CWI vs DFAX: Grades, Fees and Holdings Compared

State Street SPDR MSCI ACWI ex-US ETF

CWIBNYSE Arca

Dimensional World ex U.S. Core Equity 2 ETF

DFAXBNYSE Arca

Overlap

39.1%by weight

Expense ratio

DFAX −0.02pt a year

CWI0.30%DFAX0.28%

Avg volume · 30D

DFAX 2.6×the volume

CWI274KDFAX718K

5Y return · a year

DFAX +0.8pt

CWI+8.4%DFAX+9.2%

CWI vs DFAX Performance

Nov 3, 2021 – Nov 3, 2026

+50.0%CWI+55.6%DFAX

Expense ratio: CWI 0.30%; DFAX 0.28%, better
Fund size: CWI $2.85B; DFAX $12.1B
1Y total return: CWI +12.9%; DFAX +15.1%, better
Yield (12M): CWI 2.79%, better; DFAX 2.51%
Holdings: CWI 1135; DFAX 10529
Avg volume (30D): CWI 274K sh; DFAX 718K sh, better
NAV per share: CWI $39.45; DFAX $35.97
52W range

ETF.net Grade

Pillar letters and Scores for CWI, DFAX, with each pillar’s weight
Pillar	CWI	DFAX
Cost30% weight	D34	C45Higher
Mission25% weight	A100	A100
Risk15% weight	B55Higher	C53
Tradability15% weight	C48	C50Higher
Holdings10% weight	C44	A84Higher
Durability5% weight	C48	C50Higher

Rank among Total International Market funds

How we build Categories ›

Same Category. CWI and DFAX are both graded against the same 8 Total International Market funds, so their Grades compare head to head.

Total International Market⁠

Category · 8 funds

See all 8 ›

DFAX ranks 4th and CWI 7th of 8 funds in the Total International Market Category.

Rank 1AVEUVanguard FTSE All-World ex-US ETFScore 79
Rank 1AVXUSVanguard Total International Stock ETFScore 79
Rank 3AIXUSiShares Core MSCI Total International Stock ETFScore 76
Rank 4BDFAXDimensional World ex U.S. Core Equity 2 ETFScore 64
Rank 5BACWXiShares MSCI ACWI ex U.S. ETFScore 59
Rank 6BGXUSGoldman Sachs MarketBeta Total International Equity ETFScore 58
Rank 7BCWIState Street SPDR MSCI ACWI ex-US ETFScore 57
SPWONot yet graded

Our read on each fund

ETF.net Research

CWIBState Street SPDR MSCI ACWI ex-US ETF

DFAXBDimensional World ex U.S. Core Equity 2 ETF

In short

CWI Everything outside America in one ticker. Since 2007, CWI has tracked the MSCI ACWI ex USA Index, folding developed and emerging markets into roughly 1,100 stocks, at a price below the typical index tracker in its group.

DFAX No data

Stated mandate

CWI The fund seeks to track, before fees and expenses, the total return performance of the MSCI ACWI ex USA Index while providing access to developed and emerging-market countries outside the United States.

DFAX No data

Why people hold it

CWI Europe, Japan and emerging markets arrive in a single trade. No bolting an EM fund onto a developed-markets one to cover the map.ssga.com
0.30% a year, against a 0.45% median for its index-tracking peer group.
It hugs the MSCI ACWI ex USA Index closely, one of the tighter tracking records in its peer group.
Live since 2007 with a multi-billion-dollar asset base behind it, run by State Street's SPDR desk.

DFAX No data

Worth knowing

CWI Cheap for its cohort, not at the floor. VT charges 0.06% for a whole-world portfolio, though that one keeps US stocks in the mix.
Emerging markets ride in the same wrapper as Europe and Japan. That exposure comes as part of the package, with no dial to turn it down.ssga.com
Distributions land once or twice a year, so income shows up in lumps rather than a monthly drip.

DFAX No data

Full CWI profile⁠

Full DFAX profile⁠

CWI vs DFAX Holdings

How CWI and DFAX differ

Overlap by weight

39.1%

Shared holdings make up 86.8% of CWI and 45.8% of DFAX.

