BWX vs. EBND
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and EBND (SPDR Bloomberg Barclays Emerging Markets Local 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 EBND is a Emerging Markets Bonds fund tracking the Bloomberg Emerging Market Local Currency Government Diversified. Both are passively managed. Over the past 10 years, BWX returned -1.31%/yr vs 1.79%/yr for EBND. A 0.58 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.30%/yr for EBND.
Performance
BWX vs. EBND - 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 EBND's 1.16% return. Over the past 10 years, BWX has underperformed EBND with an annualized return of -1.31%, while EBND has yielded a comparatively higher 1.79% annualized 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%
EBND
- 1D
- 0.72%
- 1M
- 2.49%
- YTD
- 1.16%
- 6M
- 2.04%
- 1Y
- 6.85%
- 3Y*
- 5.36%
- 5Y*
- 0.64%
- 10Y*
- 1.79%
BWX vs. EBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 1.16% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
Correlation
The correlation between BWX and EBND is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011 | 0.58 |
Over the past year, BWX and EBND have become more correlated (0.80) than their long-term average of 0.58, meaning their price movements have been converging.
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Return for Risk
BWX vs. EBND — Risk / Return Rank
BWX
EBND
BWX vs. EBND - 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 Emerging Markets Local Bond ETF (EBND). 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 | EBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.19 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.04 | -1.49 |
| Martin ratioReturn relative to average drawdown | -0.90 | 3.32 | -4.21 |
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Drawdowns
BWX vs. EBND - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than EBND's maximum drawdown of -29.51%. Use the drawdown chart below to compare losses from any high point for BWX and EBND.
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Drawdown Indicators
| BWX | EBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -29.51% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -6.63% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -9.25% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -26.15% | -4.63% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -29.50% | -4.55% |
Current DrawdownCurrent decline from peak | -23.60% | -1.90% | -21.70% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -10.85% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 2.07% | +1.06% |
Volatility
BWX vs. EBND - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.49%, while SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a volatility of 2.70%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than EBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | EBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 2.70% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 6.22% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 7.13% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 9.01% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 9.19% | -0.52% |
BWX vs. EBND - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than EBND's 0.30% expense ratio.
Dividends
BWX vs. EBND - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, less than EBND's 5.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.75% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% |
Frequently Asked Questions
BWX and EBND have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.70%) compared to BWX (2.49%). In terms of maximum drawdown, BWX dropped -34.05% vs EBND's -29.51%.
On 10-year performance, EBND leads with 1.79% vs -1.31% for BWX. On fees, EBND is cheaper at 0.30% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EBND has performed better with a 1.79% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.35% for BWX.
EBND has the higher dividend yield at 5.75%, compared with 2.36% for BWX.
BWX is categorized as International Government Bonds, while EBND is Emerging Markets Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while EBND tracks Bloomberg Emerging Market Local Currency Government Diversified. Their fees differ too: 0.35% for BWX and 0.30% for EBND.
EBND currently has the higher Sharpe Ratio (0.97 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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