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SPDW vs. ILF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPDW vs. ILF

Last updated Jul 21, 2026
Documentation

SPDW (SPDR Portfolio World ex-US ETF) and ILF (iShares Latin American 40 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 ILF is a Latin America Equities fund tracking the S&P Latin America 40 (Net). Both are passively managed. Over the past 10 years, SPDW returned 9.88%/yr vs 7.09%/yr for ILF. A 0.69 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.47%/yr for ILF.

Performance

SPDW vs. ILF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and iShares Latin American 40 ETF (ILF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPDW achieves a 12.05% return, which is significantly lower than ILF's 13.88% return. Over the past 10 years, SPDW has outperformed ILF with an annualized return of 9.88%, while ILF has yielded a comparatively lower 7.09% annualized return.

SPDW

1D
-0.63%
1M
-3.99%
6M
7.53%
YTD
12.05%
1Y
25.96%
3Y*
17.27%
5Y*
9.46%
10Y*
9.88%
ALL TIME*
4.99%

ILF

1D
0.50%
1M
1.00%
6M
6.70%
YTD
13.88%
1Y
41.83%
3Y*
12.99%
5Y*
10.15%
10Y*
7.09%
ALL TIME*
9.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDW vs. ILF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPDW
SPDR Portfolio World ex-US ETF		12.05%34.75%3.55%17.81%-15.98%11.45%9.90%22.41%-14.22%25.81%
ILF
iShares Latin American 40 ETF		13.88%52.65%-23.11%33.14%9.81%-13.59%-11.71%13.77%-6.85%26.33%

Correlation

The correlation between SPDW and ILF is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 26, 2007

0.69

The correlation between SPDW and ILF has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

SPDW vs. ILF - Sectors Allocation Comparison

Sectors
SPDW
ILF

Financial Services

18.0%
34.5%

Industrials

10.5%
9.6%

Technology

9.8%

-

Healthcare

6.2%
1.1%

Consumer Cyclical

5.4%
1.3%

Basic Materials

5.4%
22.0%

Energy

4.8%
10.6%

Consumer Defensive

3.1%
9.6%

Communication Services

1.9%
6.0%

Real Estate

1.7%
0.8%

Utilities

1.4%
4.7%

Financial Services

SPDW
18.0%
ILF
34.5%

Industrials

SPDW
10.5%
ILF
9.6%

Technology

SPDW
9.8%
ILF

-

Healthcare

SPDW
6.2%
ILF
1.1%

Consumer Cyclical

SPDW
5.4%
ILF
1.3%

Basic Materials

SPDW
5.4%
ILF
22.0%

Energy

SPDW
4.8%
ILF
10.6%

Consumer Defensive

SPDW
3.1%
ILF
9.6%

Communication Services

SPDW
1.9%
ILF
6.0%

Real Estate

SPDW
1.7%
ILF
0.8%

Utilities

SPDW
1.4%
ILF
4.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio World ex-US ETF

iShares Latin American 40 ETF

Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS
Often compared with ILF:
ILF vs. EWZILF vs. FLLAILF vs. EWWILF vs. FLNILF vs. FLBRILF vs. EPUILF vs. VOO

Return for Risk

SPDW vs. ILF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPDW
SPDW Risk / Return Rank: 6262
Overall Rank
SPDW Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 6060
Sortino Ratio Rank
SPDW Omega Ratio Rank: 6161
Omega Ratio Rank
SPDW Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6565
Martin Ratio Rank
ILF
ILF Risk / Return Rank: 7474
Overall Rank
ILF Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ILF Sortino Ratio Rank: 7474
Sortino Ratio Rank
ILF Omega Ratio Rank: 7474
Omega Ratio Rank
ILF Calmar Ratio Rank: 7878
Calmar Ratio Rank
ILF Martin Ratio Rank: 6262
Martin Ratio Rank
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. ILF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and iShares Latin American 40 ETF (ILF). 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.

SPDWILFDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.90

-0.36

Sortino ratioReturn per unit of downside risk
2.15
2.52

-0.37

Omega ratioGain probability vs. loss probability

1.28

1.32

-0.04

Calmar ratioReturn relative to maximum drawdown

2.26

3.02

-0.76

Martin ratioReturn relative to average drawdown

8.53

8.00

+0.53

SPDW vs. ILF - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.54, which is comparable to the ILF Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPDW and ILF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPDW vs. ILF - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum ILF drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for SPDW and ILF.

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Drawdown Indicators

SPDWILFDifference

Max Drawdown

Largest peak-to-trough decline

-60.02%

-67.48%

+7.46%

Max Drawdown (1Y)

Largest decline over 1 year

-11.55%

-13.94%

+2.39%

Max Drawdown (3Y)

Largest decline over 3 years

-13.53%

-23.97%

+10.44%

Max Drawdown (5Y)

Largest decline over 5 years

-30.21%

-29.71%

-0.50%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-57.79%

+22.81%

Current Drawdown

Current decline from peak

-4.05%

-8.98%

+4.93%

Average Drawdown

Average peak-to-trough decline

-12.84%

-23.87%

+11.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.05%

5.24%

-2.19%

Volatility

SPDW vs. ILF - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 5.22% compared to iShares Latin American 40 ETF (ILF) at 4.75%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than ILF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPDWILFDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.22%

4.75%

+0.47%

Volatility (6M)

Calculated over the trailing 6-month period

14.97%

18.49%

-3.52%

Volatility (1Y)

Calculated over the trailing 1-year period

16.96%

22.21%

-5.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.72%

23.15%

-6.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.10%

28.25%

-11.15%

SPDW vs. ILF - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than ILF's 0.47% expense ratio.

Dividends

SPDW vs. ILF - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 3.09%, less than ILF's 3.45% yield.

PositionTTM20252024202320222021202020192018201720162015
ILF
iShares Latin American 40 ETF		3.45%4.39%7.44%4.61%12.72%8.47%1.88%3.09%3.12%1.80%1.59%3.25%
SPDW
SPDR Portfolio World ex-US ETF		3.09%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 ILF have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPDW has higher volatility (5.22%) compared to ILF (4.75%). In terms of maximum drawdown, SPDW dropped -60.02% vs ILF's -67.48%.

On 10-year performance, SPDW leads with 9.88% vs 7.09% for ILF. On fees, SPDW is cheaper at 0.04% per year. On volatility, ILF has been the lower-risk option at 4.75%. 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 9.88% return vs 7.09%. 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 0.47% for ILF.

ILF has the higher dividend yield at 3.45%, compared with 3.09% for SPDW.

SPDW is categorized as Foreign Large Cap Equities, while ILF is Latin America Equities. SPDW tracks S&P Developed Ex-U.S. BMI Index, while ILF tracks S&P Latin America 40 (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPDW and 0.47% for ILF.

ILF currently has the higher Sharpe Ratio (1.90 vs 1.54), 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.

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