SPDW vs XLV
State Street SPDR Portfolio Developed World ex-US ETF vs State Street Health Care Select Sector SPDR ETF
Which is better, SPDW or XLV?
Each has led over a different period.
SPDW has a lower expense ratio. SPDW led over 1Y, 3Y and 5Y, XLV over the full window. SPDW is less concentrated, with 10.9% of the fund in its ten largest positions against 60.7%.
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 | XLV |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.08% |
| AUM | $42.3B | $44.2B |
| Dividend Yield | 3.02% | 1.56% |
| Holdings | 2,440 | 63 |
| YTD Return | +18.07%Best | +11.19% |
| 1Y Return | +29.42%Best | +26.93% |
| 3Y Return (annualized) | +20.84%Best | +10.90% |
| 5Y Return (annualized) | +9.66%Best | +6.46% |
| Volatility (annualized) | 17.6% | 14.3%Best |
| Max Drawdown | -62.2% | -40.6%Best |
| $10,000 over 5 years | $15,858Best | $13,675 |
| Top 10 Weight | 10.9%Best | 60.7% |
| Fund Family | SPDR State Street Global Advisors | SPDR State Street Global Advisors |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 20, 2007 | Dec 16, 1998 |
Volatility and max drawdown are measured over the window both funds cover: Apr 26, 2007 to Sep 4, 2026 (19.4 years).
SPDW vs XLV 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 XLV Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is an ETF from SPDR State Street Global Advisors and State Street Health Care Select Sector SPDR ETF (XLV) is an ETF from SPDR State Street Global Advisors. Over the past year SPDW returned +29.42% while XLV returned +26.93%. Year to date, SPDW is up 18.07% versus a gain of 11.19% for XLV.
Over three years, SPDW compounded at +20.84% per year against +10.90% for XLV; over five years the annualized figures are +9.66% and +6.46% respectively. Across the full 19-year window we track, XLV has the edge at +8.84% annualized vs +3.22%.
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 14.3% for XLV. 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 -40.6% for XLV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPDW charges 0.03% per year while XLV charges 0.08%. On a $10,000 position that is $3 vs $8 annually, a gap of $5 per year that compounds over a long holding period. On income, SPDW currently yields 3.02% against 1.56% for XLV.
Holdings Overlap
0.1% of SPDW's money is in holdings XLV also owns. 0.1% of XLV'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 132 days apart, SPDW as of Mar 31, 2026 and XLV as of Aug 10, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 2,345 positions we hold weights for in SPDW and 61 in XLV, against full books of 2,440 and 63.
What only one of them owns
Our book lists 58 positions for XLV that do not appear in our book for SPDW (99.4% of the fund), and 55 for SPDW that do not appear in XLV (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 XLV | Difference |
|---|---|---|---|
| GVMXXState Street Institutional US Government Money Market Fund | 0.06% | 0.10% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of SPDW and XLV 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 XLV?
SPDW has an expense ratio of 0.03% while XLV charges 0.08%. SPDW is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, SPDW or XLV?
Over the past year SPDW returned +29.42% vs +26.93% for XLV, so SPDW leads on 1-year performance. Over the longest common window we track (19 years), SPDW annualized +3.22% vs +8.84% for XLV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPDW or XLV?
SPDW has been the more volatile fund at 17.6% annualized versus 14.3% for XLV. Worst drawdown: SPDW -62.2% vs XLV -40.6%.
Should I hold both SPDW and XLV?
SPDW and XLV have a monthly-return correlation of 0.67, 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 XLV?
SPDW yields 3.02% while XLV yields 1.56%, so SPDW currently pays the higher dividend yield.
Is XLV better than SPDW?
SPDW has a lower expense ratio. SPDW led over 1Y, 3Y and 5Y, XLV over the full window. SPDW is less concentrated, with 10.9% of the fund in its ten largest positions against 60.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.