Level by level

Holdings868 in both39.1%
Sector14 Sectors86.7%
Countryby domicile89.2%
Asset classEquity100%

Sector

Sector weights in CWI and DFAX, widest gap first
Sector	Gap	CWI	DFAX
Financials	CWI +5.6 points	25.5%	19.9%
Industrials	DFAX +4.8 points	11.2%	16.0%
Technology	CWI +4.8 points	23.0%	18.2%
Materials	DFAX +4.7 points	6.0%	10.7%
Health Care	CWI +1.9 points	8.1%	6.2%
Consumer Staples	DFAX +1.3 points	3.7%	5.0%
Utilities	DFAX +1.2 points	1.7%	2.9%
Consumer Discretionary	DFAX +0.9 points	7.6%	8.5%
Energy	CWI +0.6 points	7.6%	7.0%
Real Estate	DFAX +0.4 points	1.2%	1.6%
Communication	CWI +0.4 points	4.3%	3.9%
Corporate	Same weight	0.0%	0.0%
Government	Same weight	0.0%	0.0%
Securitized	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in CWI and DFAX, widest gap first
Country	Gap	CWI	DFAX
Taiwan	DFAX +3.0 points	8.8%	11.8%
Canada	CWI +2.3 points	9.5%	7.2%
United Kingdom	CWI +2.1 points	8.7%	6.6%
China	DFAX +1.6 points	5.3%	6.9%
Netherlands	CWI +1.3 points	3.7%	2.4%
Japan	DFAX +1.2 points	15.1%	16.3%
India	DFAX +1.1 points	3.4%	4.5%
Switzerland	CWI +1.2 points	6.3%	5.1%
Other countries (31)	Same weight	39.2%	39.2%

Outside the US: CWI 71% developed, 29% emerging. DFAX 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

CWI15.0%
DFAX8.7%

Securities held

CWI1,101
DFAX10,490

Asset class

CWI: Equity
DFAX: Equity

Holdings

Only in CWI233
In both868
Only in DFAX9,622

Only in CWI

233 securities, 12.4% of CWI by weight

Samsung Electr Gdr Reg’s2.32%
Softbank Group Corp0.30%
Hon Hai Precision Gdr Reg’s0.29%
Samsung Electronics Pref0.29%
Spotify Technology SA0.25%
Reliance Inds Spons Gdr 144A0.25%
Dhl AG0.22%
Compass Group PLC0.21%
Hdfc Bank Limited0.20%
Generali0.18%
Orix Corp0.18%
Investor Ab B Shs0.17%
Sk Square Co Ltd0.17%
Tc Energy Corp0.16%
Kyocera Corp0.14%
Bharti Airtel Ltd0.13%
Tesco PLC0.13%
3I Group PLC0.12%
Ferrovial NV0.12%
Samsung Electro Mechanics Co0.12%
Grupo Mexico Sab De Cv Ser B0.12%
Swedbank Ab A Shares0.12%
Nutrien Ltd0.11%
America Movil Sab De C Ser B0.11%
Grupo Financiero Banorte O0.11%
Cameco Corp0.11%
Power Corp of Canada0.11%
Alcon Inc0.11%
Hyundai Motor Co0.10%
Fomento Economico Mexica Ubd0.10%
Teck Resources Ltd Cls B0.10%
Japan Post Bank Co Ltd0.09%
Swiss Life Holding AG Reg0.09%
Stmicroelectronics NV0.09%
Russian Ruble0.08%
Goodman Group0.08%
Axis Bank Ltd0.08%
Bharat Electronics Ltd0.08%
Cemex Sab Cpo0.08%
Mahindra & Mahindra Spon Gdr0.07%
Michelin (Cgde)0.07%
Delta Electronics Thai Forgn0.07%
Rogers Communications Inc B0.07%
Eternal Ltd0.07%
Securitas Ab B Shs0.07%
Kotak Mahindra Bank Ltd0.06%
Bajaj Finance Ltd0.06%
Canadian Tire Corp Class A0.06%
Upm Kymmene Oyj0.06%
Link Reit0.06%

