BWX vs. BND
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and BND (Vanguard Total Bond Market 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 BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, BWX returned -1.37%/yr vs 1.55%/yr for BND. At a 0.44 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.03%/yr for BND.
Performance
BWX vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.67% return, which is significantly lower than BND's 0.38% return. Over the past 10 years, BWX has underperformed BND with an annualized return of -1.37%, while BND has yielded a comparatively higher 1.55% annualized return.
BWX
- 1D
- -0.46%
- 1M
- -0.76%
- YTD
- -2.67%
- 6M
- -2.20%
- 1Y
- -3.41%
- 3Y*
- 0.76%
- 5Y*
- -4.30%
- 10Y*
- -1.37%
BND
- 1D
- -0.27%
- 1M
- 0.53%
- YTD
- 0.38%
- 6M
- 0.45%
- 1Y
- 4.37%
- 3Y*
- 3.92%
- 5Y*
- 0.04%
- 10Y*
- 1.55%
BWX vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.67% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
BND Vanguard Total Bond Market ETF | 0.38% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between BWX and BND is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.44 |
Over the past year, BWX and BND have become more correlated (0.71) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
BWX vs. BND — Risk / Return Rank
BWX
BND
BWX vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.21 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 1.64 | -2.20 |
| Martin ratioReturn relative to average drawdown | -1.07 | 4.69 | -5.76 |
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Drawdowns
BWX vs. BND - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for BWX and BND.
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Drawdown Indicators
| BWX | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -18.58% | -15.47% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -2.68% | -3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -5.92% | -4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -17.91% | -12.87% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -18.58% | -15.47% |
Current DrawdownCurrent decline from peak | -24.57% | -2.26% | -22.31% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -3.06% | -7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 0.93% | +2.27% |
Volatility
BWX vs. BND - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.09% compared to Vanguard Total Bond Market ETF (BND) at 1.08%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.08% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 2.77% | +3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 3.74% | +3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 6.03% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 5.54% | +3.13% |
BWX vs. BND - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
BWX vs. BND - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.39%, less than BND's 3.96% 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 | 2.39% | 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
BWX and BND have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to BND (1.08%). In terms of maximum drawdown, BWX dropped -34.05% vs BND's -18.58%.
On 10-year performance, BND leads with 1.55% vs -1.37% for BWX. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.08%. 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 1.55% return vs -1.37%. 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 2.39% for BWX.
BWX is categorized as International Government Bonds, while BND is Total Bond Market. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWX and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.18 vs -0.45), 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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