SPDW vs. DFALX

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and DFALX (DFA Large Cap International Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, SPDW returned 10.06%/yr vs 9.57%/yr for DFALX. Their correlation of 0.94 suggests significant overlap in exposure. SPDW charges 0.04%/yr vs 0.18%/yr for DFALX.

Performance

SPDW vs. DFALX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPDW achieves a 12.18% return, which is significantly higher than DFALX's 7.88% return. Both investments have delivered pretty close results over the past 10 years, with SPDW having a 10.06% annualized return and DFALX not far behind at 9.57%.

SPDW

• 1D: 0.99%
• 1M: -1.17%
• YTD: 12.18%
• 6M: 14.96%
• 1Y: 27.89%
• 3Y*: 18.62%
• 5Y*: 8.90%
• 10Y*: 10.06%

DFALX

• 1D: -2.41%
• 1M: -1.66%
• YTD: 7.88%
• 6M: 10.41%
• 1Y: 22.50%
• 3Y*: 17.50%
• 5Y*: 9.00%
• 10Y*: 9.57%

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

SPDW vs. DFALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	12.18%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
DFALX DFA Large Cap International Portfolio	7.88%	33.60%	4.55%	17.88%	-13.04%	12.79%	8.13%	22.05%	-14.15%	25.35%

Correlation

The correlation between SPDW and DFALX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 27, 2007	0.94

The correlation between SPDW and DFALX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

SPDW vs. DFALX — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 56
SPDW Sharpe Ratio Rank: 57
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 56
SPDW Calmar Ratio Rank: 54
SPDW Martin Ratio Rank: 59

DFALX

DFALX Risk / Return Rank: 35
DFALX Sharpe Ratio Rank: 35
DFALX Sortino Ratio Rank: 33
DFALX Omega Ratio Rank: 33
DFALX Calmar Ratio Rank: 36
DFALX Martin Ratio Rank: 41

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. DFALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and DFA Large Cap International Portfolio (DFALX). 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.

	SPDW	DFALX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.61	+0.13
Sortino ratio: Return per unit of downside risk	2.40	2.25	+0.14
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.43	2.15	+0.28
Martin ratio: Return relative to average drawdown	9.42	8.36	+1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. DFALX - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is comparable to the DFALX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SPDW and DFALX, 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

	SPDW	DFALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.61	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.58	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.59	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.37	-0.14

Drawdowns

SPDW vs. DFALX - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, roughly equal to the maximum DFALX drawdown of -59.76%. Use the drawdown chart below to compare losses from any high point for SPDW and DFALX.

Drawdown Indicators

	SPDW	DFALX	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-59.76%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-10.70%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-13.11%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-27.52%	-2.69%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-35.58%	+0.60%
Current Drawdown Current decline from peak	-3.30%	-2.74%	-0.56%
Average Drawdown Average peak-to-trough decline	-12.90%	-12.00%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.74%	+0.23%

Volatility

SPDW vs. DFALX - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to DFA Large Cap International Portfolio (DFALX) at 4.21%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than DFALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	DFALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	4.21%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	11.69%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	14.29%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	15.71%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	16.19%	+1.11%

SPDW vs. DFALX - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than DFALX's 0.18% 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. DFALX - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.94%, more than DFALX's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFALX DFA Large Cap International Portfolio	2.80%	2.89%	3.18%	3.24%	2.86%	3.00%	1.88%	2.88%	3.07%	2.55%	2.89%	2.94%
SPDW SPDR Portfolio World ex-US ETF	2.94%	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 DFALX in my portfolio?

With a correlation of 0.97, SPDW and DFALX 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 is riskier, SPDW or DFALX?

SPDW has higher volatility (6.07%) compared to DFALX (4.21%). In terms of maximum drawdown, SPDW dropped -60.02% vs DFALX's -59.76%.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.74 vs 1.61), 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.