SPDW vs. SCHF

Last updated Jun 23, 2026

SPDW (SPDR Portfolio World ex-US ETF) and SCHF (Schwab International Equity ETF) are both Foreign Large Cap Equities funds - SPDW tracks the S&P Developed Ex-U.S. BMI Index while SCHF tracks the FTSE Developed ex U.S. Index. Both are passively managed. Over the past 10 years, SPDW returned 10.97%/yr vs 11.18%/yr for SCHF. With a 0.98 correlation, they move nearly in lockstep. SPDW charges 0.04%/yr vs 0.06%/yr for SCHF.

Performance

SPDW vs. SCHF - Performance Comparison

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

Returns By Period

In the year-to-date period, SPDW achieves a 16.78% return, which is significantly lower than SCHF's 17.68% return. Both investments have delivered pretty close results over the past 10 years, with SPDW having a 10.97% annualized return and SCHF not far ahead at 11.18%.

SPDW

• 1D: 0.06%
• 1M: 3.29%
• YTD: 16.78%
• 6M: 17.39%
• 1Y: 35.21%
• 3Y*: 20.66%
• 5Y*: 10.16%
• 10Y*: 10.97%

SCHF

• 1D: 0.21%
• 1M: 3.82%
• YTD: 17.68%
• 6M: 18.27%
• 1Y: 36.30%
• 3Y*: 20.89%
• 5Y*: 10.67%
• 10Y*: 11.18%

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

SPDW vs. SCHF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	16.78%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
SCHF Schwab International Equity ETF	17.68%	34.55%	3.28%	18.35%	-14.80%	11.40%	9.48%	22.26%	-14.29%	26.03%

Correlation

The correlation between SPDW and SCHF is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.98

The correlation between SPDW and SCHF has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

SPDW vs. SCHF - Sectors Allocation Comparison

Sectors	SPDW	SCHF
Financial Services	22.2%	23.3%
Industrials	18.4%	18.1%
Technology	16.8%	17.6%
Healthcare	7.9%	7.0%
Consumer Cyclical	7.8%	7.3%
Basic Materials	7.3%	7.4%
Consumer Defensive	5.4%	5.7%
Energy	4.9%	4.7%
Communication Services	3.9%	3.6%
Utilities	3.0%	3.2%
Real Estate	2.3%	2.0%

Return for Risk

SPDW vs. SCHF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPDW

SPDW Risk / Return Rank: 67
SPDW Sharpe Ratio Rank: 69
SPDW Sortino Ratio Rank: 67
SPDW Omega Ratio Rank: 69
SPDW Calmar Ratio Rank: 64
SPDW Martin Ratio Rank: 66

SCHF

SCHF Risk / Return Rank: 68
SCHF Sharpe Ratio Rank: 71
SCHF Sortino Ratio Rank: 68
SCHF Omega Ratio Rank: 70
SCHF Calmar Ratio Rank: 66
SCHF Martin Ratio Rank: 68

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. SCHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and Schwab International Equity ETF (SCHF). 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	SCHF	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.20	-0.04
Sortino ratio: Return per unit of downside risk	2.94	2.97	-0.04
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.06	3.18	-0.11
Martin ratio: Return relative to average drawdown	11.85	12.22	-0.37

SPDW vs. SCHF - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 2.15, which is comparable to the SCHF Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SPDW and SCHF, 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. SCHF - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than SCHF's maximum drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for SPDW and SCHF.

Drawdown Indicators

	SPDW	SCHF	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-34.87%	-25.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-11.48%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-13.41%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-29.14%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-34.87%	-0.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.88%	-7.36%	-5.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.98%	0.00%

Volatility

SPDW vs. SCHF - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) and Schwab International Equity ETF (SCHF) have volatilities of 6.31% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	SCHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	6.42%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	14.43%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	16.63%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	16.55%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	17.21%	+0.07%

SPDW vs. SCHF - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than SCHF's 0.06% 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. SCHF - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 4.28%, more than SCHF's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHF Schwab International Equity ETF	2.90%	3.42%	3.26%	2.97%	2.80%	3.19%	2.08%	2.95%	3.06%	2.35%	2.58%	2.26%
SPDW SPDR Portfolio World ex-US ETF	4.28%	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 SCHF in my portfolio?

With a correlation of 0.99, SPDW and SCHF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPDW or SCHF?

SCHF has higher volatility (6.42%) compared to SPDW (6.31%). In terms of maximum drawdown, SPDW dropped -60.02% vs SCHF's -34.87%.

Which ETF is better, SPDW or SCHF?

On 10-year performance, SCHF leads with 11.18% vs 10.97% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or SCHF?

Over the 10-year period, SCHF has performed better with a 11.18% return vs 10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or SCHF?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.06% for SCHF.

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

SPDW has the higher dividend yield at 4.28%, compared with 2.90% for SCHF.

What is the main difference between SPDW and SCHF?

SPDW tracks S&P Developed Ex-U.S. BMI Index, while SCHF tracks FTSE Developed ex U.S. Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.04% for SPDW and 0.06% for SCHF.

Which has better risk-adjusted returns?

SCHF currently has the higher Sharpe Ratio (2.20 vs 2.15), 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.