State Street SPDR Portfolio MSCI Global Stock Market ETF (NYSEMKT:SPGM) offers all-in-one exposure to the global equity market, while State Street SPDR Portfolio Developed World ex-US ETF (NYSEMKT:SPDW) focuses solely on developed markets outside the United States.
Expanding a portfolio into international markets could help diversify away from country-specific risks, and both of these ETFs provide low-cost access to companies abroad. While one fund serves as a total global equity solution, including the United States, the other acts as a building block specifically for developed international economies.
Snapshot (cost & size)
Beta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
The State Street SPDR Portfolio Developed World ex-US ETF is notably more affordable with a 0.03% expense ratio compared to 0.09% for the Global Stock Market fund. Additionally, the Developed World fund provides a higher payout with a 3.10% yield.
Performance & risk comparison
What’s inside
State Street SPDR Portfolio MSCI Global Stock Market ETF aims to replicate the MSCI ACWI IMI Index by holding 2,927 stocks from across the globe. The portfolio leans heavily toward technology at 31.00%, with secondary concentrations in financial services at 16.00% and industrials at 13.00%. Its largest positions include Nvidia Corp (NASDAQ:NVDA) at 4.33%, Apple Inc (NASDAQ:AAPL) at 4.17%, and Microsoft Corp (NASDAQ:MSFT) at 2.40%. The fund was launched in 2012. State Street SPDR Portfolio MSCI Global Stock Market ETF has paid $1.54 per share over the trailing 12 months, which, at its recent ~$84.27 share price, yields 1.80%.
State Street SPDR Portfolio Developed World ex-US ETF follows the S&P Developed Ex-U.S. BMI Index and manages 2,439 holdings. This fund shows a significant tilt toward cash and others at 32.00%, followed by financial services at 18.00% and industrials at 11.00%. Top holdings include Samsung at 2.50%, Sk Hynix Inc (NASDAQ:SKHY) at 2.16%, and Asml Holding Nv (NASDAQ:ASML) at 2.11%. The fund was launched in 2007. State Street SPDR Portfolio Developed World ex-US ETF has paid $1.52 per share over the trailing 12 months, which, on its recent ~$49.45 share price, works out to a 3.10% yield.
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Which is the better buy
The State Street SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and the State Street SPDR Portfolio Developed World ex-US ETF (SPDW) are both global exchange-traded funds (ETFs). However, they differ in some key ways. Here’s how — and what that means for investors.
First, let’s begin with SPGM. This fund is global; however, its main focus remains American stocks. Indeed, fully 61% of the fund’s total holdings are in U.S.-based stocks, led by megacaps such as Nvidia, Apple, and Microsoft. Outside the U.S., the fund has exposure to Japan (5%), the United Kingdom (3%), and Taiwan (3%). Yet investors should note that the majority of the fund’s exposure is domestic. If investors are seeking purely, or even mostly, international exposure, this isn’t the fund to fill that role. As for performance, the fund has generated a total return of 220% over the last 10 years, with a CAGR of 12.3%. SPGM’s expense ratio of 0.09% is quite affordable, while its AUM of $1.7 billion provides sufficient liquidity.
Then, there’s SPDW. Unlike its counterpart, SPDW is an international ETF focused on stocks based outside the U.S. The majority of its holdings are based in Europe (51%), with additional exposure in Asia Pacific (36%) and the Americas (12%). By country of origin, Japan leads with 22% of the fund’s holdings, followed by the United Kingdom (11%) and Canada (10%). The fund leans heavily into financial stocks (27%), Technology (14%), and Manufacturing (9%). Turning to performance, the fund has delivered a total return of 158% over the last 10 years, with a CAGR of 9.9%. Lastly, the fund’s expense ratio of 0.03% is one of the cheapest around.
In summary, SPGM and SPDW differ in crucial ways. SPGM is a global fund, but with a majority of its exposure still in the U.S., it doesn’t offer purely international exposure. SPDW, on the other hand, provides 99% of its exposure through international stocks. Yet, it has underperformed over the last decade. In short, both funds can fill a useful role in a balanced portfolio, so long as investors understand what they’re getting.
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Jake Lerch has positions in Nvidia. The Motley Fool has positions in and recommends ASML, Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
Which Global ETF is the Right Choice? SPGM and SPDW Offer Differing Approaches was originally published by The Motley Fool