DWX vs SPY
State Street SPDR S&P International Dividend ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DWX or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DWX is less concentrated, with 21.1% of the fund in its ten largest positions against 38.0%.
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 | DWX | SPY |
|---|---|---|
| Expense Ratio | 0.45% | 0.09%Best |
| AUM | $530M | $804.7B |
| Dividend Yield | 4.10% | 0.98% |
| Holdings | 122 | 505 |
| YTD Return | +10.30% | +12.19%Best |
| 1Y Return | +15.03% | +18.53%Best |
| 3Y Return (annualized) | +16.07% | +20.88%Best |
| 5Y Return (annualized) | +7.98% | +12.69%Best |
| Volatility (annualized) | 19.9% | 15.7%Best |
| Max Drawdown | -69.3% | -52.4%Best |
| $10,000 over 5 years | $14,680 | $18,173Best |
| Top 10 Weight | 21.1%Best | 38.0% |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Feb 12, 2008 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 19, 2008 to Sep 9, 2026 (18.6 years).
DWX vs SPY 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
DWX vs SPY Performance
State Street SPDR S&P International Dividend ETF (DWX) is an ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DWX returned +15.03% while SPY returned +18.53%. Year to date, DWX is up 10.30% versus a gain of 12.19% for SPY.
Over three years, DWX compounded at +16.07% per year against +20.88% for SPY; over five years the annualized figures are +7.98% and +12.69% respectively. Across the full 19-year window we track, SPY has the edge at +10.20% annualized vs -1.08%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DWX has been the more volatile fund, with annualized monthly volatility of 19.9% compared with 15.7% for SPY. 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 -69.3% for DWX and -52.4% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DWX charges 0.45% per year while SPY charges 0.09%. On a $10,000 position that is $45 vs $9 annually, a gap of $36 per year that compounds over a long holding period. On income, DWX currently yields 4.10% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 100 holdings in DWX and 504 in SPY, totalling 99.4% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 100 positions we hold weights for in DWX and 504 in SPY, against full books of 122 and 505.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for DWX (99.4% of the fund), and 2 for DWX that do not appear in SPY (3.1%).
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 DWX and SPY 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, DWX or SPY?
DWX has an expense ratio of 0.45% while SPY charges 0.09%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, DWX or SPY?
Over the past year DWX returned +15.03% vs +18.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), DWX annualized -1.08% vs +10.20% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DWX or SPY?
DWX has been the more volatile fund at 19.9% annualized versus 15.7% for SPY. Worst drawdown: DWX -69.3% vs SPY -52.4%.
Should I hold both DWX and SPY?
DWX and SPY have a monthly-return correlation of 0.77, 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, DWX or SPY?
DWX yields 4.10% while SPY yields 0.98%, so DWX currently pays the higher dividend yield.
Is SPY better than DWX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DWX is less concentrated, with 21.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.