REFA vs. SPDW
REFA (Columbia Research Enhanced International Equity ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity 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. REFA charges 0.32%/yr vs 0.04%/yr for SPDW.
Performance
REFA vs. SPDW - Performance Comparison
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Returns By Period
In the year-to-date period, REFA achieves a 11.14% return, which is significantly lower than SPDW's 14.34% return.
REFA
- 1D
- 1.35%
- 1M
- 2.81%
- 6M
- 9.75%
- YTD
- 11.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPDW
- 1D
- 0.62%
- 1M
- -0.57%
- 6M
- 13.01%
- YTD
- 14.34%
- 1Y
- 27.20%
- 3Y*
- 18.89%
- 5Y*
- 9.60%
- 10Y*
- 10.30%
REFA vs. SPDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 11.14% | 0.33% |
SPDW SPDR Portfolio World ex-US ETF | 14.34% | 1.42% |
Correlation
The correlation between REFA 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 11, 2025 | 0.94 |
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Return for Risk
REFA vs. SPDW — Risk / Return Rank
REFA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPDW
REFA vs. SPDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) 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.
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.
| REFA | SPDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.38 | — |
| Martin ratioReturn relative to average drawdown | — | 9.12 | — |
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Drawdowns
REFA vs. SPDW - Drawdown Comparison
The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for REFA and SPDW.
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Drawdown Indicators
| REFA | SPDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -60.02% | +48.79% |
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 DrawdownCurrent decline from peak | -0.36% | -2.09% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -12.86% | +10.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.01% | — |
Volatility
REFA vs. SPDW - Volatility Comparison
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Volatility by Period
| REFA | SPDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.05% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 14.72% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 16.72% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 16.72% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 17.09% | +1.52% |
REFA vs. SPDW - Expense Ratio Comparison
REFA has a 0.32% expense ratio, which is higher than SPDW's 0.04% expense ratio.
Dividends
REFA vs. SPDW - Dividend Comparison
REFA's dividend yield for the trailing twelve months is around 0.03%, less than SPDW's 3.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 0.03% | 0.03% | 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 | 3.03% | 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
With a correlation of 0.94, REFA 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.
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.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.32% for REFA.
SPDW has the higher dividend yield at 3.03%, compared with 0.03% for REFA.
REFA tracks Beta Advantage Research Enhanced International Equity Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Columbia Threadneedle and State Street. Their fees differ too: 0.32% for REFA and 0.04% for SPDW.
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