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.
International
EQUITY
Passive
MANAGEMENT STYLE
781.8 M
ASSETS UNDER MGMT
40 bp
EXPENSES
Fund Basics
| Fund sponsor | State Street Global Advisors |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 20, 2007 |
| Assets (mns) | $782 |
| 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 +
| FILTRONA PLC | 5.4 % |
| SPDR Global Dow ETF | 3.7 % |
| Roundhill Cannabis ETF | 0.3 % |
| Invesco FTSE RAFI Developed Markets ex-U | 0.3 % |
| HEIJMANS N.V.-CVA | 0.3 % |
| IOOF HOLDINGS LTD | 0.2 % |
| TECHWING INC | 0.2 % |
| SINFONIA TECHNOLOGY CO LTD | 0.2 % |
| KANEMATSU CORP | 0.2 % |
| AURINIA PHARMACEUTICALS INC. | 0.2 % |
Constituent Breakdown
| Number of holdings | 1585 |
| Herfindahl-Hirschman Index | 47 |
| Wgt avg mkt cap (mns) | $3,171 |
| Large cap (>$10bn) | 5.5% |
| Mid cap ($2-10bn) | 4.8% |
| Small cap (<$2bn) | 74.5% |
| Developed mkts. | 78.7% |
| Emerging mkts. | 8.4% |
Country Exposure
 |
JAPAN | 31.6 % |
 |
BRITAIN | 10.5 % |
 |
SOUTH KOREA | 8.0 % |
 |
CANADA | 8.0 % |
 |
AUSTRALIA | 7.1 % |
 |
SWEDEN | 3.0 % |
 |
ISRAEL | 2.6 % |
 |
GERMANY | 2.2 % |
 |
NORWAY | 1.2 % |
 |
FRANCE | 1.1 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 28.7% | 23.6% | 19.8% | 14.1% | 6.2% | 3.2% | -- | 0.6% |
| Dividend Yield | 0.0% | 1.6% | 2.3% | 2.6% | 2.5% | 3.3% | -- | 3.4% |
| Total Returns | 28.7% | 25.2% | 22.1% | 16.7% | 8.8% | 6.5% | -- | 4.0% | Ann. Volatility | 16.0% | 15.5% | 15.2% | 15.5% | 16.6% | 17.2% | -- | 20.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.82 | 51% |
| MSCI EAFE | 0.72 | 52% |
| MSCI Emg Mkts | 0.66 | 50% |
Liquidity Measures
| Avg. volume (000) | 44 |
| ADV traded (mns) | $2 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.41% |
Technical Indicators
| Recent close | $39.89 |
| 30d moving avg. | $40.27 |
| Annualized volatility | 14.9% |
| Relative strength (RSI) | 51 |
| Short interest | 0.4% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| FNDC | Schwab Fundamental International Small Co. Index ETF | 31.1% | -1 bp | +5.8% |
| DLS | WisdomTree International SmallCap Dividend Fund | 31.0% | +18 bp | +8.1% |
| AVDS | Avantis International Small Cap Equity ETF | 29.3% | -10 bp | +6.9% |
| SCHC | Schwab International Small-Cap Equity ETF | 27.9% | -29 bp | +7.4% |
| PDN | Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF | 25.1% | +9 bp | +6.9% |
| DFIS | Dimensional International Small Cap ETF | 23.7% | -1 bp | +7.0% |
| DISV | Dimensional International Small Cap Value ETF | 22.4% | +2 bp | +8.9% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 22.0% | -32 bp | +7.1% |
| SCJ | iShares MSCI Japan Small-Cap ETF | 21.9% | +10 bp | +6.7% |
| DFJ | WisdomTree Japan SmallCap Dividend Fund | 21.8% | +18 bp | +7.3% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 11/2/2025
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
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 Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
GWX
6.7%
Cat. Avg
6.8%
ALTAR Score™ Calculation
Category Overview
There are 265 funds in the International Equity category, with an average ALTAR Score™
of 6.8% and a standard deviation of
1.8%. GWX's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places GWX in the 47th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GWXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive International Equity ETFs |
| # of ETFs | 81 |
| Avg. Expense Ratio | 39.0 bp |
| Std. Deviation | 20.7 bp |
| GWX (40 bp) Percentile rank | 52 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GWX | 40.0 | 41.3 | 81.3 |
| Peer Avg. | 39.0 | 29.2 | 68.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .