BNDX vs. BWX
BNDX (Vanguard Total International Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), 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, BNDX returned 1.71%/yr vs -1.27%/yr for BWX. At a 0.49 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.35%/yr for BWX.
Performance
BNDX vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 0.64% return, which is significantly higher than BWX's -1.73% return. Over the past 10 years, BNDX has outperformed BWX with an annualized return of 1.71%, while BWX has yielded a comparatively lower -1.27% annualized return.
BNDX
- 1D
- 0.10%
- 1M
- 0.63%
- YTD
- 0.64%
- 6M
- 0.44%
- 1Y
- 1.86%
- 3Y*
- 4.14%
- 5Y*
- 0.35%
- 10Y*
- 1.71%
BWX
- 1D
- 0.18%
- 1M
- -0.70%
- YTD
- -1.73%
- 6M
- -1.29%
- 1Y
- -2.65%
- 3Y*
- 1.22%
- 5Y*
- -4.45%
- 10Y*
- -1.27%
BNDX vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 0.64% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.73% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between BNDX and BWX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.49 |
Over the past year, BNDX and BWX have become more correlated (0.70) than their long-term average of 0.49, meaning their price movements have been converging.
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Return for Risk
BNDX vs. BWX — Risk / Return Rank
BNDX
BWX
BNDX vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) 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.
| BNDX | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.95 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | -0.43 | +1.07 |
| Martin ratioReturn relative to average drawdown | 1.82 | -0.88 | +2.70 |
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
| BNDX | BWX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | -0.35 | +0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | -0.46 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | -0.15 | +0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.05 | +0.55 |
Drawdowns
BNDX vs. BWX - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for BNDX and BWX.
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Drawdown Indicators
| BNDX | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -34.05% | +17.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -6.16% | +3.23% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -10.22% | +7.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -31.25% | +15.39% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -34.05% | +17.82% |
Current DrawdownCurrent decline from peak | -1.39% | -23.84% | +22.45% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -10.05% | +6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 3.02% | -1.99% |
Volatility
BNDX vs. BWX - Volatility Comparison
The current volatility for Vanguard Total International Bond ETF (BNDX) is 1.57%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.42%. This indicates that BNDX 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
| BNDX | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 2.42% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 5.79% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 7.69% | -4.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 9.68% | -4.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 8.66% | -4.57% |
BNDX vs. BWX - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
BNDX vs. BWX - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.49%, more than BWX's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.49% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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
BNDX and BWX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.42%) compared to BNDX (1.57%). In terms of maximum drawdown, BNDX dropped -16.23% vs BWX's -34.05%.
On 10-year performance, BNDX leads with 1.71% vs -1.27% for BWX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.71% return vs -1.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.35% for BWX.
BNDX has the higher dividend yield at 4.49%, compared with 2.37% for BWX.
BNDX is categorized as Global Bonds, while BWX is International Government Bonds. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), 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: 0.07% for BNDX and 0.35% for BWX.
BNDX currently has the higher Sharpe Ratio (0.55 vs -0.35), 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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