SPDR MSCI ACWI ex-US ETF
ALTAR
Score™
7.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
19.9x P/Sales
ratio
1.3x
P/BV
ratio
1.5x Div.
yield
2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR MSCI ACWI ex-US ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the MSCI ACWIsm ex USA Index, an equity index based upon a broad based world ex-US composite market.

FUND BASICS
Category International Equities
Fund Sponsor State Street Global Advisors
Website www.ssgafunds.com
Inception date Jan 10, 2007
Assets (mns) $1,288
Currency USD
Expense ratio 30 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1186
Wgt avg mkt cap (mns) $97,974
Large cap (>$10bn) 84.3%
Mid cap ($2-10bn) 13.9%
Small cap (<$2bn) 0.6%
Developed mkts 73.7%
Emerging mkts 25.5%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 2.5 %
TENCENT HOLDINGS LTD 2.0 %
TAIWAN SEMICONDUCTOR-SP ADR 2.0 %
NESTLE SA-REG 1.7 %
SAMSUNG ELECTR-GDR REGS 1.2 %
ROCHE HOLDING AG-GENUSSCHEIN 1.1 %
NOVARTIS AG-REG 0.9 %
SAP AG 0.8 %
ASML HOLDING NV 0.8 %
NOVO NORDISK A/S-B 0.7 %
Total 13.5 %

TOP COUNTRY EXPOSURE
JAPAN 16.1 %
CHINA 11.0 %
BRITAIN 8.1 %
SWITZERLAND 6.9 %
CANADA 6.7 %
FRANCE 6.3 %
GERMANY 5.6 %
AUSTRALIA 4.2 %
TAIWAN 4.2 %
SOUTH KOREA 3.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.6% 2.8% -2.0% -0.0% -0.6%

Market Correlations
versus... Beta R-squared
S&P500 0.79 33%
MSCI EAFE 0.86 32%
MSCI Emg. Mkts. 0.71 35%

Technical Indicators
Recent close $24.34
30d moving avg. $24.40
Annualized volatility 24.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 168
Turnover 0.3%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $77,022

