BNDX vs. BWZ
BNDX (Vanguard Total International Bond ETF) and BWZ (SPDR Bloomberg Barclays Short Term 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 BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized. Both are passively managed. Over the past 10 years, BNDX returned 1.49%/yr vs -0.48%/yr for BWZ. At a 0.23 correlation, their price movements are largely independent. BNDX charges 0.07%/yr vs 0.35%/yr for BWZ.
Performance
BNDX vs. BWZ - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 0.35% return, which is significantly higher than BWZ's -1.69% return. Over the past 10 years, BNDX has outperformed BWZ with an annualized return of 1.49%, while BWZ has yielded a comparatively lower -0.48% annualized return.
BNDX
- 1D
- 0.02%
- 1M
- -0.85%
- 6M
- 0.20%
- YTD
- 0.35%
- 1Y
- 1.31%
- 3Y*
- 3.86%
- 5Y*
- 0.00%
- 10Y*
- 1.49%
- ALL TIME*
- 2.26%
BWZ
- 1D
- -0.49%
- 1M
- -0.49%
- 6M
- -1.62%
- YTD
- -1.69%
- 1Y
- -1.89%
- 3Y*
- 1.58%
- 5Y*
- -1.69%
- 10Y*
- -0.48%
- ALL TIME*
- -0.26%
BNDX vs. BWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 0.35% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.69% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
Correlation
The correlation between BNDX and BWZ is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.23 |
Over the past year, BNDX and BWZ have become more correlated (0.47) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
BNDX vs. BWZ — Risk / Return Rank
BNDX
BWZ
BNDX vs. BWZ - 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 Short Term International Treasury Bond ETF (BWZ). 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.
| BNDX | BWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.96 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | -0.37 | +0.82 |
| Martin ratioReturn relative to average drawdown | 1.19 | -0.70 | +1.89 |
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Drawdowns
BNDX vs. BWZ - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, smaller than the maximum BWZ drawdown of -34.23%. Use the drawdown chart below to compare losses from any high point for BNDX and BWZ.
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Drawdown Indicators
| BNDX | BWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -34.23% | +18.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -5.15% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -8.60% | +5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -22.09% | +6.23% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -24.90% | +8.67% |
Current DrawdownCurrent decline from peak | -1.67% | -23.23% | +21.56% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -16.15% | +13.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 2.69% | -1.59% |
Volatility
BNDX vs. BWZ - Volatility Comparison
The current volatility for Vanguard Total International Bond ETF (BNDX) is 0.99%, while SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a volatility of 1.55%. This indicates that BNDX experiences smaller price fluctuations and is considered to be less risky than BWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDX | BWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.55% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 5.18% | -2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 6.83% | -3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 7.60% | -2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 6.94% | -2.85% |
BNDX vs. BWZ - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than BWZ's 0.35% expense ratio.
Dividends
BNDX vs. BWZ - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.53%, more than BWZ's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.53% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
Frequently Asked Questions
BNDX and BWZ have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (1.55%) compared to BNDX (0.99%). In terms of maximum drawdown, BNDX dropped -16.23% vs BWZ's -34.23%.
On 10-year performance, BNDX leads with 1.49% vs -0.48% for BWZ. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 0.99%. 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 1.49% return vs -0.48%. 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 BWZ.
BNDX has the higher dividend yield at 4.53%, compared with 2.12% for BWZ.
BNDX is categorized as Global Bonds, while BWZ is International Government Bonds. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.07% for BNDX and 0.35% for BWZ.
BNDX currently has the higher Sharpe Ratio (0.38 vs -0.28), 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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