SPDW vs. ICF
SPDW (SPDR Portfolio World ex-US ETF) and ICF (iShares Cohen & Steers REIT 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 ICF is a REIT fund tracking the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 5.99%/yr for ICF. A 0.53 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.34%/yr for ICF.
Performance
SPDW vs. ICF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDW achieves a 14.86% return, which is significantly lower than ICF's 16.93% return. Over the past 10 years, SPDW has outperformed ICF with an annualized return of 10.64%, while ICF has yielded a comparatively lower 5.99% 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%
ICF
- 1D
- 0.96%
- 1M
- 3.62%
- YTD
- 16.93%
- 6M
- 17.09%
- 1Y
- 15.91%
- 3Y*
- 11.06%
- 5Y*
- 3.38%
- 10Y*
- 5.99%
SPDW vs. ICF - 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% |
ICF iShares Cohen & Steers REIT ETF | 16.93% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
Correlation
The correlation between SPDW and ICF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007 | 0.53 |
The correlation between SPDW and ICF shifts across timeframes, from 0.40 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDW vs. ICF — Risk / Return Rank
SPDW
ICF
SPDW vs. ICF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and iShares Cohen & Steers REIT ETF (ICF). 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 | ICF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.19 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.82 | +0.75 |
| Martin ratioReturn relative to average drawdown | 9.95 | 5.18 | +4.78 |
Loading charts...
Drawdowns
SPDW vs. ICF - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for SPDW and ICF.
Loading charts...
Drawdown Indicators
| SPDW | ICF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -76.74% | +16.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -8.20% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | -17.25% | +3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -34.74% | +4.53% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | -40.22% | +5.24% |
Current DrawdownCurrent decline from peak | -0.99% | 0.00% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -12.89% | -14.16% | +1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.89% | +0.10% |
Volatility
SPDW vs. ICF - Volatility Comparison
SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to iShares Cohen & Steers REIT ETF (ICF) at 4.74%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than ICF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPDW | ICF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 4.74% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 10.33% | +3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.51% | 13.94% | +2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 18.95% | -2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 20.60% | -3.29% |
SPDW vs. ICF - Expense Ratio Comparison
SPDW has a 0.04% expense ratio, which is lower than ICF's 0.34% expense ratio.
Dividends
SPDW vs. ICF - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 2.87%, more than ICF's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.38% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
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
SPDW and ICF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDW has higher volatility (6.86%) compared to ICF (4.74%). In terms of maximum drawdown, SPDW dropped -60.02% vs ICF's -76.74%.
On 10-year performance, SPDW leads with 10.64% vs 5.99% for ICF. On fees, SPDW is cheaper at 0.04% per year. On volatility, ICF has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDW has performed better with a 10.64% return vs 5.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.34% for ICF.
SPDW has the higher dividend yield at 2.87%, compared with 2.38% for ICF.
SPDW is categorized as Foreign Large Cap Equities, while ICF is REIT. SPDW tracks S&P Developed Ex-U.S. BMI Index, while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPDW and 0.34% for ICF.
SPDW currently has the higher Sharpe Ratio (1.80 vs 1.07), 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.
Find the right allocation for SPDW and ICF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer