GWX vs SPY
State Street SPDR S&P International Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GWX or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. GWX led over 1Y, SPY over 3Y, 5Y and the full window. GWX is less concentrated, with 2.7% 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 | GWX | SPY |
|---|---|---|
| Expense Ratio | 0.40% | 0.09%Best |
| AUM | $935M | $804.7B |
| Dividend Yield | 2.56% | 0.98% |
| Holdings | 2,076 | 505 |
| YTD Return | +13.83%Best | +12.47% |
| 1Y Return | +18.23%Best | +17.51% |
| 3Y Return (annualized) | +17.89% | +21.18%Best |
| 5Y Return (annualized) | +5.51% | +12.88%Best |
| Volatility (annualized) | 19.1% | 15.5%Best |
| Max Drawdown | -64.8% | -56.5%Best |
| $10,000 over 5 years | $13,076 | $18,327Best |
| Top 10 Weight | 2.7%Best | 38.0% |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Apr 20, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 26, 2007 to Sep 11, 2026 (19.4 years).
GWX 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 covers the 19.4 years both funds cover.
GWX vs SPY Performance
State Street SPDR S&P International Small Cap ETF (GWX) 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 GWX returned +18.23% while SPY returned +17.51%. Year to date, GWX is up 13.83% versus a gain of 12.47% for SPY.
Over three years, GWX compounded at +17.89% per year against +21.18% for SPY; over five years the annualized figures are +5.51% and +12.88% respectively. Across the full 19-year window we track, SPY has the edge at +9.20% annualized vs +2.06%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GWX has been the more volatile fund, with annualized monthly volatility of 19.1% compared with 15.5% 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 -64.8% for GWX and -56.5% 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GWX charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, GWX currently yields 2.56% against 0.98% for SPY.
Holdings Overlap
0.7% of SPY's money is in holdings GWX also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 126 days apart, GWX as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
2 positions in common, counted across the 2,027 positions we hold weights for in GWX and 504 in SPY, against full books of 2,076 and 505.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for GWX (98.8% of the fund), and 61 for GWX that do not appear in SPY (2.6%).
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 GWX 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, GWX or SPY?
GWX has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option, by $31 a year on a $10,000 investment.
Which performed better, GWX or SPY?
Over the past year GWX returned +18.23% vs +17.51% for SPY, so GWX leads on 1-year performance. Over the longest common window we track (19 years), GWX annualized +2.06% vs +9.20% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GWX or SPY?
GWX has been the more volatile fund at 19.1% annualized versus 15.5% for SPY. Worst drawdown: GWX -64.8% vs SPY -56.5%.
Should I hold both GWX and SPY?
GWX and SPY 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, GWX or SPY?
GWX yields 2.56% while SPY yields 0.98%, so GWX currently pays the higher dividend yield.
Is SPY better than GWX?
SPY has a lower expense ratio. GWX led over 1Y, SPY over 3Y, 5Y and the full window. GWX is less concentrated, with 2.7% 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.