SPDR Portfolio Developed World ex-US ETF
ALTAR
Score™
6.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
25.8x P/Sales
ratio
1.4x
P/BV
ratio
1.6x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P World (ex-US) ETF objective is to replicate the S&P Developed Ex-U.S. BMI Index. The Index measures the investable universe of publicly traded companies domiciled in developed countri

FUND BASICS
Category International Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Apr 20, 2007
Assets (mns) $9,575
Currency USD
Expense ratio 4 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 2201
Wgt avg mkt cap (mns) $65,340
Large cap (>$10bn) 77.8%
Mid cap ($2-10bn) 17.4%
Small cap (<$2bn) 3.8%
Developed mkts 93.6%
Emerging mkts 6.3%

TOP TEN HOLDINGS
SAMSUNG ELECTR-GDR REGS 1.7 %
NESTLE SA-REG 1.3 %
ROCHE HOLDING AG-GENUSSCHEIN 1.1 %
ASML HOLDING NV 1.1 %
NOVARTIS AG-REG 1.0 %
TOYOTA MOTOR CORP 0.7 %
LVMH MOET HENNESSY LOUIS VUI 0.7 %
AIA GROUP LTD 0.7 %
ASTRAZENECA PLC 0.6 %
SOFTBANK GROUP CORP. 0.6 %
Total 9.6 %

TOP COUNTRY EXPOSURE
JAPAN 22.5 %
BRITAIN 11.2 %
CANADA 8.2 %
SWITZERLAND 7.7 %
FRANCE 7.3 %
GERMANY 7.0 %
SOUTH KOREA 6.0 %
AUSTRALIA 6.0 %
NETHERLANDS 3.6 %
SWEDEN 3.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
9.9% 9.9% 8.4% 5.5% 2.9%

Market Correlations
versus... Beta R-squared
S&P500 0.90 84%
MSCI EAFE 0.98 98%
MSCI Emg. Mkts. 0.77 79%

Technical Indicators
Recent close $34.92
30d moving avg. $34.19
Annualized volatility 18.4%
Short interest (ETF) 0.9%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 2,344
Turnover 0.9%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $99,706

