SPDW vs TOK: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

iShares MSCI Kokusai ETF

TOKCNYSE Arca

Overlap

9.5%by weight

Expense ratio

SPDW −0.22pt a year

SPDW0.03%TOK0.25%

Avg volume · 30D

SPDW 728.7×the volume

SPDW2.8MTOK3.84K

10Y return · a year

TOK +3.7pt

SPDW+9.8%TOK+13.5%

SPDW vs TOK Performance

Oct 29, 2021 – Oct 30, 2026

+54.5%SPDW+66.6%TOK

Expense ratio: SPDW 0.03%, better; TOK 0.25%
Fund size: SPDW $41.4B; TOK $236M
1Y total return: SPDW +17.0%, better; TOK +11.8%
Yield (12M): SPDW 3.07%, better; TOK 1.30%
Holdings: SPDW 2444; TOK 1100
Avg volume (30D): SPDW 2.8M sh, better; TOK 3.84K sh
NAV per share: SPDW $49.93; TOK $152.13
52W range

ETF.net Grade

Pillar letters and Scores for SPDW, TOK, with each pillar’s weight
Pillar	SPDW	TOK
Cost30% weight	A90Higher	F23
Mission25% weight	A100Higher	A94
Risk15% weight	C43	C53Higher
Tradability15% weight	B66Higher	F24
Holdings10% weight	A87Higher	D25
Durability5% weight	A76Higher	C52

Rank among Developed International Core funds

How we build Categories ›

Same Category. SPDW and TOK 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 TOK 17th 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 16CPXFInvesco RAFI Developed Markets ex-U.S. ETFScore 51
Rank 17CTOKiShares MSCI Kokusai ETFScore 46
Rank 18CHFXINYLI FTSE International Equity Currency Neutral ETFScore 41

Our read on each fund

ETF.net Research

SPDWAState Street SPDR Portfolio Developed World ex-US ETF

TOKCiShares MSCI Kokusai ETF

In short

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.

TOK Most developed-markets funds cut out the US. TOK cuts out Japan instead: its index is developed-market equities everywhere but Japan, US included. A mirror-image mandate sitting in a shelf full of ex-US core funds.

Stated mandate

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.

TOK The Fund seeks to track the MSCI Kokusai Index, which represents developed-market equities outside Japan. It uses representative sampling and generally invests at least 80% of assets in securities or instruments tied to that index.

Why people hold it

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.

TOK The rare index fund that subtracts Japan instead of the US. It tracks the MSCI Kokusai Index (Net), developed-market equities outside Japan, in one ticker.ishares.com
Tracking has stayed close to the index, using representative sampling with generally at least 80% of assets in index securities or instruments tied to them.ishares.com
Trading since 2007: a long iShares operating record behind an unusual mandate, in a plain 1940 Act stock fund with no derivatives machinery.

Worth knowing

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.

TOK 0.25% a year is above the norm for index funds in this group, where ex-US core options like VEA, SCHF and SPDW charge single-digit basis points.
Because the US stays in the index, it overlaps heavily with a US core position. This is a global-minus-Japan sleeve, not an ex-US diversifier.
A small, thinly traded fund, so bid-ask spreads and order handling matter more here than with the category's giants. Distributions come once or twice a year.

Full SPDW profile⁠

Full TOK profile⁠

SPDW vs TOK Holdings

How SPDW and TOK differ

Overlap by weight

9.5%

Shared holdings make up 25.7% of SPDW and 10.3% of TOK.

Level by level

Holdings230 in both9.5%
Countryby domicile19.9%
Sector11 Sectors77.1%
Asset classEquity100%

Sector

Sector weights in SPDW and TOK, widest gap first
Sector	More in SPDWMore in TOK	SPDW	TOK
Technology	TOK +16.9 points	14.8%	31.7%
Financials	SPDW +8.3 points	23.9%	15.6%
Industrials	SPDW +7.9 points	17.7%	9.8%
Communication	TOK +4.2 points	3.4%	7.6%
Materials	SPDW +4.0 points	7.1%	3.1%
Health Care	TOK +1.5 points	8.5%	10.0%
Energy	SPDW +0.9 points	5.5%	4.6%
Utilities	SPDW +0.8 points	3.3%	2.5%
Real Estate	SPDW +0.7 points	2.2%	1.5%
Consumer Staples	SPDW +0.6 points	5.8%	5.2%
Consumer Discretionary	TOK +0.2 points	8.0%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in SPDW and TOK, widest gap first
Country	More in SPDWMore in TOK	SPDW	TOK
United States	TOK +80.1 points	1.6%	81.7%
Japan	SPDW +22.3 points	22.3%	0.0%
South Korea	SPDW +8.2 points	8.2%	0.0%
Canada	SPDW +7.2 points	11.0%	3.8%
United Kingdom	SPDW +6.9 points	10.7%	3.8%
Switzerland	SPDW +4.6 points	7.2%	2.6%
Germany	SPDW +3.9 points	6.2%	2.3%
Australia	SPDW +3.8 points	5.6%	1.8%
Other countries (22)	SPDW +23.2 points	27.2%	4.0%

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

Concentration

Weight in the 10 largest Holdings

SPDW12.6%
TOK28.1%

Securities held

SPDW2,416
TOK1,084

Asset class

SPDW: Equity
TOK: Equity

Holdings

Only in SPDW2,186
In both230
Only in TOK854

Only in SPDW

2,186 securities, 74.2% 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%
Astrazeneca PLC0.82%
Banco Santander SA0.81%
Mitsubishi Ufj Financial Gro0.80%
Sap SE0.72%
Toyota Motor Corp0.71%
Siemens AG Reg0.68%
Totalenergies SE0.60%
Allianz SE Reg0.56%
Advantest Corp0.55%
Recruit Holdings Co Ltd0.53%
Sumitomo Mitsui Financial Gr0.48%
Sony Group Corp0.48%
Iberdrola SA0.47%
Schneider Electric SE0.47%
Rolls Royce Holdings PLC0.46%
Tokyo Electron Ltd0.46%
Hitachi Ltd0.44%
Unilever PLC0.43%
Banco Bilbao Vizcaya Argenta0.43%
Bp PLC0.43%
Airbus SE0.41%
Unicredit Spa0.41%
Mitsubishi Corp0.38%
Air Liquide SA0.38%
British American Tobacco PLC0.38%
Mizuho Financial Group Inc0.37%
Novo Nordisk A/S B0.37%
Softbank Group Corp0.36%
Samsung Electronics Pref0.33%
Lvmh Moet Hennessy Louis Vui0.33%
Siemens Energy AG0.33%
Intesa Sanpaolo0.33%
L Oreal0.33%
Tokio Marine Holdings Inc0.32%
Kioxia Holdings Corp0.32%
Safran SA0.32%
Itochu Corp0.31%
Bnp Paribas0.30%
Mitsui & Co Ltd0.30%
Fast Retailing Co Ltd0.30%
Gsk PLC0.29%
Ing Groep NV0.29%
Keyence Corp0.28%
Rio Tinto PLC0.27%
Lloyds Banking Group PLC0.27%

Only in TOK

854 securities, 89.5% of TOK by weight

Apple5.98%
NVIDIA5.56%
Microsoft4.35%
Amazon.com Inc2.75%
Alphabet Class A1.94%
Broadcom Inc1.74%
Meta Platforms Class A1.59%
Alphabet Class C1.54%
Tesla Inc1.35%
Eli Lilly1.34%
Micron Technology1.18%
JPMorgan Chase & Co1.06%
Advanced Micro Devices0.97%
Exxonmobil Holdings Corp0.91%
Berkshire Hathaway Inc Class B0.91%
Visa Class A0.81%
Johnson & Johnson0.78%
Asml Holding0.72%
Walmart0.64%
AbbVie0.62%
Mastercard Class A0.61%
Costco Wholesale Corp0.53%
Chevron0.51%
Cisco Systems Inc0.49%
Palantir Technologies Class A0.47%
Procter & Gamble0.44%
UnitedHealth Group0.44%
Coca-Cola0.43%
Home Depot0.39%
Philip Morris International0.38%
Bank of America0.38%
Ge Aerospace0.37%
Shell0.37%
Applied Material Inc0.37%
Lam Research0.35%
Palo Alto Networks0.35%
Hsbc Holdings PLC0.35%
Intel Corporation0.34%
Caterpillar Inc0.34%
Astrazeneca PLC0.33%
Texas Instrument0.32%
Rtx0.32%
Goldman Sachs Group0.31%
Netflix0.31%
Thermo Fisher Scientific0.30%
Wells Fargo0.30%
Amgen Inc0.30%
Crowdstrike Holdings Class A0.29%
International Business Machines Co0.29%
Linde PLC0.28%

Weight gaps

The 100 widest of 230 Holdings in both funds.

Holding weights in SPDW and TOK, widest gap first
Holding	More in SPDWMore in TOK	SPDW	TOK
Roche Holding AG	SPDW +0.62 points	1.03%	0.41%
Novartis AG Reg	SPDW +0.54 points	0.89%	0.35%
Royal Bank of Canada	SPDW +0.53 points	0.87%	0.34%
Nestle SA Reg	SPDW +0.47 points	0.78%	0.31%
Toronto Dominion Bank	SPDW +0.40 points	0.64%	0.24%
Shopify Inc Class A	SPDW +0.39 points	0.62%	0.23%
Bhp Group Ltd	SPDW +0.38 points	0.62%	0.24%
Merck KgaaMRK	TOK +0.37 points	0.07%	0.43%
Commonwealth Bank of Austral	SPDW +0.36 points	0.59%	0.23%
Ubs Group AG Reg	SPDW +0.29 points	0.46%	0.17%
Abb Ltd Reg	SPDW +0.27 points	0.43%	0.16%
Deutsche Telekom AG RegDTE	SPDW +0.27 points	0.30%	0.03%
Bank of Montreal	SPDW +0.24 points	0.38%	0.14%
Bank of Nova Scotia	SPDW +0.24 points	0.37%	0.13%
Dbs Group Holdings Ltd	SPDW +0.22 points	0.36%	0.14%
Zurich Insurance Group AG	SPDW +0.21 points	0.34%	0.13%
Canadian Natural Resources	SPDW +0.20 points	0.34%	0.14%
Can Imperial Bk of Commerce	SPDW +0.20 points	0.33%	0.13%
Enbridge Inc	SPDW +0.20 points	0.33%	0.13%
Aia Group Ltd	SPDW +0.20 points	0.31%	0.11%
Cie Financiere Richemo A Reg	SPDW +0.19 points	0.32%	0.13%
Agnico Eagle Mines Ltd	SPDW +0.18 points	0.28%	0.10%
Oversea Chinese Banking Corp	SPDW +0.18 points	0.27%	0.09%
Brookfield Corp	SPDW +0.17 points	0.26%	0.09%
Suncor Energy Inc	SPDW +0.17 points	0.28%	0.11%
National Australia Bank Ltd	SPDW +0.16 points	0.27%	0.11%
Westpac Banking Corp	SPDW +0.17 points	0.27%	0.10%
Spotify Technology SASPOT	SPDW +0.16 points	0.26%	0.10%
Anz Group Holdings Ltd	SPDW +0.16 points	0.26%	0.10%
Canadian Natl Railway Co	SPDW +0.15 points	0.23%	0.08%
Vinci SADG	SPDW +0.16 points	0.19%	0.03%
Canadian Pacific Kansas City	SPDW +0.15 points	0.25%	0.10%
EssilorluxotticaEL	SPDW +0.14 points	0.17%	0.03%
Manulife Financial Corp	SPDW +0.13 points	0.22%	0.09%
Reckitt Benckiser Group PLCRKT	SPDW +0.13 points	0.14%	0.01%
Tesco PLCTSCO	SPDW +0.13 points	0.15%	0.02%
AdpADP	TOK +0.13 points	0.01%	0.14%
Tc Energy Corp	SPDW +0.12 points	0.20%	0.08%
Csl Ltd	SPDW +0.12 points	0.20%	0.08%
Barrick Mining Corp	SPDW +0.13 points	0.20%	0.07%
Nemetschek SENEM	TOK +0.12 points	0.01%	0.13%
Macquarie Group Ltd	SPDW +0.11 points	0.19%	0.08%
Hong Kong Exchanges & Clear	SPDW +0.11 points	0.17%	0.06%
National Bank of Canada	SPDW +0.11 points	0.18%	0.07%
Wesfarmers Ltd	SPDW +0.11 points	0.18%	0.07%
Wheaton Precious Metals Corp	SPDW +0.11 points	0.17%	0.06%
Dollarama Inc	SPDW +0.10 points	0.15%	0.05%
Lonza Group AG Reg	SPDW +0.10 points	0.16%	0.06%
Sandvik Ab	SPDW +0.09 points	0.14%	0.05%
Alimentation Couche Tard Inc	SPDW +0.09 points	0.14%	0.05%
Cameco Corp	SPDW +0.10 points	0.14%	0.04%
Swiss Re AG	SPDW +0.09 points	0.16%	0.07%
Nebius Group NVNBIS	SPDW +0.09 points	0.13%	0.04%
United Overseas Bank Ltd	SPDW +0.09 points	0.14%	0.05%
Sandoz Group AG	SPDW +0.09 points	0.14%	0.05%
Power Corp of Canada	SPDW +0.08 points	0.13%	0.05%
Constellation Software Inc	SPDW +0.08 points	0.14%	0.06%
Sun Life Financial Inc	SPDW +0.09 points	0.14%	0.05%
Danske Bank A/S	SPDW +0.08 points	0.12%	0.04%
Teva Pharmaceutical Ind LtdTEVA	SPDW +0.08 points	0.14%	0.06%
Woodside Energy Group Ltd	SPDW +0.08 points	0.13%	0.05%
Franco Nevada Corp	SPDW +0.08 points	0.13%	0.05%
Holcim Ltd	SPDW +0.08 points	0.13%	0.05%
Rio Tinto Ltd	SPDW +0.07 points	0.12%	0.05%
Cenovus Energy Inc	SPDW +0.08 points	0.13%	0.05%
Galderma Group AG	SPDW +0.08 points	0.13%	0.05%
Loblaw Companies Ltd	SPDW +0.08 points	0.11%	0.03%
Nutrien Ltd	SPDW +0.07 points	0.11%	0.04%
Goodman Group	SPDW +0.07 points	0.12%	0.05%
Dsv A/S	SPDW +0.07 points	0.12%	0.05%
Imperial Oil Ltd	SPDW +0.08 points	0.10%	0.02%
Sika AG Reg	SPDW +0.07 points	0.11%	0.04%
Genmab A/S	SPDW +0.07 points	0.11%	0.04%
Aristocrat Leisure Ltd	SPDW +0.07 points	0.10%	0.03%
Alcon Inc	SPDW +0.07 points	0.11%	0.04%
Celestica Inc	SPDW +0.07 points	0.11%	0.04%
Fairfax Financial Hldgs Ltd	SPDW +0.07 points	0.11%	0.04%
Givaudan Reg	SPDW +0.07 points	0.12%	0.05%
Intact Financial Corp	SPDW +0.06 points	0.10%	0.04%
Woolworths Group Ltd	SPDW +0.06 points	0.10%	0.04%
Aercap Holdings NVAER	SPDW +0.06 points	0.09%	0.03%
Vestas Wind Systems A/S	SPDW +0.06 points	0.09%	0.03%
Heidelberg Materials AGHEI	SPDW +0.05 points	0.07%	0.01%
Transurban Group	SPDW +0.05 points	0.09%	0.04%
Sea Ltd AdrSE	SPDW +0.06 points	0.09%	0.03%
Geberit AG Reg	SPDW +0.05 points	0.08%	0.03%
Qbe Insurance Group Ltd	SPDW +0.06 points	0.09%	0.03%
Pembina Pipeline Corp	SPDW +0.06 points	0.09%	0.03%
Julius Baer Group Ltd	SPDW +0.05 points	0.07%	0.02%
Fortis Inc	SPDW +0.05 points	0.09%	0.04%
Northern Star Resources Ltd	SPDW +0.05 points	0.08%	0.03%
Singapore Telecommunications	SPDW +0.05 points	0.08%	0.03%
Coca Cola Europacific PartneCCEP	SPDW +0.05 points	0.08%	0.03%
Kinross Gold Corp	SPDW +0.05 points	0.08%	0.03%
Sgs SA Reg	SPDW +0.05 points	0.07%	0.02%
Coles Group Ltd	SPDW +0.04 points	0.07%	0.03%
Prudential PLCPRU	SPDW +0.04 points	0.09%	0.05%
Evolution Ab	SPDW +0.05 points	0.06%	0.01%
Kuehne Nagel Intl AG Reg	SPDW +0.04 points	0.06%	0.02%
Magna International Inc	SPDW +0.04 points	0.06%	0.02%

All 2,436 SPDW holdings⁠All 1,083 TOK 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.

SPDW vs TOK Cost

Overpaying TOK vs SPDW

$4,521

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

SPDW 0.03%
$638
TOK 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

SPDW 0.03%
TOK 0.25%
Overpaying

Year by year

Year	SPDW	TOK	Overpaying
10	$55	$455	$400
20	$216	$1,769	$1,553
30	$638	$5,159	$4,521

Expense ratio

0.03%SPDW, cheaper
0.25%TOK

SPDW0.03%TOK0.25%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

TOK 15th cheapest of 20 funds

SPDW vs TOK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPDW 3.07%, better; TOK 1.30%
Payout (12M): SPDW $1.52; TOK $1.97
Last payment: SPDW $0.72; TOK $1.01
Ex-dividend: SPDW Jun 22, 2026; TOK Jun 15, 2026
Paid on: SPDW Jun 26, 2026; TOK Jun 18, 2026
Frequency: SPDW Twice a year; TOK Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

TOKTwice a year · 20 paymentsAll TOK payments⁠

SPDW vs TOK Risk

Fall from peak · 5 years

SPDW
TOK

Risk facts

VolatilityStd dev, 3 years: SPDW 12.7%TOK 11.6%, better
Return per unit of riskSharpe ratio, 3 years: SPDW 1.27TOK 1.45, better
Worst fallMax drawdown, 5 years: SPDW −29.9%TOK −25.8%, better
Market sensitivityBeta, 5 years: SPDW 1.03TOK 0.97; Market = 1

SPDW and TOK 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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SPDW vs TOK

In short

Stated mandate

Why people hold it

Worth knowing

How SPDW and TOK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPDW

Only in TOK

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

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

How SPDW and TOK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPDW

Only in TOK

Weight gaps