BWX vs. BNDX
BWX (State Street SPDR Bloomberg International Treasury Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). Both are passively managed. Over the past 10 years, BWX returned -1.57%/yr vs 1.51%/yr for BNDX. Their 0.50 correlation means their historical movements had little consistent relationship. BWX charges 0.35%/yr vs 0.07%/yr for BNDX.
Performance
BWX vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.47% return, which is significantly lower than BNDX's 0.22% return. Over the past 10 years, BWX has underperformed BNDX with an annualized return of -1.57%, while BNDX has yielded a comparatively higher 1.51% annualized return.
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
BNDX
- 1D
- -0.23%
- 1M
- -0.97%
- 6M
- -0.29%
- YTD
- 0.22%
- 1Y
- 0.83%
- 3Y*
- 4.00%
- 5Y*
- -0.07%
- 10Y*
- 1.51%
- ALL TIME*
- 2.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.93M | $187.29M | $236.21M | |
| $8.57M | $8.76M | $11.82M |
BWX vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
BNDX Vanguard Total International Bond ETF | 0.22% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between BWX and BNDX is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.50 |
Over the past year, BWX and BNDX have become more correlated (0.71) than their long-term average of 0.50, meaning their price movements have been converging.
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Return for Risk
BWX vs. BNDX — Risk / Return Rank
BWX
BNDX
BWX vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) and Vanguard Total International Bond ETF (BNDX). 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 | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.06 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 0.41 | -0.64 |
| Martin ratioReturn relative to average drawdown | -0.48 | 1.04 | -1.52 |
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Drawdowns
BWX vs. BNDX - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for BWX and BNDX.
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Drawdown Indicators
| BWX | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -16.23% | -17.82% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -2.93% | -3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -2.93% | -7.29% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -15.86% | -14.92% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -16.23% | -17.82% |
Current DrawdownCurrent decline from peak | -24.42% | -1.80% | -22.62% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -3.08% | -7.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 1.14% | +2.11% |
Volatility
BWX vs. BNDX - Volatility Comparison
State Street SPDR Bloomberg International Treasury Bond ETF (BWX) has a higher volatility of 1.99% compared to Vanguard Total International Bond ETF (BNDX) at 1.08%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 1.08% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 3.10% | +2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 3.53% | +4.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 4.90% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 4.09% | +4.56% |
BWX vs. BNDX - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
BWX vs. BNDX - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.41%, less than BNDX's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.31% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 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 BNDX 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 (1.99%) compared to BNDX (1.08%). In terms of maximum drawdown, BWX dropped -34.05% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.51% vs -1.57% for BWX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX 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, BNDX has performed better with a 1.51% return vs -1.57%. 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 4.31%, compared with 2.20% for BWX.
BWX is categorized as International Government Bonds, while BNDX is Global Bonds. BWX tracks Bloomberg Global Treasury ex-US Capped Index, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWX and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.34 vs -0.21), 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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