BWX vs. BNDX
BWX (SPDR Bloomberg Barclays 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 x US Capped (Inception 8/31/2007), while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, BWX returned -1.40%/yr vs 1.74%/yr for BNDX. At a 0.50 correlation, their price movements are largely independent. 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 -2.90% return, which is significantly lower than BNDX's 1.27% return. Over the past 10 years, BWX has underperformed BNDX with an annualized return of -1.40%, while BNDX has yielded a comparatively higher 1.74% annualized return.
BWX
- 1D
- -0.23%
- 1M
- -0.98%
- YTD
- -2.90%
- 6M
- -2.94%
- 1Y
- -4.10%
- 3Y*
- 0.68%
- 5Y*
- -4.36%
- 10Y*
- -1.40%
BNDX
- 1D
- 0.23%
- 1M
- 0.90%
- YTD
- 1.27%
- 6M
- 1.25%
- 1Y
- 2.23%
- 3Y*
- 4.22%
- 5Y*
- 0.46%
- 10Y*
- 1.74%
BWX vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.90% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
BNDX Vanguard Total International Bond ETF | 1.27% | 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 0.70, 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 4, 2013 | 0.50 |
Over the past year, BWX and BNDX have become more correlated (0.70) 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 SPDR Bloomberg Barclays 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 | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.12 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 0.76 | -1.43 |
| Martin ratioReturn relative to average drawdown | -1.28 | 2.11 | -3.38 |
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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 | -6.16% | -2.93% | -3.23% |
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 | -24.74% | -0.77% | -23.97% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -3.10% | -6.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 1.06% | +2.16% |
Volatility
BWX vs. BNDX - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.09% compared to Vanguard Total International Bond ETF (BNDX) at 0.97%. 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 | 2.09% | 0.97% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 2.98% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.69% | 3.46% | +4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 4.89% | +4.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 4.09% | +4.58% |
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 2.40%, less than BNDX's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.46% | 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 | 2.40% | 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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to BNDX (0.97%). In terms of maximum drawdown, BWX dropped -34.05% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.74% vs -1.40% for BWX. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 0.97%. 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 1.74% return vs -1.40%. 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 4.46%, compared with 2.40% for BWX.
BWX is categorized as International Government Bonds, while BNDX is Global Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD 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 (0.65 vs -0.54), 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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