PIEL vs. SPDW

Last updated Jun 6, 2026

PIEL (Pacer International Export Leaders ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - PIEL tracks the Pacer International Export Leaders Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Their correlation of 0.94 suggests significant overlap in exposure. PIEL charges 0.60%/yr vs 0.04%/yr for SPDW.

Performance

PIEL vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer International Export Leaders ETF (PIEL) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIEL achieves a 8.89% return, which is significantly lower than SPDW's 11.08% return.

PIEL

• 1D: -5.07%
• 1M: 0.19%
• YTD: 8.89%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDW

• 1D: -3.71%
• 1M: -2.20%
• YTD: 11.08%
• 6M: 13.62%
• 1Y: 27.01%
• 3Y*: 18.26%
• 5Y*: 8.62%
• 10Y*: 9.55%

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

PIEL vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025
PIEL Pacer International Export Leaders ETF	8.89%	-0.43%
SPDW SPDR Portfolio World ex-US ETF	11.08%	-0.16%

Correlation

The correlation between PIEL and SPDW is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 24, 2025	0.94

Return for Risk

PIEL vs. SPDW — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 51
SPDW Sharpe Ratio Rank: 50
SPDW Sortino Ratio Rank: 49
SPDW Omega Ratio Rank: 51
SPDW Calmar Ratio Rank: 49
SPDW Martin Ratio Rank: 54

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.

PIEL vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer International Export Leaders ETF (PIEL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PIEL	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.69	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.23	+0.60

Drawdowns

PIEL vs. SPDW - Drawdown Comparison

The maximum PIEL drawdown since its inception was -14.67%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for PIEL and SPDW.

Drawdown Indicators

	PIEL	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-14.67%	-60.02%	+45.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-5.53%	-4.25%	-1.28%
Average Drawdown Average peak-to-trough decline	-3.71%	-12.91%	+9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.96%	—

Volatility

Volatility by Period

	PIEL	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	16.03%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.11%	16.57%	+7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	17.29%	+6.82%

PIEL vs. SPDW - Expense Ratio Comparison

PIEL has a 0.60% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

PIEL vs. SPDW - Dividend Comparison

PIEL has not paid dividends to shareholders, while SPDW's dividend yield for the trailing twelve months is around 2.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIEL Pacer International Export Leaders ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDW SPDR Portfolio World ex-US ETF	2.97%	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 PIEL and SPDW in my portfolio?

With a correlation of 0.94, PIEL and SPDW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, PIEL or SPDW?

On fees, SPDW is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PIEL or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.60% for PIEL.

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

SPDW has the higher dividend yield at 2.97%, compared with 0.00% for PIEL.

What is the main difference between PIEL and SPDW?

PIEL tracks Pacer International Export Leaders Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Pacer and State Street. Their fees differ too: 0.60% for PIEL and 0.04% for SPDW.