SDY vs. DWX

Last updated Jun 14, 2026

SDY (SPDR S&P Dividend ETF) and DWX (SPDR S&P International Dividend ETF) are both exchange-traded funds - SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index, 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, SDY returned 9.61%/yr vs 7.90%/yr for DWX. A 0.69 correlation means they provide meaningful diversification when combined. SDY charges 0.35%/yr vs 0.45%/yr for DWX.

Performance

SDY vs. DWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Dividend ETF (SDY) and 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, SDY achieves a 10.37% return, which is significantly higher than DWX's 8.17% return. Over the past 10 years, SDY has outperformed DWX with an annualized return of 9.61%, while DWX has yielded a comparatively lower 7.90% annualized return.

SDY

• 1D: 0.83%
• 1M: 3.57%
• YTD: 10.37%
• 6M: 9.32%
• 1Y: 16.30%
• 3Y*: 10.29%
• 5Y*: 6.56%
• 10Y*: 9.61%

DWX

• 1D: -0.27%
• 1M: 0.99%
• YTD: 8.17%
• 6M: 10.44%
• 1Y: 16.98%
• 3Y*: 15.54%
• 5Y*: 7.43%
• 10Y*: 7.90%

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

SDY vs. DWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDY SPDR S&P Dividend ETF	10.37%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%
DWX SPDR S&P International Dividend ETF	8.17%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%

Correlation

The correlation between SDY and DWX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 19, 2008	0.69

The correlation between SDY and DWX shifts across timeframes, from 0.55 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

SDY vs. DWX - Sectors Allocation Comparison

Sectors	SDY	DWX
Industrials	17.1%	10.5%
Consumer Defensive	16.1%	12.8%
Utilities	14.0%	10.7%
Financial Services	11.9%	16.5%
Technology	11.8%	3.4%
Healthcare	7.4%	4.3%
Basic Materials	5.9%	2.2%
Consumer Cyclical	5.9%	6.3%
Real Estate	4.4%	10.1%
Energy	3.0%	10.3%
Communication Services	2.5%	12.9%

Return for Risk

SDY vs. DWX — Risk / Return Rank

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

SDY

SDY Risk / Return Rank: 45
SDY Sharpe Ratio Rank: 47
SDY Sortino Ratio Rank: 51
SDY Omega Ratio Rank: 43
SDY Calmar Ratio Rank: 44
SDY Martin Ratio Rank: 38

DWX

DWX Risk / Return Rank: 47
DWX Sharpe Ratio Rank: 50
DWX Sortino Ratio Rank: 49
DWX Omega Ratio Rank: 50
DWX Calmar Ratio Rank: 44
DWX Martin Ratio Rank: 43

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.

SDY vs. DWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) 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.

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.

	SDY	DWX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.52	-0.08
Sortino ratio: Return per unit of downside risk	2.20	2.13	+0.08
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.95	1.94	+0.02
Martin ratio: Return relative to average drawdown	5.30	6.13	-0.83

SDY vs. DWX - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.44, which is comparable to the DWX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SDY 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

SDY vs. DWX - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, smaller than the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for SDY and DWX.

Drawdown Indicators

	SDY	DWX	Difference
Max Drawdown Largest peak-to-trough decline	-54.75%	-66.86%	+12.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-8.59%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-10.65%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.21%	-26.96%	+11.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-36.05%	-0.65%
Current Drawdown Current decline from peak	-1.50%	-2.37%	+0.87%
Average Drawdown Average peak-to-trough decline	-6.20%	-14.11%	+7.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.71%	+0.12%

Volatility

SDY vs. DWX - Volatility Comparison

SPDR S&P Dividend ETF (SDY) and SPDR S&P International Dividend ETF (DWX) have volatilities of 2.89% and 3.01%, 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

	SDY	DWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	3.01%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.47%	8.88%	-1.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.42%	11.03%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	12.24%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	15.06%	+2.03%

SDY vs. DWX - Expense Ratio Comparison

SDY has a 0.35% expense ratio, which is lower than DWX's 0.45% expense ratio.

Dividends

SDY vs. DWX - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.42%, less than DWX's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX 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%
SDY SPDR S&P Dividend ETF	2.42%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both SDY and DWX in my portfolio?

SDY and DWX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDY or DWX?

DWX has higher volatility (3.01%) compared to SDY (2.89%). In terms of maximum drawdown, SDY dropped -54.75% vs DWX's -66.86%.

Which ETF is better, SDY or DWX?

On 10-year performance, SDY leads with 9.61% vs 7.90% for DWX. On fees, SDY is cheaper at 0.35% per year. On volatility, SDY has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDY or DWX?

Over the 10-year period, SDY has performed better with a 9.61% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDY or DWX?

SDY is cheaper with a 0.35% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.12%, compared with 2.42% for SDY.

What is the main difference between SDY and DWX?

SDY is categorized as Mid Cap Value Equities, while DWX is Foreign Large Cap Equities. SDY tracks S&P High Yield Dividend Aristocrats Index, while DWX tracks S&P International Dividend Opportunities Index. Their fees differ too: 0.35% for SDY and 0.45% for DWX.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.52 vs 1.44), 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.