Only in DFAX

9,622 securities, 54.2% of DFAX by weight

Samsung Electronics Co1.23%
Asml Holding NV0.70%
Novartis AG Adr0.69%
Shell PLC0.54%
Samsung Electronics Co Lt0.31%
Bp PLC0.27%
Royal Bank of Canada0.25%
Canadian Natural Resource0.24%
Suncor Energy Inc.0.22%
Hsbc Holdings PLC0.22%
Astrazeneca PLC0.22%
Banco Bilbao Vizcaya Arge0.19%
Tesco PLC0.17%
Dhl AG0.17%
Commerzbank Ag-Tend0.16%
Bhp Group Ltd0.15%
Ubs Group AG0.15%
Barrick Mining Corp0.15%
Helvetia Baloise Holding0.15%
Cenovus Energy Inc0.14%
Bper Banca0.14%
Nn Group NV0.14%
Hon Hai Precision Industr0.14%
Deutsche Bank AG0.13%
Toronto-Dominion Bank0.13%
Samsung Electro-Mechanics0.12%
Kinross Gold Corp0.12%
Bank of Nova Scotia/The0.11%
Gsk PLC0.11%
Swisscom AG0.11%
Teck Resources Ltd0.11%
Unilever PLC0.11%
Swiss Life Holding AG0.11%
Michelin0.10%
Bank of Montreal0.10%
Abn Amro Bank NV0.10%
Petroleo Brasileiro SA0.10%
Manulife Financial Corp0.09%
Nutrien Ltd0.09%
Asr Nederland NV0.09%
Ia Financial Corp Inc0.09%
Resonac Holdings Corp0.09%
Bawag Group AG0.09%
Sun Life Financial Inc0.09%
Bharat Electronics Ltd0.09%
United Microelectronics C0.09%
Whitecap Resources Inc0.09%
Banco Comercial Portugues0.09%
Rio Tinto PLC Adr0.09%
Barclays PLC0.09%

Weight gaps

The 100 widest of 868 Holdings in both funds.

