At a glance
DWX charges 0.45% a year, above the 0.3% average of the 6 funds most like it (the 5th cheapest of 7). It has $503.7M in assets, the 7th largest of that group; it paid 4.11% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +18.5% a year. At its worst it fell 36.0% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 21 months after the lows. Its ten largest positions make up 18.8% of the fund, out of 101 in all.
The short version
SPDR S&P International Dividend ETF (DWX) is a State Street index fund that holds about 100 high-yielding stocks from outside the US. It tracks the S&P International Dividend Opportunities Index and weights companies by dividend yield rather than size. Its trailing 12-month yield was 4.11% as of October 27, 2026. Its 0.45% expense ratio is above the 0.30% average of similar funds, and it trailed all six of them over one and three years.
Price history
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DWX +12.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DWX official prospectus, to Dec 31, 2025 | — | +30.89% | — | +8.15% | +7.32% | — |
| DWX price data to Oct 27, 2026 | +9.9% | +12.8% | +18.5% | +8.3% | +7.2% | +2.7% |
- Over the year to Oct 27, 2026, DWX returned +12.8%, 7th of 7 among similar funds.
- Its 5-year annualized return was +8.3% and its 10-year +7.2%.
- In the 2020 COVID crash it fell 36% and regained its old high 12.7 months after the low.
- Its worst full calendar year was 2015 (-16.4%); its best was 2009 (+62.2%).
- The deepest fall in its price history was 66.9% (May 16, 2008 to Mar 9, 2009), recovered by Dec 26, 2019.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +31.6% | +30.89% |
| 2024 | +2.5% | +2.59% |
| 2023 | +14.8% | +14.51% |
| 2022 | -13.0% | -12.74% |
| 2021 | +10.6% | +10.27% |
| 2020 | -5.1% | -4.71% |
| 2019 | +20.3% | +20.20% |
| 2018 | -11.1% | -11.19% |
| 2017 | +18.9% | +18.44% |
| 2016 | +14.1% | +13.65% |
| 2015 | -16.4% | — |
| 2014 | -6.6% | — |
| 2013 | +5.9% | — |
| 2012 | +10.5% | — |
| 2011 | -11.6% | — |
| 2010 | +7.8% | — |
| 2009 | +62.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36% over that stretch · deepest drop along the way 36%, back to its old high 12.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.5% over that stretch · deepest drop along the way 26.7%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2700 | |
| 2025 | $1.9400 | +28.5% |
| 2024 | $1.5100 | +2.7% |
| 2023 | $1.4700 | -2.6% |
| 2022 | $1.5100 | 0.0% |
| 2021 | $1.5100 | +7.9% |
| 2020 | $1.4000 | -20.9% |
| 2019 | $1.7700 | 0.0% |
| 2018 | $1.7700 | +12.0% |
| 2017 | $1.5800 | -16.8% |
| 2016 | $1.9000 | -2.1% |
| 2015 | $1.9400 | -23.3% |
| 2014 | $2.5300 | -21.9% |
| 2013 | $3.2400 | +8.7% |
| 2012 | $2.9800 | -9.7% |
| 2011 | $3.3000 | +39.8% |
| 2010 | $2.3600 | +24.9% |
| 2009 | $1.8900 |
What's inside
As of Jun 30, 2026, the fund held 101 securities; the ten largest made up 18.76% of assets. It also reported 3.28% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| TotalEnergies SE | 2.52% | |
| Evonik Industries AG | 2.00% | |
| DCC PLC | 1.98% | |
| Pembina Pipeline Corp | 1.89% | |
| Orange SA | 1.79% | |
| Ambev SA | 1.78% | |
| Veolia Environnement SA | 1.77% | |
| Snam SpA | 1.73% | |
| Nedbank Group Ltd | 1.65% | |
| Zurich Insurance Group AG | 1.64% | |
| Sun Life Financial Inc | 1.57% | |
| Koninklijke KPN NV | 1.56% | |
| Cie Generale des Etablissements Michelin SCA | 1.52% | |
| Terna - Rete Elettrica Nazionale | 1.52% | |
| Bouygues SA | 1.50% |
By country
Japan 23.2%France 12.31%Canada 7.79%United Kingdom 7.76%Australia 7.12%By asset type
Stocks 99.17%Other 0.18%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.71%, +0.82%, -0.93%.
How it works
DWX tracks the S&P International Dividend Opportunities Index, built by S&P Dow Jones Indices. The index starts with the S&P Global ex-U.S. Broad Market Index, minus China A shares (stocks listed in mainland China). A stock qualifies only if it has a float-adjusted market value of at least $500 million and trades at least $5 million a day. The company also needs positive earnings over the past 12 months, a dividend that has held steady or grown over three years, cash flow that covers the dividend, and a yield above the median.
The stocks that pass are ranked by "risk-adjusted yield": the dividend yield divided by how much that yield has swung over the past 36 months. The top 80 get in automatically. Current members ranked in the top 150 keep their place, and more stocks are added by rank until there are 100. Stocks are weighted by trailing 12-month yield, with caps: 3% per stock, 25% per country or sector, 15% for emerging markets and 10% for trusts, including REITs (real estate investment trusts).
The index is rebuilt each July and rebalanced in January if needed. It is also checked every month, and any company that cuts, suspends or skips a dividend is removed. State Street's adviser may hold only a sample of the index and may use depositary receipts and futures. Portfolio turnover was 70%, which is high for an index fund. Trading costs from that turnover are not part of the expense ratio.
What it really costs
- DWX charges 0.45% a year, versus an average of 0.3% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DWX | $46 | $144 | $252 | $567 |
In a retirement portfolio
DWX is built to pick out high-yielding non-US stocks and pays dividends quarterly, so its main appeal is income from outside the US.
DWX pays quarterly dividends from non-US companies. The trailing 12-month yield was 4.11%, or $1.93 a share, as of October 27, 2026. In the SEC's standard example, its 0.45% expense ratio costs about $46 in the first year on $10,000. The trade-off is deep drops. The fund launched in February 2008, just before the worst of the financial crisis. It then fell 66.9% from May 2008 to March 2009 and did not recover until December 2019. It lost 36% in the 2020 COVID crash and took about 13 months to recover. In 2022 it fell 26.7% and took 21 months to recover. Its worst calendar year was 2015, down 16.4%. A retiree forced to sell shares in a slump could lock in losses, and stressed companies may cut dividends. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want quarterly dividends from non-US companies; the trailing 12-month yield was 4.11% as of October 27, 2026.
- Investors who want yield-weighted holdings spread across about 100 stocks, led by Japan (23.2%) and France (12.3%) as of June 30, 2026.
- Investors who like rules that require positive earnings and steady dividends, and that drop companies cutting dividends after monthly checks.
Look elsewhere if
- Cost-conscious investors: the 0.45% expense ratio compares with 0.09% for HDEF and 0.17% for VYMI.
- Investors who can't sit through deep losses: it fell 66.9% in 2008–09 and took until December 2019 to recover.
- Investors focused on total return: it has returned about 2.7% a year since its 2008 launch, as of October 27, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DWX this fund | — | 0.45% | $503.7M | +12.8% | +18.5% |
| HDEF Xtrackers MSCI EAFE High Dividend Yield Equ… | 17% | 0.09% | $2.35B | +17.8% | +21.0% |
| EFV iShares MSCI EAFE Value ETF | 14% | 0.33% | $29.11B | +21.9% | +23.3% |
| VYMI Vanguard International High Dividend Yield … | 11% | 0.17% | $21.87B | +23.2% | +24.4% |
| DTH WisdomTree International High Dividend Fund | 11% | 0.58% | $623.8M | +18.0% | +22.7% |
| DOL WisdomTree International LargeCap Dividend … | 10% | 0.48% | $814.8M | +18.9% | +22.6% |
| IGRO iShares International Dividend Growth ETF | 10% | 0.15% | $1.24B | +16.7% | +20.6% |
Questions investors ask
Does DWX pay monthly dividends?
No. DWX pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.93 a share, a trailing yield of 4.11%. Payments can vary from quarter to quarter. Its holdings are non-US companies, so payouts depend on their dividend decisions and on exchange rates when those dividends are converted into dollars. The index also removes any company that cuts or suspends its dividend.
What's the difference between DWX and HDEF?
Both hold high-dividend stocks from developed markets outside the US, but they own mostly different companies: only 17% of their holdings overlap. HDEF, the Xtrackers MSCI EAFE High Dividend Yield Equity ETF, charges 0.09% a year against 0.45% for DWX. It is also much larger, at about $2.3 billion against DWX's roughly $504 million. As of October 27, 2026, HDEF returned 17.8% over one year and 21% a year over three years. DWX returned 12.8% and 18.5%.
Is DWX good for retirement income?
DWX may suit retirees who want quarterly income from non-US dividend payers. Its trailing yield was 4.11% as of October 27, 2026. But the income comes with risk. The fund fell 66.9% in 2008–09 and took until December 2019 to recover. Holdings that cut dividends are dropped, which can shrink payouts, and currency swings change what US holders receive. It is worth comparing with lower-cost funds such as VYMI, which charges 0.17%.
How has DWX performed over 10 years?
DWX returned an average of 7.32% a year over the 10 years ended December 31, 2025, according to its prospectus. It returned 8.15% a year over five years and 30.89% in 2025. Longer-term results are weaker because of its 2008–09 losses: since its 2008 launch it has returned about 2.7% a year, as of October 27, 2026. Its worst quarter was a 23.16% loss in early 2020.
What are DWX's top holdings?
As of June 30, 2026, DWX's largest holdings were TotalEnergies (2.5%), Evonik Industries (2.0%), DCC (2.0%), Pembina Pipeline (1.9%) and Orange (1.8%). Its top 10 made up just 18.76% of the fund across 101 holdings, because the index caps any single stock at 3%. Japan was the largest country at 23.2%, followed by France at 12.3%. Canada and the UK were each just under 8%.