SPDW vs VTBNX
State Street SPDR Portfolio Developed World ex-US ETF vs Vanguard Total Bond Market II Index Fund Institutional Shares
Quick Verdict
VTBNX has a lower expense ratio. SPDW delivered stronger 1-year returns. VTBNX offers more diversification with 15,623 holdings.
Side-by-Side Comparison
| Metric | SPDW | VTBNX | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.02% | |
| AUM | $42.0B | $207.3B | |
| Dividend Yield | 3.02% | 3.79% | |
| Holdings | 2,440 | 15,623 | |
| YTD Return | +17.42% | -2.49% | |
| 1Y Return | +29.01% | -1.68% | |
| 3Y Return (annualized) | +21.31% | +0.72% | |
| 5Y Return (annualized) | +10.15% | -3.58% | |
| Volatility (annualized) | 17.6% | 6.3% | |
| Max Drawdown | -62.2% | -21.5% | |
| Fund Family | SPDR State Street Global Advisors | Vanguard (US) | |
| Category | Equity | Fixed Income | |
| Inception | Apr 20, 2007 | Feb 17, 2009 |
SPDW vs VTBNX Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is a ETF from SPDR State Street Global Advisors and Vanguard Total Bond Market II Index Fund Institutional Shares (VTBNX) is a mutual fund from Vanguard (US). Over the past year SPDW returned +29.01% while VTBNX returned -1.68%. Year to date, SPDW is up 17.42% versus a loss of 2.49% for VTBNX.
Over three years, SPDW compounded at +21.31% per year against +0.72% for VTBNX; over five years the annualized figures are +10.15% and -3.58% respectively. Across the full 5-year window we track, SPDW has the edge at +3.20% annualized vs -3.58%. 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 6.3% for VTBNX. 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 -21.5% for VTBNX. 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPDW charges 0.03% per year while VTBNX charges 0.02%. On a $10,000 position that is $3 vs $2 annually, a gap of $1 per year that compounds over a long holding period. On income, SPDW currently yields 3.02% against 3.79% for VTBNX.
Holdings Overlap
SPDW and VTBNX share 0 holdings out of 15074 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 VTBNX?
SPDW has an expense ratio of 0.03% while VTBNX charges 0.02%. VTBNX is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, SPDW or VTBNX?
Over the past year SPDW returned +29.01% vs -1.68% for VTBNX, so SPDW leads on 1-year performance. Over the longest common window we track (5 years), SPDW annualized +3.20% vs -3.58% for VTBNX. Past performance does not guarantee future results.
Which is riskier, SPDW or VTBNX?
SPDW has been the more volatile fund at 17.6% annualized versus 6.3% for VTBNX. Worst drawdown: SPDW -62.2% vs VTBNX -21.5%.
Should I hold both SPDW and VTBNX?
SPDW and VTBNX have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPDW and VTBNX?
SPDW and VTBNX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 15074 unique securities.
Which pays a higher dividend, SPDW or VTBNX?
SPDW yields 3.02% while VTBNX yields 3.79%, so VTBNX currently pays the higher dividend yield.
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