SPDW vs VOE
State Street SPDR Portfolio Developed World ex-US ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, SPDW or VOE?
Large Cap Blend against Mid Cap Value.
SPDW has a lower expense ratio. SPDW led over 3Y, VOE over 1Y, 5Y and the full window. SPDW is less concentrated, with 13.1% of the fund in its ten largest positions against 13.9%.
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 | VOE |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.05% |
| AUM | $40.8B | $22.8B |
| Dividend Yield | 3.01% | 1.99% |
| Holdings | 2,440 | 174 |
| YTD Return | +11.12% | +15.35%Best |
| 1Y Return | +18.59% | +19.89%Best |
| 3Y Return (annualized) | +19.81%Best | +18.37% |
| 5Y Return (annualized) | +9.02% | +9.37%Best |
| Volatility (annualized) | 17.5%Best | 17.8% |
| Max Drawdown | -62.2%Best | -63.4% |
| $10,000 over 5 years | $15,400 | $15,649Best |
| Top 10 Weight | 13.1%Best | 13.9% |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Apr 20, 2007 | Aug 17, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Apr 26, 2007 to Oct 14, 2026 (19.5 years).
SPDW vs VOE 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 VOE Performance
State Street SPDR Portfolio Developed World ex-US ETF (SPDW) is an ETF from State Street Investment Management and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year SPDW returned +18.59% while VOE returned +19.89%. Year to date, SPDW is up 11.12% versus a gain of 15.35% for VOE.
Over three years, SPDW compounded at +19.81% per year against +18.37% for VOE; over five years the annualized figures are +9.02% and +9.37% respectively. Across the full 20-year window we track, VOE has the edge at +6.99% annualized vs +2.88%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOE has been the more volatile fund, with annualized monthly volatility of 17.8% 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 -63.4% for VOE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPDW charges 0.03% per year while VOE charges 0.05%. On a $10,000 position that is $3 vs $5 annually, a gap of $2 per year that compounds over a long holding period. On income, SPDW currently yields 3.01% against 1.99% for VOE.
Holdings Overlap
0.1% of SPDW's money is in holdings VOE also owns. 0.7% of VOE's money is in holdings SPDW also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
2 positions in common, counted across the 2,390 positions we hold weights for in SPDW and 167 in VOE, against full books of 2,440 and 174.
What only one of them owns
Our book lists 162 positions for VOE that do not appear in our book for SPDW (96.9% of the fund), and 44 for SPDW that do not appear in VOE (6.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of SPDW and VOE you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPDW or VOE?
SPDW has an expense ratio of 0.03% while VOE charges 0.05%. SPDW is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, SPDW or VOE?
Over the past year SPDW returned +18.59% vs +19.89% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (20 years), SPDW annualized +2.88% vs +6.99% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPDW or VOE?
VOE has been the more volatile fund at 17.8% annualized versus 17.5% for SPDW. Worst drawdown: SPDW -62.2% vs VOE -63.4%.
Should I hold both SPDW and VOE?
SPDW and VOE have a monthly-return correlation of 0.87, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPDW or VOE?
SPDW yields 3.01% while VOE yields 1.99%, so SPDW currently pays the higher dividend yield.
Is VOE better than SPDW?
SPDW has a lower expense ratio. SPDW led over 3Y, VOE over 1Y, 5Y and the full window. SPDW is less concentrated, with 13.1% of the fund in its ten largest positions against 13.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.