PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SPDW vs. VEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPDW vs. VEU

Last updated Jun 23, 2026

SPDW (SPDR Portfolio World ex-US ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - SPDW tracks the S&P Developed Ex-U.S. BMI Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, SPDW returned 10.97%/yr vs 10.74%/yr for VEU. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.04% expense ratio.

Performance

SPDW vs. VEU - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with SPDW having a 16.78% return and VEU slightly lower at 16.58%. Both investments have delivered pretty close results over the past 10 years, with SPDW having a 10.97% annualized return and VEU not far behind at 10.74%.

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%

VEU

1D
0.37%
1M
3.87%
YTD
16.58%
6M
17.12%
1Y
35.21%
3Y*
20.50%
5Y*
9.48%
10Y*
10.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDW vs. VEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VEU
Vanguard FTSE All-World ex-US ETF		16.58%32.35%5.56%15.84%-15.58%8.27%11.10%21.83%-14.18%27.40%

Correlation

The correlation between SPDW and VEU is 0.98 - 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

0.98

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

0.98

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

0.98

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

0.98

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

0.94

The correlation between SPDW and VEU has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

SPDW vs. VEU - Sectors Allocation Comparison

Sectors
SPDW
VEU

Financial Services

22.2%
22.6%

Industrials

18.4%
15.0%

Technology

16.8%
21.6%

Healthcare

7.9%
6.7%

Consumer Cyclical

7.8%
8.0%

Basic Materials

7.3%
7.1%

Consumer Defensive

5.4%
4.9%

Energy

4.9%
4.7%

Communication Services

3.9%
4.5%

Utilities

3.0%
3.0%

Real Estate

2.3%
1.9%

Financial Services

SPDW
22.2%
VEU
22.6%

Industrials

SPDW
18.4%
VEU
15.0%

Technology

SPDW
16.8%
VEU
21.6%

Healthcare

SPDW
7.9%
VEU
6.7%

Consumer Cyclical

SPDW
7.8%
VEU
8.0%

Basic Materials

SPDW
7.3%
VEU
7.1%

Consumer Defensive

SPDW
5.4%
VEU
4.9%

Energy

SPDW
4.9%
VEU
4.7%

Communication Services

SPDW
3.9%
VEU
4.5%

Utilities

SPDW
3.0%
VEU
3.0%

Real Estate

SPDW
2.3%
VEU
1.9%

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

Vanguard FTSE All-World ex-US ETF

Often compared with SPDW:
SPDW vs. VEASPDW vs. VXUSSPDW vs. SCHFSPDW vs. SPYSPDW vs. VOOSPDW vs. IXUSSPDW vs. FNDF
Often compared with VEU:
VEU vs. VXUSVEU vs. VEAVEU vs. VOOVEU vs. VGKVEU vs. SPYVEU vs. ACWXVEU vs. VTI

Return for Risk

SPDW vs. VEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPDW
SPDW Risk / Return Rank: 6767
Overall Rank
SPDW Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPDW Sortino Ratio Rank: 6767
Sortino Ratio Rank
SPDW Omega Ratio Rank: 6969
Omega Ratio Rank
SPDW Calmar Ratio Rank: 6464
Calmar Ratio Rank
SPDW Martin Ratio Rank: 6666
Martin Ratio Rank
VEU
VEU Risk / Return Rank: 6868
Overall Rank
VEU Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VEU Sortino Ratio Rank: 6868
Sortino Ratio Rank
VEU Omega Ratio Rank: 7171
Omega Ratio Rank
VEU Calmar Ratio Rank: 6464
Calmar Ratio Rank
VEU 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. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and Vanguard FTSE All-World ex-US ETF (VEU). 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.

SPDWVEUDifference
Sharpe ratioReturn per unit of total volatility
2.15
2.19

-0.04

Sortino ratioReturn per unit of downside risk
2.94
2.98

-0.04

Omega ratioGain probability vs. loss probability

1.39

1.40

-0.01

Calmar ratioReturn relative to maximum drawdown

3.06

3.10

-0.03

Martin ratioReturn relative to average drawdown

11.85

11.87

-0.02

SPDW vs. VEU - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 2.15, which is comparable to the VEU Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SPDW and VEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SPDW vs. VEU - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, roughly equal to the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for SPDW and VEU.

Loading charts...

Drawdown Indicators

SPDWVEUDifference

Max Drawdown

Largest peak-to-trough decline

-60.02%

-61.52%

+1.50%

Max Drawdown (1Y)

Largest decline over 1 year

-11.55%

-11.43%

-0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-13.53%

-13.69%

+0.16%

Max Drawdown (5Y)

Largest decline over 5 years

-30.21%

-29.14%

-1.07%

Max Drawdown (10Y)

Largest decline over 10 years

-34.98%

-34.98%

0.00%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-12.88%

-13.10%

+0.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.98%

2.97%

+0.01%

Volatility

SPDW vs. VEU - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) and Vanguard FTSE All-World ex-US ETF (VEU) have volatilities of 6.31% and 6.30%, 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.

Loading charts...

Volatility by Period

SPDWVEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.31%

6.30%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

14.25%

14.12%

+0.13%

Volatility (1Y)

Calculated over the trailing 1-year period

16.46%

16.16%

+0.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.65%

16.24%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.28%

17.23%

+0.05%

SPDW vs. VEU - Expense Ratio Comparison

Both SPDW and VEU 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. VEU - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 4.28%, more than VEU's 2.48% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VEU
Vanguard FTSE All-World ex-US ETF		2.48%3.09%3.24%3.32%3.12%3.08%2.00%3.10%3.27%2.66%2.96%2.95%

Frequently Asked Questions

With a correlation of 0.98, SPDW and VEU 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.

SPDW has higher volatility (6.31%) compared to VEU (6.30%). In terms of maximum drawdown, SPDW dropped -60.02% vs VEU's -61.52%.

On 10-year performance, SPDW leads with 10.97% vs 10.74% for VEU. Both ETFs have the same 0.04% expense ratio. Their volatility is very similar. 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 10.97% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPDW has the higher dividend yield at 4.28%, compared with 2.48% for VEU.

SPDW tracks S&P Developed Ex-U.S. BMI Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: State Street and Vanguard.

VEU currently has the higher Sharpe Ratio (2.19 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.

Portfolio Optimizer

Find the right allocation for SPDW and VEU

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer