SPDR S&P International Small Cap ETF
ALTAR
Score™
7.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
27.7x P/Sales
ratio
0.6x
P/BV
ratio
0.9x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR S&P International Small Cap ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the S&P®/Citigroup® World Ex US Range < 2 Billion USD Index,  an equity index based upon the world (ex-US) small cap composite market.

FUND BASICS
Category International Equities
Fund Sponsor State Street Global Advisors
Website www.ssgafunds.com
Inception date Apr 20, 2007
Assets (mns) $703
Currency USD
Expense ratio 40 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 2586
Wgt avg mkt cap (mns) $889
Large cap (>$10bn) 0.2%
Mid cap ($2-10bn) 5.8%
Small cap (<$2bn) 92.4%
Developed mkts 89.4%
Emerging mkts 10.4%

TOP TEN HOLDINGS
IWATANI CORP 0.3 %
WILLIAM HILL PLC 0.2 %
SHIMACHU CO LTD 0.2 %
PETS AT HOME GROUP PLC 0.2 %
PREMIER INVESTMENT CORP 0.2 %
KANEMATSU CORP 0.2 %
SHOCHIKU CO LTD 0.2 %
NOVA MEASURING INSTRUMENTS 0.2 %
TOAGOSEI CO LTD 0.2 %
NITTO BOSEKI CO LTD 0.2 %
Total 2.0 %

TOP COUNTRY EXPOSURE
JAPAN 26.4 %
SOUTH KOREA 7.1 %
AUSTRALIA 6.6 %
CANADA 5.5 %
BRITAIN 5.3 %
ISRAEL 2.1 %
GERMANY 2.1 %
SWEDEN 1.6 %
SWITZERLAND 1.6 %
SINGAPORE 1.2 %

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.
-3.6% 6.8% 6.0% 5.2% 2.6%

Market Correlations
versus... Beta R-squared
S&P500 0.98 84%
MSCI EAFE 1.12 91%
MSCI Emg. Mkts. 0.82 77%

Technical Indicators
Recent close $30.69
30d moving avg. $30.55
Annualized volatility 18.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 52
Turnover 0.2%
Bid/Ask (% of price) 0.31%
ADV underlying (mns) $8,354

