SPDW vs VMLUX
State Street SPDR Portfolio Developed World ex-US ETF vs Vanguard Limited Term Tax-Exempt Fund admiral class
Quick Verdict
SPDW has a lower expense ratio. SPDW delivered stronger 1-year returns. SPDW offers more diversification with 2348 holdings.
Side-by-Side Comparison
| Metric | SPDW | VMLUX | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.09% | |
| AUM | $40.0B | $34.1B | |
| Dividend Yield | 3.02% | 2.89% | |
| Holdings | 2,440 | 7,110 | |
| YTD Return | +16.26% | -0.64% | |
| 1Y Return | +29.61% | -0.36% | |
| 3Y Return (annualized) | +19.85% | +0.77% | |
| 5Y Return (annualized) | +9.63% | -0.58% | |
| Volatility (annualized) | 17.6% | 2.8% | |
| Max Drawdown | -62.2% | -8.5% | |
| Fund Family | SPDR State Street Global Advisors | Vanguard (US) | |
| Category | Equity | Tax Preferred | |
| Inception | Apr 20, 2007 | Feb 12, 2001 |
SPDW vs VMLUX Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is a ETF from SPDR State Street Global Advisors and Vanguard Limited Term Tax-Exempt Fund admiral class (VMLUX) is a mutual fund from Vanguard (US). Over the past year SPDW returned +29.61% while VMLUX returned -0.36%. Year to date, SPDW is up 16.26% versus a loss of 0.64% for VMLUX.
Over three years, SPDW compounded at +19.85% per year against +0.77% for VMLUX; over five years the annualized figures are +9.63% and -0.58% respectively. Across the full 5-year window we track, SPDW has the edge at +3.15% annualized vs -0.58%. 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 2.8% for VMLUX. 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 -8.5% for VMLUX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPDW charges 0.03% per year while VMLUX 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 3.02% against 2.89% for VMLUX.
Holdings Overlap
SPDW and VMLUX share 0 holdings out of 3263 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPDW or VMLUX?
SPDW has an expense ratio of 0.03% while VMLUX charges 0.09%. SPDW is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPDW or VMLUX?
Over the past year SPDW returned +29.61% vs -0.36% for VMLUX, so SPDW leads on 1-year performance. Over the longest common window we track (5 years), SPDW annualized +3.15% vs -0.58% for VMLUX. Past performance does not guarantee future results.
Which is riskier, SPDW or VMLUX?
SPDW has been the more volatile fund at 17.6% annualized versus 2.8% for VMLUX. Worst drawdown: SPDW -62.2% vs VMLUX -8.5%.
Should I hold both SPDW and VMLUX?
SPDW and VMLUX have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPDW and VMLUX?
SPDW and VMLUX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 3263 unique securities.
Which pays a higher dividend, SPDW or VMLUX?
SPDW yields 3.02% while VMLUX yields 2.89%, so SPDW currently pays the higher dividend yield.
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