SPDW vs. ILF

Last updated Jun 14, 2026

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 Index. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 8.97%/yr for ILF. A 0.69 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.48%/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.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPDW having a 14.86% return and ILF slightly lower at 14.45%. Over the past 10 years, SPDW has outperformed ILF with an annualized return of 10.64%, while ILF has yielded a comparatively lower 8.97% annualized return.

SPDW

• 1D: 0.29%
• 1M: 3.74%
• YTD: 14.86%
• 6M: 16.65%
• 1Y: 31.27%
• 3Y*: 19.01%
• 5Y*: 9.30%
• 10Y*: 10.64%

ILF

• 1D: 1.19%
• 1M: 1.16%
• YTD: 14.45%
• 6M: 13.56%
• 1Y: 41.16%
• 3Y*: 14.49%
• 5Y*: 9.30%
• 10Y*: 8.97%

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

SPDW vs. ILF - 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%
ILF iShares Latin American 40 ETF	14.45%	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	22.2%	33.3%
Industrials	18.4%	9.3%
Technology	16.8%	-
Healthcare	7.9%	1.1%
Consumer Cyclical	7.8%	1.3%
Basic Materials	7.3%	24.0%
Consumer Defensive	5.4%	9.5%
Energy	4.9%	12.0%
Communication Services	3.9%	4.4%
Utilities	3.0%	4.4%
Real Estate	2.3%	0.8%

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: 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

ILF

ILF Risk / Return Rank: 61
ILF Sharpe Ratio Rank: 64
ILF Sortino Ratio Rank: 59
ILF Omega Ratio Rank: 58
ILF Calmar Ratio Rank: 67
ILF Martin Ratio Rank: 57

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.

	SPDW	ILF	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.83	-0.02
Sortino ratio: Return per unit of downside risk	2.51	2.44	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	2.58	2.92	-0.34
Martin ratio: Return relative to average drawdown	9.95	8.90	+1.05

SPDW vs. ILF - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is comparable to the ILF Sharpe Ratio of 1.83. 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.

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.

Drawdown Indicators

	SPDW	ILF	Difference
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	-0.99%	-8.53%	+7.54%
Average Drawdown Average peak-to-trough decline	-12.89%	-23.92%	+11.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	4.56%	-1.57%

Volatility

SPDW vs. ILF - Volatility Comparison

The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 6.86%, while iShares Latin American 40 ETF (ILF) has a volatility of 7.45%. This indicates that SPDW experiences smaller price fluctuations and is considered to be less risky than ILF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	ILF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	7.45%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	18.62%	-4.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	22.30%	-5.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	23.27%	-6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	28.42%	-11.11%

SPDW vs. ILF - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than ILF's 0.48% expense ratio.

Dividends

SPDW vs. ILF - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, less than ILF's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILF iShares Latin American 40 ETF	3.84%	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	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 ILF in my portfolio?

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.

Which is riskier, SPDW or ILF?

ILF has higher volatility (7.45%) compared to SPDW (6.86%). In terms of maximum drawdown, SPDW dropped -60.02% vs ILF's -67.48%.

Which ETF is better, SPDW or ILF?

On 10-year performance, SPDW leads with 10.64% vs 8.97% for ILF. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or ILF?

Over the 10-year period, SPDW has performed better with a 10.64% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or ILF?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.48% for ILF.

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

ILF has the higher dividend yield at 3.84%, compared with 2.87% for SPDW.

What is the main difference between SPDW and ILF?

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 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPDW and 0.48% for ILF.

Which has better risk-adjusted returns?

ILF currently has the higher Sharpe Ratio (1.82 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.