SPDR S&P International Small Cap ETF
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
27.3x 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) $658
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 2338
Wgt avg mkt cap (mns) $901
Large cap (>$10bn) 0.1%
Mid cap ($2-10bn) 10.9%
Small cap (<$2bn) 88.9%
Developed mkts 88.5%
Emerging mkts 11.3%

TOP TEN HOLDINGS
HELLOFRESH SE 0.5 %
SARACEN MINERAL HOLDINGS LTD 0.3 %
SEEGENE INC 0.3 %
IWATANI CORP 0.3 %
HANJIN KAL CORP 0.3 %
SHOCHIKU CO LTD 0.2 %
ALACER GOLD CORP 0.2 %
NITTO BOSEKI CO LTD 0.2 %
CENTAMIN EGYPT LTD 0.2 %
SSR MINING INC 0.2 %
Total 2.8 %

TOP COUNTRY EXPOSURE
JAPAN 27.6 %
SOUTH KOREA 8.5 %
AUSTRALIA 6.1 %
CANADA 5.8 %
BRITAIN 5.7 %
GERMANY 2.7 %
SWEDEN 1.9 %
SWITZERLAND 1.9 %
ISRAEL 1.6 %
HONG KONG 1.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-13.1% -5.6% 1.6% 5.9% 1.8%

Market Correlations
versus... Beta R-squared
S&P500 1.01 86%
MSCI EAFE 1.12 92%
MSCI Emg. Mkts. 0.83 80%

Technical Indicators
Recent close $27.65
30d moving avg. $27.82
Annualized volatility 18.5%
Short interest (ETF) 0.1%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 108
Turnover 0.5%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $13,102

