SPDW vs. SPYV

Last updated Jun 13, 2026

SPDW (SPDR Portfolio World ex-US ETF) and SPYV (SPDR Portfolio S&P 500 Value 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 SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, SPDW returned 10.64%/yr vs 12.08%/yr for SPYV. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.04% expense ratio.

Performance

SPDW vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDW achieves a 14.86% return, which is significantly higher than SPYV's 8.25% return. Over the past 10 years, SPDW has underperformed SPYV with an annualized return of 10.64%, while SPYV has yielded a comparatively higher 12.08% 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%

SPYV

• 1D: 0.69%
• 1M: 1.59%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 21.87%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

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

SPDW vs. SPYV - 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%
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between SPDW and SPYV 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	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007	0.76

The correlation between SPDW and SPYV has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

SPDW vs. SPYV - Sectors Allocation Comparison

Sectors	SPDW	SPYV
Financial Services	22.9%	14.5%
Industrials	19.2%	10.8%
Technology	13.7%	21.5%
Healthcare	8.3%	11.6%
Consumer Cyclical	7.8%	11.2%
Basic Materials	7.3%	3.4%
Consumer Defensive	5.7%	9.1%
Energy	5.5%	7.1%
Communication Services	3.8%	3.2%
Utilities	3.3%	4.3%
Real Estate	2.5%	3.3%

Return for Risk

SPDW vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.08	-0.28
Sortino ratio: Return per unit of downside risk	2.51	2.92	-0.41
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.58	3.33	-0.76
Martin ratio: Return relative to average drawdown	9.95	12.73	-2.77

SPDW vs. SPYV - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.80, which is comparable to the SPYV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of SPDW and SPYV, 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. SPYV - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, roughly equal to the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for SPDW and SPYV.

Drawdown Indicators

	SPDW	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-58.45%	-1.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-6.22%	-5.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-17.54%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-17.89%	-12.32%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-36.89%	+1.91%
Current Drawdown Current decline from peak	-0.99%	-0.18%	-0.81%
Average Drawdown Average peak-to-trough decline	-12.89%	-8.71%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	1.63%	+1.36%

Volatility

SPDW vs. SPYV - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.70%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	2.70%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	7.26%	+6.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	9.97%	+6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	14.42%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	16.94%	+0.37%

SPDW vs. SPYV - Expense Ratio Comparison

Both SPDW and SPYV have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPDW vs. SPYV - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than SPYV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPDW and SPYV in my portfolio?

SPDW and SPYV 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 SPYV?

SPDW has higher volatility (6.86%) compared to SPYV (2.70%). In terms of maximum drawdown, SPDW dropped -60.02% vs SPYV's -58.45%.

Which ETF is better, SPDW or SPYV?

On 10-year performance, SPYV leads with 12.08% vs 10.64% for SPDW. Both ETFs have the same 0.04% expense ratio. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or SPYV?

Over the 10-year period, SPYV has performed better with a 12.08% return vs 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or SPYV?

SPDW and SPYV have the same expense ratio: 0.04% per year.

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

SPDW has the higher dividend yield at 2.87%, compared with 1.68% for SPYV.

What is the main difference between SPDW and SPYV?

SPDW is categorized as Foreign Large Cap Equities, while SPYV is S&P 500. SPDW tracks S&P Developed Ex-U.S. BMI Index, while SPYV tracks S&P 500 Value Index.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.08 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.