CWI vs VOO
State Street SPDR MSCI ACWI ex-US ETF vs Vanguard S&P 500 ETF
Which is better, CWI or VOO?
Each has led over a different period.
VOO has a lower expense ratio. CWI led over 1Y, VOO over 3Y, 5Y and the full window. CWI is less concentrated, with 15.7% of the fund in its ten largest positions against 36.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CWI | VOO |
|---|---|---|
| Expense Ratio | 0.30% | 0.03%Best |
| AUM | $2.9B | $997.4B |
| Dividend Yield | 2.71% | 1.08% |
| Holdings | 1,181 | 509 |
| YTD Return | +16.11%Best | +13.37% |
| 1Y Return | +28.22%Best | +20.08% |
| 3Y Return (annualized) | +21.20% | +21.29%Best |
| 5Y Return (annualized) | +9.71% | +12.89%Best |
| Volatility (annualized) | 14.9% | 14.1%Best |
| Max Drawdown | -38.3% | -34.3%Best |
| $10,000 over 5 years | $15,894 | $18,335Best |
| Top 10 Weight | 15.7%Best | 36.4% |
| Fund Family | SPDR State Street Global Advisors | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 10, 2007 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 4, 2026 (16 years).
CWI vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 16 years both funds cover.
CWI vs VOO Performance
State Street SPDR MSCI ACWI ex-US ETF (CWI) is an ETF from SPDR State Street Global Advisors and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year CWI returned +28.22% while VOO returned +20.08%. Year to date, CWI is up 16.11% versus a gain of 13.37% for VOO.
Over three years, CWI compounded at +21.20% per year against +21.29% for VOO; over five years the annualized figures are +9.71% and +12.89% respectively. Across the full 16-year window we track, VOO has the edge at +13.48% annualized vs +5.75%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CWI has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 14.1% for VOO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -38.3% for CWI and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CWI charges 0.30% per year while VOO charges 0.03%. On a $10,000 position that is $30 vs $3 annually, a gap of $27 per year that compounds over a long holding period. On income, CWI currently yields 2.71% against 1.08% for VOO.
Holdings Overlap
0.1% of CWI's money is in holdings VOO also owns. 0.1% of VOO's money is in holdings CWI also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
2 positions in common, counted across the 1,086 positions we hold weights for in CWI and 504 in VOO, against full books of 1,181 and 509.
What only one of them owns
Our book lists 493 positions for VOO that do not appear in our book for CWI (99.3% of the fund), and 28 for CWI that do not appear in VOO (5.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of CWI and VOO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CWI or VOO?
CWI has an expense ratio of 0.30% while VOO charges 0.03%. VOO is the cheaper option, by $27 a year on a $10,000 investment.
Which performed better, CWI or VOO?
Over the past year CWI returned +28.22% vs +20.08% for VOO, so CWI leads on 1-year performance. Over the longest common window we track (16 years), CWI annualized +5.75% vs +13.48% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CWI or VOO?
CWI has been the more volatile fund at 14.9% annualized versus 14.1% for VOO. Worst drawdown: CWI -38.3% vs VOO -34.3%.
Should I hold both CWI and VOO?
CWI and VOO have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CWI or VOO?
CWI yields 2.71% while VOO yields 1.08%, so CWI currently pays the higher dividend yield.
Is VOO better than CWI?
VOO has a lower expense ratio. CWI led over 1Y, VOO over 3Y, 5Y and the full window. CWI is less concentrated, with 15.7% of the fund in its ten largest positions against 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.