SPWO vs. GMOI

Last updated Jun 26, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and GMOI (GMO International Value ETF) are both Foreign Large Cap Equities funds - SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index while GMOI tracks the MSCI World ex USA Value. Both are passively managed. Over the past year, SPWO returned 42.01% vs 34.97% for GMOI. A 0.64 correlation means they provide meaningful diversification when combined. SPWO charges 0.55%/yr vs 0.60%/yr for GMOI.

Performance

SPWO vs. GMOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) and GMO International Value ETF (GMOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPWO achieves a 24.17% return, which is significantly higher than GMOI's 11.64% return.

SPWO

• 1D: 0.58%
• 1M: 0.06%
• YTD: 24.17%
• 6M: 23.63%
• 1Y: 42.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GMOI

• 1D: 0.67%
• 1M: -2.22%
• YTD: 11.64%
• 6M: 11.19%
• 1Y: 34.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPWO vs. GMOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPWO SP Funds S&P World (ex-US) ETF	24.17%	26.32%	-5.85%
GMOI GMO International Value ETF	11.64%	45.64%	-4.48%

Correlation

The correlation between SPWO and GMOI is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024	0.64

The correlation between SPWO and GMOI has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

SPWO vs. GMOI — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 68
SPWO Sharpe Ratio Rank: 70
SPWO Sortino Ratio Rank: 63
SPWO Omega Ratio Rank: 69
SPWO Calmar Ratio Rank: 70
SPWO Martin Ratio Rank: 71

GMOI

GMOI Risk / Return Rank: 88
GMOI Sharpe Ratio Rank: 90
GMOI Sortino Ratio Rank: 90
GMOI Omega Ratio Rank: 87
GMOI Calmar Ratio Rank: 86
GMOI Martin Ratio Rank: 88

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. GMOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) and GMO International Value ETF (GMOI). 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.

	SPWO	GMOI	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.63	-0.68
Sortino ratio: Return per unit of downside risk	2.53	3.63	-1.10
Omega ratio: Gain probability vs. loss probability	1.35	1.46	-0.11
Calmar ratio: Return relative to maximum drawdown	3.07	4.20	-1.13
Martin ratio: Return relative to average drawdown	11.34	16.42	-5.08

SPWO vs. GMOI - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.94, which is comparable to the GMOI Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of SPWO and GMOI, 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

SPWO vs. GMOI - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, which is greater than GMOI's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for SPWO and GMOI.

Drawdown Indicators

	SPWO	GMOI	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-14.67%	-3.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-8.36%	-5.39%
Current Drawdown Current decline from peak	-3.78%	-2.53%	-1.25%
Average Drawdown Average peak-to-trough decline	-2.81%	-1.69%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.14%	+1.58%

Volatility

SPWO vs. GMOI - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 10.65% compared to GMO International Value ETF (GMOI) at 4.02%. This indicates that SPWO's price experiences larger fluctuations and is considered to be riskier than GMOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPWO	GMOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.65%	4.02%	+6.63%
Volatility (6M) Calculated over the trailing 6-month period	19.15%	10.70%	+8.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	13.40%	+8.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	15.55%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	15.55%	+4.32%

SPWO vs. GMOI - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than GMOI's 0.60% expense ratio.

Dividends

SPWO vs. GMOI - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.05%, less than GMOI's 2.45% yield.

Position	TTM	2025	2024
GMOI GMO International Value ETF	2.45%	2.74%	0.54%
SPWO SP Funds S&P World (ex-US) ETF	1.05%	1.29%	1.24%

Frequently Asked Questions

Can I hold both SPWO and GMOI in my portfolio?

SPWO and GMOI have a correlation of 0.66, 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 GMOI?

SPWO has higher volatility (10.65%) compared to GMOI (4.02%). In terms of maximum drawdown, SPWO dropped -18.03% vs GMOI's -14.67%.

Which ETF is better, SPWO or GMOI?

On 1-year performance, SPWO leads with 42.01% vs 34.97% for GMOI. On fees, SPWO is cheaper at 0.55% per year. On volatility, GMOI has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or GMOI?

Over the 1-year period, SPWO has performed better with a 42.01% return vs 34.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or GMOI?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.60% for GMOI.

Which ETF pays a higher dividend yield, SPWO or GMOI?

GMOI has the higher dividend yield at 2.45%, compared with 1.05% for SPWO.

What is the main difference between SPWO and GMOI?

SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while GMOI tracks MSCI World ex USA Value. They also come from different issuers: SP Funds and GMO. Their fees differ too: 0.55% for SPWO and 0.60% for GMOI.

Which has better risk-adjusted returns?

GMOI currently has the higher Sharpe Ratio (2.63 vs 1.94), 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.