HFXI vs SPDW: Grades, Fees and Holdings Compared

NYLI FTSE International Equity Currency Neutral ETF

HFXICNYSE Arca

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

33.3%by weight

Expense ratio

SPDW −0.17pt a year

HFXI0.20%SPDW0.03%

Avg volume · 30D

SPDW 6.8×the volume

HFXI411KSPDW2.8M

10Y return · a year

HFXI +1.1pt

HFXI+10.9%SPDW+9.8%

HFXI vs SPDW Performance

Oct 29, 2021 – Oct 30, 2026

+71.3%HFXI+54.5%SPDW

Expense ratio: HFXI 0.20%; SPDW 0.03%, better
Fund size: HFXI $2.32B; SPDW $41.4B
1Y total return: HFXI +17.5%, better; SPDW +17.0%
Yield (12M): HFXI 3.21%, better; SPDW 3.07%
Holdings: HFXI 852; SPDW 2444
Avg volume (30D): HFXI 411K sh; SPDW 2.8M sh, better
NAV per share: HFXI $36.47; SPDW $49.93
52W range

ETF.net Grade

Pillar letters and Scores for HFXI, SPDW, with each pillar’s weight
Pillar	HFXI	SPDW
Cost30% weight	D38	A90Higher
Mission25% weight	Not scored	A100
Risk15% weight	C47Higher	C43
Tradability15% weight	D31	B66Higher
Holdings10% weight	B57	A87Higher
Durability5% weight	C46	A76Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. HFXI and SPDW are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

SPDW ranks 2nd and HFXI 18th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 81
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 80
Rank 2AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 17CTOKiShares MSCI Kokusai ETFScore 46
Rank 18CHFXINYLI FTSE International Equity Currency Neutral ETFScore 41
Rank 19DDBEFXtrackers MSCI EAFE Hedged Equity ETFScore 40

Our read on each fund

ETF.net Research

HFXICNYLI FTSE International Equity Currency Neutral ETF

SPDWAState Street SPDR Portfolio Developed World ex-US ETF

In short

HFXI Can't decide whether to hedge your overseas currency exposure? HFXI declines to pick a side: it tracks a FTSE index that hedges about half the developed ex-North-America currency exposure back to dollars, reset monthly, for 0.20%.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

Stated mandate

HFXI The Fund passively seeks to track the performance of the FTSE Developed ex North America 50% Hedged to USD Index before fees and expenses. The index represents developed-market international equities with partial currency hedging against the U.S. dollar.

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

Why people hold it

HFXI The half-hedge is the whole idea: the index applies a one-month forward rate to about half its non-dollar holdings, so dollar swings land at roughly half strength either way.sec.gov
Broad under the hood: about 800 developed-market stocks from outside the US and Canada, held in a plain 1940 Act index wrapper that tracks its benchmark rather than picking names.
Not a new experiment. Running since 2015, now a multi-billion-dollar fund that pays quarterly.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

Worth knowing

HFXI At 0.20% it sits above the category's typical fee, and well above unhedged core rivals like VEA and SPDW at 0.03% or IDEV at 0.04%. Currency machinery is not free.
Half a hedge cuts both ways: when the dollar weakens, an unhedged fund captures all of that currency tailwind while HFXI captures about half.sec.gov
It trades moderately, not like the category's household-name giants, so spreads and order size matter more here.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full HFXI profile⁠

Full SPDW profile⁠

HFXI vs SPDW Holdings

How HFXI and SPDW differ

Overlap by weight

33.3%

Shared holdings make up 42.8% of HFXI and 33.5% of SPDW.

Level by level

Holdings397 in both33.3%
Countryby domicile87.7%
Sector11 Sectors95.5%
Asset classEquity100%

Sector

Sector weights in HFXI and SPDW, widest gap first
Sector	More in HFXIMore in SPDW	HFXI	SPDW
Technology	HFXI +3.4 points	18.2%	14.8%
Energy	SPDW +2.0 points	3.5%	5.5%
Materials	SPDW +1.4 points	5.7%	7.1%
Consumer Discretionary	SPDW +0.9 points	7.1%	8.0%
Communication	HFXI +0.4 points	3.8%	3.4%
Health Care	HFXI +0.3 points	8.8%	8.5%
Industrials	HFXI +0.3 points	18.0%	17.7%
Financials	SPDW +0.1 points	23.8%	23.9%
Real Estate	SPDW +0.1 points	2.0%	2.2%
Consumer Staples	Same weight	5.8%	5.8%
Utilities	Same weight	3.3%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in HFXI and SPDW, widest gap first
Country	More in HFXIMore in SPDW	HFXI	SPDW
Canada	SPDW +11.0 points	0.0%	11.0%
South Korea	HFXI +2.3 points	10.5%	8.2%
Japan	HFXI +2.2 points	24.5%	22.3%
Netherlands	HFXI +1.1 points	5.2%	4.1%
France	HFXI +1.0 points	7.0%	6.0%
Germany	HFXI +1.0 points	7.2%	6.2%
United Kingdom	HFXI +1.0 points	11.7%	10.7%
United States	SPDW +0.9 points	0.7%	1.6%
Other countries (24)	HFXI +3.4 points	33.3%	29.9%

Outside the US: HFXI 87% developed, 13% emerging. SPDW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

HFXI15.8%
SPDW12.6%

Securities held

HFXI839
SPDW2,416

Asset class

HFXI: Equity
SPDW: Equity

Holdings

Only in HFXI442
In both397
Only in SPDW2,019

Only in HFXI

442 securities, 57.1% of HFXI by weight

Samsung Electronics Co., Ltd.3.09%
SK hynix Inc.2.37%
ASML Holding NV2.36%
Shell Plc1.23%
HSBC Holdings Plc1.14%
AstraZeneca PLC1.08%
Sap SE0.91%
Siemens AG0.84%
TotalEnergies SE0.74%
Allianz SE0.74%
Iberdrola SA0.65%
Banco Santander, S.A.0.65%
Schneider Electric SE0.59%
Rolls-Royce Holdings plc0.54%
Unilever PLC0.53%
Bp PLC0.52%
Air Liquide SA0.52%
Banco Bilbao Vizcaya Argentaria, S.A.0.52%
Novo Nordisk A/S Class B0.49%
British American Tobacco p.l.c.0.49%
Airbus SE0.49%
UniCredit S.p.A.0.46%
L'Oreal S.A.0.44%
Siemens Energy AG0.42%
Safran SA0.42%
LVMH Moet Hennessy Louis Vuitton SE0.40%
Intesa Sanpaolo S.p.A.0.40%
Deutsche Telekom AG0.40%
Investor AB Class B0.39%
GSK plc0.38%
Sanofi SA0.38%
BNP Paribas S.A. Class A0.37%
ING Groep N.V.0.35%
Samsung Electronics Co Ltd Pfd Non-Voting0.34%
Rio Tinto plc0.33%
National Grid plc0.33%
Munchener Ruckversicherungs-Gesellschaft AG0.33%
BAE Systems plc0.32%
Enel SpA0.31%
Axa SA0.31%
Infineon Technologies AG0.30%
Barclays PLC0.29%
Anheuser-Busch InBev SA/NV0.29%
Lloyds Banking Group plc0.28%
Drey Inst Pref Gov Mm Ins0.28%
Relx PLC0.28%
Glencore plc0.28%
Industria de Diseno Textil, S.A.0.27%
Deutsche Boerse AG0.27%
Dhl AG0.24%

