SPDR Portfolio Developed World ex-US ETF
ALTAR
Score™
7.0% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
22.8x P/Sales
ratio
1.2x
P/BV
ratio
1.4x Div.
yield
2.7%


  • 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) $7,812
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 2039
Wgt avg mkt cap (mns) $56,920
Large cap (>$10bn) 75.9%
Mid cap ($2-10bn) 19.7%
Small cap (<$2bn) 3.9%
Developed mkts 94.6%
Emerging mkts 5.3%

TOP TEN HOLDINGS
NESTLE SA-REG 1.7 %
SAMSUNG ELECTR-GDR REGS 1.3 %
ROCHE HOLDING AG-GENUSSCHEIN 1.3 %
NOVARTIS AG-REG 1.1 %
SAP AG 0.9 %
TOYOTA MOTOR CORP 0.8 %
ASML HOLDING NV 0.8 %
ASTRAZENECA PLC 0.8 %
SANOFI-AVENTIS 0.7 %
SIEMENS AG-REG 0.6 %
Total 10.0 %

TOP COUNTRY EXPOSURE
JAPAN 22.7 %
BRITAIN 11.3 %
CANADA 8.6 %
SWITZERLAND 8.3 %
FRANCE 7.6 %
GERMANY 7.3 %
AUSTRALIA 5.8 %
SOUTH KOREA 4.9 %
NETHERLANDS 3.8 %
SWEDEN 2.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.7% -0.0% 2.7% 5.0% 1.6%

Market Correlations
versus... Beta R-squared
S&P500 0.85 84%
MSCI EAFE 1.00 98%
MSCI Emg. Mkts. 0.71 81%

Technical Indicators
Recent close $29.77
30d moving avg. $28.79
Annualized volatility 16.0%
Short interest (ETF) 0.8%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 1,999
Turnover 0.8%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $76,738

