VA.TO vs. SPWO

Last updated Jul 25, 2026

VA.TO (Vanguard FTSE Developed Asia Pacific All Cap Index ETF) and SPWO (SP Funds S&P World (ex-US) ETF) are both exchange-traded funds - VA.TO is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific All Cap Index, while SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index. Both are passively managed. Over the past year, VA.TO returned 37.94% vs 32.58% for SPWO. A 0.64 correlation means they provide meaningful diversification when combined. VA.TO charges 0.22%/yr vs 0.55%/yr for SPWO.

Performance

VA.TO vs. SPWO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) and SP Funds S&P World (ex-US) ETF (SPWO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VA.TO is traded in CAD, while SPWO is traded in USD. To make them comparable, the SPWO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VA.TO achieves a 23.70% return, which is significantly higher than SPWO's 20.16% return.

VA.TO

• 1D: -0.84%
• 1M: -5.85%
• 6M: 15.34%
• YTD: 23.70%
• 1Y: 37.94%
• 3Y*: 21.27%
• 5Y*: 11.43%
• 10Y*: 10.05%
• ALL TIME*: 9.85%

SPWO

• 1D: -1.57%
• 1M: -6.19%
• 6M: 10.75%
• YTD: 20.16%
• 1Y: 32.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.44%

*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)
SPWO SP Funds S&P World (ex-US) ETF	CA$2.17M	CA$2.40M	CA$2.69M
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	CA$792.11K	CA$994.16K	CA$965.91K

VA.TO vs. SPWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	23.70%	26.08%	10.31%	2.07%
SPWO SP Funds S&P World (ex-US) ETF	20.16%	20.56%	18.50%	0.57%

Correlation

The correlation between VA.TO and SPWO is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.64

The correlation between VA.TO and SPWO shifts across timeframes, from 0.64 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

VA.TO vs. SPWO - Sectors Allocation Comparison

Sectors	VA.TO	SPWO
Technology	28.1%	52.4%
Industrials	18.6%	11.4%
Financial Services	17.9%	0.8%
Consumer Cyclical	9.4%	9.2%
Basic Materials	7.1%	6.5%
Communication Services	4.9%	1.6%
Healthcare	4.4%	10.6%
Real Estate	3.8%	0.7%
Consumer Defensive	3.2%	4.1%
Utilities	1.4%	0.3%
Energy	1.3%	2.3%

Return for Risk

VA.TO vs. SPWO — Risk / Return Rank

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

VA.TO

VA.TO Risk / Return Rank: 75
VA.TO Sharpe Ratio Rank: 73
VA.TO Sortino Ratio Rank: 68
VA.TO Omega Ratio Rank: 75
VA.TO Calmar Ratio Rank: 82
VA.TO Martin Ratio Rank: 77

SPWO

SPWO Risk / Return Rank: 53
SPWO Sharpe Ratio Rank: 51
SPWO Sortino Ratio Rank: 49
SPWO Omega Ratio Rank: 51
SPWO Calmar Ratio Rank: 58
SPWO Martin Ratio Rank: 57

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.

VA.TO vs. SPWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) and SP Funds S&P World (ex-US) ETF (SPWO). 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.

	VA.TO	SPWO	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.41	+0.26
Sortino ratio: Return per unit of downside risk	2.22	1.95	+0.27
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	3.15	2.62	+0.53
Martin ratio: Return relative to average drawdown	9.86	8.09	+1.77

VA.TO vs. SPWO - Sharpe Ratio Comparison

The current VA.TO Sharpe Ratio is 1.67, which is comparable to the SPWO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of VA.TO and SPWO, 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

VA.TO vs. SPWO - Drawdown Comparison

The maximum VA.TO drawdown since its inception was -25.81%, which is greater than SPWO's maximum drawdown of -17.12%. Use the drawdown chart below to compare losses from any high point for VA.TO and SPWO.

Drawdown Indicators

	VA.TO	SPWO	Difference
Max Drawdown Largest peak-to-trough decline	-25.81%	-17.12%	-8.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-12.49%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-13.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.81%	—	—
Current Drawdown Current decline from peak	-10.02%	-10.03%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.53%	-2.47%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	4.04%	-0.18%

Volatility

VA.TO vs. SPWO - Volatility Comparison

The current volatility for Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) is 7.69%, while SP Funds S&P World (ex-US) ETF (SPWO) has a volatility of 8.13%. This indicates that VA.TO experiences smaller price fluctuations and is considered to be less risky than SPWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VA.TO	SPWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.69%	8.13%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	20.72%	20.65%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	22.77%	23.21%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	20.65%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	20.65%	-5.05%

VA.TO vs. SPWO - Expense Ratio Comparison

VA.TO has a 0.22% expense ratio, which is lower than SPWO's 0.55% expense ratio.

Dividends

VA.TO vs. SPWO - Dividend Comparison

VA.TO's dividend yield for the trailing twelve months is around 1.78%, more than SPWO's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPWO SP Funds S&P World (ex-US) ETF	1.11%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	1.78%	2.17%	2.31%	2.57%	3.10%	2.35%	2.14%	2.55%	2.89%	1.71%	1.63%	1.93%

Frequently Asked Questions

Can I hold both VA.TO and SPWO in my portfolio?

VA.TO and SPWO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VA.TO or SPWO?

On fees, VA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VA.TO or SPWO?

VA.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for SPWO.

What is the main difference between VA.TO and SPWO?

VA.TO is categorized as Asia Pacific Equities, while SPWO is Foreign Large Cap Equities. VA.TO tracks FTSE Developed Asia Pacific All Cap Index, while SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index. They also come from different issuers: Vanguard and SP Funds. Their fees differ too: 0.22% for VA.TO and 0.55% for SPWO.