SPDW vs. GDE

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while GDE is a Gold fund actively managed by WisdomTree. SPDW is passively managed, while GDE is actively managed. Over the past 3 years, SPDW returned 18.62%/yr vs 44.47%/yr for GDE. A 0.67 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.20%/yr for GDE.

Performance

SPDW vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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 GDE's 5.74% return.

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%

GDE

• 1D: 0.95%
• 1M: -7.44%
• YTD: 5.74%
• 6M: 8.50%
• 1Y: 47.93%
• 3Y*: 44.47%
• 5Y*: —
• 10Y*: —

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

SPDW vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPDW SPDR Portfolio World ex-US ETF	12.18%	34.75%	3.55%	17.81%	-10.06%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	5.74%	73.76%	44.79%	33.85%	-18.67%

Correlation

The correlation between SPDW and GDE is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.67

The correlation between SPDW and GDE has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

SPDW vs. GDE - Sectors Allocation Comparison

Sectors	SPDW	GDE
Financial Services	22.9%	12.2%
Industrials	19.2%	7.6%
Technology	13.7%	35.6%
Healthcare	8.3%	8.3%
Consumer Cyclical	7.8%	10.1%
Basic Materials	7.3%	1.4%
Consumer Defensive	5.7%	5.5%
Energy	5.5%	3.4%
Communication Services	3.8%	12.2%
Utilities	3.3%	2.1%
Real Estate	2.5%	1.6%

Return for Risk

SPDW vs. GDE — 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

GDE

GDE Risk / Return Rank: 49
GDE Sharpe Ratio Rank: 54
GDE Sortino Ratio Rank: 47
GDE Omega Ratio Rank: 54
GDE Calmar Ratio Rank: 47
GDE 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.

SPDW vs. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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	GDE	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.66	+0.09
Sortino ratio: Return per unit of downside risk	2.40	2.07	+0.32
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.43	2.13	+0.30
Martin ratio: Return relative to average drawdown	9.42	6.49	+2.93
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. GDE - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is comparable to the GDE Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SPDW and GDE, 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	GDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.66	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.10	-0.86

Drawdowns

SPDW vs. GDE - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for SPDW and GDE.

Drawdown Indicators

	SPDW	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-32.01%	-28.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-22.66%	+11.11%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-22.66%	+9.13%
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	-3.30%	-14.44%	+11.14%
Average Drawdown Average peak-to-trough decline	-12.90%	-7.90%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	7.40%	-4.43%

Volatility

SPDW vs. GDE - Volatility Comparison

The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 6.07%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 8.25%. This indicates that SPDW experiences smaller price fluctuations and is considered to be less risky than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	8.25%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	25.04%	-11.28%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	29.09%	-13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	26.26%	-9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	26.26%	-8.96%

SPDW vs. GDE - Expense Ratio Comparison

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

SPDW's dividend yield for the trailing twelve months is around 2.94%, less than GDE's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.09%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 GDE in my portfolio?

SPDW and GDE have a correlation of 0.61, 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 GDE?

GDE has higher volatility (8.25%) compared to SPDW (6.07%). In terms of maximum drawdown, SPDW dropped -60.02% vs GDE's -32.01%.

Which ETF is better, SPDW or GDE?

On 3-year performance, GDE leads with 44.47% vs 18.62% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or GDE?

Over the 3-year period, GDE has performed better with a 44.47% return vs 18.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or GDE?

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

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

GDE has the higher dividend yield at 4.09%, compared with 2.94% for SPDW.

What is the main difference between SPDW and GDE?

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

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.74 vs 1.66), 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.