TXUG vs. SPDW

Last updated Jun 23, 2026

TXUG (Thornburg International Growth ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds. TXUG is actively managed, while SPDW is passively managed. Over the past year, TXUG returned 10.00% vs 35.21% for SPDW. Their correlation of 0.86 suggests significant overlap in exposure. TXUG charges 0.70%/yr vs 0.04%/yr for SPDW.

Performance

TXUG vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg International Growth ETF (TXUG) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TXUG achieves a 11.82% return, which is significantly lower than SPDW's 16.78% return.

TXUG

• 1D: -0.73%
• 1M: 3.86%
• YTD: 11.82%
• 6M: 12.33%
• 1Y: 10.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDW

• 1D: 0.06%
• 1M: 3.29%
• YTD: 16.78%
• 6M: 17.39%
• 1Y: 35.21%
• 3Y*: 20.66%
• 5Y*: 10.16%
• 10Y*: 10.97%

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

TXUG vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025
TXUG Thornburg International Growth ETF	11.82%	-1.49%
SPDW SPDR Portfolio World ex-US ETF	16.78%	30.47%

Correlation

The correlation between TXUG and SPDW is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.86

The correlation between TXUG and SPDW has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

TXUG vs. SPDW — Risk / Return Rank

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

TXUG

TXUG Risk / Return Rank: 18
TXUG Sharpe Ratio Rank: 17
TXUG Sortino Ratio Rank: 17
TXUG Omega Ratio Rank: 17
TXUG Calmar Ratio Rank: 19
TXUG Martin Ratio Rank: 19

SPDW

SPDW Risk / Return Rank: 67
SPDW Sharpe Ratio Rank: 69
SPDW Sortino Ratio Rank: 67
SPDW Omega Ratio Rank: 69
SPDW Calmar Ratio Rank: 64
SPDW Martin Ratio Rank: 66

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.

TXUG vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg International Growth ETF (TXUG) and SPDR Portfolio World ex-US ETF (SPDW). 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.

	TXUG	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	0.57	2.15	-1.59
Sortino ratio: Return per unit of downside risk	0.93	2.94	-2.01
Omega ratio: Gain probability vs. loss probability	1.11	1.39	-0.28
Calmar ratio: Return relative to maximum drawdown	0.78	3.06	-2.29
Martin ratio: Return relative to average drawdown	2.15	11.85	-9.70

TXUG vs. SPDW - Sharpe Ratio Comparison

The current TXUG Sharpe Ratio is 0.57, which is lower than the SPDW Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of TXUG and SPDW, 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

TXUG vs. SPDW - Drawdown Comparison

The maximum TXUG drawdown since its inception was -18.58%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for TXUG and SPDW.

Drawdown Indicators

	TXUG	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-18.58%	-60.02%	+41.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.93%	-11.55%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-4.10%	-12.88%	+8.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	2.98%	+1.68%

Volatility

TXUG vs. SPDW - Volatility Comparison

Thornburg International Growth ETF (TXUG) and SPDR Portfolio World ex-US ETF (SPDW) have volatilities of 6.28% and 6.31%, 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

	TXUG	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	6.31%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	15.28%	14.25%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	17.76%	16.46%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.89%	16.65%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.89%	17.28%	+2.61%

TXUG vs. SPDW - Expense Ratio Comparison

TXUG has a 0.70% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

TXUG vs. SPDW - Dividend Comparison

TXUG's dividend yield for the trailing twelve months is around 0.46%, less than SPDW's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPDW SPDR Portfolio World ex-US ETF	4.28%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%
TXUG Thornburg International Growth ETF	0.46%	0.51%	0.00%	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 TXUG and SPDW in my portfolio?

TXUG and SPDW have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXUG or SPDW?

SPDW has higher volatility (6.31%) compared to TXUG (6.28%). In terms of maximum drawdown, TXUG dropped -18.58% vs SPDW's -60.02%.

Which ETF is better, TXUG or SPDW?

On 1-year performance, SPDW leads with 35.21% vs 10.00% for TXUG. On fees, SPDW is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TXUG or SPDW?

Over the 1-year period, SPDW has performed better with a 35.21% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TXUG or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.70% for TXUG.

Which ETF pays a higher dividend yield, TXUG or SPDW?

SPDW has the higher dividend yield at 4.28%, compared with 0.46% for TXUG.

What is the main difference between TXUG and SPDW?

They also come from different issuers: Thornburg and State Street. Their fees differ too: 0.70% for TXUG and 0.04% for SPDW.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (2.15 vs 0.57), 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.