SPWO vs. IFLO

Last updated Aug 2, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and IFLO (VictoryShares International Free Cash Flow ETF) are both Foreign Large Cap Equities funds - SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index while IFLO tracks the Victory International Free Cash Flow Index. Both are passively managed. Over the past year, SPWO returned 35.21% vs 36.91% for IFLO. Their 0.67 correlation means they have sometimes moved together and sometimes differently. SPWO charges 0.55%/yr vs 0.56%/yr for IFLO.

Performance

SPWO vs. IFLO - 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 VictoryShares International Free Cash Flow ETF (IFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPWO achieves a 18.04% return, which is significantly lower than IFLO's 22.59% return.

SPWO

• 1D: 0.31%
• 1M: -3.27%
• 6M: 9.85%
• YTD: 18.04%
• 1Y: 35.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.17%

IFLO

• 1D: -1.73%
• 1M: 3.06%
• 6M: 17.38%
• YTD: 22.59%
• 1Y: 36.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 34.80%

*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)
IFLO VictoryShares International Free Cash Flow ETF	$595.85K	$548.57K	$406.06K
SPWO SP Funds S&P World (ex-US) ETF	$1.91M	$1.88M	$2.00M

SPWO vs. IFLO - Yearly Performance Comparison

	2026 (YTD)	2025
SPWO SP Funds S&P World (ex-US) ETF	18.04%	14.37%
IFLO VictoryShares International Free Cash Flow ETF	22.59%	13.12%

Correlation

The correlation between SPWO and IFLO is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.67

The correlation between SPWO and IFLO has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

SPWO vs. IFLO - Sectors Allocation Comparison

Sectors	SPWO	IFLO
Technology	52.4%	16.8%
Industrials	11.4%	17.8%
Healthcare	10.6%	12.7%
Consumer Cyclical	9.2%	10.8%
Basic Materials	6.5%	13.8%
Consumer Defensive	4.1%	6.7%
Energy	2.3%	14.4%
Communication Services	1.6%	5.3%
Financial Services	0.8%	0.8%
Real Estate	0.7%	0.0%
Utilities	0.3%	0.8%

Return for Risk

SPWO vs. IFLO — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 65
SPWO Sharpe Ratio Rank: 63
SPWO Sortino Ratio Rank: 59
SPWO Omega Ratio Rank: 63
SPWO Calmar Ratio Rank: 72
SPWO Martin Ratio Rank: 66

IFLO

IFLO Risk / Return Rank: 94
IFLO Sharpe Ratio Rank: 94
IFLO Sortino Ratio Rank: 93
IFLO Omega Ratio Rank: 92
IFLO Calmar Ratio Rank: 96
IFLO Martin Ratio Rank: 95

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.

SPWO vs. IFLO - 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 VictoryShares International Free Cash Flow ETF (IFLO). 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	IFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.57	-1.11
Sortino ratio: Return per unit of downside risk	2.00	3.60	-1.60
Omega ratio: Gain probability vs. loss probability	1.27	1.45	-0.19
Calmar ratio: Return relative to maximum drawdown	2.49	5.73	-3.25
Martin ratio: Return relative to average drawdown	7.92	19.78	-11.86

SPWO vs. IFLO - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.46, which is lower than the IFLO Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of SPWO and IFLO, 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. IFLO - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, which is greater than IFLO's maximum drawdown of -6.44%. Use the drawdown chart below to compare losses from any high point for SPWO and IFLO.

Drawdown Indicators

	SPWO	IFLO	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-6.44%	-11.59%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-6.44%	-7.31%
Current Drawdown Current decline from peak	-8.52%	-1.73%	-6.79%
Average Drawdown Average peak-to-trough decline	-2.97%	-1.29%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	1.86%	+2.45%

Volatility

SPWO vs. IFLO - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 8.20% compared to VictoryShares International Free Cash Flow ETF (IFLO) at 4.10%. This indicates that SPWO's price experiences larger fluctuations and is considered to be riskier than IFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPWO	IFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	4.10%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	12.32%	+8.45%
Volatility (1Y) Calculated over the trailing 1-year period	23.43%	14.41%	+9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	14.59%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	14.59%	+5.74%

SPWO vs. IFLO - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than IFLO's 0.56% expense ratio.

Dividends

SPWO vs. IFLO - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.10%, less than IFLO's 1.52% yield.

Position	TTM	2025	2024
IFLO VictoryShares International Free Cash Flow ETF	1.52%	0.73%	0.00%
SPWO SP Funds S&P World (ex-US) ETF	1.10%	1.29%	1.24%

Frequently Asked Questions

Can I hold both SPWO and IFLO in my portfolio?

SPWO and IFLO 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 IFLO?

SPWO has higher volatility (8.20%) compared to IFLO (4.10%). In terms of maximum drawdown, SPWO dropped -18.03% vs IFLO's -6.44%.

Which ETF is better, SPWO or IFLO?

On 1-year performance, IFLO leads with 36.91% vs 35.21% for SPWO. On fees, SPWO is cheaper at 0.55% per year. On volatility, IFLO has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or IFLO?

Over the 1-year period, IFLO has performed better with a 36.91% return vs 35.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or IFLO?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.56% for IFLO.

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

IFLO has the higher dividend yield at 1.52%, compared with 1.10% for SPWO.

What is the main difference between SPWO and IFLO?

SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while IFLO tracks Victory International Free Cash Flow Index. They also come from different issuers: SP Funds and VictoryShares. Their fees differ too: 0.55% for SPWO and 0.56% for IFLO.

Which has better risk-adjusted returns?

IFLO currently has the higher Sharpe Ratio (2.57 vs 1.46), 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.