SPWO vs. MCSE

Last updated Aug 2, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. SPWO is passively managed, while MCSE is actively managed. Over the past year, SPWO returned 35.21% vs 4.30% for MCSE. Their 0.63 correlation means they have sometimes moved together and sometimes differently. SPWO charges 0.55%/yr vs 0.59%/yr for MCSE.

Performance

SPWO vs. MCSE - 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 Franklin Sustainable International Equity ETF (MCSE). 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 higher than MCSE's 1.12% return.

SPWO

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

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 4.30%
• 3Y*: -0.12%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.07%

*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)
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00
SPWO SP Funds S&P World (ex-US) ETF	$1.91M	$1.88M	$2.00M

SPWO vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	18.04%	26.32%	9.25%	1.36%
MCSE Franklin Sustainable International Equity ETF	1.12%	7.79%	-9.46%	0.56%

Correlation

The correlation between SPWO and MCSE is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.63

Over the past year, the correlation between SPWO and MCSE has dropped to 0.40 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

SPWO vs. MCSE - Sectors Allocation Comparison

Sectors	SPWO	MCSE
Technology	52.4%	31.1%
Industrials	11.4%	18.1%
Healthcare	10.6%	20.1%
Consumer Cyclical	9.2%	13.8%
Basic Materials	6.5%	5.1%
Consumer Defensive	4.1%	5.0%
Energy	2.3%	-
Communication Services	1.6%	4.7%
Financial Services	0.8%	2.1%
Real Estate	0.7%	-
Utilities	0.3%	-

Return for Risk

SPWO vs. MCSE — 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

MCSE

MCSE Risk / Return Rank: 19
MCSE Sharpe Ratio Rank: 20
MCSE Sortino Ratio Rank: 18
MCSE Omega Ratio Rank: 22
MCSE Calmar Ratio Rank: 17
MCSE Martin Ratio Rank: 17

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. MCSE - 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 Franklin Sustainable International Equity ETF (MCSE). 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	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	1.46	0.37	+1.09
Sortino ratio: Return per unit of downside risk	2.00	0.58	+1.42
Omega ratio: Gain probability vs. loss probability	1.27	1.10	+0.17
Calmar ratio: Return relative to maximum drawdown	2.49	0.37	+2.12
Martin ratio: Return relative to average drawdown	7.92	0.92	+7.00

SPWO vs. MCSE - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.46, which is higher than the MCSE Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of SPWO and MCSE, 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. MCSE - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum MCSE drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for SPWO and MCSE.

Drawdown Indicators

	SPWO	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-26.36%	+8.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-10.42%	-3.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.36%	—
Current Drawdown Current decline from peak	-8.52%	-10.51%	+1.99%
Average Drawdown Average peak-to-trough decline	-2.97%	-8.79%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	4.36%	-0.05%

Volatility

SPWO vs. MCSE - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 8.20% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that SPWO's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPWO	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	0.00%	+8.20%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	1.91%	+18.86%
Volatility (1Y) Calculated over the trailing 1-year period	23.43%	10.71%	+12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	19.08%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	19.08%	+1.25%

SPWO vs. MCSE - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than MCSE's 0.59% expense ratio.

Dividends

SPWO vs. MCSE - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.10%, less than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%
SPWO SP Funds S&P World (ex-US) ETF	1.10%	1.29%	1.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and MCSE in my portfolio?

SPWO and MCSE have a correlation of 0.40, 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 MCSE?

SPWO has higher volatility (8.20%) compared to MCSE (0.00%). In terms of maximum drawdown, SPWO dropped -18.03% vs MCSE's -26.36%.

Which ETF is better, SPWO or MCSE?

On 1-year performance, SPWO leads with 35.21% vs 4.30% for MCSE. On fees, SPWO is cheaper at 0.55% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or MCSE?

Over the 1-year period, SPWO has performed better with a 35.21% return vs 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or MCSE?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.59% for MCSE.

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

MCSE has the higher dividend yield at 3.74%, compared with 1.10% for SPWO.

What is the main difference between SPWO and MCSE?

They also come from different issuers: SP Funds and Franklin. Their fees differ too: 0.55% for SPWO and 0.59% for MCSE.

Which has better risk-adjusted returns?

SPWO currently has the higher Sharpe Ratio (1.46 vs 0.37), 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.