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
40 bp
EXPENSES
$656.5 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | State Street Global Advisors |
| Category | International |
| 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 +
| FILTRONA PLC | 4.5 % |
| ALTEOGEN INC. | 0.5 % |
| HUB24 LIMITED | 0.3 % |
| CRITEO SA-SPON ADR | 0.2 % |
| NIPPON KONPO UNYU SOKO CO | 0.2 % |
| HUDBAY MINERALS INC | 0.2 % |
| FURUKAWA ELECTRIC CO LTD | 0.2 % |
| MERUS N.V. | 0.2 % |
| KANEMATSU CORP | 0.2 % |
| HEMNET GROUP AB | 0.2 % |
Constituent Breakdown
| Number of holdings | 1656 |
| Herfindahl-Hirschman Index | 29 |
| Wgt avg mkt cap (mns) | $3,371 |
| Large cap (>$10bn) | 5.6% |
| Mid cap ($2-10bn) | 8.6% |
| Small cap (<$2bn) | 85.7% |
| Developed mkts. | 89.7% |
| Emerging mkts. | 10.3% |
Country Exposure
 |
JAPAN | 31.8 % |
 |
BRITAIN | 10.7 % |
 |
SOUTH KOREA | 8.7 % |
 |
CANADA | 7.8 % |
 |
AUSTRALIA | 7.7 % |
 |
SWEDEN | 3.2 % |
 |
ISRAEL | 2.4 % |
 |
GERMANY | 2.3 % |
 |
NORWAY | 1.4 % |
 |
SWITZERLAND | 1.3 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -2.6% | 2.5% | 5.5% | -4.9% | 3.1% | 2.7% | 2.7% | Volatility | 12.7% | 13.9% | 17.0% | 16.9% | 20.1% | 16.9% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.90 | 75% |
| MSCI EAFE | 1.06 | 96% |
| MSCI Emg Mkts | 0.88 | 69% |
Liquidity Measures
| Avg. volume (000) | 59 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.28% |
| ADV of underlying (mns) | $5,773 |
Technical Indicators
| Recent close | $31.87 |
| 30d moving avg. | $32.21 |
| Annualized volatility | 18.7% |
| Relative strength (RSI) | 54 |
| 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)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GWX |
Expenses vs. GWX |
ALTAR Score™ vs. GWX |
|---|---|---|---|---|
| SCHC | Schwab International Small-Cap Equity ETF | 33.4% | -29 bp | +0.0% |
| FNDC | Schwab Fundamental International Small Co. Index ETF | 31.2% | -1 bp | +0.8% |
| PDN | Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF | 29.9% | +9 bp | +0.2% |
| DFIS | Dimensional International Small Cap ETF | 29.7% | -1 bp | +0.2% |
| DLS | WisdomTree International SmallCap Dividend Fund | 28.9% | +18 bp | +2.2% |
| DISV | Dimensional International Small Cap Value ETF | 26.1% | +2 bp | +2.6% |
| SCZ | iShares MSCI EAFE Small-Cap ETF | 26.1% | 0 bp | 0.0% |
| SCJ | iShares MSCI Japan Small-Cap ETF | 24.8% | +10 bp | +0.1% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 23.9% | -33 bp | +0.2% |
| DFJ | WisdomTree Japan SmallCap Dividend Fund | 22.6% | +18 bp | +1.1% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 7/25/2024
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
6.2%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.2% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 258 funds in the International category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.4%. GWX's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places GWX in the 34th 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
Expense Analysis
| Peer Group | Passive International Equity ETFs |
| # of ETFs | 77 |
| Avg. Expense Ratio | 38.8 bp |
| Std. Deviation | 21.2 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 | 28.0 | 68 |
| Peer Avg. | 26.0 | 14.3 | 40.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .