VYMI vs. DWX

Last updated Jun 4, 2026

VYMI (Vanguard International High Dividend Yield ETF) and DWX (SPDR S&P International Dividend ETF) are both exchange-traded funds - VYMI is a Dividend fund tracking the FTSE All-World ex US High Dividend Yield Index, while DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index. Both are passively managed. Over the past 10 years, VYMI returned 10.49%/yr vs 7.29%/yr for DWX. Their correlation of 0.88 suggests significant overlap in exposure. VYMI charges 0.07%/yr vs 0.45%/yr for DWX.

Performance

VYMI vs. DWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International High Dividend Yield ETF (VYMI) and SPDR S&P International Dividend ETF (DWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VYMI achieves a 11.31% return, which is significantly higher than DWX's 6.23% return. Over the past 10 years, VYMI has outperformed DWX with an annualized return of 10.49%, while DWX has yielded a comparatively lower 7.29% annualized return.

VYMI

• 1D: -1.01%
• 1M: 2.05%
• YTD: 11.31%
• 6M: 14.77%
• 1Y: 30.23%
• 3Y*: 21.88%
• 5Y*: 11.95%
• 10Y*: 10.49%

DWX

• 1D: -0.29%
• 1M: 0.58%
• YTD: 6.23%
• 6M: 8.31%
• 1Y: 15.79%
• 3Y*: 14.97%
• 5Y*: 7.13%
• 10Y*: 7.29%

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

VYMI vs. DWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VYMI Vanguard International High Dividend Yield ETF	11.31%	38.05%	7.06%	17.07%	-7.02%	15.39%	-1.11%	18.43%	-12.65%	22.36%
DWX SPDR S&P International Dividend ETF	6.23%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%

Correlation

The correlation between VYMI and DWX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 3, 2016	0.88

The correlation between VYMI and DWX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

VYMI vs. DWX - Sectors Allocation Comparison

Sectors	VYMI	DWX
Financial Services	41.9%	16.4%
Energy	9.5%	10.4%
Consumer Defensive	7.0%	12.6%
Basic Materials	6.8%	2.3%
Healthcare	6.6%	4.5%
Industrials	6.6%	10.2%
Consumer Cyclical	6.5%	6.2%
Utilities	5.6%	11.3%
Technology	4.3%	2.8%
Communication Services	4.0%	12.8%
Real Estate	1.3%	10.5%

Return for Risk

VYMI vs. DWX — Risk / Return Rank

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

VYMI

VYMI Risk / Return Rank: 66
VYMI Sharpe Ratio Rank: 70
VYMI Sortino Ratio Rank: 68
VYMI Omega Ratio Rank: 69
VYMI Calmar Ratio Rank: 59
VYMI Martin Ratio Rank: 64

DWX

DWX Risk / Return Rank: 39
DWX Sharpe Ratio Rank: 41
DWX Sortino Ratio Rank: 40
DWX Omega Ratio Rank: 41
DWX Calmar Ratio Rank: 37
DWX Martin Ratio Rank: 38

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.

VYMI vs. DWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International High Dividend Yield ETF (VYMI) and SPDR S&P International Dividend ETF (DWX). 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.

	VYMI	DWX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.47	+0.88
Sortino ratio: Return per unit of downside risk	3.20	2.06	+1.14
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	2.99	1.85	+1.15
Martin ratio: Return relative to average drawdown	11.80	6.01	+5.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VYMI vs. DWX - Sharpe Ratio Comparison

The current VYMI Sharpe Ratio is 2.35, which is higher than the DWX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of VYMI and DWX, 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

	VYMI	DWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	1.47	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.59	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.48	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.12	+0.53

Drawdowns

VYMI vs. DWX - Drawdown Comparison

The maximum VYMI drawdown since its inception was -40.00%, smaller than the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for VYMI and DWX.

Drawdown Indicators

	VYMI	DWX	Difference
Max Drawdown Largest peak-to-trough decline	-40.00%	-66.86%	+26.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-8.59%	-1.55%
Max Drawdown (3Y) Largest decline over 3 years	-12.84%	-10.65%	-2.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	-26.96%	+2.91%
Max Drawdown (10Y) Largest decline over 10 years	-40.00%	-36.05%	-3.95%
Current Drawdown Current decline from peak	-1.40%	-4.12%	+2.72%
Average Drawdown Average peak-to-trough decline	-6.31%	-14.13%	+7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.63%	-0.06%

Volatility

VYMI vs. DWX - Volatility Comparison

Vanguard International High Dividend Yield ETF (VYMI) has a higher volatility of 4.04% compared to SPDR S&P International Dividend ETF (DWX) at 2.92%. This indicates that VYMI's price experiences larger fluctuations and is considered to be riskier than DWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VYMI	DWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	2.92%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	8.66%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	10.80%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	12.20%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	15.09%	+1.78%

VYMI vs. DWX - Expense Ratio Comparison

VYMI has a 0.07% expense ratio, which is lower than DWX's 0.45% expense ratio.

Dividends

VYMI vs. DWX - Dividend Comparison

VYMI's dividend yield for the trailing twelve months is around 3.44%, less than DWX's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.20%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
VYMI Vanguard International High Dividend Yield ETF	3.44%	3.68%	4.84%	4.58%	4.70%	4.30%	3.22%	4.20%	4.29%	3.21%	2.39%	0.00%

Frequently Asked Questions

Can I hold both VYMI and DWX in my portfolio?

VYMI and DWX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VYMI or DWX?

VYMI has higher volatility (4.04%) compared to DWX (2.92%). In terms of maximum drawdown, VYMI dropped -40.00% vs DWX's -66.86%.

Which ETF is better, VYMI or DWX?

On 10-year performance, VYMI leads with 10.49% vs 7.29% for DWX. On fees, VYMI is cheaper at 0.07% per year. On volatility, DWX has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VYMI or DWX?

Over the 10-year period, VYMI has performed better with a 10.49% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VYMI or DWX?

VYMI is cheaper with a 0.07% expense ratio, compared with 0.45% for DWX.

Which ETF pays a higher dividend yield, VYMI or DWX?

DWX has the higher dividend yield at 4.20%, compared with 3.44% for VYMI.

What is the main difference between VYMI and DWX?

VYMI is categorized as Dividend, while DWX is Foreign Large Cap Equities. VYMI tracks FTSE All-World ex US High Dividend Yield Index, while DWX tracks S&P International Dividend Opportunities Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.07% for VYMI and 0.45% for DWX.

Which has better risk-adjusted returns?

VYMI currently has the higher Sharpe Ratio (2.35 vs 1.47), 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.