SPDR MSCI ACWI ex-US ETF
ALTAR
Score™
7.8% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
17.3x P/Sales
ratio
1.2x
P/BV
ratio
1.4x Div.
yield
3.1%


  • 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) $1,224
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 1065
Wgt avg mkt cap (mns) $77,704
Large cap (>$10bn) 83.4%
Mid cap ($2-10bn) 15.2%
Small cap (<$2bn) 1.0%
Developed mkts 76.1%
Emerging mkts 23.5%

TOP TEN HOLDINGS
NESTLE SA-REG 1.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 1.7 %
TENCENT HOLDINGS LTD 1.7 %
ROCHE HOLDING AG-GENUSSCHEIN 1.4 %
TAIWAN SEMICONDUCTOR-SP ADR 1.3 %
NOVARTIS AG-REG 1.1 %
SAMSUNG ELECTR-GDR REGS 1.1 %
TOYOTA MOTOR CORP 0.8 %
ASML HOLDING NV 0.8 %
SAP AG 0.8 %
Total 12.5 %

TOP COUNTRY EXPOSURE
JAPAN 17.3 %
BRITAIN 9.1 %
CHINA 8.4 %
SWITZERLAND 7.4 %
CANADA 6.7 %
FRANCE 6.5 %
GERMANY 5.5 %
AUSTRALIA 4.1 %
HONG KONG 3.7 %
TAIWAN 3.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-15.0% -35.8% -7.1% 0.3% -1.4%

Market Correlations
versus... Beta R-squared
S&P500 0.80 32%
MSCI EAFE 0.85 31%
MSCI Emg. Mkts. 0.71 33%

Technical Indicators
Recent close $22.38
30d moving avg. $20.96
Annualized volatility 24.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 425
Turnover 0.8%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $78,866

