SPDR S&P International Small Cap ETF (GWX) Performance
GWX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.9% since Dec 31, 2025
- 1 year
- +12.8% total return
- 5 years
- +5.4% a year
- 10 years
- +7.1% a year
- Since first price
- +4.6% a year since 2007
GWX trailing returns vs SPY, QQQ, AGG
| Period | GWX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.4% | −3.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.1% | +3.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.1% | −1.3% | +7.8% | +8.4% | −1.5% |
| YTD | +9.9% | +8.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.8% | +9.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +75.1%+20.5%/yr | +61.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +30.0%+5.4%/yr | +12.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +98.8%+7.1%/yr | +43.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +191.6%+7.4%/yr | +64.9% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionApr 26, 2007 | +139.4%+4.6%/yr | +23.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GWX vs SPY
From Apr 26, 2007: GWX grew to $23,943, SPY to $72,508.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GWX returns by calendar year
13 of 18 full years positive. Best 2009 (+38.3%), worst 2008 (−44.9%). 2026 is year to date.
GWX annual returns table
| Year | GWX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.9% | −11.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +35.9% | −12.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.2% | −9.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +11.0% | −14.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −20.0% | −31.4% | −18.2% | −32.6% | −13.0% |
| 2021 | +9.7% | −9.7% | +28.7% | +27.4% | −1.8% |
| 2020 | +13.4% | −39.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +18.2% | −9.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −19.0% | −27.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +28.9% | −2.2% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.1% | −11.0% | +12.0% | +7.1% | +2.4% |
| 2015 | +6.2% | −14.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −7.7% | −15.6% | +13.5% | +19.2% | +6.0% |
| 2013 | +21.9% | −11.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +16.3% | −16.3% | +16.0% | +18.1% | +3.8% |
| 2011 | −15.7% | −25.8% | +1.9% | +3.4% | +7.7% |
| 2010 | +24.9% | −17.0% | +15.1% | +19.9% | +6.4% |
| 2009 | +38.3% | −27.0% | +26.4% | +54.7% | +3.0% |
| 2008 | −44.9% | −56.1% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GWX largest drawdowns
Now 5.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 31, 2007 | −63.2% | Mar 9, 2009 | Oct 22, 2013 | 1.4 years | 6.0 years |
| Jan 26, 2018 | −45.3% | Mar 23, 2020 | Dec 17, 2020 | 2.2 years | 2.9 years |
| Sep 3, 2021 | −34.6% | Oct 14, 2022 | Jun 12, 2025 | 1.1 years | 3.8 years |
| Jul 3, 2014 | −19.3% | Feb 11, 2016 | Aug 10, 2016 | 1.6 years | 2.1 years |
| Jul 12, 2007 | −13.1% | Aug 16, 2007 | Oct 29, 2007 | 35 days | 4 months |
| Feb 27, 2026 | −11.9% | Mar 30, 2026 | May 6, 2026 | 31 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GWX risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +19.2% | +6.4% | +7.3% | +4.7% |
| Volatility (annualized) | 15.1% | 17.6% | 17.0% | 18.9% |
| Sharpe ratio | 0.96 | 0.24 | 0.36 | 0.27 |
| Sortino ratio | 1.64 | 0.35 | 0.52 | 0.37 |
| Best month | +8.5% | +12.4% | +12.7% | +15.4% |
| Worst month | −9.0% | −11.8% | −16.3% | −25.2% |
| Best 12 months | +49.8% | +49.8% | +67.5% | +71.0% |
| Worst 12 months | +0.2% | −30.0% | −30.0% | −52.5% |
| Positive months | 69% | 60% | 62% | 58% |
| Beta vs S&P 500 | 0.79 | 0.87 | 0.92 | — |
| Correlation with S&P 500 | 0.65 | 0.78 | 0.83 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GWX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 223 | −52.5% | +7.1% | +71.0% | 64% |
| 3-year (a year) | 199 | −11.6% | +6.1% | +27.3% | 81% |
| 5-year (a year) | 175 | −5.2% | +5.8% | +21.3% | 89% |
| 10-year (a year) | 115 | +2.4% | +5.7% | +12.0% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
GWX performance overview
SPDR S&P International Small Cap ETF (GWX) returned +12.8% over the past year and +7.1% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +4.6% a year, turning $10,000 into about $23,943. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −63.2%, from Oct 31, 2007 to Mar 9, 2009, and it took 4.6 years to get back to the old high. GWX finished 13 of its 18 full calendar years with a gain; the best year was 2009 (+38.3%) and the worst 2008 (−44.9%). Volatility has been 18.9% a year.
Related: GWX chart, GWX holdings, GWX dividends. See the GWX overview for the latest quote and fund facts.
GWX performance FAQ
What is the GWX return over the past year?
GWX returned +12.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 9.6%.
What is the average annual return of GWX?
GWX has returned +5.4% a year over 5 years, +7.1% a year over 10 years, +4.6% a year since April 26, 2007 (total return, distributions reinvested).
How much would $10,000 invested in GWX be worth?
$10,000 invested in GWX at its first recorded close on April 26, 2007 would be worth about $23,943 on October 23, 2026 with distributions reinvested.
What was the worst year for GWX?
The worst calendar year was 2008, with a total return of −44.9%. The best was 2009 at +38.3%.
What is the biggest drawdown of GWX?
The largest peak-to-trough decline was −63.2% between October 31, 2007 and March 9, 2009. It recovered to the old high on October 22, 2013, 4.6 years after the bottom.
How volatile is GWX?
Over the past 3 years GWX had an annualized volatility of 15.1% and a Sharpe ratio of 0.96 (excess return over 1–3 month T-bills per unit of risk).