GWX
SPDR S&P International Small Cap ETF
The SPDR S&P International Small Cap ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the S&P®/Citigroup® World Ex US Range < 2 Billion USD Index, an equity index based upon the world (ex-US) small cap composite market.
Fund Basics
| Fund sponsor | State Street Global Advisors |
| Category | International Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 20, 2007 |
| Assets (mns) | $657 |
| Expense ratio | 40 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| SPDR Dow Jones Industrial Average ETF Tr | 443.4 % |
| Invesco DWA Industrials Momentum ETF | 7.2 % |
| Invesco FTSE RAFI Developed Markets ex-U | 5.8 % |
| Goldman Sachs JUST U.S. Large Cap Equity | 4.9 % |
| IQ Real Return ETF | 3.3 % |
| Renaissance IPO ETF | 2.4 % |
| SPDR S&P Insurance ETF | 1.3 % |
| Overlay Shares Small Cap Equity ETF | 1.2 % |
| iShares TIPS Bond ETF | 1.1 % |
| iShares Short Treasury Bond ETF | 0.9 % |
Constituent Breakdown
| Number of holdings | 1736 |
| Herfindahl-Hirschman Index | 200,160 |
| Wgt avg mkt cap (mns) | $913 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 8.7% |
| Small cap (<$2bn) | 90.5% |
| Developed mkts. | 88.7% |
| Emerging mkts. | 11.3% |
Country Exposure
 |
JAPAN | 33.6 % |
 |
SOUTH KOREA | 8.7 % |
 |
CANADA | 7.4 % |
 |
AUSTRALIA | 7.2 % |
 |
BRITAIN | 5.2 % |
 |
ISRAEL | 2.5 % |
 |
SWEDEN | 2.3 % |
 |
GERMANY | 2.2 % |
 |
SWITZERLAND | 1.5 % |
 |
NORWAY | 1.5 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 5.9% | 6.8% | -9.2% | 3.2% | 0.8% | 4.5% | 2.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.90 | 73% |
| MSCI EAFE | 1.00 | 93% |
| MSCI Emg Mkts | 0.87 | 67% |
Liquidity Measures
| Avg. volume (000) | 54 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.35% |
| ADV of underlying (mns) | $4,293 |
Technical Indicators
| Recent close | $29.06 |
| 30d moving avg. | $30.21 |
| Annualized volatility | 18.9% |
| Relative strength (RSI) | 39 |
| Short interest (ETF) | 0.5% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GWX |
Expenses vs. GWX |
ALTAR Score™ vs. GWX |
|---|---|---|---|---|
| SPGM | SPDR Portfolio MSCI Global Stock Market ETF | 41.5% | -31 bp | +0.4% |
| SCHC | Schwab International Small-Cap Equity ETF | 34.4% | -29 bp | +0.3% |
| SPDW | SPDR Portfolio Developed World ex-US ETF | 31.8% | -37 bp | +1.7% |
| DFIS | Dimensional International Small Cap ETF | 31.6% | -1 bp | +0.8% |
| FNDC | Schwab Fundamental International Small Co. Index ETF | 29.4% | -1 bp | +0.4% |
| SCZ | iShares MSCI EAFE Small-Cap ETF | 28.1% | -1 bp | +0.5% |
| PDN | Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF | 27.6% | +9 bp | -0.2% |
| DLS | WisdomTree International SmallCap Dividend Fund | 27.2% | +18 bp | +3.7% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 27.1% | -33 bp | +0.6% |
| SCJ | iShares MSCI Japan Small-Cap ETF | 26.7% | +10 bp | -0.2% |
Risk and Returns: GWX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/26/2023
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
GWX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
GWX
5.9%
Cat. Avg
8.2%
Fund Category: International Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.9% |
Recommendation
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
Category Overview
There are 271 funds in the International Equities category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.6%. GWX's ALTAR Score™ is approximately
0.9 standard deviations
below
the category average. This places GWX in the 19th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
GWX
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GWX | 40.0 | 34.8 | 74.8 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .