BND vs. BWX
BND (Vanguard Total Bond Market ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, BND returned 1.58%/yr vs -1.24%/yr for BWX. At a 0.44 correlation, their price movements are largely independent. BND charges 0.03%/yr vs 0.35%/yr for BWX.
Performance
BND vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a 0.52% return, which is significantly higher than BWX's -1.69% return. Over the past 10 years, BND has outperformed BWX with an annualized return of 1.58%, while BWX has yielded a comparatively lower -1.24% annualized return.
BND
- 1D
- -0.12%
- 1M
- 0.42%
- YTD
- 0.52%
- 6M
- 0.91%
- 1Y
- 4.40%
- 3Y*
- 4.17%
- 5Y*
- 0.03%
- 10Y*
- 1.58%
BWX
- 1D
- 0.00%
- 1M
- -0.57%
- YTD
- -1.69%
- 6M
- -1.37%
- 1Y
- -3.77%
- 3Y*
- 1.14%
- 5Y*
- -4.44%
- 10Y*
- -1.24%
BND vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 0.52% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between BND and BWX is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.44 |
Over the past year, BND and BWX have become more correlated (0.69) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
BND vs. BWX — Risk / Return Rank
BND
BWX
BND vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) 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.
| BND | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.93 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | -0.61 | +2.26 |
| Martin ratioReturn relative to average drawdown | 4.81 | -1.21 | +6.02 |
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Drawdowns
BND vs. BWX - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for BND and BWX.
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Drawdown Indicators
| BND | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -34.05% | +15.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -6.16% | +3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -10.22% | +4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -30.95% | +13.04% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | -34.05% | +15.47% |
Current DrawdownCurrent decline from peak | -2.12% | -23.81% | +21.69% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -10.06% | +7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 3.13% | -2.21% |
Volatility
BND vs. BWX - Volatility Comparison
The current volatility for Vanguard Total Bond Market ETF (BND) is 1.28%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.49%. This indicates that BND 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
| BND | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 2.49% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 5.91% | -3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 7.78% | -4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 9.70% | -3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 8.67% | -3.14% |
BND vs. BWX - Expense Ratio Comparison
BND has a 0.03% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
BND vs. BWX - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 3.96%, more than BWX's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.96% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.37% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
Frequently Asked Questions
BND and BWX have a correlation of 0.69, 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 BND (1.28%). In terms of maximum drawdown, BND dropped -18.58% vs BWX's -34.05%.
On 10-year performance, BND leads with 1.58% vs -1.24% for BWX. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.58% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.35% for BWX.
BND has the higher dividend yield at 3.96%, compared with 2.37% for BWX.
BND is categorized as Total Bond Market, while BWX is International Government Bonds. BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for BND and 0.35% for BWX.
BND currently has the higher Sharpe Ratio (1.18 vs -0.49), 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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