SPDW vs. VRIG

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and VRIG (Invesco Variable Rate Investment Grade 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 VRIG is a Ultrashort Bond fund actively managed by Invesco. SPDW is passively managed, while VRIG is actively managed. Over the past 5 years, SPDW returned 8.90%/yr vs 4.44%/yr for VRIG. At a 0.13 correlation, their price movements are largely independent. SPDW charges 0.04%/yr vs 0.30%/yr for VRIG.

Performance

SPDW vs. VRIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and Invesco Variable Rate Investment Grade ETF (VRIG). 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 VRIG's 1.87% return.

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%

VRIG

• 1D: 0.04%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.24%
• 1Y: 4.97%
• 3Y*: 5.96%
• 5Y*: 4.44%
• 10Y*: —

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

SPDW vs. VRIG - 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%
VRIG Invesco Variable Rate Investment Grade ETF	1.87%	5.05%	6.81%	7.37%	0.99%	1.06%	1.76%	4.57%	0.51%	3.20%

Correlation

The correlation between SPDW and VRIG is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 23, 2016	0.13

The correlation between SPDW and VRIG shifts across timeframes, from 0.05 (1 year) to 0.15 (5 years), reflecting how their relationship changes across market environments.

SPDW vs. VRIG - Sectors Allocation Comparison

Sectors	SPDW	VRIG
Financial Services	22.9%	23.3%
Industrials	19.2%	0.0%
Technology	13.7%	0.4%
Healthcare	8.3%	-
Consumer Cyclical	7.8%	3.0%
Basic Materials	7.3%	0.8%
Consumer Defensive	5.7%	0.7%
Energy	5.5%	-
Communication Services	3.8%	-
Utilities	3.3%	0.1%
Real Estate	2.5%	0.3%

Return for Risk

SPDW vs. VRIG — 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

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 99
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 99
VRIG Martin Ratio Rank: 99

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. VRIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and Invesco Variable Rate Investment Grade ETF (VRIG). 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	VRIG	Difference
Sharpe ratio: Return per unit of total volatility	1.74	10.08	-8.34
Sortino ratio: Return per unit of downside risk	2.40	24.37	-21.97
Omega ratio: Gain probability vs. loss probability	1.32	5.29	-3.97
Calmar ratio: Return relative to maximum drawdown	2.43	62.49	-60.06
Martin ratio: Return relative to average drawdown	9.42	318.26	-308.84
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. VRIG - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is lower than the VRIG Sharpe Ratio of 10.08. The chart below compares the historical Sharpe Ratios of SPDW and VRIG, 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	VRIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	10.08	-8.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	3.46	-2.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.91	-0.68

Drawdowns

SPDW vs. VRIG - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than VRIG's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for SPDW and VRIG.

Drawdown Indicators

	SPDW	VRIG	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-13.04%	-46.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-0.08%	-11.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-0.78%	-12.75%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-2.28%	-27.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	—	—
Current Drawdown Current decline from peak	-3.30%	0.00%	-3.30%
Average Drawdown Average peak-to-trough decline	-12.90%	-0.27%	-12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.02%	+2.95%

Volatility

SPDW vs. VRIG - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to Invesco Variable Rate Investment Grade ETF (VRIG) at 0.11%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than VRIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	VRIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	0.11%	+5.96%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	0.36%	+13.40%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	0.50%	+15.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	1.29%	+15.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	3.80%	+13.50%

SPDW vs. VRIG - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than VRIG's 0.30% expense ratio.

Dividends

SPDW vs. VRIG - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.94%, less than VRIG's 4.79% 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%
VRIG Invesco Variable Rate Investment Grade ETF	4.79%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%	0.00%

Frequently Asked Questions

Can I hold both SPDW and VRIG in my portfolio?

SPDW and VRIG have a correlation of 0.05, 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 VRIG?

SPDW has higher volatility (6.07%) compared to VRIG (0.11%). In terms of maximum drawdown, SPDW dropped -60.02% vs VRIG's -13.04%.

Which ETF is better, SPDW or VRIG?

On 5-year performance, SPDW leads with 8.90% vs 4.44% for VRIG. On fees, SPDW is cheaper at 0.04% per year. On volatility, VRIG has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or VRIG?

Over the 5-year period, SPDW has performed better with a 8.90% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or VRIG?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.30% for VRIG.

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

VRIG has the higher dividend yield at 4.79%, compared with 2.94% for SPDW.

What is the main difference between SPDW and VRIG?

SPDW is categorized as Foreign Large Cap Equities, while VRIG is Ultrashort Bond. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.04% for SPDW and 0.30% for VRIG.

Which has better risk-adjusted returns?

VRIG currently has the higher Sharpe Ratio (10.08 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.