Only in SPDW

2,019 securities, 66.4% of SPDW by weight

Samsung Electr Gdr Reg’s2.39%
Sk Hynix Inc2.01%
Asml Holding NV1.96%
Shell PLC0.95%
Hsbc Holdings PLC0.89%
Royal Bank of Canada0.87%
Astrazeneca PLC0.82%
Banco Santander SA0.81%
Sap SE0.72%
Siemens AG Reg0.68%
Toronto Dominion Bank0.64%
Shopify Inc Class A0.62%
Totalenergies SE0.60%
Allianz SE Reg0.56%
Iberdrola SA0.47%
Schneider Electric SE0.47%
Rolls Royce Holdings PLC0.46%
Unilever PLC0.43%
Banco Bilbao Vizcaya Argenta0.43%
Bp PLC0.43%
Airbus SE0.41%
Unicredit Spa0.41%
Air Liquide SA0.38%
Bank of Montreal0.38%
British American Tobacco PLC0.38%
Novo Nordisk A/S B0.37%
Bank of Nova Scotia0.37%
Canadian Natural Resources0.34%
Can Imperial Bk of Commerce0.33%
Enbridge Inc0.33%
Samsung Electronics Pref0.33%
Lvmh Moet Hennessy Louis Vui0.33%
Siemens Energy AG0.33%
Intesa Sanpaolo0.33%
L Oreal0.33%
Safran SA0.32%
Bnp Paribas0.30%
Deutsche Telekom AG Reg0.30%
Gsk PLC0.29%
Ing Groep NV0.29%
Agnico Eagle Mines Ltd0.28%
Suncor Energy Inc0.28%
Rio Tinto PLC0.27%
Lloyds Banking Group PLC0.27%
Brookfield Corp0.26%
Spotify Technology SA0.26%
Bae Systems PLC0.26%
National Grid PLC0.25%
Canadian Pacific Kansas City0.25%
Axa SA0.25%

Weight gaps

The 100 widest of 397 Holdings in both funds.

