SPWO vs. AMDWX

Last updated Jun 5, 2026

SPWO (SP Funds S&P World ETF) and AMDWX (Amana Mutual Funds Trust Developing World Fund) are both funds - SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net, while AMDWX is a Emerging Markets Diversified fund managed by Amana. Over the past year, SPWO returned 47.54% vs 53.11% for AMDWX. A 0.79 correlation means they provide meaningful diversification when combined. SPWO charges 0.55%/yr vs 1.14%/yr for AMDWX.

Performance

SPWO vs. AMDWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World ETF (SPWO) and Amana Mutual Funds Trust Developing World Fund (AMDWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPWO having a 26.98% return and AMDWX slightly higher at 27.14%.

SPWO

• 1D: 0.09%
• 1M: 8.23%
• YTD: 26.98%
• 6M: 27.41%
• 1Y: 47.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMDWX

• 1D: -0.70%
• 1M: 6.59%
• YTD: 27.14%
• 6M: 30.21%
• 1Y: 53.11%
• 3Y*: 20.10%
• 5Y*: 8.88%
• 10Y*: 8.48%

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

SPWO vs. AMDWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World ETF	26.98%	26.32%	9.25%	2.96%
AMDWX Amana Mutual Funds Trust Developing World Fund	27.14%	19.97%	6.93%	2.74%

Correlation

The correlation between SPWO and AMDWX is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.79

The correlation between SPWO and AMDWX has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

SPWO vs. AMDWX — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 73
SPWO Sharpe Ratio Rank: 76
SPWO Sortino Ratio Rank: 72
SPWO Omega Ratio Rank: 73
SPWO Calmar Ratio Rank: 71
SPWO Martin Ratio Rank: 72

AMDWX

AMDWX Risk / Return Rank: 89
AMDWX Sharpe Ratio Rank: 93
AMDWX Sortino Ratio Rank: 86
AMDWX Omega Ratio Rank: 85
AMDWX Calmar Ratio Rank: 91
AMDWX Martin Ratio Rank: 90

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.

SPWO vs. AMDWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World ETF (SPWO) and Amana Mutual Funds Trust Developing World Fund (AMDWX). 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.

	SPWO	AMDWX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	3.20	-0.77
Sortino ratio: Return per unit of downside risk	3.23	4.13	-0.90
Omega ratio: Gain probability vs. loss probability	1.43	1.59	-0.17
Calmar ratio: Return relative to maximum drawdown	3.48	4.78	-1.30
Martin ratio: Return relative to average drawdown	13.22	17.85	-4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPWO vs. AMDWX - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 2.44, which is comparable to the AMDWX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of SPWO and AMDWX, 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

	SPWO	AMDWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	3.20	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.37	+1.07

Drawdowns

SPWO vs. AMDWX - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum AMDWX drawdown of -28.88%. Use the drawdown chart below to compare losses from any high point for SPWO and AMDWX.

Drawdown Indicators

	SPWO	AMDWX	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-28.88%	+10.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-11.36%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.42%	—
Current Drawdown Current decline from peak	-1.12%	-0.70%	-0.42%
Average Drawdown Average peak-to-trough decline	-2.79%	-9.00%	+6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.04%	+0.57%

Volatility

SPWO vs. AMDWX - Volatility Comparison

SP Funds S&P World ETF (SPWO) and Amana Mutual Funds Trust Developing World Fund (AMDWX) have volatilities of 7.55% and 7.59%, 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.

Volatility by Period

	SPWO	AMDWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	7.59%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	16.56%	14.71%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	19.64%	16.97%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	14.03%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	14.09%	+4.93%

SPWO vs. AMDWX - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than AMDWX's 1.14% expense ratio.

Dividends

SPWO vs. AMDWX - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.02%, less than AMDWX's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMDWX Amana Mutual Funds Trust Developing World Fund	2.21%	2.80%	0.58%	0.91%	1.03%	1.16%	0.00%	0.37%	0.50%	0.18%	0.28%	0.58%
SPWO SP Funds S&P World ETF	1.02%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and AMDWX in my portfolio?

SPWO and AMDWX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or AMDWX?

AMDWX has higher volatility (7.59%) compared to SPWO (7.55%). In terms of maximum drawdown, SPWO dropped -18.03% vs AMDWX's -28.88%.

Which has better risk-adjusted returns?

AMDWX currently has the higher Sharpe Ratio (3.20 vs 2.44), 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.