SPDW vs VGK: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Vanguard FTSE Europe ETF

VGKANYSE Arca

Overlap

46.2%by weight

Expense ratio

SPDW −0.03pt a year

SPDW0.03%VGK0.06%

Avg volume · 30D

SPDW 1.3×the volume

SPDW2.99MVGK2.25M

10Y return · a year

VGK +0.2pt

SPDW+9.9%VGK+10.1%

SPDW vs VGK Performance

Nov 9, 2021 – Nov 9, 2026

+53.3%SPDW+51.4%VGK

Expense ratio: SPDW 0.03%, better; VGK 0.06%
Fund size: SPDW $40.1B; VGK $29.6B
1Y total return: SPDW +18.5%, better; VGK +16.0%
Yield (12M): SPDW 3.05%, better; VGK 2.87%
Holdings: SPDW 2447; VGK 1267
Avg volume (30D): SPDW 2.99M sh, better; VGK 2.25M sh
NAV per share: SPDW $48.15; VGK $87.38
52W range

ETF.net Grade

Pillar letters and Scores for SPDW, VGK, with each pillar’s weight
Pillar	SPDW	VGK
Cost30% weight	A90Higher	A75
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C44
Tradability15% weight	B60Higher	C48
Holdings10% weight	A90Higher	C46
Durability5% weight	A76Higher	A73

Rank among Developed International Core funds

How we build Categories ›

Same Category. SPDW and VGK 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 VGK 7th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 82
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 81
Rank 3AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 6ABKIEBNY Mellon International Equity ETFScore 72
Rank 7AVGKVanguard FTSE Europe ETFScore 69
Rank 8BIEURiShares Core MSCI Europe ETFScore 65

Our read on each fund

ETF.net Research

SPDWAState Street SPDR Portfolio Developed World ex-US ETF

VGKAVanguard FTSE Europe 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.

VGK Most cheap international funds blend Europe with Japan, Canada and the rest. VGK is the Europe-only cut: roughly 1,200 developed European stocks, large-cap down to small-cap, for 0.06% a year.

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.

VGK The fund seeks to track the FTSE Developed Europe All Cap Index through passive, full replication of European common stocks across developed markets.

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.

VGK 0.06% a year, one third the typical fee in its developed-international peer group.
All-cap and fully replicated: it owns the index's roughly 1,200 names outright rather than sampling a slice of them.
Tracks the FTSE Developed Europe All Cap Index tightly, one of the strongest implementations among its 26 developed-market peers.
Trading since 2005 and now a multi-billion-dollar fund that changes hands actively every session.

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.

VGK One region, full stop. No US, Japan or emerging markets here, so it behaves like a slice of a portfolio, not the whole thing.
Broad developed-market siblings like VEA, SCHF and SPDW run at 0.03%. The European focus costs a few extra basis points.
Income arrives quarterly, not monthly.

Full SPDW profile⁠

Full VGK profile⁠

SPDW vs VGK Holdings

How SPDW and VGK differ

Overlap by weight

46.2%

Shared holdings make up 89.2% of VGK and 47.1% of SPDW.

Level by level

Holdings775 in both46.2%
Countryby domicile48.7%
Sector11 Sectors91.2%
Asset classStocks100%

Sector

Sector weights in SPDW and VGK, widest gap first
Sector	Gap	SPDW	VGK
Technology	SPDW +3.4 points	12.8%	9.4%
Health Care	VGK +3.2 points	8.9%	12.1%
Industrials	VGK +2.0 points	17.5%	19.5%
Consumer Discretionary	SPDW +2.0 points	8.6%	6.6%
Materials	SPDW +1.9 points	7.3%	5.4%
Consumer Staples	VGK +1.3 points	6.2%	7.5%
Utilities	VGK +1.0 points	3.4%	4.4%
Financials	VGK +1.0 points	24.4%	25.4%
Real Estate	SPDW +0.9 points	2.3%	1.4%
Communication	SPDW +0.8 points	3.6%	2.8%
Energy	VGK +0.5 points	5.1%	5.5%

Country, concentration and asset class

Country by domicile

Country weights in SPDW and VGK, widest gap first
Country	Gap	SPDW	VGK
Japan	SPDW +21.3 points	21.3%	0.0%
United Kingdom	VGK +11.9 points	11.1%	23.0%
Canada	SPDW +11.2 points	11.2%	0.0%
France	VGK +7.3 points	6.3%	13.6%
South Korea	SPDW +7.0 points	7.0%	0.0%
Germany	VGK +6.5 points	6.4%	12.9%
Switzerland	VGK +6.2 points	7.5%	13.7%
Australia	SPDW +5.8 points	5.8%	0.0%
Other countries (23)	VGK +13.5 points	23.3%	36.8%

Outside the US: SPDW 91% developed, 9% emerging. VGK 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

SPDW11.8%
VGK19.0%

Securities held

SPDW2,427
VGK1,255

Asset class

SPDW: Stocks
VGK: Stocks

Holdings

Only in SPDW1,652
In both775
Only in VGK480

Only in SPDW

1,652 securities, 52.8% of SPDW by weight

Samsung Electr Gdr Reg’s2.06%
Sk Hynix Inc1.52%
Royal Bank of Canada0.88%
Toyota Motor Corp0.80%
Mitsubishi Ufj Financial Gro0.77%
Toronto Dominion Bank0.64%
Bhp Group Ltd0.63%
Commonwealth Bank of Austral0.60%
Shopify Inc Class A0.57%
Sony Group Corp0.52%
Recruit Holdings Co Ltd0.50%
Sumitomo Mitsui Financial Gr0.46%
Advantest Corp0.43%
Hitachi Ltd0.41%
Mitsubishi Corp0.40%
Tokyo Electron Ltd0.39%
Bank of Montreal0.38%
Bank of Nova Scotia0.37%
Aia Group Ltd0.36%
Dbs Group Holdings Ltd0.35%
Mizuho Financial Group Inc0.35%
Tokio Marine Holdings Inc0.34%
Can Imperial Bk of Commerce0.34%
Enbridge Inc0.33%
Agnico Eagle Mines Ltd0.32%
Fast Retailing Co Ltd0.32%
Canadian Natural Resources0.31%
Itochu Corp0.31%
Spotify Technology SA0.30%
Brookfield Corp0.29%
Softbank Group Corp0.28%
Mitsui & Co Ltd0.28%
Samsung Electronics Pref0.27%
Canadian Pacific Kansas City0.27%
Westpac Banking Corp0.27%
National Australia Bank Ltd0.27%
Oversea Chinese Banking Corp0.27%
Keyence Corp0.27%
Anz Group Holdings Ltd0.26%
Suncor Energy Inc0.26%
Canadian Natl Railway Co0.24%
Manulife Financial Corp0.22%
Barrick Mining Corp0.21%
Shin Etsu Chemical Co Ltd0.21%
Csl Ltd0.21%
Takeda Pharmaceutical Co Ltd0.21%
Tc Energy Corp0.20%
Wesfarmers Ltd0.20%
Nintendo Co Ltd0.20%
Macquarie Group Ltd0.19%

Only in VGK

480 securities, 11.5% of VGK by weight

MSCI Europe Dec260.58%
Eur/Usd Fwd 202612160.52%
Air Liquide SA0.48%
L'Oreal SA0.45%
SLBBH11420.44%
Dhl AG0.38%
Basf SE0.32%
Generali0.30%
Usd/Chf Fwd 202612160.22%
Swedbank AB0.21%
Engie SA0.21%
Swiss Life Holding AG0.19%
Powszechna Kasa Oszczednosci Bank Polski SA0.18%
AIB Group PLC0.17%
adidas AG0.17%
Ferrovial NV0.17%
Cie Generale des Etablissements Michelin SCA0.15%
Shell PLC0.15%
InterContinental Hotels Group PLC0.15%
Orlen SA0.14%
Investor AB0.13%
Amrize Ltd0.13%
Coca-Cola Europacific Partners PLC0.13%
Edp SA0.10%
Kerry Group PLC0.10%
BT Group PLC0.09%
Vonovia SE0.09%
Usd/Gbp Fwd 202612160.09%
Air Liquide SA - Pf - 20280.09%
Allegro.eu SA0.09%
Bank Polska Kasa Opieki SA0.08%
Henkel AG & Co Kgaa Vor-Pref0.08%
Banco Comercial Portugues SA0.08%
KGHM Polska Miedz SA0.07%
Powszechny Zaklad Ubezpieczen SA0.07%
EURO STOXX 50 Dec260.07%
Galp Energia SGPS SA0.06%
Beazley PLC0.06%
Erste Bank Polska SA0.06%
Usd/Sek Fwd 202612160.06%
Alpha Bank SA0.06%
Lpp SA0.05%
Securitas AB0.05%
Public Power Corp SA0.05%
Eur/Usd Fwd 202610020.05%
Delivery Hero SE0.05%
Ryanair Holdings PLC0.04%
H & M Hennes & Mauritz AB0.04%
Lion Finance Group PLC0.04%
Metlen Energy & Metals PLC0.04%

Weight gaps

The 100 widest of 775 Holdings in both funds.

Holding weights in SPDW and VGK, widest gap first
Holding	Gap	SPDW	VGK
Asml Holding NV	VGK +2.72 points	1.73%	4.45%
Hsbc Holdings PLCHSBA.L	VGK +1.25 points	0.93%	2.18%
Roche Holding AG	VGK +0.84 points	1.04%	1.88%
Novartis AG Reg	VGK +0.78 points	0.93%	1.71%
Siemens AG Reg	VGK +0.78 points	0.67%	1.45%
Banco Santander SA	VGK +0.73 points	0.56%	1.29%
Shell PLCSHEL.L	VGK +0.73 points	0.90%	1.63%
Schneider Electric SE	VGK +0.70 points	0.45%	1.15%
Astrazeneca PLCAZN.L	VGK +0.66 points	0.90%	1.56%
Nestle SA Reg	VGK +0.65 points	0.85%	1.50%
Rolls Royce Holdings PLCRR.L	VGK +0.57 points	0.47%	1.04%
Sap SE	VGK +0.56 points	0.75%	1.31%
Allianz SE Reg	VGK +0.56 points	0.59%	1.15%
Banco Bilbao Vizcaya Argenta	VGK +0.55 points	0.46%	1.01%
Abb Ltd Reg	VGK +0.53 points	0.41%	0.94%
Totalenergies SE	VGK +0.53 points	0.58%	1.11%
Iberdrola SA	VGK +0.50 points	0.50%	1.00%
Siemens Energy AG	VGK +0.49 points	0.29%	0.78%
Safran SA	VGK +0.48 points	0.35%	0.83%
Ubs Group AG Reg	VGK +0.47 points	0.48%	0.95%
Unicredit Spa	VGK +0.41 points	0.43%	0.85%
Airbus SE	VGK +0.39 points	0.42%	0.81%
Intesa Sanpaolo	VGK +0.38 points	0.35%	0.73%
Cie Financiere Richemo A Reg	VGK +0.38 points	0.35%	0.73%
Novo Nordisk A/S B	VGK +0.38 points	0.40%	0.78%
Ing Groep NV	VGK +0.36 points	0.30%	0.66%
Unilever PLCULVR.L	VGK +0.35 points	0.46%	0.81%
Infineon Technologies AG	VGK +0.35 points	0.21%	0.56%
Bnp Paribas	VGK +0.34 points	0.33%	0.67%
Bp PLCBP.L	VGK +0.34 points	0.40%	0.74%
Deutsche Telekom AG Reg	VGK +0.34 points	0.31%	0.65%
Rio Tinto PLCRIO.L	VGK +0.33 points	0.29%	0.62%
Lvmh Moet Hennessy Louis Vui	VGK +0.34 points	0.36%	0.70%
British American Tobacco PLCBATS.L	VGK +0.32 points	0.39%	0.71%
Gsk PLCGSK.L	VGK +0.30 points	0.32%	0.62%
Barclays PLCBARC.L	VGK +0.28 points	0.24%	0.52%
Zurich Insurance Group AG	VGK +0.28 points	0.36%	0.64%
Natwest Group PLCNWG.L	VGK +0.27 points	0.20%	0.47%
Lloyds Banking Group PLCLLOY.L	VGK +0.26 points	0.27%	0.53%
Glencore PLCGLEN.L	VGK +0.26 points	0.22%	0.48%
Sanofi	VGK +0.25 points	0.32%	0.57%
Bae Systems PLCBA.L	VGK +0.25 points	0.24%	0.49%
Axa SA	VGK +0.23 points	0.27%	0.50%
National Grid PLCNG.L	VGK +0.23 points	0.26%	0.49%
Enel Spa	VGK +0.22 points	0.26%	0.48%
Nordea Bank Abp	VGK +0.22 points	0.19%	0.41%
Relx PLCREL.L	VGK +0.21 points	0.16%	0.37%
Argenx SE	VGK +0.22 points	0.17%	0.39%
Industria De Diseno Textil	VGK +0.20 points	0.23%	0.43%
Muenchener Rueckver AG Reg	VGK +0.20 points	0.26%	0.46%
Air Liquide SA	SPDW +0.20 points	0.42%	0.22%
Investor Ab B Shs	VGK +0.19 points	0.25%	0.44%
Asm International NV	VGK +0.20 points	0.10%	0.30%
Atlas Copco Ab A Shs	VGK +0.19 points	0.14%	0.33%
Anglo American PLCAAL.L	VGK +0.19 points	0.19%	0.38%
Rheinmetall AG	VGK +0.19 points	0.13%	0.32%
Anheuser Busch Inbev Sa/Nv	VGK +0.19 points	0.26%	0.45%
Standard Chartered PLCSTAN.L	VGK +0.18 points	0.16%	0.34%
Caixabank SA	VGK +0.18 points	0.16%	0.34%
Nokia Oyj	VGK +0.18 points	0.15%	0.33%
Vinci SA	VGK +0.18 points	0.20%	0.38%
L Oreal	SPDW +0.18 points	0.36%	0.18%
Deutsche Bank AG Registered	VGK +0.18 points	0.22%	0.40%
Rwe AG	VGK +0.18 points	0.13%	0.31%
Societe Generale SA	VGK +0.18 points	0.16%	0.34%
Deutsche Boerse AG	VGK +0.17 points	0.21%	0.38%
Hermes International	VGK +0.17 points	0.16%	0.33%
Volvo Ab B Shs	VGK +0.17 points	0.15%	0.32%
Prysmian Spa	VGK +0.16 points	0.10%	0.26%
Bayer AG Reg	VGK +0.16 points	0.18%	0.34%
Compass Group PLCCPG.L	VGK +0.15 points	0.17%	0.32%
Swiss Re AG	VGK +0.14 points	0.17%	0.31%
London Stock Exchange GroupLSEG.L	VGK +0.14 points	0.18%	0.32%
Ferrari NV	VGK +0.15 points	0.15%	0.30%
Legrand SA	VGK +0.14 points	0.12%	0.26%
Diageo PLCDGE.L	VGK +0.14 points	0.17%	0.31%
Prosus NV	VGK +0.14 points	0.17%	0.31%
Lonza Group AG Reg	VGK +0.13 points	0.18%	0.31%
E.on SE	VGK +0.13 points	0.14%	0.27%
Haleon PLCHLN.L	VGK +0.13 points	0.13%	0.26%
Danone	VGK +0.12 points	0.15%	0.27%
Eni Spa	VGK +0.12 points	0.20%	0.32%
Stmicroelectronics NV	VGK +0.12 points	0.10%	0.22%
3I Group PLCIII.L	VGK +0.12 points	0.10%	0.22%
Holcim Ltd	VGK +0.12 points	0.14%	0.26%
Essilorluxottica	VGK +0.12 points	0.19%	0.31%
Reckitt Benckiser Group PLCRKT.L	VGK +0.11 points	0.16%	0.27%
Skandinaviska Enskilda Ban A	SPDW +0.12 points	0.12%	<0.01%
Orange	VGK +0.11 points	0.10%	0.21%
Mercedes Benz Group AG	VGK +0.11 points	0.11%	0.22%
Erste Group Bank AG	VGK +0.11 points	0.14%	0.25%
Sika AG Reg	VGK +0.11 points	0.12%	0.23%
Sse PLCSSE.L	VGK +0.11 points	0.15%	0.26%
Kbc Group NV	VGK +0.11 points	0.10%	0.21%
Repsol SA	VGK +0.10 points	0.13%	0.23%
Abn Amro Bank NV Cva	VGK +0.11 points	0.08%	0.19%
Danske Bank A/S	VGK +0.10 points	0.13%	0.23%
Prudential PLCPRU.L	VGK +0.10 points	0.10%	0.20%
Galderma Group AG	VGK +0.11 points	0.13%	0.24%
Koninklijke Ahold Delhaize N	VGK +0.10 points	0.11%	0.21%

All 2,436 SPDW holdings⁠All 1,243 VGK 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 VGK Cost

Overpaying VGK vs SPDW

$632

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

SPDW 0.03%
$638
VGK 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

SPDW 0.03%
VGK 0.06%
Overpaying

Year by year

Year	SPDW	VGK	Overpaying
10	$55	$110	$55
20	$216	$432	$216
30	$638	$1,270	$632

Expense ratio

0.03%SPDW, cheaper
0.06%VGK

SPDW0.03%VGK0.06%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

VGK 6th cheapest of 20 funds

SPDW vs VGK Dividends

Last 12 months to Nov 9, 2026

Yield (12M): SPDW 3.05%, better; VGK 2.87%
Payout (12M): SPDW $1.52; VGK $2.58
Last payment: SPDW $0.72; VGK $0.22
Ex-dividend: SPDW Jun 22, 2026; VGK Sep 18, 2026
Paid on: SPDW Jun 26, 2026; VGK Sep 22, 2026
Frequency: SPDW Twice a year; VGK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

VGKQuarterly · 39 paymentsAll VGK payments⁠

SPDW vs VGK Risk

Fall from peak · 5 years

SPDW
VGK

Risk facts

VolatilityStd dev, 3 years: SPDW 12.7%, betterVGK 12.9%
Return per unit of riskSharpe ratio, 3 years: SPDW 1.27, betterVGK 1.12
Worst fallMax drawdown, 5 years: SPDW −29.7%, betterVGK −32.5%
Market sensitivityBeta, 5 years: SPDW 1.05VGK 0.85; Market = 1

SPDW and VGK 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
Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026VGK
News
Von der Leyen puts a €1 billion-a-day China deficit and a minerals buyer on the table
Sep 16, 2026VGK
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026VGK
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026VGK

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SPDW vs VGK

In short

Stated mandate

Why people hold it