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the SPDR Portfolio Developed World ex-US ETF ETF based on the alternatives' overlap in portfolio holdings with SPDW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPDW Expense: 4 bp ALTAR Score™: 6.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPDW
Ticker Fund
Name
Overlap1
vs SPDW
(%)
Expense
ratio
(bp)
Savings
vs SPDW
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPDW
(%)
VEA Vanguard FTSE Developed Markets ETF 80.4 5 -1 6.6 +0.3
SCHF Schwab International Equity ETF 80.4 6 -2 6.5 +0.3
IDEV iShares Core MSCI International Developed Markets ETF 79.2 5 -1 6.5 +0.2
DFAI Dimensional International Core Equity Market ETF 76.7 18 -14 6.4 +0.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 75.1 7 -3 6.5 +0.3
IEFA iShares Core MSCI EAFE ETF 74.9 7 -3 6.5 +0.3
HFXI IQ 50 Percent Hedged FTSE International ETF 71.6 20 -16 6.4 +0.2
EFA iShares MSCI EAFE ETF 70.7 32 -28 6.2 +0.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 70.1 35 -31 6.1 -0.2
GSID Goldman Sachs MarketBeta International Equity ETF 69.5 20 -16 6.3 +0.1
BKIE BNY Mellon International Equity ETF 68.9 4 0 6.6 +0.4
ACWX iShares MSCI ACWI ex U.S. ETF 67.0 32 -28 6.3 +0.1
VEU Vanguard FTSE All-World ex-US Index Fund 66.1 8 -4 6.7 +0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 66.1 20 -16 6.4 +0.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 65.1 40 -36 6.1 -0.2
CWI SPDR MSCI ACWI ex-US ETF 65.0 30 -26 6.2 -0.1
IXUS ishares Core MSCI Total International Stock ETF 63.6 9 -5 6.4 +0.2
VSGX Vanguard ESG International Stock ETF 62.1 17 -13 6.3 +0.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 61.8 45 -41 7.7 +1.5
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 60.3 39 -35 7.4 +1.2
JHMD John Hancock Multifactor Developed International ETF 60.1 39 -35 6.6 +0.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 59.6 25 -21 6.0 -0.2
ESGD iShares MSCI EAFE ESG Optimized ETF 58.2 20 -16 6.2 -0.1
FNDF Schwab Fundamental International Large Co. Index ETF 57.4 25 -21 7.7 +1.5
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 54.8 39 -35 5.6 -0.7
PDEV Principal International Multi-Factor Core Index ETF 54.8 25 -21 7.1 +0.9
QEFA SPDR MSCI EAFE Quality Mix ETF 53.3 30 -26 6.0 -0.3
IQSI IQ Candriam ESG International Equity ETF 53.0 15 -11 6.4 +0.2
VXUS Vanguard Total International Stock ETF 52.5 8 -4 6.6 +0.4
AVDE Avantis International Equity ETF 51.9 23 -19 6.9 +0.7
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 50.5 35 -31 6.0 -0.3
ISZE iShares Edge MSCI Intl Size Factor ETF 49.0 30 -26 6.3 +0.1
CIL VictoryShares International Volatility Weighted Index ETF 48.0 45 -41 6.4 +0.1
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 47.9 45 -41 6.4 +0.1
IEUR iShares Core MSCI Europe ETF 47.5 9 -5 6.6 +0.4
SPEU SPDR Portfolio Europe ETF 47.3 9 -5 6.8 +0.6
VGK Vanguard FTSE Europe ETF 47.1 8 -4 6.8 +0.6
ISDX Invesco RAFI Strategic Developed ex-US ETF 46.7 23 -19 6.3 +0.1
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 46.6 40 -36 7.2 +1.0
DWM WisdomTree International Equity Fund 45.9 48 -44 7.2 +1.0
FLEE Franklin FTSE Europe ETF 44.6 9 -5 6.5 +0.2
FLEH Franklin FTSE Europe Hedged ETF 44.6 9 -5 6.5 +0.3
BBEU JPMorgan BetaBuilders Europe ETF 43.8 9 -5 6.7 +0.5
DBEU Xtrackers MSCI Europe Hedged Equity ETF 43.3 45 -41 6.0 -0.2
IQIN IQ 500 International ETF 42.5 25 -21 7.7 +1.5
IEV iShares Europe ETF 42.5 59 -55 6.3 +0.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 41.5 16 -12 6.0 -0.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 39.9 25 -21 5.9 -0.3
DOL WisdomTree International LargeCap Dividend Fund 39.9 48 -44 7.2 +0.9
DMXF iShares ESG Advanced MSCI EAFE ETF 39.6 12 -8 6.2 -0.0
EFV iShares MSCI EAFE Value ETF 39.4 39 -35 8.4 +2.2
EFG iShares MSCI EAFE Growth ETF 38.6 40 -36 4.1 -2.2
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 37.1 24 -20 6.5 +0.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 36.7 14 -10 6.1 -0.1
TPIF Timothy Plan International ETF 34.9 62 -58 6.1 -0.2
VPL Vanguard FTSE Pacific ETF 34.9 8 -4 6.4 +0.2
ESGG FlexShares STOXX Global ESG Impact Index Fund 34.4 42 -38 4.6 -1.6
PQIN PGIM QMA Strategic Alpha International Equity ETF 33.9 29 -25 7.1 +0.9
URTH iShares MSCI World ETF 33.1 24 -20 5.0 -1.3
VYMI Vanguard International High Dividend Yield ETF 32.6 27 -23 9.0 +2.8
RESD WisdomTree International ESG Fund 32.4 30 -26 6.5 +0.2
RNDM First Trust Developed International Equity Select ETF 31.7 65 -61 5.7 -0.5
QWLD SPDR MSCI World StrategicFactors ETF 31.7 30 -26 5.4 -0.9
IPAC iShares Core MSCI Pacific ETF 30.7 9 -5 6.3 +0.1
ACWI iShares MSCI ACWI ETF 29.9 32 -28 5.0 -1.2
IDLB Invesco FTSE International Low Beta Equal Weight ETF 29.6 45 -41 6.1 -0.1
VT Vanguard Total World Stock ETF 29.0 8 -4 5.3 -0.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 28.9 20 -16 5.3 -0.9
IMTM iShares Edge MSCI Intl Momentum Factor ETF 28.7 30 -26 4.1 -2.1
IQLT iShares Edge MSCI Intl Quality Factor ETF 28.7 30 -26 5.2 -1.0
LOWC SPDR MSCI ACWI Low Carbon Target ETF 28.5 20 -16 5.3 -0.9
RBIN Nationwide Risk-Based International Equity ETF 27.7 42 -38 6.0 -0.2
TOK iShares MSCI Kokusai ETF 27.6 25 -21 4.9 -1.4
IVLU iShares Edge MSCI Intl Value Factor ETF 27.4 30 -26 10.0 +3.8
KOKU Xtrackers MSCI Kokusai Equity ETF 27.0 9 -5 5.0 -1.2
JPIN JPMorgan Diversified Return International Equity ETF 26.6 37 -33 7.0 +0.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 26.1 9 -5 5.1 -1.1
RODM Hartford Multifactor Developed Markets (ex-US) ETF 25.7 29 -25 7.3 +1.1
QINT American Century Quality Diversified International ETF 25.5 39 -35 5.7 -0.6
EFAV iShares Edge MSCI Min Vol EAFE ETF 23.6 20 -16 5.0 -1.3
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 23.5 45 -41 6.0 -0.2
NUDM Nuveen ESG International Developed Markets Equity ETF 23.2 40 -36 5.9 -0.3
VWID Virtus WMC International Dividend ETF 23.0 49 -45 7.4 +1.2
FDEV Fidelity Targeted International Factor ETF 22.4 39 -35 6.2 -0.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 22.2 35 -31 7.7 +1.5
FLJP Franklin FTSE Japan ETF 21.7 9 -5 6.5 +0.3
FLJH Franklin FTSE Japan Hedged ETF 21.7 9 -5 6.5 +0.3
EZU iShares MSCI Eurozone ETF 21.7 51 -47 6.0 -0.2
EURZ Xtrackers Eurozone Equity ETF 21.3 9 -5 6.6 +0.3
BBJP JPMorgan BetaBuilders Japan ETF 20.7 19 -15 6.4 +0.1
ZJPN SPDR Solactive Japan ETF 20.5 14 -10 6.5 +0.2
EWJ iShares MSCI Japan ETF 20.3 51 -47 6.0 -0.2
DBJP Xtrackers MSCI Japan Hedged Equity ETF 20.2 45 -41 6.1 -0.2
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 20.1 25 -21 6.2 0.0
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 20.0 32 -28 5.7 -0.6
JPXN iShares JPX-Nikkei 400 ETF 20.0 48 -44 6.2 +0.0
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 19.9 9 -5 6.6 +0.4

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 Portfolio Developed World 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 9.6 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 4 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.54
 
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.