SPDW vs. VGK

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and VGK (Vanguard FTSE Europe 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 VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, SPDW returned 10.06%/yr vs 9.63%/yr for VGK. Their correlation of 0.92 suggests significant overlap in exposure. SPDW charges 0.04%/yr vs 0.06%/yr for VGK.

Performance

SPDW vs. VGK - 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 Europe ETF (VGK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDW achieves a 12.18% return, which is significantly higher than VGK's 5.17% return. Both investments have delivered pretty close results over the past 10 years, with SPDW having a 10.06% annualized return and VGK not far behind at 9.63%.

SPDW

• 1D: 0.99%
• 1M: -1.17%
• YTD: 12.18%
• 6M: 14.96%
• 1Y: 27.89%
• 3Y*: 18.62%
• 5Y*: 8.90%
• 10Y*: 10.06%

VGK

• 1D: 0.45%
• 1M: -0.68%
• YTD: 5.17%
• 6M: 8.47%
• 1Y: 16.29%
• 3Y*: 16.24%
• 5Y*: 8.08%
• 10Y*: 9.63%

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

SPDW vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	12.18%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
VGK Vanguard FTSE Europe ETF	5.17%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between SPDW and VGK is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 27, 2007	0.92

The correlation between SPDW and VGK has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

SPDW vs. VGK - Sectors Allocation Comparison

Sectors	SPDW	VGK
Financial Services	22.9%	23.6%
Industrials	19.2%	19.3%
Technology	13.7%	8.2%
Healthcare	8.3%	11.9%
Consumer Cyclical	7.8%	6.8%
Basic Materials	7.3%	5.3%
Consumer Defensive	5.7%	8.4%
Energy	5.5%	5.3%
Communication Services	3.8%	3.3%
Utilities	3.3%	4.7%
Real Estate	2.5%	1.5%

Return for Risk

SPDW vs. VGK — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 56
SPDW Sharpe Ratio Rank: 57
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 56
SPDW Calmar Ratio Rank: 54
SPDW Martin Ratio Rank: 59

VGK

VGK Risk / Return Rank: 32
VGK Sharpe Ratio Rank: 32
VGK Sortino Ratio Rank: 32
VGK Omega Ratio Rank: 31
VGK Calmar Ratio Rank: 30
VGK Martin Ratio Rank: 36

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. VGK - 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 Europe ETF (VGK). 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.

	SPDW	VGK	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.05	+0.69
Sortino ratio: Return per unit of downside risk	2.40	1.55	+0.84
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	2.43	1.35	+1.07
Martin ratio: Return relative to average drawdown	9.42	5.01	+4.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. VGK - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is higher than the VGK Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of SPDW and VGK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPDW	VGK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.05	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.45	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.51	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.28	-0.04

Drawdowns

SPDW vs. VGK - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for SPDW and VGK.

Drawdown Indicators

	SPDW	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-63.61%	+3.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-12.09%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-14.31%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-32.74%	+2.53%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-37.24%	+2.26%
Current Drawdown Current decline from peak	-3.30%	-2.83%	-0.47%
Average Drawdown Average peak-to-trough decline	-12.90%	-13.34%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.26%	-0.29%

Volatility

SPDW vs. VGK - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to Vanguard FTSE Europe ETF (VGK) at 4.86%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	4.86%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	12.97%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	15.57%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	17.92%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	18.97%	-1.67%

SPDW vs. VGK - Expense Ratio Comparison

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

SPDW's dividend yield for the trailing twelve months is around 2.94%, more than VGK's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPDW SPDR Portfolio World ex-US ETF	2.94%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%
VGK Vanguard FTSE Europe ETF	2.83%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both SPDW and VGK in my portfolio?

With a correlation of 0.94, SPDW and VGK 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 VGK?

SPDW has higher volatility (6.07%) compared to VGK (4.86%). In terms of maximum drawdown, SPDW dropped -60.02% vs VGK's -63.61%.

Which ETF is better, SPDW or VGK?

On 10-year performance, SPDW leads with 10.06% vs 9.63% for VGK. On fees, SPDW is cheaper at 0.04% per year. On volatility, VGK has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or VGK?

Over the 10-year period, SPDW has performed better with a 10.06% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or VGK?

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

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

SPDW has the higher dividend yield at 2.94%, compared with 2.83% for VGK.

What is the main difference between SPDW and VGK?

SPDW is categorized as Foreign Large Cap Equities, while VGK is Europe Equities. SPDW tracks S&P Developed Ex-U.S. BMI Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.04% for SPDW and 0.06% for VGK.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.74 vs 1.05), 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.