BINC vs. BWX
BINC (iShares Flexible Income Active ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - BINC is a Multisector Bonds fund actively managed by iShares, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). BINC is actively managed, while BWX is passively managed. Over the past 3 years, BINC returned 7.04%/yr vs 1.02%/yr for BWX. A 0.65 correlation means they provide meaningful diversification when combined. BINC charges 0.40%/yr vs 0.35%/yr for BWX.
Performance
BINC vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, BINC achieves a 1.29% return, which is significantly higher than BWX's -1.42% return.
BINC
- 1D
- 0.15%
- 1M
- 0.92%
- YTD
- 1.29%
- 6M
- 1.78%
- 1Y
- 5.90%
- 3Y*
- 7.04%
- 5Y*
- —
- 10Y*
- —
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
BINC vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BINC iShares Flexible Income Active ETF | 1.29% | 7.57% | 5.76% | 7.12% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 4.01% |
Correlation
The correlation between BINC and BWX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since May 23, 2023 | 0.65 |
The correlation between BINC and BWX has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
BINC vs. BWX — Risk / Return Rank
BINC
BWX
BINC vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Flexible Income Active ETF (BINC) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BINC | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.95 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 0.95 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | -0.46 | +2.66 |
| Martin ratioReturn relative to average drawdown | 8.60 | -0.90 | +9.50 |
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Drawdowns
BINC vs. BWX - Drawdown Comparison
The maximum BINC drawdown since its inception was -2.69%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for BINC and BWX.
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Drawdown Indicators
| BINC | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.69% | -34.05% | +31.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -6.16% | +3.47% |
Max Drawdown (3Y)Largest decline over 3 years | -2.69% | -10.22% | +7.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.78% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -0.10% | -23.60% | +23.50% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -10.07% | +9.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 3.13% | -2.44% |
Volatility
BINC vs. BWX - Volatility Comparison
The current volatility for iShares Flexible Income Active ETF (BINC) is 0.75%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.49%. This indicates that BINC experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BINC | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 2.49% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 5.92% | -4.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 7.66% | -5.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.99% | 9.70% | -6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.99% | 8.67% | -5.68% |
BINC vs. BWX - Expense Ratio Comparison
BINC has a 0.40% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
BINC vs. BWX - Dividend Comparison
BINC's dividend yield for the trailing twelve months is around 5.84%, more than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BINC iShares Flexible Income Active ETF | 5.84% | 5.86% | 6.14% | 3.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
Frequently Asked Questions
BINC and BWX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to BINC (0.75%). In terms of maximum drawdown, BINC dropped -2.69% vs BWX's -34.05%.
On 3-year performance, BINC leads with 7.04% vs 1.02% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BINC has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BINC has performed better with a 7.04% return vs 1.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.40% for BINC.
BINC has the higher dividend yield at 5.84%, compared with 2.36% for BWX.
BINC is categorized as Multisector Bonds, while BWX is International Government Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.40% for BINC and 0.35% for BWX.
BINC currently has the higher Sharpe Ratio (2.58 vs -0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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