SPDR Portfolio Developed World ex-US ETF
ALTAR
Score™
7.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
20.3x P/Sales
ratio
1.2x
P/BV
ratio
1.4x Div.
yield
2.8%


  • 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) $6,907
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 1972
Wgt avg mkt cap (mns) $52,423
Large cap (>$10bn) 74.1%
Mid cap ($2-10bn) 21.3%
Small cap (<$2bn) 4.4%
Developed mkts 95.4%
Emerging mkts 4.6%

TOP TEN HOLDINGS
NESTLE SA-REG 1.7 %
ROCHE HOLDING AG-GENUSSCHEIN 1.4 %
NOVARTIS AG-REG 1.2 %
SAMSUNG ELECTR-GDR REGS 1.2 %
TOYOTA MOTOR CORP 0.9 %
ASTRAZENECA PLC 0.8 %
ASML HOLDING NV 0.8 %
SAP AG 0.7 %
NOVO NORDISK A/S-B 0.7 %
SANOFI-AVENTIS 0.7 %
Total 10.2 %

TOP COUNTRY EXPOSURE
JAPAN 24.6 %
BRITAIN 11.5 %
SWITZERLAND 8.3 %
CANADA 8.2 %
FRANCE 7.4 %
GERMANY 6.9 %
AUSTRALIA 5.5 %
SOUTH KOREA 4.2 %
NETHERLANDS 3.8 %
SWEDEN 2.6 %

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.
-14.0% -2.1% 1.1% 5.3% 1.1%

Market Correlations
versus... Beta R-squared
S&P500 0.86 85%
MSCI EAFE 1.00 98%
MSCI Emg. Mkts. 0.75 83%

Technical Indicators
Recent close $28.54
30d moving avg. $25.83
Annualized volatility 15.9%
Short interest (ETF) 0.6%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 3,471
Turnover 1.4%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $82,937