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™: 6.7%


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 40.0 11 29 6.9 +0.1
SCZ iShares MSCI Eafe Small-Cap ETF 33.1 40 0 7.4 +0.7
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 31.6 49 -9 6.8 +0.1
FNDC Schwab Fundamental International Small Co. Index ETF 30.6 39 1 7.5 +0.8
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 30.3 11 29 6.8 +0.1
SCJ iShares MSCI Japan Small-Cap ETF 25.4 49 -9 6.7 -0.0
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 24.7 43 -3 8.9 +2.2
ISDS Invesco Strategic Developed ex-US Small Company ETF 23.0 35 5 6.9 +0.2
DLS WisdomTree International SmallCap Dividend Fund 21.8 58 -18 8.8 +2.0
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 21.6 58 -18 8.7 +1.9
DFJ WisdomTree Japan SmallCap Dividend Fund 21.4 58 -18 8.6 +1.9
IEUS iShares MSCI Europe Small-Cap ETF 18.9 40 0 8.0 +1.3
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 18.4 40 0 8.8 +2.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 17.0 39 1 8.6 +1.8
AVDV Avantis International Small Cap Value ETF 16.0 36 4 7.8 +1.1
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 13.4 80 -40 10.7 +4.0
DFE WisdomTree Europe SmallCap Dividend Fund 8.6 58 -18 8.6 +1.9
AVDE Avantis International Equity ETF 8.5 23 17 8.0 +1.3
VPL Vanguard FTSE Pacific ETF 7.9 8 32 7.8 +1.1
IPAC iShares Core MSCI Pacific ETF 7.0 9 31 7.4 +0.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 6.7 69 -29 7.8 +1.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 6.2 39 1 6.7 -0.0
EWUS iShares MSCI United Kingdom Small Cap ETF 6.0 59 -19 8.6 +1.9
WPS iShares International Developed Property ETF 5.5 48 -8 8.1 +1.4
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 5.2 10 30 9.3 +2.5
VNQI Vanguard Global ex-US Real Estate Index Fund 5.2 12 28 10.1 +3.3
IEFA iShares Core MSCI EAFE ETF 5.1 7 33 7.4 +0.7
DXJ WisdomTree Japan Hedged Equity Fund 5.0 48 -8 8.5 +1.8
VEA Vanguard FTSE Developed Markets ETF 4.8 5 35 7.5 +0.8
IDEV iShares Core MSCI International Developed Markets ETF 4.7 5 35 7.3 +0.6
IXUS ishares Core MSCI Total International Stock ETF 4.4 9 31 7.4 +0.7
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 4.3 58 -18 8.1 +1.4
IFGL iShares International Developed Real Estate ETF 3.7 48 -8 7.7 +1.0
IDLB Invesco FTSE International Low Beta Equal Weight ETF 3.6 45 -5 7.3 +0.6
VXUS Vanguard Total International Stock Index Fund 3.5 8 32 7.6 +0.9
SPDW SPDR Portfolio Developed World ex-US ETF 3.5 4 36 7.3 +0.5
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 3.4 60 -20 7.4 +0.7
DWM WisdomTree International Equity Fund 3.3 48 -8 8.4 +1.6
REET iShares Global REIT ETF 3.1 14 26 7.6 +0.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 3.0 63 -23 12.4 +5.6
DRW WisdomTree Global ex-US Real Estate Fund 2.9 58 -18 10.8 +4.1
EWGS iShares MSCI Germany Small Cap ETF 2.8 59 -19 5.1 -1.6
IEUR iShares Core MSCI Europe ETF 2.8 9 31 7.3 +0.6
VGK Vanguard FTSE Europe ETF 2.8 8 32 7.5 +0.8
GOEX Global X Gold Explorers ETF 2.6 65 -25 2.9 -3.8
ISDX Invesco Strategic Developed ex-US ETF 2.6 23 17 7.7 +1.0
FEU SPDR Portfolio Europe ETF 2.6 9 31 7.4 +0.7
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 2.4 45 -5 6.8 +0.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.4 59 -19 10.9 +4.2
AVEM Avantis Emerging Markets Equity ETF 2.4 33 7 8.8 +2.1
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 2.3 30 10 7.6 +0.9
FLJH Franklin FTSE Japan Hedged ETF 2.2 9 31 7.8 +1.1
FLJP Franklin FTSE Japan ETF 2.2 9 31 7.8 +1.1
RWX SPDR Dow Jones International Real Estate ETF 2.2 59 -19 6.8 +0.0
GDXJ VanEck Vectors Junior Gold Miners ETF 2.1 53 -13 2.6 -4.2
PICK iShares MSCI Global Metals & Mining Producers ETF 2.1 39 1 7.4 +0.7
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 2.0 24 16 7.3 +0.6
RWO SPDR Dow Jones Global Real Estate ETF 2.0 50 -10 7.3 +0.5
VSGX Vanguard ESG International Stock ETF 2.0 17 23 7.2 +0.5
SCID Global X Scientific Beta Europe ETF 1.9 39 1 6.5 -0.2
GDX VanEck Vectors Gold Miners ETF 1.9 52 -12 2.7 -4.0
FLKR Franklin FTSE South Korea ETF 1.9 9 31 9.6 +2.9
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 1.8 9 31 7.9 +1.1
GRES IQ Global Resources ETF 1.8 77 -37 7.7 +0.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 1.8 35 5 8.6 +1.9
GQRE FlexShares Global Quality Real Estate Index Fund 1.8 45 -5 7.1 +0.4
SGDJ ALPS Sprott Junior Gold Miners ETF 1.7 50 -10 3.1 -3.6
ISRA VanEck Vectors Israel ETF 1.7 62 -22 6.8 +0.1
IFEU iShares Europe Development Real Estate ETF 1.7 48 -8 6.5 -0.2
DTH WisdomTree DEFA Equity Income Fund 1.6 58 -18 9.8 +3.1
PBD Invesco Global Clean Energy ETF 1.6 75 -35 1.6 -5.1
JPXN iShares JPX-Nikkei 400 ETF 1.6 48 -8 7.5 +0.8
GOAU U.S. Global GO GOLD & Precious Metal Miners ETF 1.5 60 -20 2.3 -4.4
VT Vanguard Total World Stock Index Fund 1.5 8 32 6.2 -0.6
RING iShares MSCI Global Gold Miners ETF 1.5 39 1 3.1 -3.6
FPXE First Trust IPOX Europe Equity Opportunities ETF 1.5 70 -30 2.3 -4.4
FLM First Trust Global Engineering & Construction ETF 1.5 70 -30 9.3 +2.6
IQDG WisdomTree International Quality Dividend Growth Fund 1.5 38 2 6.4 -0.3
IEMG iShares Core MSCI Emerging Markets ETF 1.5 13 27 7.8 +1.1
AIIQ AI Powered International Equity ETF 1.4 79 -39 4.6 -2.1
EIS iShares MSCI Israel ETF 1.4 59 -19 8.6 +1.9
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 1.3 58 -18 6.3 -0.4
VIGI Vanguard International Dividend Appreciation ETF 1.3 25 15 5.5 -1.2
ENOR iShares MSCI Norway Capped ETF 1.3 53 -13 10.3 +3.6
NORW Global X MSCI Norway ETF 1.3 50 -10 10.4 +3.7
VEGI iShares MSCI Global Agriculture Producers ETF 1.3 39 1 6.2 -0.5
JPIN JPMorgan Diversified Return International Equity ETF 1.2 37 3 8.1 +1.4
SGDM Sprott Gold Miners ETF 1.2 50 -10 2.6 -4.1
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 1.2 64 -24 4.6 -2.1
LVIN Hartford Multifactor Low Volatility International Equity ETF 1.2 29 11 12.3 +5.6
FNDF Schwab Fundamental International Large Co. Index ETF 1.2 25 15 9.0 +2.3
HAP VanEck Vectors Natural Resources ETF 1.1 50 -10 6.5 -0.3
FDT First Trust Developed Markets ex-US Alphadex Fund 1.1 80 -40 7.6 +0.9
IGRO iShares International Dividend Growth ETF 1.1 22 18 8.1 +1.4
RFDI First Trust Riverfront Dynamic Developed International ETF 1.0 83 -43 5.7 -1.0
IPKW Invesco International BuyBack Achievers ETF 1.0 55 -15 8.7 +1.9
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 1.0 7 33 7.6 +0.9
GBUY Goldman Sachs Motif New Age Consumer ETF 1.0 50 -10 1.8 -4.9

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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.2 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 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.