Holding weights in CWI and DFAX, widest gap first
Holding	Gap	CWI	DFAX
Asml Holding NV	CWI +1.73 points	1.75%	0.02%
Sk Hynix Inc	CWI +0.90 points	1.66%	0.76%
Novartis AG Reg	CWI +0.82 points	0.83%	0.01%
Astrazeneca PLCAZN.L	CWI +0.78 points	0.78%	<0.01%
Hsbc Holdings PLCHSBA.L	CWI +0.76 points	0.88%	0.12%
Taiwan Semiconductor Sp AdrTSM	CWI +0.74 points	1.72%	0.98%
Taiwan Semiconductor Manufac	CWI +0.70 points	3.06%	2.36%
Sap SE	CWI +0.65 points	0.72%	0.07%
Toronto Dominion Bank	CWI +0.58 points	0.70%	0.12%
Royal Bank of Canada	CWI +0.57 points	0.92%	0.35%
Roche Holding AG	CWI +0.56 points	0.99%	0.43%
Shell PLCSHEL.L	CWI +0.56 points	0.84%	0.28%
Shopify Inc Class A	CWI +0.52 points	0.52%	<0.01%
Siemens AG Reg	CWI +0.51 points	0.67%	0.16%
Ubs Group AG Reg	CWI +0.46 points	0.46%	<0.01%
Iberdrola SA	CWI +0.45 points	0.56%	0.11%
Commonwealth Bank of Austral	CWI +0.44 points	0.59%	0.15%
Mitsubishi Ufj Financial Gro	CWI +0.43 points	0.68%	0.25%
Tencent Holdings Ltd	CWI +0.41 points	0.82%	0.41%
Alibaba Group Holding Ltd	CWI +0.40 points	0.57%	0.17%
Bank of Montreal	CWI +0.38 points	0.44%	0.06%
Unilever PLCULVR.L	CWI +0.38 points	0.40%	0.02%
Canadian Natural Resources	CWI +0.38 points	0.38%	<0.01%
Schneider Electric SE	CWI +0.36 points	0.45%	0.09%
Banco Santander SA	CWI +0.36 points	0.52%	0.16%
Nestle SA Reg	CWI +0.35 points	0.74%	0.39%
Air Liquide SA	CWI +0.34 points	0.42%	0.08%
Dbs Group Holdings Ltd	CWI +0.33 points	0.47%	0.14%
Bhp Group Ltd	CWI +0.33 points	0.57%	0.24%
Abb Ltd Reg	CWI +0.33 points	0.50%	0.17%
Bp PLCBP.L	CWI +0.33 points	0.39%	0.06%
Novo Nordisk A/S B	CWI +0.32 points	0.36%	0.04%
Bank of Nova Scotia	CWI +0.31 points	0.36%	0.05%
Suncor Energy Inc	CWI +0.31 points	0.36%	0.06%
Banco Bilbao Vizcaya Argenta	CWI +0.30 points	0.42%	0.12%
Zurich Insurance Group AG	CWI +0.28 points	0.40%	0.12%
Allianz SE Reg	CWI +0.27 points	0.59%	0.32%
Tokyo Electron Ltd	CWI +0.27 points	0.42%	0.15%
Sumitomo Mitsui Financial Gr	CWI +0.27 points	0.41%	0.14%
British American Tobacco PLCBATS.L	CWI +0.26 points	0.36%	0.10%
Canadian Natl Railway Co	CWI +0.26 points	0.26%	<0.01%
National Grid PLCNG.L	CWI +0.26 points	0.28%	0.02%
Gsk PLCGSK.L	CWI +0.26 points	0.28%	0.02%
L Oreal	CWI +0.25 points	0.34%	0.09%
Brookfield Corp	CWI +0.25 points	0.26%	<0.01%
Delta Electronics Inc	CWI +0.25 points	0.31%	0.06%
Ing Groep NV	CWI +0.25 points	0.32%	0.07%
Barclays PLCBARC.L	CWI +0.24 points	0.27%	0.03%
Airbus SE	CWI +0.24 points	0.36%	0.12%
Rolls Royce Holdings PLCRR.L	CWI +0.24 points	0.44%	0.20%
Rio Tinto PLCRIO.L	CWI +0.24 points	0.26%	0.02%
Cie Financiere Richemo A Reg	CWI +0.24 points	0.33%	0.09%
Manulife Financial Corp	CWI +0.24 points	0.25%	0.01%
Can Imperial Bk of Commerce	CWI +0.24 points	0.35%	0.11%
Mitsui & Co Ltd	CWI +0.22 points	0.26%	0.04%
Mizuho Financial Group Inc	CWI +0.22 points	0.33%	0.11%
Atlas Copco Ab B Shs	CWI +0.22 points	0.24%	0.02%
Enbridge Inc	CWI +0.22 points	0.24%	0.02%
Recruit Holdings Co Ltd	CWI +0.21 points	0.41%	0.20%
Canadian Pacific Kansas City	CWI +0.22 points	0.23%	0.01%
Hitachi Ltd	CWI +0.21 points	0.43%	0.22%
Relx PLCREL.L	CWI +0.21 points	0.22%	0.01%
Keyence Corp	CWI +0.20 points	0.24%	0.04%
Murata Manufacturing Co Ltd	CWI +0.21 points	0.26%	0.05%
Barrick Mining Corp	CWI +0.20 points	0.20%	0.00%
Mitsubishi Corp	CWI +0.20 points	0.30%	0.10%
Mediatek Inc	CWI +0.20 points	0.44%	0.24%
Anz Group Holdings Ltd	CWI +0.19 points	0.27%	0.08%
Sanofi	CWI +0.19 points	0.27%	0.08%
Lvmh Moet Hennessy Louis Vui	CWI +0.19 points	0.29%	0.10%
Macquarie Group Ltd	CWI +0.19 points	0.24%	0.05%
Westpac Banking Corp	CWI +0.19 points	0.28%	0.09%
Safran SA	CWI +0.19 points	0.30%	0.11%
Bnp Paribas	CWI +0.18 points	0.28%	0.10%
Bae Systems PLCBA.L	CWI +0.19 points	0.29%	0.10%
Petroleo Brasil Sp Pref AdrPBR.A	CWI +0.18 points	0.21%	0.03%
Kioxia Holdings Corp	CWI +0.18 points	0.21%	0.03%
United Overseas Bank Ltd	CWI +0.18 points	0.25%	0.07%
Unicredit Spa	CWI +0.18 points	0.40%	0.22%
Deutsche Bank AG Registered	CWI +0.17 points	0.18%	<0.01%
Itochu Corp	CWI +0.18 points	0.28%	0.10%
Imperial Oil Ltd	CWI +0.18 points	0.18%	<0.01%
Advantest Corp	CWI +0.17 points	0.46%	0.29%
Intesa Sanpaolo	CWI +0.17 points	0.26%	0.09%
Siemens Energy AG	CWI +0.17 points	0.31%	0.14%
Industria De Diseno Textil	CWI +0.17 points	0.24%	0.07%
Ferrari NV	CWI +0.16 points	0.17%	<0.01%
Aia Group Ltd	CWI +0.17 points	0.29%	0.12%
Tokio Marine Holdings Inc	CWI +0.16 points	0.30%	0.14%
Axa SA	CWI +0.16 points	0.23%	0.07%
Prosus NV	CWI +0.16 points	0.17%	<0.01%
Essilorluxottica	CWI +0.16 points	0.19%	0.03%
Sony Group Corp	CWI +0.16 points	0.41%	0.25%
Mitsubishi Electric Corp	CWI +0.16 points	0.20%	0.04%
Wheaton Precious Metals Corp	CWI +0.16 points	0.16%	<0.01%
Diageo PLCDGE.L	CWI +0.16 points	0.16%	<0.01%
Assa Abloy Ab B	CWI +0.15 points	0.17%	0.02%
Csl Ltd	CWI +0.15 points	0.18%	0.03%
Marubeni Corp	CWI +0.15 points	0.18%	0.03%
National Australia Bank Ltd	CWI +0.15 points	0.25%	0.10%

