SPDW vs VEU
State Street SPDR Portfolio Developed World ex-US ETF vs Vanguard FTSE All World Ex US ETF
Which is better, SPDW or VEU?
Nearly the same fund. SPDW costs less.
SPDW has a lower expense ratio. SPDW led over 1Y, 3Y and 5Y, VEU over the full window. The two have moved almost in lockstep, correlation 0.99.
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 | VEU |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.04% |
| AUM | $40.8B | $68.1B |
| Dividend Yield | 3.01% | 2.36% |
| Holdings | 2,440 | 3,895 |
| YTD Return | +11.12%Best | +10.27% |
| 1Y Return | +18.59%Best | +17.57% |
| 3Y Return (annualized) | +19.81%Best | +19.79% |
| 5Y Return (annualized) | +9.02%Best | +8.85% |
| Volatility (annualized) | 17.5%Best | 17.7% |
| Max Drawdown | -62.2%Best | -62.8% |
| $10,000 over 5 years | $15,400Best | $15,281 |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 20, 2007 | Mar 2, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 26, 2007 to Oct 14, 2026 (19.5 years).
SPDW vs VEU 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 19.5 years both funds cover.
SPDW vs VEU Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is an ETF from State Street Investment Management and Vanguard FTSE All World Ex US ETF (VEU) is an ETF from Vanguard (US). Over the past year SPDW returned +18.59% while VEU returned +17.57%. Year to date, SPDW is up 11.12% versus a gain of 10.27% for VEU.
Over three years, SPDW compounded at +19.81% per year against +19.79% for VEU; over five years the annualized figures are +9.02% and +8.85% respectively. Across the full 20-year window we track, VEU has the edge at +2.91% annualized vs +2.88%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VEU has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 17.5% for SPDW. 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 -62.8% for VEU. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPDW charges 0.03% per year while VEU charges 0.04%. On a $10,000 position that is $3 vs $4 annually, a gap of $1 per year that compounds over a long holding period. On income, SPDW currently yields 3.01% against 2.36% for VEU.
Holdings Overlap
At least 69.6% of SPDW's money is in holdings VEU also owns.
Stated as a floor: for VEU, our book for it covers 94.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
The two holdings books were reported 63 days apart, SPDW as of Oct 2, 2026 and VEU as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1,085 positions in common, counted across the 2,390 positions we hold weights for in SPDW and 3,645 in VEU, against full books of 2,440 and 3,895.
Top Shared Holdings
| Stock | Weight in SPDW | Weight in VEU | Difference |
|---|---|---|---|
| 000660:KRSk Hynix Inc Common Stock Krw5000.0 | 2.35% | 1.54% | 0.81% |
| 005930:KRSamsung Electronics Co Ltd | 0.11% | 1.97% | 1.86% |
| HSBA:LNHsbc Holdings Plc | 0.98% | 0.89% | 0.09% |
| ROP:SMRoche Holding Ag Common Stock Chf.001 | 0.87% | 0.75% | 0.12% |
| RY:CARoyal Bank of Canada | 0.82% | 0.72% | 0.10% |
| NOVN:SMNovartis Ag – Class N | 0.77% | 0.71% | 0.06% |
| SHELShell Plc | 0.83% | 0.63% | 0.20% |
| AZN:LNAstraZeneca PLC | 0.73% | 0.62% | 0.11% |
| NESN:SMNestle Sa Reg Common Stock Chf.1 | 0.70% | 0.63% | 0.07% |
| SIE:SGSiemens Ag Reg Common Stock | 0.68% | 0.59% | 0.09% |
69.6% of SPDW is already inside VEU.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPDW or VEU?
SPDW has an expense ratio of 0.03% while VEU charges 0.04%. SPDW is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, SPDW or VEU?
Over the past year SPDW returned +18.59% vs +17.57% for VEU, so SPDW leads on 1-year performance. Over the longest common window we track (20 years), SPDW annualized +2.88% vs +2.91% for VEU. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPDW or VEU?
VEU has been the more volatile fund at 17.7% annualized versus 17.5% for SPDW. Worst drawdown: SPDW -62.2% vs VEU -62.8%.
Should I hold both SPDW and VEU?
SPDW and VEU have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPDW and VEU?
At least 69.6% of SPDW's money is in holdings VEU also owns. Our book for VEU is partial, so the real figure is this or higher. They hold 1,085 positions in common, counted across the 2,390 positions we hold weights for in SPDW and 3,645 in VEU.
Which pays a higher dividend, SPDW or VEU?
SPDW yields 3.01% while VEU yields 2.36%, so SPDW currently pays the higher dividend yield.
Is VEU better than SPDW?
SPDW has a lower expense ratio. SPDW led over 1Y, 3Y and 5Y, VEU over the full window. The two have moved almost in lockstep, correlation 0.99. Which one suits a particular account depends on what it is for. This is information, not a recommendation.