SPDW vs VTCIX
State Street SPDR Portfolio Developed World ex-US ETF vs Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares
Which is better, SPDW or VTCIX?
Each has led over a different period.
SPDW led over 1Y, VTCIX over 3Y, 5Y and the full window. SPDW is less concentrated, with 10.9% of the fund in its ten largest positions against 33.3%.
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 | VTCIX |
|---|---|---|
| Expense Ratio | 0.03%Tie | 0.03%Tie |
| AUM | $42.3B | $5.2B |
| Dividend Yield | 3.02% | 0.93% |
| Holdings | 2,440 | 836 |
| YTD Price Return | +16.43%Best | +12.59% |
| 1Y Price Return | +25.35%Best | +18.50% |
| 3Y Price Return (annualized) | +17.78% | +19.49%Best |
| 5Y Price Return (annualized) | +6.56% | +10.85%Best |
| Volatility (annualized) | 16.4% | 15.9%Best |
| Max Drawdown | -32.6% | -26.0%Best |
| $10,000 over 5 years | $13,740 | $16,737Best |
| Top 10 Weight | 10.9%Best | 33.3% |
| Fund Family | SPDR State Street Global Advisors | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 20, 2007 | Feb 24, 1999 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for VTCIX. Both funds are measured the same way, so the comparison holds. SPDW yields 3.02% and VTCIX 0.93% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 7, 2021 to Sep 4, 2026 (5 years).
SPDW vs VTCIX 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 VTCIX Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is an ETF from SPDR State Street Global Advisors and Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) is a mutual fund from Vanguard (US). Over the past year SPDW returned +25.35% while VTCIX returned +18.50%. Year to date, SPDW is up 16.43% versus a gain of 12.59% for VTCIX.
Over three years, SPDW compounded at +17.78% per year against +19.49% for VTCIX; over five years the annualized figures are +6.56% and +10.85% 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 15.9% for VTCIX. 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 -26.0% for VTCIX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPDW charges 0.03% per year while VTCIX charges 0.03%. On a $10,000 position that is $3 vs $3 annually. On income, SPDW currently yields 3.02% against 0.93% for VTCIX.
Structure and taxes
VTCIX 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
0.3% of SPDW's money is in holdings VTCIX also owns. 0.6% of VTCIX's money is in holdings SPDW also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 91 days apart, SPDW as of Mar 31, 2026 and VTCIX as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
13 positions in common, counted across the 2,345 positions we hold weights for in SPDW and 885 in VTCIX, against full books of 2,440 and 836.
What only one of them owns
Our book lists 735 positions for VTCIX that do not appear in our book for SPDW (97.8% of the fund), and 51 for SPDW that do not appear in VTCIX (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 VTCIX | Difference |
|---|---|---|---|
| ORCLOracle Corp. | 0.01% | 0.36% | 0.35% |
| UMG:ASUniversal Music Group N.V. Universal Music Group N V | 0.07% | 0.04% | 0.03% |
| ADPAutomatic Data Processing, Inc. | 0.01% | 0.09% | 0.08% |
| KRKroger Co. | 0.00% | 0.08% | 0.08% |
| IREN:AUIris Energy Ltd. | 0.04% | 0.02% | 0.02% |
| BGBunge Global Sa Common Shares | 0.04% | 0.02% | 0.02% |
| ASNDAscendis Pharma A/S | 0.04% | 0.01% | 0.03% |
| GFL:CAGfl Environmental Inc | 0.03% | 0.01% | 0.02% |
| BILLBill.Com Holdings, Inc. Common Stock | 0.01% | 0.01% | 0.00% |
| AS:FIAmer Sports Inc | 0.02% | 0.00% | 0.02% |
You are not choosing between two funds in isolation.
Whichever of SPDW and VTCIX 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 VTCIX?
SPDW has an expense ratio of 0.03% while VTCIX charges 0.03%. At the precision these are quoted to, they cost the same.
Which performed better, SPDW or VTCIX?
Over the past year SPDW returned +25.35% vs +18.50% for VTCIX, 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 VTCIX?
SPDW has been the more volatile fund at 16.4% annualized versus 15.9% for VTCIX. Worst drawdown: SPDW -32.6% vs VTCIX -26.0%.
Should I hold both SPDW and VTCIX?
SPDW and VTCIX have a monthly-return correlation of 0.81, 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 VTCIX?
SPDW yields 3.02% while VTCIX yields 0.93%, so SPDW currently pays the higher dividend yield.
Is it better to hold VTCIX or SPDW in a taxable account?
SPDW is an ETF and VTCIX 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 VTCIX better than SPDW?
SPDW led over 1Y, VTCIX over 3Y, 5Y and the full window. SPDW is less concentrated, with 10.9% of the fund in its ten largest positions against 33.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.