PID vs. DWX

Last updated Jun 3, 2026

PID (Invesco International Dividend Achievers™ ETF) and DWX (SPDR S&P International Dividend ETF) are both exchange-traded funds - PID is a Global Equities fund tracking the Nasdaq International Dividend Achievers (NR), while DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index. Both are passively managed. Over the past 10 years, PID returned 8.91%/yr vs 7.32%/yr for DWX. Their correlation of 0.84 suggests significant overlap in exposure. PID charges 0.56%/yr vs 0.45%/yr for DWX.

Performance

PID vs. DWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Dividend Achievers™ ETF (PID) and SPDR S&P International Dividend ETF (DWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PID having a 6.59% return and DWX slightly lower at 6.54%. Over the past 10 years, PID has outperformed DWX with an annualized return of 8.91%, while DWX has yielded a comparatively lower 7.32% annualized return.

PID

• 1D: 0.19%
• 1M: 1.86%
• YTD: 6.59%
• 6M: 7.96%
• 1Y: 17.46%
• 3Y*: 12.93%
• 5Y*: 8.72%
• 10Y*: 8.91%

DWX

• 1D: -0.01%
• 1M: -0.12%
• YTD: 6.54%
• 6M: 9.07%
• 1Y: 15.35%
• 3Y*: 15.08%
• 5Y*: 7.37%
• 10Y*: 7.32%

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

PID vs. DWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PID Invesco International Dividend Achievers™ ETF	6.59%	24.45%	3.08%	14.28%	-6.48%	24.49%	-6.56%	25.87%	-11.46%	19.05%
DWX SPDR S&P International Dividend ETF	6.54%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%

Correlation

The correlation between PID and DWX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 20, 2008	0.84

The correlation between PID and DWX shifts across timeframes, from 0.71 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

PID vs. DWX - Sectors Allocation Comparison

Sectors	PID	DWX
Financial Services	17.5%	16.4%
Utilities	14.2%	11.3%
Communication Services	13.8%	12.8%
Energy	13.3%	10.4%
Technology	8.7%	2.8%
Healthcare	8.4%	4.5%
Industrials	7.9%	10.2%
Consumer Cyclical	6.4%	6.2%
Consumer Defensive	6.0%	12.6%
Basic Materials	3.4%	2.3%
Real Estate	0.4%	10.5%

Return for Risk

PID vs. DWX — Risk / Return Rank

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

PID

PID Risk / Return Rank: 52
PID Sharpe Ratio Rank: 53
PID Sortino Ratio Rank: 56
PID Omega Ratio Rank: 53
PID Calmar Ratio Rank: 48
PID Martin Ratio Rank: 49

DWX

DWX Risk / Return Rank: 39
DWX Sharpe Ratio Rank: 40
DWX Sortino Ratio Rank: 38
DWX Omega Ratio Rank: 40
DWX Calmar Ratio Rank: 38
DWX Martin Ratio Rank: 39

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.

PID vs. DWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Dividend Achievers™ ETF (PID) and 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.

	PID	DWX	Difference
Sharpe ratio Return per unit of total volatility	1.82	1.43	+0.39
Sortino ratio Return per unit of downside risk	2.69	2.01	+0.69
Omega ratio Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio Return relative to maximum drawdown	2.43	1.90	+0.53
Martin ratio Return relative to average drawdown	8.33	6.21	+2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PID vs. DWX - Sharpe Ratio Comparison

The current PID Sharpe Ratio is 1.82, which is comparable to the DWX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of PID 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.

Sharpe Ratios by Period

	PID	DWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.43	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.61	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.49	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.12	+0.15

Drawdowns

PID vs. DWX - Drawdown Comparison

The maximum PID drawdown since its inception was -66.34%, roughly equal to the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for PID and DWX.

Drawdown Indicators

	PID	DWX	Difference
Max Drawdown Largest peak-to-trough decline	-66.34%	-66.86%	+0.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-8.59%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.34%	-10.65%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-22.97%	-26.96%	+3.99%
Max Drawdown (10Y) Largest decline over 10 years	-46.07%	-36.05%	-10.02%
Current Drawdown Current decline from peak	-1.14%	-3.85%	+2.71%
Average Drawdown Average peak-to-trough decline	-13.04%	-14.13%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.62%	-0.44%

Volatility

PID vs. DWX - Volatility Comparison

The current volatility for Invesco International Dividend Achievers™ ETF (PID) is 2.55%, while SPDR S&P International Dividend ETF (DWX) has a volatility of 3.08%. This indicates that PID experiences smaller price fluctuations and is considered to be less risky than DWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PID	DWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	3.08%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	8.69%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	10.82%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.96%	12.21%	+1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	15.09%	+2.75%

PID vs. DWX - Expense Ratio Comparison

PID has a 0.56% expense ratio, which is higher than DWX's 0.45% expense ratio.

Dividends

PID vs. DWX - Dividend Comparison

PID's dividend yield for the trailing twelve months is around 3.24%, less than DWX's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.19%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
PID Invesco International Dividend Achievers™ ETF	3.24%	3.28%	3.88%	3.31%	3.30%	3.30%	3.16%	3.99%	3.87%	3.46%	3.90%	4.48%

Frequently Asked Questions

Can I hold both PID and DWX in my portfolio?

PID and DWX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PID or DWX?

DWX has higher volatility (3.08%) compared to PID (2.55%). In terms of maximum drawdown, PID dropped -66.34% vs DWX's -66.86%.

Which ETF is better, PID or DWX?

On 10-year performance, PID leads with 8.91% vs 7.32% for DWX. On fees, DWX is cheaper at 0.45% per year. On volatility, PID has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PID or DWX?

Over the 10-year period, PID has performed better with a 8.91% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PID or DWX?

DWX is cheaper with a 0.45% expense ratio, compared with 0.56% for PID.

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

DWX has the higher dividend yield at 4.19%, compared with 3.24% for PID.

What is the main difference between PID and DWX?

PID is categorized as Global Equities, while DWX is Foreign Large Cap Equities. PID tracks Nasdaq International Dividend Achievers (NR), while DWX tracks S&P International Dividend Opportunities Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.56% for PID and 0.45% for DWX.

Which has better risk-adjusted returns?

PID currently has the higher Sharpe Ratio (1.82 vs 1.43), 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.