SPDW vs VGHAX
State Street SPDR Portfolio Developed World ex-US ETF vs Vanguard Health Care Fund Admiral Shares
Which is better, SPDW or VGHAX?
Large Cap Blend against Large Cap Growth.
SPDW has a lower expense ratio. SPDW led over 1Y, 3Y, 5Y and the full window. SPDW is less concentrated, with 10.9% of the fund in its ten largest positions against 40.8%.
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 | VGHAX |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.27% |
| AUM | $42.3B | $32.8B |
| Dividend Yield | 3.02% | 6.45% |
| Holdings | 2,440 | 109 |
| YTD Price Return | +15.96%Best | +5.30% |
| 1Y Price Return | +25.66%Best | +20.27% |
| 3Y Price Return (annualized) | +17.64%Best | +0.82% |
| 5Y Price Return (annualized) | +6.42%Best | -2.45% |
| Volatility (annualized) | 16.4% | 15.3%Best |
| Max Drawdown | -32.6%Best | -33.1% |
| $10,000 over 5 years | $13,649Best | $8,834 |
| Top 10 Weight | 10.9%Best | 40.8% |
| Fund Family | SPDR State Street Global Advisors | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Apr 20, 2007 | Nov 12, 2001 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for VGHAX. Both funds are measured the same way, so the comparison holds. SPDW yields 3.02% and VGHAX 6.45% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 7, 2021 to Sep 2, 2026 (5 years).
SPDW vs VGHAX 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 5 years both funds cover. Prices exclude distributions, on both funds alike.
SPDW vs VGHAX Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is an ETF from SPDR State Street Global Advisors and Vanguard Health Care Fund Admiral Shares (VGHAX) is a mutual fund from Vanguard (US). Over the past year SPDW returned +25.66% while VGHAX returned +20.27%. Year to date, SPDW is up 15.96% versus a gain of 5.30% for VGHAX.
Over three years, SPDW compounded at +17.64% per year against +0.82% for VGHAX; over five years the annualized figures are +6.42% and -2.45% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPDW has been the more volatile fund, with annualized monthly volatility of 16.4% compared with 15.3% for VGHAX. 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 -32.6% for SPDW and -33.1% for VGHAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.61. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPDW charges 0.03% per year while VGHAX charges 0.27%. On a $10,000 position that is $3 vs $27 annually, a gap of $24 per year that compounds over a long holding period. On income, SPDW currently yields 3.02% against 6.45% for VGHAX.
Structure and taxes
VGHAX is a mutual fund and SPDW is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
3.8% of SPDW's money is in holdings VGHAX also owns. 26.1% of VGHAX's money is in holdings SPDW also owns.
VGHAX and SPDW share little of their money.
19 positions in common, counted across the 2,345 positions we hold weights for in SPDW and 86 in VGHAX, against full books of 2,440 and 109.
What only one of them owns
Our book lists 60 positions for VGHAX that do not appear in our book for SPDW (70.4% of the fund), and 53 for SPDW that do not appear in VGHAX (3.8%).
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.
Top Shared Holdings
| Stock | Weight in SPDW | Weight in VGHAX | Difference |
|---|---|---|---|
| AZN:LNAstraZeneca PLC | 1.01% | 5.27% | 4.26% |
| GSK:LNGSK plc | 0.37% | 3.40% | 3.03% |
| NOVN:SMNovartis Ag Ordinary Shares | 0.98% | 1.69% | 0.71% |
| UCB:BRUcb Sa | 0.15% | 2.27% | 2.12% |
| ARGX:ASArgenx Se | 0.14% | 2.26% | 2.12% |
| 4578:JPOtsuka Holdings Co., Ltd. Com Stk | 0.15% | 1.30% | 1.15% |
| 4519:JPChugai Pharmaceutical Co. Ltd. Com Stk | 0.13% | 1.29% | 1.16% |
| GALD:SMGalderma | 0.09% | 1.24% | 1.15% |
| ROG:SMRoche Holding Ag | 0.04% | 1.22% | 1.18% |
| 4568:JPDaiichi Sankyo Co. Ltd. Com Stk | 0.12% | 1.00% | 0.88% |
26.1% of VGHAX is already inside SPDW.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPDW or VGHAX?
SPDW has an expense ratio of 0.03% while VGHAX charges 0.27%. SPDW is the cheaper option, by $24 a year on a $10,000 investment.
Which performed better, SPDW or VGHAX?
Over the past year SPDW returned +25.66% vs +20.27% for VGHAX, so SPDW leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPDW or VGHAX?
SPDW has been the more volatile fund at 16.4% annualized versus 15.3% for VGHAX. Worst drawdown: SPDW -32.6% vs VGHAX -33.1%.
Should I hold both SPDW and VGHAX?
SPDW and VGHAX have a monthly-return correlation of 0.61, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPDW and VGHAX?
26.1% of VGHAX's money is in holdings SPDW also owns. 26.1% of VGHAX's is in holdings SPDW also owns. They hold 19 positions in common, counted across the 2,345 positions we hold weights for in SPDW and 86 in VGHAX.
Which pays a higher dividend, SPDW or VGHAX?
SPDW yields 3.02% while VGHAX yields 6.45%, so VGHAX currently pays the higher dividend yield.
Is it better to hold VGHAX or SPDW in a taxable account?
SPDW is an ETF and VGHAX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is VGHAX better than SPDW?
SPDW has a lower expense ratio. SPDW led over 1Y, 3Y, 5Y and the full window. SPDW is less concentrated, with 10.9% of the fund in its ten largest positions against 40.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.