BNDW vs. BWX
BNDW (Vanguard Total World Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite 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 5 years, BNDW returned 0.10%/yr vs -4.69%/yr for BWX. A 0.63 correlation means they provide meaningful diversification when combined. BNDW charges 0.05%/yr vs 0.35%/yr for BWX.
Performance
BNDW vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, BNDW achieves a 0.15% return, which is significantly higher than BWX's -2.76% return.
BNDW
- 1D
- -0.09%
- 1M
- -0.41%
- YTD
- 0.15%
- 6M
- 0.41%
- 1Y
- 3.40%
- 3Y*
- 3.95%
- 5Y*
- 0.10%
- 10Y*
- —
BWX
- 1D
- -0.18%
- 1M
- -2.88%
- YTD
- -2.76%
- 6M
- -2.15%
- 1Y
- -3.08%
- 3Y*
- 0.70%
- 5Y*
- -4.69%
- 10Y*
- -1.39%
BNDW vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 0.15% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.21% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.76% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | 0.55% |
Correlation
The correlation between BNDW and BWX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.63 |
The correlation between BNDW and BWX shifts across timeframes, from 0.63 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BNDW vs. BWX — Risk / Return Rank
BNDW
BWX
BNDW vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) 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.
| BNDW | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.94 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | -0.50 | +1.77 |
| Martin ratioReturn relative to average drawdown | 3.52 | -1.01 | +4.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BNDW | BWX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | -0.40 | +1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | -0.49 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.05 | +0.32 |
Drawdowns
BNDW vs. BWX - Drawdown Comparison
The maximum BNDW drawdown since its inception was -17.22%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for BNDW and BWX.
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Drawdown Indicators
| BNDW | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.22% | -34.05% | +16.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -6.16% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | -10.22% | +5.95% |
Max Drawdown (5Y)Largest decline over 5 years | -16.93% | -31.25% | +14.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -1.80% | -24.64% | +22.84% |
Average DrawdownAverage peak-to-trough decline | -4.97% | -10.05% | +5.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 3.06% | -2.09% |
Volatility
BNDW vs. BWX - Volatility Comparison
The current volatility for Vanguard Total World Bond ETF (BNDW) is 1.25%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.33%. This indicates that BNDW 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
| BNDW | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 2.33% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 5.83% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 7.72% | -4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 9.69% | -4.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.90% | 8.66% | -3.76% |
BNDW vs. BWX - Expense Ratio Comparison
BNDW has a 0.05% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
BNDW vs. BWX - Dividend Comparison
BNDW's dividend yield for the trailing twelve months is around 4.23%, more than BWX's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.23% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 0.00% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.39% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
Frequently Asked Questions
BNDW and BWX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.33%) compared to BNDW (1.25%). In terms of maximum drawdown, BNDW dropped -17.22% vs BWX's -34.05%.
On 5-year performance, BNDW leads with 0.10% vs -4.69% for BWX. On fees, BNDW is cheaper at 0.05% per year. On volatility, BNDW has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNDW has performed better with a 0.10% return vs -4.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.35% for BWX.
BNDW has the higher dividend yield at 4.23%, compared with 2.39% for BWX.
BNDW is categorized as Global Bonds, while BWX is International Government Bonds. BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite 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: 0.05% for BNDW and 0.35% for BWX.
BNDW currently has the higher Sharpe Ratio (1.02 vs -0.40), 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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