SPGM vs. CWI

Last updated Aug 2, 2026

SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and CWI (State Street SPDR MSCI ACWI ex-US ETF) are both exchange-traded funds - SPGM is a Global Equities fund tracking the MSCI ACWI IMI Index, while CWI is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA Index. Both are passively managed. Over the past 10 years, SPGM returned 12.68%/yr vs 9.70%/yr for CWI. Their 0.78 correlation means they have sometimes moved together and sometimes differently. SPGM charges 0.09%/yr vs 0.30%/yr for CWI.

Performance

SPGM vs. CWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and State Street SPDR MSCI ACWI ex-US ETF (CWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGM achieves a 11.77% return, which is significantly lower than CWI's 13.37% return. Over the past 10 years, SPGM has outperformed CWI with an annualized return of 12.68%, while CWI has yielded a comparatively lower 9.70% annualized return.

SPGM

• 1D: 0.22%
• 1M: -0.02%
• 6M: 8.38%
• YTD: 11.77%
• 1Y: 25.45%
• 3Y*: 18.71%
• 5Y*: 11.13%
• 10Y*: 12.68%
• ALL TIME*: 11.23%

CWI

• 1D: -0.30%
• 1M: 0.10%
• 6M: 7.85%
• YTD: 13.37%
• 1Y: 29.12%
• 3Y*: 17.89%
• 5Y*: 9.44%
• 10Y*: 9.70%
• ALL TIME*: 5.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CWI State Street SPDR MSCI ACWI ex-US ETF	$9.74M	$9.97M	$9.68M
SPGM SPDR Portfolio MSCI Global Stock Market ETF	$10.27M	$14.25M	$20.66M

SPGM vs. CWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGM SPDR Portfolio MSCI Global Stock Market ETF	11.77%	23.62%	16.75%	21.34%	-17.53%	21.13%	15.28%	26.58%	-10.12%	23.26%
CWI State Street SPDR MSCI ACWI ex-US ETF	13.37%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%

Correlation

The correlation between SPGM and CWI is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Mar 5, 2012	0.78

The correlation between SPGM and CWI shifts across timeframes, from 0.78 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.

SPGM vs. CWI - Sectors Allocation Comparison

Sectors	SPGM	CWI
Technology	30.7%	15.6%
Financial Services	16.4%	18.4%
Industrials	12.7%	8.0%
Consumer Cyclical	8.7%	5.4%
Healthcare	8.4%	5.3%
Communication Services	7.7%	2.7%
Consumer Defensive	4.5%	2.5%
Energy	3.7%	4.9%
Basic Materials	3.5%	4.3%
Utilities	2.0%	1.2%
Real Estate	1.8%	0.9%

Return for Risk

SPGM vs. CWI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPGM

SPGM Risk / Return Rank: 76
SPGM Sharpe Ratio Rank: 76
SPGM Sortino Ratio Rank: 75
SPGM Omega Ratio Rank: 75
SPGM Calmar Ratio Rank: 73
SPGM Martin Ratio Rank: 81

CWI

CWI Risk / Return Rank: 73
CWI Sharpe Ratio Rank: 73
CWI Sortino Ratio Rank: 72
CWI Omega Ratio Rank: 74
CWI Calmar Ratio Rank: 71
CWI Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPGM vs. CWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and State Street SPDR MSCI ACWI ex-US ETF (CWI). 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.

	SPGM	CWI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.66	+0.05
Sortino ratio: Return per unit of downside risk	2.38	2.32	+0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.54	2.48	+0.06
Martin ratio: Return relative to average drawdown	10.70	9.12	+1.58

SPGM vs. CWI - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 1.72, which is comparable to the CWI Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SPGM and CWI, 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

SPGM vs. CWI - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, smaller than the maximum CWI drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for SPGM and CWI.

Drawdown Indicators

	SPGM	CWI	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-60.77%	+26.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-11.47%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-13.85%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-28.80%	+2.87%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-34.64%	+0.67%
Current Drawdown Current decline from peak	-1.83%	-2.61%	+0.78%
Average Drawdown Average peak-to-trough decline	-4.77%	-12.77%	+8.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	3.12%	-0.87%

Volatility

SPGM vs. CWI - Volatility Comparison

The current volatility for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) is 3.94%, while State Street SPDR MSCI ACWI ex-US ETF (CWI) has a volatility of 5.63%. This indicates that SPGM experiences smaller price fluctuations and is considered to be less risky than CWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGM	CWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	5.63%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	11.76%	15.27%	-3.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	17.17%	-3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	16.57%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	17.04%	+0.31%

SPGM vs. CWI - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is lower than CWI's 0.30% expense ratio.

Dividends

SPGM vs. CWI - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.81%, less than CWI's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI State Street SPDR MSCI ACWI ex-US ETF	2.72%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.81%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%

Frequently Asked Questions

Can I hold both SPGM and CWI in my portfolio?

With a correlation of 0.93, SPGM and CWI 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, SPGM or CWI?

CWI has higher volatility (5.63%) compared to SPGM (3.94%). In terms of maximum drawdown, SPGM dropped -33.97% vs CWI's -60.77%.

Which ETF is better, SPGM or CWI?

On 10-year performance, SPGM leads with 12.68% vs 9.70% for CWI. On fees, SPGM is cheaper at 0.09% per year. On volatility, SPGM has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGM or CWI?

Over the 10-year period, SPGM has performed better with a 12.68% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGM or CWI?

SPGM is cheaper with a 0.09% expense ratio, compared with 0.30% for CWI.

Which ETF pays a higher dividend yield, SPGM or CWI?

CWI has the higher dividend yield at 2.72%, compared with 1.81% for SPGM.

What is the main difference between SPGM and CWI?

SPGM is categorized as Global Equities, while CWI is Foreign Large Cap Equities. SPGM tracks MSCI ACWI IMI Index, while CWI tracks MSCI ACWI ex USA Index. Their fees differ too: 0.09% for SPGM and 0.30% for CWI.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (1.72 vs 1.66), 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.