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the SPDR S&P International Small Cap ETF ETF based on the alternatives' overlap in portfolio holdings with GWX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GWX Expense: 40 bp ALTAR Score™: 7.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GWX
Ticker Fund
Name
Overlap1
vs GWX
(%)
Expense
ratio
(bp)
Savings
vs GWX
(bp)
ALTAR
Score™
(%)
ALTAR
vs GWX
(%)
SCHC Schwab International Small-Cap Equity ETF 35.2 11 29 6.9 -0.5
SCZ iShares MSCI Eafe Small-Cap ETF 30.3 40 0 6.9 -0.6
FNDC Schwab Fundamental International Small Co. Index ETF 29.5 39 1 7.2 -0.3
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 28.5 49 -9 6.3 -1.2
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 26.4 11 29 6.6 -0.9
SCJ iShares MSCI Japan Small-Cap ETF 24.2 49 -9 6.2 -1.3
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 21.7 43 -3 8.5 +1.0
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 19.7 58 -18 8.0 +0.5
DLS WisdomTree International SmallCap Dividend Fund 19.5 58 -18 8.3 +0.8
DFJ WisdomTree Japan SmallCap Dividend Fund 19.5 58 -18 8.0 +0.5
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 18.1 39 1 8.4 +0.9
AVDV Avantis International Small Cap Value ETF 17.5 36 4 7.8 +0.4
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 16.8 40 0 8.6 +1.1
IEUS iShares MSCI Europe Small-Cap ETF 15.7 40 0 7.6 +0.2
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 11.8 80 -40 10.0 +2.5
AVDE Avantis International Equity ETF 8.9 23 17 7.7 +0.2
VPL Vanguard FTSE Pacific ETF 7.4 8 32 7.4 -0.1
IPAC iShares Core MSCI Pacific ETF 7.0 9 31 7.2 -0.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 6.7 39 1 6.6 -0.9
DFE WisdomTree Europe SmallCap Dividend Fund 6.5 58 -18 8.3 +0.9
EEMS iShares MSCI Emerging Markets Small Cap ETF 5.8 69 -29 7.8 +0.3
WPS iShares International Developed Property ETF 5.5 48 -8 8.1 +0.6
VNQI Vanguard Global ex-US Real Estate Index Fund 5.1 12 28 10.3 +2.8
EWUS iShares MSCI United Kingdom Small Cap ETF 5.1 59 -19 8.6 +1.1
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 5.0 10 30 9.3 +1.8
DXJ WisdomTree Japan Hedged Equity Fund 4.9 48 -8 7.9 +0.5
IEFA iShares Core MSCI EAFE ETF 4.8 7 33 7.3 -0.2
VEA Vanguard FTSE Developed Markets ETF 4.5 5 35 7.4 -0.1
IDEV iShares Core MSCI International Developed Markets ETF 4.3 5 35 7.2 -0.3
IXUS ishares Core MSCI Total International Stock ETF 4.0 9 31 7.3 -0.1
IFGL iShares International Developed Real Estate ETF 3.6 48 -8 7.9 +0.4
SPDW SPDR Portfolio Developed World ex-US ETF 3.4 4 36 7.1 -0.4
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 3.3 58 -18 8.0 +0.5
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 3.2 60 -20 7.3 -0.1
VXUS Vanguard Total International Stock Index Fund 3.1 8 32 7.5 +0.0
DWM WisdomTree International Equity Fund 3.1 48 -8 8.5 +1.0
REET iShares Global REIT ETF 2.8 14 26 7.6 +0.1
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.8 63 -23 12.7 +5.3
ISDX Invesco Strategic Developed ex-US ETF 2.8 23 17 7.4 -0.0
DRW WisdomTree Global ex-US Real Estate Fund 2.6 58 -18 11.0 +3.5
VSGX Vanguard ESG International Stock ETF 2.5 17 23 7.1 -0.4
IDLB Invesco FTSE International Low Beta Equal Weight ETF 2.5 45 -5 6.5 -1.0
VGK Vanguard FTSE Europe ETF 2.4 8 32 7.5 0.0
IEUR iShares Core MSCI Europe ETF 2.3 9 31 7.3 -0.2
AVEM Avantis Emerging Markets Equity ETF 2.3 33 7 8.9 +1.4
RWX SPDR Dow Jones International Real Estate ETF 2.2 59 -19 7.1 -0.4
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 2.2 24 16 6.9 -0.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.2 59 -19 11.2 +3.7
FEU SPDR Portfolio Europe ETF 2.1 9 31 7.4 -0.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 2.1 45 -5 6.8 -0.7
EWGS iShares MSCI Germany Small Cap ETF 2.0 59 -19 4.9 -2.5
ISRA VanEck Vectors Israel ETF 2.0 62 -22 5.8 -1.6
PICK iShares MSCI Global Metals & Mining Producers ETF 2.0 39 1 7.1 -0.4
RWO SPDR Dow Jones Global Real Estate ETF 1.9 50 -10 7.2 -0.2
FLJH Franklin FTSE Japan Hedged ETF 1.9 9 31 7.3 -0.2
FLJP Franklin FTSE Japan ETF 1.9 9 31 7.4 -0.1
EIS iShares MSCI Israel ETF 1.8 59 -19 8.0 +0.5
GQRE FlexShares Global Quality Real Estate Index Fund 1.8 45 -5 6.6 -0.8
AIIQ AI Powered International Equity ETF 1.7 79 -39 3.0 -4.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 1.7 35 5 8.7 +1.3
DTH WisdomTree DEFA Equity Income Fund 1.7 58 -18 10.1 +2.6
FLKR Franklin FTSE South Korea ETF 1.7 9 31 8.9 +1.4
GRES IQ Global Resources ETF 1.7 78 -38 7.3 -0.2
GOEX Global X Gold Explorers ETF 1.6 65 -25 3.2 -4.3
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 1.6 9 31 7.5 -0.0
SGDJ Sprott Junior Gold Miners ETF 1.6 50 -10 2.8 -4.7
JPXN iShares JPX-Nikkei 400 ETF 1.5 48 -8 7.0 -0.4
IQDG WisdomTree International Quality Dividend Growth Fund 1.4 42 -2 6.2 -1.3
VT Vanguard Total World Stock Index Fund 1.4 8 32 6.0 -1.5
FNDF Schwab Fundamental International Large Co. Index ETF 1.3 25 15 8.8 +1.4
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 1.3 58 -18 6.0 -1.4
IGRO iShares International Dividend Growth ETF 1.3 22 18 8.4 +0.9
GDXJ VanEck Vectors Junior Gold Miners ETF 1.3 53 -13 2.9 -4.6
IEMG iShares Core MSCI Emerging Markets ETF 1.3 13 27 7.9 +0.5
FLM First Trust Global Engineering & Construction ETF 1.2 70 -30 9.0 +1.6
VEGI iShares MSCI Global Agriculture Producers ETF 1.2 39 1 5.3 -2.2
VIGI Vanguard International Dividend Appreciation ETF 1.1 20 20 5.5 -2.0
ENOR iShares MSCI Norway Capped ETF 1.1 53 -13 9.2 +1.7
NORW Global X MSCI Norway ETF 1.1 50 -10 9.7 +2.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 1.0 9 31 5.8 -1.7
JPIN JPMorgan Diversified Return International Equity ETF 1.0 37 3 7.9 +0.4
IQIN IQ 500 International ETF 1.0 25 15 8.7 +1.3
IFEU iShares Europe Development Real Estate ETF 1.0 48 -8 0.0 -7.5
LVIN Hartford Multifactor Low Volatility International Equity ETF 1.0 29 11 11.6 +4.1
SILJ ETFMG Prime Junior Silver ETF 1.0 69 -29 0.8 -6.6
ROAM Hartford Multifactor Emerging Markets ETF 1.0 44 -4 13.2 +5.7
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 1.0 7 33 7.5 +0.0
FLAU Franklin FTSE Australia ETF 1.0 9 31 6.7 -0.8
SLVP iShares MSCI Global Silver Miners ETF 0.9 39 1 1.5 -6.0
GDX VanEck Vectors Gold Miners ETF 0.9 52 -12 3.1 -4.4
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.9 45 -5 9.0 +1.5
BETZ Roundhill Sports Betting & iGaming ETF 0.9 75 -35 7.0 -0.4
FYLD Cambria Foreign Shareholder Yield ETF 0.9 59 -19 6.2 -1.3
SCHF Schwab International Equity ETF 0.8 6 34 7.3 -0.2
GOAU U.S. Global GO GOLD & Precious Metal Miners ETF 0.8 60 -20 2.2 -5.2
ITEQ BlueStar Israel Technology ETF 0.8 75 -35 1.2 -6.3
GAMR ETFMG Video Game Tech ETF 0.8 75 -35 2.4 -5.1
VIDI Vident International Equity Fund 0.8 59 -19 11.4 +3.9

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 S&P International Small Cap 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 6.6 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 7.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 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.