SPDW vs SPY
State Street SPDR Portfolio Developed World ex-US ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPDW or SPY?
Each has led over a different period.
SPDW has a lower expense ratio. SPDW led over 1Y, SPY over 3Y, 5Y and the full window.
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 | SPDW | SPY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.09% |
| AUM | $42.1B | $804.7B |
| Dividend Yield | 2.92% | 0.98% |
| Holdings | 2,440 | 505 |
| YTD Return | +16.06%Best | +13.82% |
| 1Y Return | +23.86%Best | +16.96% |
| 3Y Return (annualized) | +20.83% | +22.97%Best |
| 5Y Return (annualized) | +9.92% | +13.73%Best |
| Volatility (annualized) | 17.6% | 15.5%Best |
| Max Drawdown | -62.2% | -56.5%Best |
| $10,000 over 5 years | $16,047 | $19,027Best |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 20, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 26, 2007 to Sep 21, 2026 (19.4 years).
SPDW 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.
SPDW vs SPY Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) 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 SPDW returned +23.86% while SPY returned +16.96%. Year to date, SPDW is up 16.06% versus a gain of 13.82% for SPY.
Over three years, SPDW compounded at +20.83% per year against +22.97% for SPY; over five years the annualized figures are +9.92% and +13.73% respectively. Across the full 19-year window we track, SPY has the edge at +9.25% annualized vs +3.12%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPDW has been the more volatile fund, with annualized monthly volatility of 17.6% 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 -62.2% for SPDW 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPDW charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SPDW currently yields 2.92% against 0.98% for SPY.
Holdings Overlap
At least 0.2% of SPY's money is in holdings SPDW also owns.
Stated as a floor: for SPDW, our book for it covers 86.3% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
3 positions in common, counted across the 2,129 positions we hold weights for in SPDW and 504 in SPY, against full books of 2,440 and 505.
You are not choosing between two funds in isolation.
Whichever of SPDW 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, SPDW or SPY?
SPDW has an expense ratio of 0.03% while SPY charges 0.09%. SPDW is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPDW or SPY?
Over the past year SPDW returned +23.86% vs +16.96% for SPY, so SPDW leads on 1-year performance. Over the longest common window we track (19 years), SPDW annualized +3.12% vs +9.25% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPDW or SPY?
SPDW has been the more volatile fund at 17.6% annualized versus 15.5% for SPY. Worst drawdown: SPDW -62.2% vs SPY -56.5%.
Should I hold both SPDW and SPY?
SPDW and SPY have a monthly-return correlation of 0.88, 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, SPDW or SPY?
SPDW yields 2.92% while SPY yields 0.98%, so SPDW currently pays the higher dividend yield.
Is SPY better than SPDW?
SPDW has a lower expense ratio. SPDW led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.