Holding weights in HFXI and SPDW, widest gap first
Holding	More in HFXIMore in SPDW	HFXI	SPDW
Roche Holding Ltd	HFXI +0.35 points	1.38%	1.03%
Novartis AG	HFXI +0.29 points	1.18%	0.89%
Nestle S.A.	HFXI +0.24 points	1.02%	0.78%
BHP Group Ltd	HFXI +0.19 points	0.81%	0.62%
Commonwealth Bank of Australia	HFXI +0.18 points	0.77%	0.59%
Mitsubishi UFJ Financial Group, Inc.	HFXI +0.14 points	0.94%	0.80%
UBS Group AG	HFXI +0.12 points	0.58%	0.46%
Hitachi, Ltd.	HFXI +0.12 points	0.56%	0.44%
Sumitomo Mitsui Financial Group, Inc.	HFXI +0.11 points	0.59%	0.48%
Compagnie Financiere Richemont SA	HFXI +0.10 points	0.42%	0.32%
Recruit Holdings Co., Ltd.	HFXI +0.10 points	0.63%	0.53%
Sony Group Corporation	HFXI +0.10 points	0.58%	0.48%
Mizuho Financial Group, Inc.	HFXI +0.10 points	0.47%	0.37%
ANZ Group Holdings Limited	HFXI +0.09 points	0.35%	0.26%
ABB Ltd.	HFXI +0.09 points	0.52%	0.43%
Toyota Motor Corp.	HFXI +0.09 points	0.80%	0.71%
Westpac Banking Corporation	HFXI +0.09 points	0.36%	0.27%
Zurich Insurance Group Ltd	HFXI +0.09 points	0.43%	0.34%
National Australia Bank Limited	HFXI +0.09 points	0.36%	0.27%
DBS Group Holdings Ltd	HFXI +0.09 points	0.45%	0.36%
Keyence Corporation	HFXI +0.09 points	0.37%	0.28%
Advantest Corp.	HFXI +0.08 points	0.63%	0.55%
Tokio Marine Holdings, Inc.	HFXI +0.08 points	0.40%	0.32%
AIA Group Limited	HFXI +0.08 points	0.39%	0.31%
Wesfarmers Limited	HFXI +0.07 points	0.25%	0.18%
Takeda Pharmaceutical Co. Ltd.	HFXI +0.07 points	0.27%	0.20%
Kioxia Holdings Corporation	HFXI +0.07 points	0.39%	0.32%
CSL Limited	HFXI +0.07 points	0.27%	0.20%
Tokyo Electron Ltd.	HFXI +0.06 points	0.52%	0.46%
Macquarie Group, Ltd.	HFXI +0.07 points	0.26%	0.19%
CapitaLand Integrated Commercial Trust	HFXI +0.06 points	0.09%	0.03%
Chocoladefabriken Lindt & Spruengli AG Partizipsch.	HFXI +0.05 points	0.08%	0.03%
Mitsubishi Heavy Industries, Ltd.	HFXI +0.06 points	0.28%	0.22%
Swiss Re AG	HFXI +0.06 points	0.22%	0.16%
SoftBank Group Corp.	HFXI +0.06 points	0.42%	0.36%
Lonza Group AG	HFXI +0.06 points	0.22%	0.16%
Itochu Corporation	HFXI +0.05 points	0.36%	0.31%
Galderma Group AG	HFXI +0.05 points	0.18%	0.13%
Hong Kong Exchanges & Clearing Ltd.	HFXI +0.05 points	0.22%	0.17%
Fast Retailing Co., Ltd.	HFXI +0.05 points	0.35%	0.30%
Woodside Energy Group Ltd	HFXI +0.05 points	0.18%	0.13%
SoftBank Corp.	HFXI +0.05 points	0.17%	0.12%
KDDI Corporation	HFXI +0.05 points	0.20%	0.15%
Schindler Holding Ltd. Pref	HFXI +0.05 points	0.10%	0.05%
Holcim Ltd	HFXI +0.04 points	0.17%	0.13%
Woolworths Group Ltd	HFXI +0.04 points	0.14%	0.10%
Mitsubishi Electric Corp.	HFXI +0.04 points	0.24%	0.20%
CashCASH	HFXI +0.05 points	0.04%	<0.01%
Japan Tobacco Inc.	HFXI +0.04 points	0.21%	0.17%
Dsv A/S	HFXI +0.04 points	0.16%	0.12%
Shin-Etsu Chemical Co., Ltd.	HFXI +0.04 points	0.27%	0.23%
Swiss Prime Site AG	HFXI +0.04 points	0.07%	0.03%
Ajinomoto Co., Inc.	HFXI +0.04 points	0.13%	0.09%
Singapore Airlines Ltd.	HFXI +0.04 points	0.06%	0.02%
Honda Motor Co., Ltd.	HFXI +0.03 points	0.17%	0.14%
Givaudan SA	HFXI +0.03 points	0.15%	0.12%
Nomura Holdings, Inc.	HFXI +0.03 points	0.12%	0.09%
Panasonic Holdings Corporation	HFXI +0.04 points	0.21%	0.17%
Japan Post Bank Co., Ltd.	HFXI +0.03 points	0.14%	0.11%
Goodman Group	HFXI +0.03 points	0.15%	0.12%
PSP Swiss Property AG	HFXI +0.03 points	0.05%	0.02%
Transurban Group Ltd.	HFXI +0.04 points	0.13%	0.09%
Mitsui Fudosan Co., Ltd.	HFXI +0.03 points	0.11%	0.08%
Computershare Limited	HFXI +0.03 points	0.08%	0.05%
Techtronic Industries Co., Ltd.	HFXI +0.03 points	0.10%	0.07%
CK Hutchison Holdings Ltd	HFXI +0.03 points	0.09%	0.06%
Scentre Group	HFXI +0.03 points	0.07%	0.04%
Toyota Tsusho Corp.	HFXI +0.04 points	0.13%	0.09%
Sekisui House, Ltd.	HFXI +0.03 points	0.07%	0.04%
Resona Holdings, Inc.	HFXI +0.03 points	0.13%	0.10%
Genmab A/S	HFXI +0.03 points	0.14%	0.11%
Singapore Exchange Ltd.	HFXI +0.03 points	0.07%	0.04%
Rio Tinto Limited	HFXI +0.03 points	0.15%	0.12%
ORIX Corporation	HFXI +0.03 points	0.17%	0.14%
MS&AD Insurance Group Holdings, Inc.	HFXI +0.03 points	0.17%	0.14%
Helvetia Baloise Holding AG	HFXI +0.03 points	0.09%	0.06%
Daikin Industries, Ltd.	HFXI +0.03 points	0.15%	0.12%
Sandoz Group Ltd	HFXI +0.03 points	0.17%	0.14%
Asahi Kasei Corporation	HFXI +0.03 points	0.07%	0.04%
Hoya Corporation	HFXI +0.03 points	0.22%	0.19%
Oriental Land Co., Ltd.	HFXI +0.03 points	0.10%	0.07%
QBE Insurance Group Limited	HFXI +0.02 points	0.11%	0.09%
BOC Hong Kong (Holdings) Limited	HFXI +0.03 points	0.10%	0.07%
Brambles Limited	HFXI +0.03 points	0.09%	0.06%
Otsuka Corporation	HFXI +0.03 points	0.04%	0.01%
Nippon Steel Corp.	HFXI +0.03 points	0.10%	0.07%
Daiichi Sankyo Company, Limited	HFXI +0.02 points	0.12%	0.10%
Marubeni Corporation	HFXI +0.02 points	0.18%	0.16%
Alcon AG	HFXI +0.03 points	0.14%	0.11%
Mapletree Industrial Trust	HFXI +0.03 points	0.04%	<0.01%
Singapore Telecommunications Limited	HFXI +0.03 points	0.11%	0.08%
South32 Ltd.	HFXI +0.03 points	0.06%	0.03%
Fujikura Ltd	HFXI +0.03 points	0.16%	0.13%
T&D Holdings, Inc.	SPDW +0.03 points	0.04%	0.07%
Kyocera Corporation	HFXI +0.03 points	0.12%	0.09%
Sika AG	HFXI +0.03 points	0.14%	0.11%
Bridgestone Corporation	HFXI +0.03 points	0.12%	0.09%
Mitsubishi Chemical Group Corporation	HFXI +0.03 points	0.06%	0.03%
NEC Corporation	HFXI +0.02 points	0.15%	0.13%
Swisscom AG	HFXI +0.03 points	0.09%	0.06%