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 7.0%


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
(%)
SCHF Schwab International Equity ETF 81.5 6 -2 7.2 +0.2
VEA Vanguard FTSE Developed Markets ETF 80.5 5 -1 7.3 +0.3
IDEV iShares Core MSCI International Developed Markets ETF 80.1 5 -1 7.1 +0.1
IEFA iShares Core MSCI EAFE ETF 76.1 7 -3 7.2 +0.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 75.9 7 -3 7.4 +0.4
EFA iShares MSCI EAFE ETF 72.5 32 -28 6.9 -0.1
HFXI IQ 50 Percent Hedged FTSE International ETF 72.3 20 -16 7.3 +0.3
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 71.8 35 -31 6.7 -0.3
GSID Goldman Sachs MarketBeta International Equity ETF 69.9 20 -16 7.2 +0.2
BKIE BNY Mellon International Equity ETF 69.8 4 0 7.2 +0.2
ACWX iShares MSCI ACWI ex U.S. ETF 69.3 32 -28 7.1 +0.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 67.7 20 -16 7.0 -0.1
VEU Vanguard FTSE All-World ex-US Index Fund 67.3 8 -4 7.4 +0.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 67.1 40 -36 6.9 -0.1
CWI SPDR MSCI ACWI ex-US ETF 65.9 30 -26 7.1 +0.1
IXUS ishares Core MSCI Total International Stock ETF 65.7 9 -5 7.3 +0.3
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 63.5 45 -41 8.7 +1.6
VXUS Vanguard Total International Stock Index Fund 63.1 8 -4 7.4 +0.4
JHMD John Hancock Multifactor Developed International ETF 61.2 39 -35 7.3 +0.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 60.5 25 -21 6.5 -0.5
FNDF Schwab Fundamental International Large Co. Index ETF 60.3 25 -21 8.6 +1.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 59.9 39 -35 8.2 +1.2
VSGX Vanguard ESG International Stock ETF 58.0 17 -13 7.0 -0.0
ESGD iShares MSCI EAFE ESG Optimized ETF 57.1 20 -16 6.8 -0.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 55.8 39 -35 6.4 -0.6
PDEV Principal International Multi-Factor Core Index ETF 55.2 25 -21 7.7 +0.7
QEFA SPDR MSCI EAFE Quality Mix ETF 55.1 30 -26 6.8 -0.3
IQSI IQ Candriam ESG International Equity ETF 52.3 15 -11 7.2 +0.2
DWM WisdomTree International Equity Fund 51.9 48 -44 8.2 +1.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 51.1 35 -31 8.4 +1.3
ISZE iShares Edge MSCI Intl Size Factor ETF 49.5 30 -26 7.2 +0.2
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 49.1 35 -31 6.8 -0.2
IEUR iShares Core MSCI Europe ETF 49.0 9 -5 7.1 +0.1
FEU SPDR Portfolio Europe ETF 48.9 9 -5 7.2 +0.2
VGK Vanguard FTSE Europe ETF 48.5 8 -4 7.3 +0.3
ISDX Invesco Strategic Developed ex-US ETF 48.5 23 -19 7.2 +0.2
CIL VictoryShares International Volatility Weighted Index ETF 47.9 45 -41 6.5 -0.5
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 47.9 45 -41 6.5 -0.5
AVDE Avantis International Equity ETF 47.3 23 -19 7.7 +0.6
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 46.6 30 -26 6.9 -0.2
FLEE Franklin FTSE Europe ETF 46.5 9 -5 6.9 -0.1
FLEH Franklin FTSE Europe Hedged ETF 46.5 9 -5 7.0 -0.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 45.1 45 -41 6.5 -0.5
BBEU JPMorgan BetaBuilders Europe ETF 44.9 9 -5 7.2 +0.2
IEV iShares Europe ETF 44.2 59 -55 6.7 -0.3
DOL WisdomTree International LargeCap Dividend Fund 43.4 48 -44 8.5 +1.5
IQIN IQ 500 International ETF 43.3 25 -21 8.6 +1.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 43.2 16 -12 6.8 -0.2
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 42.3 25 -21 6.4 -0.6
EFV iShares MSCI EAFE Value ETF 40.3 39 -35 9.4 +2.4
EFG iShares MSCI EAFE Growth ETF 40.1 40 -36 4.5 -2.6
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 38.7 24 -20 7.0 +0.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 38.3 14 -10 6.9 -0.1
IDY Pacific Global International Equity Income ETF 35.0 39 -35 7.9 +0.9
ESGG FlexShares STOXX Global ESG Impact Index Fund 34.5 42 -38 5.2 -1.8
RNDM Developed International Equity Select ETF 34.4 65 -61 6.2 -0.8
VYMI Vanguard International High Dividend Yield ETF 34.2 32 -28 9.9 +2.9
VPL Vanguard FTSE Pacific ETF 34.0 8 -4 7.5 +0.5
PQIN PGIM QMA Strategic Alpha International Equity ETF 33.6 29 -25 7.6 +0.5
URTH iShares MSCI World ETF 33.0 24 -20 5.5 -1.6
TPIF Timothy Plan International ETF 32.7 62 -58 6.2 -0.9
QWLD SPDR MSCI World StrategicFactors ETF 32.7 30 -26 6.0 -1.1
IDLB Invesco FTSE International Low Beta Equal Weight ETF 31.2 45 -41 7.0 -0.0
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 31.1 30 -26 0.0 -7.0
IMTM iShares Edge MSCI Intl Momentum Factor ETF 31.1 30 -26 4.3 -2.7
IPAC iShares Core MSCI Pacific ETF 30.4 9 -5 7.2 +0.2
ACWI iShares MSCI ACWI ETF 30.0 32 -28 5.7 -1.4
IQLT iShares Edge MSCI Intl Quality Factor ETF 29.8 30 -26 6.0 -1.1
SCID Global X Scientific Beta Europe ETF 29.4 39 -35 6.3 -0.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 28.8 20 -16 5.9 -1.1
LOWC SPDR MSCI ACWI Low Carbon Target ETF 28.7 20 -16 5.9 -1.2
QINT American Century Quality Diversified International ETF 28.7 39 -35 5.6 -1.4
VT Vanguard Total World Stock Index Fund 28.2 8 -4 5.9 -1.1
IGRO iShares International Dividend Growth ETF 27.7 22 -18 7.8 +0.8
TOK iShares MSCI Kokusai ETF 27.6 25 -21 5.3 -1.7
RFDI First Trust Riverfront Dynamic Developed International ETF 27.2 83 -79 5.6 -1.5
EFAV iShares Edge MSCI Min Vol EAFE ETF 27.0 20 -16 5.4 -1.6
RODM Hartford Multifactor Developed Markets (ex-US) ETF 27.0 29 -25 8.5 +1.5
VGFO Virtus WMC Global Factor Opportunities ETF 26.9 49 -45 7.8 +0.8
RBIN Nationwide Risk-Based International Equity ETF 26.9 42 -38 6.1 -0.9
KOKU Xtrackers MSCI Kokusai Equity ETF 26.8 9 -5 5.5 -1.5
JPIN JPMorgan Diversified Return International Equity ETF 26.6 37 -33 7.8 +0.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 25.8 9 -5 5.7 -1.3
FDEV Fidelity Targeted International Factor ETF 25.5 39 -35 6.5 -0.5
IVLU iShares Edge MSCI Intl Value Factor ETF 24.5 30 -26 11.3 +4.3
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 24.5 45 -41 6.6 -0.4
NUDM Nuveen ESG International Developed Markets Equity ETF 23.2 40 -36 6.7 -0.3
IDHQ Invesco S&P International Developed Quality ETF 23.2 29 -25 5.0 -2.0
UIVM VictoryShares USAA MSCI International Value Momentum ETF 23.2 35 -31 8.5 +1.5
EZU iShares MSCI Eurozone ETF 22.8 49 -45 6.5 -0.5
DTH WisdomTree DEFA Equity Income Fund 22.7 58 -54 9.6 +2.6
EURZ Xtrackers Eurozone Equity ETF 22.5 9 -5 6.9 -0.1
EUMV iShares Edge MSCI Min Vol Europe ETF 22.1 25 -21 5.0 -2.1
IDMO Invesco S&P International Developed Momentum ETF 22.0 26 -22 4.4 -2.6
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 21.6 30 -26 7.6 +0.5
FLJH Franklin FTSE Japan Hedged ETF 21.6 9 -5 7.4 +0.4
FLJP Franklin FTSE Japan ETF 21.6 9 -5 7.5 +0.5
FIVA Fidelity International Value Factor ETF 21.5 39 -35 9.8 +2.8
DEW WisdomTree Global High Dividend Fund 21.2 58 -54 9.1 +2.1

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 1.4 x
Less: Expense ratio 4 bp
Equals: ALTAR Score 7.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 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.