SPDW vs. DFSVX

Last updated Jun 14, 2026

SPDW (SPDR Portfolio World ex-US ETF) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while DFSVX is a Small Cap Value Equities fund actively managed by Dimensional. SPDW is passively managed, while DFSVX is actively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 11.75%/yr for DFSVX. A 0.71 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.30%/yr for DFSVX.

Performance

SPDW vs. DFSVX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPDW achieves a 14.86% return, which is significantly lower than DFSVX's 17.78% return. Over the past 10 years, SPDW has underperformed DFSVX with an annualized return of 10.64%, while DFSVX has yielded a comparatively higher 11.75% annualized return.

SPDW

• 1D: 0.29%
• 1M: 1.53%
• YTD: 14.86%
• 6M: 16.65%
• 1Y: 31.27%
• 3Y*: 19.01%
• 5Y*: 9.30%
• 10Y*: 10.64%

DFSVX

• 1D: 1.63%
• 1M: 5.78%
• YTD: 17.78%
• 6M: 15.07%
• 1Y: 36.45%
• 3Y*: 17.62%
• 5Y*: 10.49%
• 10Y*: 11.75%

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

SPDW vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	14.86%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
DFSVX DFA U.S. Small Cap Value Portfolio I	17.78%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between SPDW and DFSVX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007	0.71

The correlation between SPDW and DFSVX has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

SPDW vs. DFSVX — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 62
SPDW Sharpe Ratio Rank: 63
SPDW Sortino Ratio Rank: 62
SPDW Omega Ratio Rank: 63
SPDW Calmar Ratio Rank: 59
SPDW Martin Ratio Rank: 63

DFSVX

DFSVX Risk / Return Rank: 75
DFSVX Sharpe Ratio Rank: 71
DFSVX Sortino Ratio Rank: 73
DFSVX Omega Ratio Rank: 65
DFSVX Calmar Ratio Rank: 88
DFSVX Martin Ratio Rank: 78

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. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and DFA U.S. Small Cap Value Portfolio I (DFSVX). 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	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.96	-0.15
Sortino ratio: Return per unit of downside risk	2.51	2.85	-0.35
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.58	3.58	-1.00
Martin ratio: Return relative to average drawdown	9.95	11.45	-1.49

SPDW vs. DFSVX - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is comparable to the DFSVX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SPDW and DFSVX, 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. DFSVX - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for SPDW and DFSVX.

Drawdown Indicators

	SPDW	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-66.70%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-9.59%	-1.96%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-27.69%	+14.16%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-27.69%	-2.52%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-52.12%	+17.14%
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-12.89%	-9.46%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.99%	0.00%

Volatility

SPDW vs. DFSVX - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to DFA U.S. Small Cap Value Portfolio I (DFSVX) at 4.27%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than DFSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	4.27%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	11.51%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	17.53%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	21.50%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	23.89%	-6.58%

SPDW vs. DFSVX - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than DFSVX's 0.30% expense ratio.

Dividends

SPDW vs. DFSVX - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than DFSVX's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.48%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
SPDW SPDR Portfolio World ex-US ETF	2.87%	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 DFSVX in my portfolio?

SPDW and DFSVX have a correlation of 0.66, 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 DFSVX?

SPDW has higher volatility (6.86%) compared to DFSVX (4.27%). In terms of maximum drawdown, SPDW dropped -60.02% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

DFSVX currently has the higher Sharpe Ratio (1.96 vs 1.80), 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.