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR MSCI ACWI ex-US ETF ETF based on the alternatives' overlap in portfolio holdings with CWI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CWI Expense: 30 bp ALTAR Score™: 7.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CWI
Ticker Fund
Name
Overlap1
vs CWI
(%)
Expense
ratio
(bp)
Savings
vs CWI
(bp)
ALTAR
Score™
(%)
ALTAR
vs CWI
(%)
ACWX iShares MSCI ACWI ex U.S. ETF 71.2 32 -2 7.3 +0.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 70.2 40 -10 7.1 -0.1
VEU Vanguard FTSE All-World ex-US Index Fund 69.5 8 22 7.6 +0.3
SPDW SPDR Portfolio Developed World ex-US ETF 65.1 4 26 7.2 -0.1
SCHF Schwab International Equity ETF 64.4 6 24 7.3 +0.1
IXUS ishares Core MSCI Total International Stock ETF 64.2 9 21 7.4 +0.2
IDEV iShares Core MSCI International Developed Markets ETF 61.6 5 25 7.3 +0.1
VEA Vanguard FTSE Developed Markets ETF 61.6 5 25 7.5 +0.2
HFXI IQ 50 Percent Hedged FTSE International ETF 61.2 20 10 7.5 +0.3
VSGX Vanguard ESG International Stock ETF 60.3 17 13 7.1 -0.1
BKIE BNY Mellon International Equity ETF 60.2 4 26 7.5 +0.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 59.8 7 23 7.6 +0.4
EFA iShares MSCI EAFE ETF 59.7 32 -2 7.1 -0.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 59.2 35 -5 7.0 -0.2
GSID Goldman Sachs MarketBeta International Equity ETF 58.7 20 10 7.4 +0.2
IEFA iShares Core MSCI EAFE ETF 57.9 7 23 7.4 +0.1
VXUS Vanguard Total International Stock Index Fund 57.6 8 22 7.6 +0.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 55.8 20 10 7.2 -0.1
JHMD John Hancock Multifactor Developed International ETF 54.0 39 -9 7.4 +0.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 52.9 45 -15 9.0 +1.8
ESGD iShares MSCI EAFE ESG Optimized ETF 51.7 20 10 7.0 -0.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 51.0 25 5 6.7 -0.5
FNDF Schwab Fundamental International Large Co. Index ETF 50.5 25 5 8.8 +1.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 47.7 16 14 7.0 -0.3
QEFA SPDR MSCI EAFE Quality Mix ETF 47.1 30 0 6.9 -0.4
PDEV Principal International Multi-Factor Core Index ETF 47.0 25 5 8.0 +0.8
IQSI IQ Candriam ESG International Equity ETF 46.3 15 15 7.5 +0.3
DWM WisdomTree International Equity Fund 44.9 48 -18 8.5 +1.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 44.8 39 -9 8.4 +1.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 44.4 35 -5 8.8 +1.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 44.2 39 -9 6.6 -0.6
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 43.6 35 -5 6.9 -0.3
CIL VictoryShares International Volatility Weighted Index ETF 41.7 45 -15 7.0 -0.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 41.5 45 -15 7.0 -0.2
DOL WisdomTree International LargeCap Dividend Fund 40.9 48 -18 9.0 +1.7
ISDX Invesco Strategic Developed ex-US ETF 40.5 23 7 7.5 +0.3
IQIN IQ 500 International ETF 38.9 25 5 8.8 +1.5
IEUR iShares Core MSCI Europe ETF 38.7 9 21 7.4 +0.2
BBEU JPMorgan BetaBuilders Europe ETF 38.6 9 21 7.5 +0.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 38.5 45 -15 6.9 -0.4
FEU SPDR Portfolio Europe ETF 38.4 9 21 7.5 +0.3
IEV iShares Europe ETF 38.4 59 -29 7.0 -0.2
FLEE Franklin FTSE Europe ETF 38.4 9 21 7.2 -0.0
FLEH Franklin FTSE Europe Hedged ETF 38.4 9 21 7.3 +0.1
VGK Vanguard FTSE Europe ETF 38.1 8 22 7.6 +0.4
ISZE iShares Edge MSCI Intl Size Factor ETF 37.8 30 0 7.3 +0.1
AVDE Avantis International Equity ETF 37.7 23 7 7.7 +0.5
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 36.2 25 5 6.6 -0.7
VYMI Vanguard International High Dividend Yield ETF 35.4 27 3 10.2 +2.9
EFV iShares MSCI EAFE Value ETF 33.8 39 -9 9.8 +2.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 33.8 9 21 5.8 -1.4
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 33.2 14 16 7.1 -0.2
EFG iShares MSCI EAFE Growth ETF 33.1 40 -10 4.6 -2.7
IDY Pacific Global International Equity Income ETF 32.4 39 -9 8.2 +1.0
ACWI iShares MSCI ACWI ETF 31.8 32 -2 5.7 -1.5
DMXF iShares ESG Advanced MSCI EAFE ETF 31.7 12 18 7.0 -0.2
LOWC SPDR MSCI ACWI Low Carbon Target ETF 31.4 20 10 6.0 -1.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 30.9 20 10 6.0 -1.3
PQIN PGIM QMA Strategic Alpha International Equity ETF 29.4 29 1 7.9 +0.7
ESGG FlexShares STOXX Global ESG Impact Index Fund 29.1 42 -12 5.2 -2.0
RNDM Developed International Equity Select ETF 29.1 65 -35 6.3 -0.9
TPIF Timothy Plan International ETF 29.0 62 -32 6.4 -0.8
RESD WisdomTree International ESG Fund 28.8 30 0 6.9 -0.3
URTH iShares MSCI World ETF 28.5 24 6 5.5 -1.7
VT Vanguard Total World Stock Index Fund 28.2 8 22 6.0 -1.2
QWLD SPDR MSCI World StrategicFactors ETF 27.9 30 0 6.1 -1.2
IMTM iShares Edge MSCI Intl Momentum Factor ETF 26.2 30 0 4.5 -2.8
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 25.8 24 6 7.0 -0.2
IQLT iShares Edge MSCI Intl Quality Factor ETF 25.7 30 0 6.1 -1.1
RBIN Nationwide Risk-Based International Equity ETF 25.6 42 -12 6.1 -1.1
VPL Vanguard FTSE Pacific ETF 25.2 8 22 7.4 +0.2
IGRO iShares International Dividend Growth ETF 25.0 22 8 8.5 +1.3
VGFO Virtus WMC Global Factor Opportunities ETF 24.0 49 -19 8.2 +1.0
EFAV iShares Edge MSCI Min Vol EAFE ETF 23.4 20 10 5.4 -1.8
TOK iShares MSCI Kokusai ETF 23.4 25 5 5.4 -1.8
QINT American Century Quality Diversified International ETF 23.3 39 -9 6.2 -1.0
SCID Global X Scientific Beta Europe ETF 23.2 39 -9 0.0 -7.2
IDLB Invesco FTSE International Low Beta Equal Weight ETF 23.2 45 -15 6.6 -0.6
IPAC iShares Core MSCI Pacific ETF 23.2 9 21 7.2 -0.0
AVEM Avantis Emerging Markets Equity ETF 23.0 33 -3 8.8 +1.6
KOKU Xtrackers MSCI Kokusai Equity ETF 22.8 9 21 5.6 -1.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 22.4 29 1 7.8 +0.6
JPIN JPMorgan Diversified Return International Equity ETF 22.2 37 -7 7.9 +0.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 22.2 65 -35 7.4 +0.2
FDEV Fidelity Targeted International Factor ETF 21.6 39 -9 6.6 -0.6
NUDM Nuveen ESG International Developed Markets Equity ETF 21.4 40 -10 6.9 -0.3
DGT SPDR Global Dow ETF 21.2 50 -20 7.3 +0.1
EEM iShares MSCI Emerging Markets ETF 21.1 68 -38 7.4 +0.2
VWO Vanguard FTSE Emerging Markets ETF 21.0 10 20 8.0 +0.8
IEMG iShares Core MSCI Emerging Markets ETF 20.9 13 17 7.9 +0.7
DEW WisdomTree Global High Dividend Fund 20.8 58 -28 9.7 +2.4
SPEM SPDR Portfolio Emerging Markets ETF 20.5 11 19 7.7 +0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 20.5 68 -38 7.0 -0.2
IVLU iShares Edge MSCI Intl Value Factor ETF 20.5 30 0 11.7 +4.5
FLAX Franklin FTSE Asia Ex Japan ETF 20.1 19 11 7.7 +0.4
EZU iShares MSCI Eurozone ETF 20.0 49 -19 6.8 -0.5
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 19.9 32 -2 6.1 -1.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 19.8 45 -15 6.9 -0.3
VIGI Vanguard International Dividend Appreciation ETF 19.8 20 10 5.6 -1.6

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR MSCI ACWI ex-US ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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™


Calculation of ALTAR Score™
Avg. Return on Equity 10.8 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.49 CATEGORY
AVERAGE
1.57
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.