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™: 7.8%


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 69.5 32 -2 7.6 -0.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 68.5 40 -10 7.5 -0.3
VEU Vanguard FTSE All-World ex-US Index Fund 67.1 8 22 7.9 +0.1
SPDW SPDR Portfolio Developed World ex-US ETF 65.4 4 26 7.4 -0.4
SCHF Schwab International Equity ETF 65.1 6 24 7.5 -0.2
HFXI IQ 50 Percent Hedged FTSE International ETF 62.6 20 10 7.7 -0.1
IXUS ishares Core MSCI Total International Stock ETF 62.3 9 21 7.7 -0.1
IDEV iShares Core MSCI International Developed Markets ETF 61.9 5 25 7.4 -0.4
VEA Vanguard FTSE Developed Markets ETF 61.3 5 25 7.6 -0.2
EFA iShares MSCI EAFE ETF 61.0 32 -2 7.3 -0.5
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 60.8 7 23 7.7 -0.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 60.6 35 -5 7.1 -0.6
VXUS Vanguard Total International Stock Index Fund 59.8 8 22 7.8 +0.1
IEFA iShares Core MSCI EAFE ETF 58.7 7 23 7.4 -0.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 56.5 20 10 7.4 -0.3
VSGX Vanguard ESG International Stock ETF 54.8 17 13 7.5 -0.3
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 54.3 45 -15 9.1 +1.3
JHMD John Hancock Multifactor Developed International ETF 54.2 45 -15 7.6 -0.2
FNDF Schwab Fundamental International Large Co. Index ETF 53.4 25 5 8.9 +1.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 51.7 25 5 6.9 -0.8
ESGD iShares MSCI EAFE ESG Optimized ETF 49.9 20 10 7.3 -0.4
PDEV Principal International Multi-Factor Core Index ETF 48.9 25 5 8.0 +0.3
IQSI IQ Candriam ESG International Equity ETF 48.7 15 15 7.5 -0.3
QEFA SPDR MSCI EAFE Quality Mix ETF 47.6 30 0 6.9 -0.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 46.7 16 14 7.2 -0.5
DWM WisdomTree International Equity Fund 46.7 48 -18 8.4 +0.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 46.1 35 -5 8.7 +1.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 45.4 39 -9 9.2 +1.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 44.4 39 -9 6.8 -1.0
DOL WisdomTree International LargeCap Dividend Fund 43.4 48 -18 8.7 +0.9
CIL VictoryShares International Volatility Weighted Index ETF 42.1 45 -15 6.8 -0.9
ISDX Invesco Strategic Developed ex-US ETF 41.1 23 7 7.6 -0.2
IQIN IQ 500 International ETF 40.1 25 5 9.2 +1.4
IEUR iShares Core MSCI Europe ETF 40.0 9 21 7.5 -0.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 39.9 45 -15 6.9 -0.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 39.9 30 0 7.0 -0.8
IEV iShares Europe ETF 39.8 59 -29 7.0 -0.8
FLEE Franklin FTSE Europe ETF 39.7 9 21 7.2 -0.6
FLEH Franklin FTSE Europe Hedged ETF 39.7 9 21 7.3 -0.5
FEU SPDR Portfolio Europe ETF 39.6 9 21 7.5 -0.3
VGK Vanguard FTSE Europe ETF 39.3 8 22 7.5 -0.3
BBEU JPMorgan BetaBuilders Europe ETF 39.2 9 21 7.5 -0.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 38.3 25 5 6.9 -0.9
VYMI Vanguard International High Dividend Yield ETF 37.9 32 -2 10.4 +2.6
ISZE iShares Edge MSCI Intl Size Factor ETF 37.8 30 0 7.1 -0.7
EFG iShares MSCI EAFE Growth ETF 36.2 40 -10 4.8 -3.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 34.4 14 16 7.1 -0.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 34.1 9 21 6.3 -1.5
EFV iShares MSCI EAFE Value ETF 33.8 39 -9 10.3 +2.5
RFDI First Trust Riverfront Dynamic Developed International ETF 33.6 83 -53 6.4 -1.3
IDY Pacific Global International Equity Income ETF 33.3 39 -9 8.2 +0.4
AVDE Avantis International Equity ETF 31.9 23 7 8.0 +0.3
ACWI iShares MSCI ACWI ETF 30.6 32 -2 6.1 -1.7
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 30.0 48 -18 0.0 -7.8
LOWC SPDR MSCI ACWI Low Carbon Target ETF 29.9 20 10 6.5 -1.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 29.6 42 -12 5.7 -2.1
RNDM Developed International Equity Select ETF 29.6 65 -35 6.5 -1.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 29.4 20 10 6.4 -1.4
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 29.1 45 -15 6.9 -0.8
TPIF Timothy Plan International ETF 28.6 62 -32 7.1 -0.7
URTH iShares MSCI World ETF 28.3 24 6 5.9 -1.9
VT Vanguard Total World Stock Index Fund 27.9 8 22 6.3 -1.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 27.2 30 0 5.0 -2.8
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 27.2 24 6 7.3 -0.5
PQIN PGIM QMA Strategic Alpha International Equity ETF 27.2 29 1 8.2 +0.4
QINT American Century Quality Diversified International ETF 27.1 39 -9 6.0 -1.8
IGRO iShares International Dividend Growth ETF 26.9 22 8 8.2 +0.4
IQLT iShares Edge MSCI Intl Quality Factor ETF 26.9 30 0 6.3 -1.4
VPL Vanguard FTSE Pacific ETF 26.5 8 22 7.9 +0.1
JPEU JPMorgan Diversified Return Europe Equity ETF 26.0 37 -7 7.0 -0.8
QWLD SPDR MSCI World StrategicFactors ETF 25.8 30 0 6.1 -1.7
EFAV iShares Edge MSCI Min Vol EAFE ETF 25.7 20 10 5.9 -1.8
JPGE JPMorgan Diversified Return Global Equity ETF 24.7 29 1 7.4 -0.4
RBIN Nationwide Risk-Based International Equity ETF 24.4 42 -12 6.5 -1.3
IPAC iShares Core MSCI Pacific ETF 24.4 9 21 7.5 -0.3
FDEV Fidelity Targeted International Factor ETF 24.2 39 -9 6.7 -1.1
DGT SPDR Global Dow ETF 23.6 50 -20 6.9 -0.8
SCID Global X Scientific Beta Europe ETF 23.5 38 -8 7.1 -0.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 23.4 29 1 8.8 +1.0
TOK iShares MSCI Kokusai ETF 23.2 25 5 5.8 -2.0
EUMV iShares Edge MSCI Min Vol Europe ETF 23.1 25 5 5.6 -2.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 22.9 35 -5 8.7 +1.0
RFEU First Trust Riverfront Dynamic Europe ETF 22.9 83 -53 5.1 -2.7
IVLU iShares Edge MSCI Intl Value Factor ETF 22.9 30 0 11.4 +3.7
IDLB Invesco FTSE International Low Beta Equal Weight ETF 22.6 45 -15 7.3 -0.5
DEW WisdomTree Global High Dividend Fund 22.2 58 -28 9.2 +1.5
DTH WisdomTree DEFA Equity Income Fund 22.0 58 -28 9.8 +2.0
JPIN JPMorgan Diversified Return International Equity ETF 21.8 38 -8 8.0 +0.3
FIVA Fidelity International Value Factor ETF 21.4 39 -9 10.4 +2.7
IOO iShares Global 100 ETF 21.3 40 -10 4.9 -2.8
IDHQ Invesco S&P International Developed High Quality ETF 21.1 29 1 5.5 -2.3
VGFO Virtus WMC Global Factor Opportunities ETF 21.0 49 -19 6.2 -1.6
NUDM Nuveen ESG International Developed Markets Equity ETF 20.9 40 -10 7.0 -0.7
VIGI Vanguard International Dividend Appreciation ETF 20.9 25 5 6.0 -1.8
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 20.7 32 -2 6.6 -1.2
EZU iShares MSCI Eurozone ETF 20.4 49 -19 7.0 -0.8
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 20.3 45 -15 6.9 -0.8
OEUR O'shares FTSE Europe Quality Dividend ETF 19.7 48 -18 6.7 -1.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 19.6 65 -35 8.4 +0.6

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 10.7 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 CATEGORY
AVERAGE
1.59
 
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.