BWX vs. FLIA
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and FLIA (Franklin Liberty International Aggregate Bond ETF) are both International Government Bonds funds. BWX is passively managed, while FLIA is actively managed. Over the past 5 years, BWX returned -4.48%/yr vs 0.89%/yr for FLIA. A 0.50 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.25%/yr for FLIA.
Performance
BWX vs. FLIA - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.91% return, which is significantly lower than FLIA's 1.03% return.
BWX
- 1D
- -0.59%
- 1M
- -0.88%
- YTD
- -1.91%
- 6M
- -1.77%
- 1Y
- -2.28%
- 3Y*
- 1.18%
- 5Y*
- -4.48%
- 10Y*
- -1.28%
FLIA
- 1D
- -0.20%
- 1M
- 0.78%
- YTD
- 1.03%
- 6M
- 0.59%
- 1Y
- 2.12%
- 3Y*
- 3.38%
- 5Y*
- 0.89%
- 10Y*
- —
BWX vs. FLIA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.91% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -0.59% |
FLIA Franklin Liberty International Aggregate Bond ETF | 1.03% | 2.12% | 2.42% | 7.17% | -7.68% | -1.98% | 1.37% | 7.58% | -2.59% |
Correlation
The correlation between BWX and FLIA is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018 | 0.50 |
The correlation between BWX and FLIA shifts across timeframes, from 0.50 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. FLIA — Risk / Return Rank
BWX
FLIA
BWX vs. FLIA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Franklin Liberty International Aggregate Bond ETF (FLIA). 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.
| BWX | FLIA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.11 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.04 | -1.41 |
| Martin ratioReturn relative to average drawdown | -0.76 | 2.77 | -3.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BWX | FLIA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 0.64 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.20 | -0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.23 | -0.17 |
Drawdowns
BWX vs. FLIA - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than FLIA's maximum drawdown of -11.24%. Use the drawdown chart below to compare losses from any high point for BWX and FLIA.
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Drawdown Indicators
| BWX | FLIA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -11.24% | -22.81% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -2.04% | -4.12% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -2.77% | -7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -9.42% | -21.83% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -23.98% | -0.79% | -23.19% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -3.80% | -6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 0.77% | +2.23% |
Volatility
BWX vs. FLIA - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.41% compared to Franklin Liberty International Aggregate Bond ETF (FLIA) at 1.18%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than FLIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | FLIA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 1.18% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 2.49% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 3.34% | +4.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 4.42% | +5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 4.71% | +3.95% |
BWX vs. FLIA - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than FLIA's 0.25% expense ratio.
Dividends
BWX vs. FLIA - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.37%, less than FLIA's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.37% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
FLIA Franklin Liberty International Aggregate Bond ETF | 2.70% | 2.62% | 2.97% | 0.93% | 18.12% | 2.26% | 0.43% | 2.93% | 1.23% | 0.00% |
Frequently Asked Questions
BWX and FLIA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.41%) compared to FLIA (1.18%). In terms of maximum drawdown, BWX dropped -34.05% vs FLIA's -11.24%.
On 5-year performance, FLIA leads with 0.89% vs -4.48% for BWX. On fees, FLIA is cheaper at 0.25% per year. On volatility, FLIA has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLIA has performed better with a 0.89% return vs -4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLIA is cheaper with a 0.25% expense ratio, compared with 0.35% for BWX.
FLIA has the higher dividend yield at 2.70%, compared with 2.37% for BWX.
They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.35% for BWX and 0.25% for FLIA.
FLIA currently has the higher Sharpe Ratio (0.64 vs -0.30), 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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