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SPDW vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPDW vs. QUAL

Last updated Jun 13, 2026

SPDW (SPDR Portfolio World ex-US ETF) and QUAL (iShares MSCI USA Quality Factor 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 QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 14.46%/yr for QUAL. A 0.78 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.15%/yr for QUAL.

Performance

SPDW vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and iShares MSCI USA Quality Factor ETF (QUAL). 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 14.86% return, which is significantly higher than QUAL's 9.44% return. Over the past 10 years, SPDW has underperformed QUAL with an annualized return of 10.64%, while QUAL has yielded a comparatively higher 14.46% 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%

QUAL

1D
0.47%
1M
2.14%
YTD
9.44%
6M
9.29%
1Y
22.87%
3Y*
19.30%
5Y*
11.97%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDW vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QUAL
iShares MSCI USA Quality Factor ETF		9.44%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between SPDW and QUAL is 0.79, 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

0.79

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

0.73

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

0.76

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

0.77

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.78

The correlation between SPDW and QUAL has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

SPDW vs. QUAL - Sectors Allocation Comparison

Sectors
SPDW
QUAL

Financial Services

22.9%
11.5%

Industrials

19.2%
8.2%

Technology

13.7%
36.5%

Healthcare

8.3%
9.0%

Consumer Cyclical

7.8%
9.3%

Basic Materials

7.3%
1.7%

Consumer Defensive

5.7%
4.9%

Energy

5.5%
4.0%

Communication Services

3.8%
11.1%

Utilities

3.3%
1.9%

Real Estate

2.5%
1.8%

Financial Services

SPDW
22.9%
QUAL
11.5%

Industrials

SPDW
19.2%
QUAL
8.2%

Technology

SPDW
13.7%
QUAL
36.5%

Healthcare

SPDW
8.3%
QUAL
9.0%

Consumer Cyclical

SPDW
7.8%
QUAL
9.3%

Basic Materials

SPDW
7.3%
QUAL
1.7%

Consumer Defensive

SPDW
5.7%
QUAL
4.9%

Energy

SPDW
5.5%
QUAL
4.0%

Communication Services

SPDW
3.8%
QUAL
11.1%

Utilities

SPDW
3.3%
QUAL
1.9%

Real Estate

SPDW
2.5%
QUAL
1.8%

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 MSCI USA Quality Factor ETF

Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. VEUSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUS
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

SPDW vs. QUAL — 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: 6262
Sortino Ratio Rank
SPDW Omega Ratio Rank: 6363
Omega Ratio Rank
SPDW Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6363
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5959
Overall Rank
QUAL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5656
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5353
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6767
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. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

SPDWQUALDifference
Sharpe ratioReturn per unit of total volatility
1.80
1.74

+0.07

Sortino ratioReturn per unit of downside risk
2.51
2.46

+0.05

Omega ratioGain probability vs. loss probability

1.33

1.31

+0.02

Calmar ratioReturn relative to maximum drawdown

2.58

2.32

+0.25

Martin ratioReturn relative to average drawdown

9.95

10.60

-0.65

SPDW vs. QUAL - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is comparable to the QUAL Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SPDW and QUAL, 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. QUAL - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for SPDW and QUAL.

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Drawdown Indicators

SPDWQUALDifference

Max Drawdown

Largest peak-to-trough decline

-60.02%

-34.06%

-25.96%

Max Drawdown (1Y)

Largest decline over 1 year

-11.55%

-9.03%

-2.52%

Max Drawdown (3Y)

Largest decline over 3 years

-13.53%

-18.00%

+4.47%

Max Drawdown (5Y)

Largest decline over 5 years

-30.21%

-28.23%

-1.98%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-34.06%

-0.92%

Current Drawdown

Current decline from peak

-0.99%

-0.19%

-0.80%

Average Drawdown

Average peak-to-trough decline

-12.89%

-4.10%

-8.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.99%

1.99%

+1.00%

Volatility

SPDW vs. QUAL - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPDWQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.86%

3.63%

+3.23%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

9.43%

+4.80%

Volatility (1Y)

Calculated over the trailing 1-year period

16.51%

12.10%

+4.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.66%

17.36%

-0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

18.11%

-0.80%

SPDW vs. QUAL - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than QUAL's 0.15% 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. QUAL - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than QUAL's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
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 QUAL have a correlation of 0.79, 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 QUAL (3.63%). In terms of maximum drawdown, SPDW dropped -60.02% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.46% vs 10.64% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.46% return vs 10.64%. 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 0.15% for QUAL.

SPDW has the higher dividend yield at 2.87%, compared with 0.87% for QUAL.

SPDW is categorized as Foreign Large Cap Equities, while QUAL is Large Cap Blend Equities. SPDW tracks S&P Developed Ex-U.S. BMI Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPDW and 0.15% for QUAL.

SPDW currently has the higher Sharpe Ratio (1.80 vs 1.74), 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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