BWX vs. BWZ
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) are both International Government Bonds funds from State Street - BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007) while BWZ tracks the Bloomberg Global Treasury (1-3 Y) Customized. Both are passively managed. Over the past 10 years, BWX returned -1.40%/yr vs -0.60%/yr for BWZ. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
BWX vs. BWZ - 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 BWZ's -1.98% return. Over the past 10 years, BWX has underperformed BWZ with an annualized return of -1.40%, while BWZ has yielded a comparatively higher -0.60% 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%
BWZ
- 1D
- -0.34%
- 1M
- -1.45%
- YTD
- -1.98%
- 6M
- -1.95%
- 1Y
- -1.90%
- 3Y*
- 2.03%
- 5Y*
- -1.91%
- 10Y*
- -0.60%
BWX vs. BWZ - 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% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
Correlation
The correlation between BWX and BWZ is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.77 |
The correlation between BWX and BWZ has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
BWX vs. BWZ — Risk / Return Rank
BWX
BWZ
BWX vs. BWZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) 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.
| BWX | BWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.96 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.37 | -0.30 |
| Martin ratioReturn relative to average drawdown | -1.28 | -0.78 | -0.49 |
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Drawdowns
BWX vs. BWZ - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, roughly equal to the maximum BWZ drawdown of -34.23%. Use the drawdown chart below to compare losses from any high point for BWX and BWZ.
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Drawdown Indicators
| BWX | BWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -34.23% | +0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -5.15% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -8.60% | -1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -22.15% | -8.63% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -24.90% | -9.15% |
Current DrawdownCurrent decline from peak | -24.74% | -23.46% | -1.28% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -16.12% | +6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 2.42% | +0.80% |
Volatility
BWX vs. BWZ - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.09% compared to SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) at 1.78%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier 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
| BWX | BWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 1.78% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 5.11% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.69% | 6.86% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 7.60% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 6.95% | +1.72% |
BWX vs. BWZ - Expense Ratio Comparison
Both BWX and BWZ have an expense ratio of 0.35%.
Dividends
BWX vs. BWZ - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.40%, more than BWZ's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
BWX and BWZ have a correlation of 0.81, 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 BWZ (1.78%). In terms of maximum drawdown, BWX dropped -34.05% vs BWZ's -34.23%.
On 10-year performance, BWZ leads with -0.60% vs -1.40% for BWX. Both ETFs have the same 0.35% expense ratio. On volatility, BWZ has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWZ has performed better with a -0.60% return vs -1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX and BWZ have the same expense ratio: 0.35% per year.
BWX has the higher dividend yield at 2.40%, compared with 2.12% for BWZ.
BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized.
BWZ currently has the higher Sharpe Ratio (-0.28 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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