.94%	-45.27%	+3.33%
Current Drawdown Current decline from peak	-8.12%	-9.05%	+0.93%
Average Drawdown Average peak-to-trough decline	-11.68%	-14.85%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.92%	-0.13%

Volatility

PDN vs. GWX - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) and SPDR S&P International Small Cap ETF (GWX) have volatilities of 7.69% and 7.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDN	GWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.69%	7.73%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	11.67%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	16.79%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	16.55%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	17.24%	-0.25%