SPDW vs. ACLO

Last updated Jun 25, 2026

SPDW (SPDR Portfolio World ex-US ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while ACLO is a CLO fund actively managed by TCW. SPDW is passively managed, while ACLO is actively managed. Over the past year, SPDW returned 28.56% vs 5.30% for ACLO. At a correlation of -0.08, they often move in opposite directions. SPDW charges 0.04%/yr vs 0.20%/yr for ACLO.

Performance

SPDW vs. ACLO - Performance Comparison

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

Returns By Period

In the year-to-date period, SPDW achieves a 13.42% return, which is significantly higher than ACLO's 2.46% return.

SPDW

• 1D: 0.12%
• 1M: 0.32%
• YTD: 13.42%
• 6M: 13.07%
• 1Y: 28.56%
• 3Y*: 19.49%
• 5Y*: 9.26%
• 10Y*: 10.65%

ACLO

• 1D: 0.02%
• 1M: 0.46%
• YTD: 2.46%
• 6M: 2.51%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPDW vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPDW SPDR Portfolio World ex-US ETF	13.42%	34.75%	-1.05%
ACLO TCW AAA CLO ETF	2.46%	5.32%	0.81%

Correlation

The correlation between SPDW and ACLO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.08

Return for Risk

SPDW vs. ACLO — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 57
SPDW Sharpe Ratio Rank: 56
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 57
SPDW Calmar Ratio Rank: 56
SPDW Martin Ratio Rank: 59

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

SPDW vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and TCW AAA CLO ETF (ACLO). 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.

	SPDW	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	7.32	-5.60
Sortino ratio: Return per unit of downside risk	2.38	15.12	-12.74
Omega ratio: Gain probability vs. loss probability	1.32	3.44	-2.12
Calmar ratio: Return relative to maximum drawdown	2.48	19.85	-17.37
Martin ratio: Return relative to average drawdown	9.57	165.43	-155.86

SPDW vs. ACLO - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.72, which is lower than the ACLO Sharpe Ratio of 7.32. The chart below compares the historical Sharpe Ratios of SPDW and ACLO, 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

SPDW vs. ACLO - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for SPDW and ACLO.

Drawdown Indicators

	SPDW	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-1.01%	-59.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-0.27%	-11.28%
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	-2.87%	0.00%	-2.87%
Average Drawdown Average peak-to-trough decline	-12.87%	-0.04%	-12.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	0.03%	+2.96%

Volatility

SPDW vs. ACLO - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 7.04% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.04%	0.19%	+6.85%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	0.58%	+14.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	0.73%	+15.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	1.07%	+15.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	1.07%	+16.06%

SPDW vs. ACLO - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than ACLO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPDW vs. ACLO - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 3.05%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	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	3.05%	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 SPDW and ACLO in my portfolio?

SPDW and ACLO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDW or ACLO?

SPDW has higher volatility (7.04%) compared to ACLO (0.19%). In terms of maximum drawdown, SPDW dropped -60.02% vs ACLO's -1.01%.

Which ETF is better, SPDW or ACLO?

On 1-year performance, SPDW leads with 28.56% vs 5.30% for ACLO. On fees, SPDW is cheaper at 0.04% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or ACLO?

Over the 1-year period, SPDW has performed better with a 28.56% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or ACLO?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.20% for ACLO.

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

ACLO has the higher dividend yield at 4.90%, compared with 3.05% for SPDW.

What is the main difference between SPDW and ACLO?

SPDW is categorized as Foreign Large Cap Equities, while ACLO is CLO. They also come from different issuers: State Street and TCW. Their fees differ too: 0.04% for SPDW and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.32 vs 1.72), 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.