VALW.L vs. GBDV.L

Last updated Jun 3, 2026

VALW.L (SPDR MSCI World Value UCITS ETF) and GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) are both Global Equities funds from State Street - VALW.L tracks the MSCI ACWI Value NR USD while GBDV.L tracks the S&P Global Dividend Aristocrats index. Both are passively managed. Over the past 5 years, VALW.L returned 14.58%/yr vs 7.31%/yr for GBDV.L. A 0.74 correlation means they provide meaningful diversification when combined. VALW.L charges 0.25%/yr vs 0.45%/yr for GBDV.L.

Performance

VALW.L vs. GBDV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI World Value UCITS ETF (VALW.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VALW.L achieves a 19.31% return, which is significantly higher than GBDV.L's 6.85% return.

VALW.L

• 1D: 1.06%
• 1M: 10.28%
• YTD: 19.31%
• 6M: 21.41%
• 1Y: 47.31%
• 3Y*: 21.18%
• 5Y*: 14.58%
• 10Y*: —

GBDV.L

• 1D: 0.17%
• 1M: 0.20%
• YTD: 6.85%
• 6M: 5.97%
• 1Y: 19.51%
• 3Y*: 12.47%
• 5Y*: 7.31%
• 10Y*: 8.21%

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

VALW.L vs. GBDV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VALW.L SPDR MSCI World Value UCITS ETF	19.31%	27.01%	5.92%	16.43%	0.09%	20.68%	-18.17%
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	6.85%	10.06%	9.77%	1.90%	5.38%	17.41%	13.36%

Correlation

The correlation between VALW.L and GBDV.L is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020	0.74

The correlation between VALW.L and GBDV.L shifts across timeframes, from 0.56 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

VALW.L vs. GBDV.L - Sectors Allocation Comparison

Sectors	VALW.L	GBDV.L
Technology	29.7%	2.2%
Financial Services	15.4%	24.9%
Industrials	12.4%	11.5%
Healthcare	9.4%	4.2%
Consumer Cyclical	8.3%	2.4%
Communication Services	8.1%	9.5%
Consumer Defensive	4.9%	8.0%
Energy	4.1%	7.3%
Basic Materials	3.2%	2.0%
Utilities	2.7%	15.9%
Real Estate	1.8%	12.1%

Return for Risk

VALW.L vs. GBDV.L — Risk / Return Rank

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

VALW.L

VALW.L Risk / Return Rank: 94
VALW.L Sharpe Ratio Rank: 95
VALW.L Sortino Ratio Rank: 95
VALW.L Omega Ratio Rank: 95
VALW.L Calmar Ratio Rank: 93
VALW.L Martin Ratio Rank: 93

GBDV.L

GBDV.L Risk / Return Rank: 63
GBDV.L Sharpe Ratio Rank: 66
GBDV.L Sortino Ratio Rank: 66
GBDV.L Omega Ratio Rank: 66
GBDV.L Calmar Ratio Rank: 62
GBDV.L Martin Ratio Rank: 55

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.

VALW.L vs. GBDV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Value UCITS ETF (VALW.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L). 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.

	VALW.L	GBDV.L	Difference
Sharpe ratio Return per unit of total volatility	3.95	2.21	+1.74
Sortino ratio Return per unit of downside risk	5.39	3.08	+2.31
Omega ratio Gain probability vs. loss probability	1.74	1.40	+0.34
Calmar ratio Return relative to maximum drawdown	6.59	3.14	+3.45
Martin ratio Return relative to average drawdown	24.68	9.84	+14.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VALW.L vs. GBDV.L - Sharpe Ratio Comparison

The current VALW.L Sharpe Ratio is 3.95, which is higher than the GBDV.L Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of VALW.L and GBDV.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VALW.L	GBDV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.95	2.21	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	0.62	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.65	+0.03

Drawdowns

VALW.L vs. GBDV.L - Drawdown Comparison

The maximum VALW.L drawdown since its inception was -28.59%, smaller than the maximum GBDV.L drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for VALW.L and GBDV.L.

Drawdown Indicators

	VALW.L	GBDV.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.59%	-34.77%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-6.04%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	-13.42%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-14.24%	-15.84%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.77%	—
Current Drawdown Current decline from peak	0.00%	-1.81%	+1.81%
Average Drawdown Average peak-to-trough decline	-4.55%	-5.16%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.93%	-0.05%

Volatility

VALW.L vs. GBDV.L - Volatility Comparison

SPDR MSCI World Value UCITS ETF (VALW.L) has a higher volatility of 4.18% compared to SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) at 2.19%. This indicates that VALW.L's price experiences larger fluctuations and is considered to be riskier than GBDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALW.L	GBDV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	2.19%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	6.49%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	8.81%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	11.74%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	14.13%	+2.55%

VALW.L vs. GBDV.L - Expense Ratio Comparison

VALW.L has a 0.25% expense ratio, which is lower than GBDV.L's 0.45% expense ratio.

Dividends

VALW.L vs. GBDV.L - Dividend Comparison

VALW.L has not paid dividends to shareholders, while GBDV.L's dividend yield for the trailing twelve months is around 4.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	4.51%	4.91%	4.49%	4.87%	5.05%	4.26%	4.41%	4.41%	5.18%	4.26%	4.74%	5.72%
VALW.L SPDR MSCI World Value UCITS ETF	0.00%	0.00%	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 VALW.L and GBDV.L in my portfolio?

VALW.L and GBDV.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VALW.L or GBDV.L?

On fees, VALW.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VALW.L or GBDV.L?

VALW.L is cheaper with a 0.25% expense ratio, compared with 0.45% for GBDV.L.

What is the main difference between VALW.L and GBDV.L?

VALW.L tracks MSCI ACWI Value NR USD, while GBDV.L tracks S&P Global Dividend Aristocrats index. Their fees differ too: 0.25% for VALW.L and 0.45% for GBDV.L.