SPDW
SPDR Portfolio Developed World ex-US ETF
SPDR S&P World (ex-US) ETF objective is to replicate the S&P Developed Ex-U.S. BMI Index. The Index measures the investable universe of publicly traded companies domiciled in developed countri
International
EQUITY
Passive
MANAGEMENT STYLE
31.6 B
ASSETS UNDER MGMT
3 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 20, 2007 |
| Assets (mns) | $31,646 |
| Expense ratio | 3 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 +
| ASML HOLDING NV | 1.4 % |
| SAMSUNG ELECTR-GDR REGS | 1.2 % |
| SAP AG | 0.9 % |
| NESTLE SA-REG | 0.9 % |
| ASTRAZENECA PLC | 0.9 % |
| NOVARTIS AG | 0.9 % |
| TOYOTA MOTOR CORP | 0.9 % |
| ROCHE HOLDING LTD | 0.8 % |
| HSBC HOLDINGS PLC | 0.8 % |
| SHELL PLC | 0.8 % |
Constituent Breakdown
| Number of holdings | 2238 |
| Herfindahl-Hirschman Index | 26 |
| Wgt avg mkt cap (mns) | $76,385 |
| Large cap (>$10bn) | 78.2% |
| Mid cap ($2-10bn) | 14.0% |
| Small cap (<$2bn) | 3.2% |
| Developed mkts. | 91.0% |
| Emerging mkts. | 4.5% |
Country Exposure
 |
JAPAN | 21.2 % |
 |
BRITAIN | 11.3 % |
 |
CANADA | 9.2 % |
 |
FRANCE | 7.3 % |
 |
SWITZERLAND | 7.2 % |
 |
GERMANY | 6.9 % |
 |
AUSTRALIA | 5.7 % |
 |
SOUTH KOREA | 4.9 % |
 |
NETHERLANDS | 4.1 % |
 |
SWEDEN | 2.8 % |
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 | 27.5% | 22.0% | 20.6% | 16.8% | 9.0% | 4.9% | -- | 1.6% |
| Dividend Yield | 0.0% | 0.0% | 1.7% | 2.3% | 2.6% | 2.7% | -- | 2.6% |
| Total Returns | 27.5% | 22.0% | 22.3% | 19.0% | 11.6% | 7.6% | -- | 4.2% | Ann. Volatility | 17.0% | 16.4% | 14.8% | 15.0% | 16.2% | 17.2% | -- | 21.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.85 | 56% |
| MSCI EAFE | 0.77 | 61% |
| MSCI Emg Mkts | 0.66 | 53% |
Liquidity Measures
| Avg. volume (000) | 4,469 |
| ADV traded (mns) | $195 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.02% |
Technical Indicators
| Recent close | $43.53 |
| 30d moving avg. | $43.19 |
| Annualized volatility | 14.6% |
| Relative strength (RSI) | 57 |
| Short interest | 2.0% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| VEA | Vanguard FTSE Developed Markets ETF | 85.0% | 0 bp | +6.8% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 84.9% | +1 bp | +6.7% |
| SCHF | Schwab International Equity ETF | 79.3% | +3 bp | +6.8% |
| IEFA | iShares Core MSCI EAFE ETF | 77.9% | +4 bp | +6.7% |
| BKIE | BNY Mellon International Equity ETF | 74.1% | +1 bp | +6.6% |
| DFAI | Dimensional International Core Equity Market ETF | 71.1% | +15 bp | +6.8% |
| EFA | iShares MSCI EAFE ETF | 70.7% | +32 bp | +6.4% |
| ACWX | iShares MSCI ACWI ex U.S. ETF | 69.2% | +31 bp | +7.2% |
| GXUS | Goldman Sachs MarketBeta Total International Equity ETF | 69.2% | +15 bp | +7.2% |
| HFXI | IQ FTSE International Equity Currency Neutral ETF | 69.1% | +17 bp | +6.5% |
Risk and Returns: SPDW 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™
SPDW
6.6%
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%. SPDW's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places SPDW in the 45th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPDWSELL
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 |
| SPDW (3 bp) Percentile rank | 4 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SPDW | 3.0 | 2.3 | 5.3 |
| Peer Avg. | 39.0 | 29.2 | 68.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .