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CWI vs DFAX: Differences, Returns & Fees

CWI and DFAX hold 44% of their weight in the same names, and DFAX returned +20.9% over the year. Net assets: $2.9bn on Oct 8, 2026 for State Street SPDR MSCI ACWI ex-US ETF, and $12.0bn on Jul 31, 2026 for Dimensional World ex U.S. Core Equity 2 ETF.

DFAX costs 0.02 points a year less; their one-year returns differ by 3.1 points.

CWIDFAX
Expense ratio0.30%0.28%
Net assets, CWI as of Oct 8, 2026 and DFAX as of Jul 31, 2026$2.9bn$12.0bn
Total return, 1 year+17.8%+20.9%
What it tracksnot read by ETFIQNo index, actively managed
Holdings in common44%
Top ten holdings, share of the fund16.1%8.2%
Below its high3.9%, high on Sep 4, 20263.4%, high on Sep 4, 2026

Holdings in common uses holdings dated Jul 31, 2026 and Oct 8, 2026.

+17.8%
CWI total return, 1 year
+20.9%
DFAX total return, 1 year
0.30%
CWI expense ratio
0.28%
DFAX expense ratio

What they hold in common

By the books each fund has filed, CWI and DFAX hold 44% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 8, 2026.

half

44% in common

Positions both hold, largest shared weight first
Holding CWI DFAX
TAIWAN SEMICONDUCTOR MANUFAC 3.38% 1.86%
TAIWAN SEMICONDUCTOR SP ADR 1.96% 0.99%
SK HYNIX INC 1.88% 0.81%
TENCENT HOLDINGS LTD 0.85% 0.49%
TOTALENERGIES SE 0.48% 0.54%
NESTLE SA REG 0.65% 0.40%
ROCHE HOLDING AG 0.85% 0.39%
TOYOTA MOTOR CORP 0.49% 0.38%
ROYAL BANK OF CANADA 0.84% 0.36%
ALLIANZ SE REG 0.55% 0.30%
SAMSUNG ELECTR GDR REG S 2.64% 0.29%
MITSUBISHI UFJ FINANCIAL GRO 0.69% 0.27%
Only in CWI
SOFTBANK GROUP CORP 0.40%
SAMSUNG ELECTRONICS PREF 0.31%
HON HAI PRECISION GDR REG S 0.29%
SPOTIFY TECHNOLOGY SA 0.22%
SK SQUARE CO LTD 0.19%
ORIX CORP 0.18%
INVESTOR AB B SHS 0.16%
KYOCERA CORP 0.16%
Only in DFAX
Samsung Electronics Co., Ltd. 1.34%
Novartis AG 0.67%
ASML Holding N.V. 0.62%
SHELL PLC 0.48%
HSBC HOLDINGS PLC 0.28%
ROYAL BANK OF CANADA 0.26%
BP P.L.C. 0.25%
Banco Bilbao Vizcaya Argentaria, S.A. 0.22%

Check overlap with more funds →

On the same fields

CWI
State Street SPDR MSCI ACWI ex-US ETF
DFAX
Dimensional World ex U.S. Core Equity 2 ETF
Where it sits Stock ETF Stock ETF
Issuer State Street Dimensional
What it is Tracks an index Actively managed
Total return, 1 year +17.8% +20.9%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 +0.6 pts +3.6 pts
Expense ratio 0.30% 0.28%
Already in the S&P 500 0.0% 0.0%
Holdings 1110 10481
Net assets, CWI as of Oct 8, 2026 and DFAX as of Jul 31, 2026 $2.9bn $12.0bn

CWI and DFAX on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

CWI in plain words

CWI tracks an index. Over the year to Oct 9, 2026 it returned +17.8% with distributions reinvested, against +17.3% for the S&P 500. The prospectus expense ratio is 0.30% a year. By its holdings published by its issuer for Oct 8, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 1,110 positions, with the top ten at 16.1%. It sat 3.9% below its high of Sep 4, 2026 on Oct 9, 2026.

DFAX in plain words

DFAX is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +20.9% with distributions reinvested, against +17.3% for the S&P 500. The prospectus expense ratio is 0.28% a year. By its holdings filed for Jul 31, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 10,481 positions, with the top ten at 8.2%. It sat 3.4% below its high of Sep 4, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, CWI or DFAX?
In the year to Oct 9, 2026, with distributions reinvested, CWI returned +17.8% and DFAX +20.9%.
Which is cheaper, CWI or DFAX?
DFAX is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do CWI and DFAX overlap with the S&P 500?
By their latest filed holdings, 0% of CWI and 0% of DFAX by weight is stocks the S&P 500 already holds.
Other comparisons
CWI vs ESGDCWI vs FENICWI vs DBEFCWI vs VIGIDFAX vs DMXFDFAX vs GSIDDFAX vs EFADFAX vs IEFA
CWI on its own →DFAX on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
CWI filings on SEC EDGAR ↗CWI prospectus with the expense ratio (SEC) ↗State Street website ↗DFAX filings on SEC EDGAR ↗DFAX prospectus with the expense ratio (SEC) ↗Dimensional website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, CWI against DFAX, data as of Oct 9, 2026. https://etfiq.com/compare/any/cwi-vs-dfax

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.