BWX vs. BINC
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and BINC (iShares Flexible Income Active ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while BINC is a Multisector Bonds fund actively managed by iShares. BWX is passively managed, while BINC is actively managed. Over the past 3 years, BWX returned 1.02%/yr vs 7.04%/yr for BINC. A 0.65 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.40%/yr for BINC.
Performance
BWX vs. BINC - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.42% return, which is significantly lower than BINC's 1.29% return.
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
- 1D
- 0.15%
- 1M
- 0.92%
- YTD
- 1.29%
- 6M
- 1.78%
- 1Y
- 5.90%
- 3Y*
- 7.04%
- 5Y*
- —
- 10Y*
- —
BWX vs. BINC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 4.01% |
BINC iShares Flexible Income Active ETF | 1.29% | 7.57% | 5.76% | 7.12% |
Correlation
The correlation between BWX and BINC 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 BWX and BINC has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
BWX vs. BINC — Risk / Return Rank
BWX
BINC
BWX vs. BINC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and iShares Flexible Income Active ETF (BINC). 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.
| BWX | BINC | 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 | 0.95 | 1.52 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.20 | -2.66 |
| Martin ratioReturn relative to average drawdown | -0.90 | 8.60 | -9.50 |
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Drawdowns
BWX vs. BINC - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than BINC's maximum drawdown of -2.69%. Use the drawdown chart below to compare losses from any high point for BWX and BINC.
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Drawdown Indicators
| BWX | BINC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -2.69% | -31.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -2.69% | -3.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -2.69% | -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 | -23.60% | -0.10% | -23.50% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -0.36% | -9.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 0.69% | +2.44% |
Volatility
BWX vs. BINC - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.49% compared to iShares Flexible Income Active ETF (BINC) at 0.75%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than BINC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | BINC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 0.75% | +1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 1.87% | +4.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 2.30% | +5.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 2.99% | +6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 2.99% | +5.68% |
BWX vs. BINC - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than BINC's 0.40% expense ratio.
Dividends
BWX vs. BINC - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, less than BINC's 5.84% 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
BWX and BINC 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, BWX dropped -34.05% vs BINC's -2.69%.
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.
BWX is categorized as International Government Bonds, while BINC is Multisector Bonds. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.40% for BINC.
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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