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™: 7.2%


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
(%)
SCHF Schwab International Equity ETF 81.6 6 -2 7.4 +0.2
VEA Vanguard FTSE Developed Markets ETF 80.4 5 -1 7.4 +0.2
IDEV iShares Core MSCI International Developed Markets ETF 80.0 5 -1 7.2 +0.0
IEFA iShares Core MSCI EAFE ETF 76.5 7 -3 7.3 +0.1
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 76.3 7 -3 7.6 +0.4
EFA iShares MSCI EAFE ETF 73.1 32 -28 7.1 -0.1
HFXI IQ 50 Percent Hedged FTSE International ETF 72.7 20 -16 7.5 +0.3
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 72.6 35 -31 7.0 -0.2
ACWX iShares MSCI ACWI ex U.S. ETF 70.4 32 -28 7.5 +0.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 68.6 40 -36 7.3 +0.1
VEU Vanguard FTSE All-World ex-US Index Fund 68.4 8 -4 7.7 +0.5
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 68.2 20 -16 7.2 +0.1
IXUS ishares Core MSCI Total International Stock ETF 67.2 9 -5 7.5 +0.3
CWI SPDR MSCI ACWI ex-US ETF 65.4 30 -26 7.6 +0.4
VXUS Vanguard Total International Stock Index Fund 64.4 8 -4 7.7 +0.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 63.8 45 -41 8.8 +1.6
JHMD John Hancock Multifactor Developed International ETF 61.7 45 -41 7.4 +0.2
FNDF Schwab Fundamental International Large Co. Index ETF 61.5 25 -21 8.6 +1.4
GSIE Goldman Sachs ActiveBeta International Equity ETF 60.8 25 -21 6.8 -0.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 60.7 39 -35 9.1 +1.9
VSGX Vanguard ESG International Stock ETF 58.0 17 -13 7.3 +0.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 56.4 39 -35 6.6 -0.6
PDEV Principal International Multi-Factor Core Index ETF 55.7 25 -21 7.8 +0.6
ESGD iShares MSCI EAFE ESG Optimized ETF 54.6 20 -16 7.2 -0.0
QEFA SPDR MSCI EAFE Quality Mix ETF 54.3 30 -26 6.8 -0.4
IQSI IQ Candriam ESG International Equity ETF 53.6 15 -11 7.3 +0.1
DWM WisdomTree International Equity Fund 52.5 48 -44 8.2 +1.0
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 51.8 35 -31 8.5 +1.3
ISZE iShares Edge MSCI Intl Size Factor ETF 50.1 30 -26 6.9 -0.3
IEUR iShares Core MSCI Europe ETF 48.4 9 -5 7.3 +0.1
FEU SPDR Portfolio Europe ETF 48.1 9 -5 7.3 +0.1
VGK Vanguard FTSE Europe ETF 47.9 8 -4 7.3 +0.1
ISDX Invesco Strategic Developed ex-US ETF 47.8 23 -19 7.4 +0.2
CIL VictoryShares International Volatility Weighted Index ETF 47.8 45 -41 6.7 -0.5
AVDE Avantis International Equity ETF 46.8 23 -19 7.9 +0.7
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 46.1 30 -26 6.8 -0.4
FLEH Franklin FTSE Europe Hedged ETF 46.0 9 -5 7.1 -0.1
FLEE Franklin FTSE Europe ETF 46.0 9 -5 7.0 -0.2
EFG iShares MSCI EAFE Growth ETF 44.8 40 -36 4.7 -2.5
BBEU JPMorgan BetaBuilders Europe ETF 44.7 9 -5 7.2 +0.1
DBEU Xtrackers MSCI Europe Hedged Equity ETF 44.6 45 -41 6.7 -0.5
DOL WisdomTree International LargeCap Dividend Fund 44.2 48 -44 8.5 +1.3
IQIN IQ 500 International ETF 43.8 25 -21 8.9 +1.7
IEV iShares Europe ETF 43.5 59 -55 6.8 -0.4
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 43.2 16 -12 7.1 -0.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 42.3 25 -21 6.7 -0.5
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 39.0 14 -10 7.0 -0.2
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 38.6 24 -20 7.2 -0.0
EFV iShares MSCI EAFE Value ETF 37.6 39 -35 10.0 +2.8
IDY Pacific Global International Equity Income ETF 36.3 39 -35 8.0 +0.8
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 35.6 45 -41 6.9 -0.3
VYMI Vanguard International High Dividend Yield ETF 35.4 32 -28 10.1 +2.9
RFDI First Trust Riverfront Dynamic Developed International ETF 35.3 83 -79 6.3 -0.9
VPL Vanguard FTSE Pacific ETF 35.0 8 -4 7.7 +0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 34.2 42 -38 5.6 -1.6
RNDM Developed International Equity Select ETF 34.2 65 -61 6.4 -0.8
URTH iShares MSCI World ETF 33.3 24 -20 5.8 -1.4
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 33.1 48 -44 0.0 -7.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 33.0 29 -25 8.0 +0.8
TPIF Timothy Plan International ETF 32.8 62 -58 7.0 -0.2
IMTM iShares Edge MSCI Intl Momentum Factor ETF 32.0 30 -26 5.0 -2.2
IPAC iShares Core MSCI Pacific ETF 31.8 9 -5 7.4 +0.2
IDLB Invesco FTSE International Low Beta Equal Weight ETF 31.3 45 -41 7.1 -0.1
IQLT iShares Edge MSCI Intl Quality Factor ETF 30.9 30 -26 6.2 -1.0
QWLD SPDR MSCI World StrategicFactors ETF 30.5 30 -26 6.0 -1.2
ACWI iShares MSCI ACWI ETF 30.5 32 -28 6.0 -1.2
QINT American Century Quality Diversified International ETF 29.5 39 -35 5.9 -1.3
VT Vanguard Total World Stock Index Fund 29.5 8 -4 6.2 -1.0
JPEU JPMorgan Diversified Return Europe Equity ETF 29.3 37 -33 6.8 -0.4
LOWC SPDR MSCI ACWI Low Carbon Target ETF 29.0 20 -16 6.3 -0.9
SCID Global X Scientific Beta Europe ETF 28.9 38 -34 6.9 -0.3
JPGE JPMorgan Diversified Return Global Equity ETF 28.7 29 -25 7.3 +0.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 28.6 20 -16 6.3 -0.9
IGRO iShares International Dividend Growth ETF 28.1 22 -18 7.9 +0.7
EFAV iShares Edge MSCI Min Vol EAFE ETF 28.1 20 -16 5.9 -1.3
RODM Hartford Multifactor Developed Markets (ex-US) ETF 27.8 29 -25 8.6 +1.4
TOK iShares MSCI Kokusai ETF 27.4 25 -21 5.7 -1.5
JPIN JPMorgan Diversified Return International Equity ETF 26.4 38 -34 7.9 +0.7
RBIN Nationwide Risk-Based International Equity ETF 26.3 42 -38 6.4 -0.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 26.1 9 -5 6.2 -1.0
FDEV Fidelity Targeted International Factor ETF 25.8 39 -35 6.5 -0.7
UIVM VictoryShares USAA MSCI International Value Momentum ETF 25.7 35 -31 8.6 +1.4
IVLU iShares Edge MSCI Intl Value Factor ETF 25.0 30 -26 11.2 +4.0
EUMV iShares Edge MSCI Min Vol Europe ETF 24.3 25 -21 5.5 -1.7
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 23.9 45 -41 6.7 -0.5
IDHQ Invesco S&P International Developed High Quality ETF 23.8 29 -25 5.4 -1.8
RFEU First Trust Riverfront Dynamic Europe ETF 23.5 83 -79 4.9 -2.3
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 23.3 30 -26 7.5 +0.3
FLJP Franklin FTSE Japan ETF 23.3 9 -5 7.8 +0.6
FLJH Franklin FTSE Japan Hedged ETF 23.3 9 -5 7.7 +0.5
DTH WisdomTree DEFA Equity Income Fund 23.3 58 -54 9.5 +2.3
BBJP JPMorgan BetaBuilders Japan ETF 22.8 19 -15 7.6 +0.4
NUDM Nuveen ESG International Developed Markets Equity ETF 22.6 40 -36 6.9 -0.3
EWJ iShares MSCI Japan ETF 22.3 49 -45 7.3 +0.1
FIVA Fidelity International Value Factor ETF 22.2 39 -35 10.1 +2.9
EZU iShares MSCI Eurozone ETF 22.2 49 -45 6.7 -0.5
DBJP Xtrackers MSCI Japan Hedged Equity ETF 22.2 45 -41 7.3 +0.1
QJPN SPDR MSCI Japan StrategicFactors ETF 22.1 14 -10 7.9 +0.7
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 22.1 25 -21 7.5 +0.3

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 9.7 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 4 bp
Equals: ALTAR Score 7.2 %
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.