All 839 HFXI holdings⁠All 2,436 SPDW 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.

HFXI vs SPDW Cost

Overpaying HFXI vs SPDW

$3,517

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

HFXI 0.20%
$4,155
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

HFXI 0.20%
SPDW 0.03%
Overpaying

Year by year

Year	HFXI	SPDW	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%HFXI
0.03%SPDW, cheaper

SPDW0.03%HFXI0.20%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

HFXI 12th cheapest of 20 funds

HFXI vs SPDW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HFXI 3.21%, better; SPDW 3.07%
Payout (12M): HFXI $1.17; SPDW $1.52
Last payment: HFXI $0.12; SPDW $0.72
Ex-dividend: HFXI Sep 18, 2026; SPDW Jun 22, 2026
Paid on: HFXI Sep 22, 2026; SPDW Jun 26, 2026
Frequency: HFXI Quarterly; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HFXIQuarterly · 38 paymentsAll HFXI payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

HFXI vs SPDW Risk

Fall from peak · 5 years

HFXI
SPDW

Risk facts

VolatilityStd dev, 3 years: HFXI 11.0%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: HFXI 1.38, betterSPDW 1.27
Worst fallMax drawdown, 5 years: HFXI −22.3%, betterSPDW −29.9%
Market sensitivityBeta, 5 years: HFXI 0.87SPDW 1.03; Market = 1

HFXI and SPDW in the news

All news⁠

Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW

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HFXI vs SPDW

In short

Stated mandate

Why people hold it

Worth knowing

How HFXI and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HFXI

Only in SPDW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vanguard's total international fund is the one-fund pick, and Korea splits the rest

How HFXI and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HFXI

Only in SPDW

Weight gaps