All 1,094 CWI holdings⁠All 10,279 DFAX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CWI vs DFAX Cost

Overpaying CWI vs DFAX

$394

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CWI 0.30%
$6,149
DFAX 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

CWI 0.30%
DFAX 0.28%
Overpaying

Year by year

Year	CWI	DFAX	Overpaying
10	$545	$509	$36
20	$2,113	$1,976	$137
30	$6,149	$5,755	$394

Expense ratio

0.30%CWI
0.28%DFAX, cheaper

DFAX0.28%CWI0.30%

0.04%0.55%

Middle half of Total International Market funds
Median 0.23%

DFAX 5th cheapest of 8 funds

CWI 6th cheapest of 8 funds

CWI vs DFAX Dividends

Last 12 months to Nov 3, 2026

Yield (12M): CWI 2.79%, better; DFAX 2.51%
Payout (12M): CWI $1.09; DFAX $0.89
Last payment: CWI $0.47; DFAX $0.22
Ex-dividend: CWI Jun 1, 2026; DFAX Sep 22, 2026
Paid on: CWI Jun 5, 2026; DFAX Sep 24, 2026
Frequency: CWI Twice a year; DFAX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CWITwice a year · 19 paymentsAll CWI payments⁠

DFAXQuarterly · 21 paymentsAll DFAX payments⁠

CWI vs DFAX Risk

Fall from peak · 5 years

CWI
DFAX

Risk facts

VolatilityStd dev, 3 years: CWI 11.8%, betterDFAX 12.3%
Return per unit of riskSharpe ratio, 3 years: CWI 1.31, betterDFAX 1.30
Worst fallMax drawdown, 5 years: CWI −28.4%DFAX −27.8%, better
Market sensitivityBeta, 5 years: CWI 0.97DFAX 0.97; Market = 1

CWI and DFAX in the news

All news⁠

New ETFs
Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026DFAX

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CWI vs DFAX

In short

Stated mandate

Why people hold it

Worth knowing

How CWI and DFAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CWI

Only in DFAX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Avantis lists an international stock ETF with Vanguard on top

How CWI and DFAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CWI

Only in DFAX

Weight gaps