BWX vs. GEMD
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and GEMD (Goldman Sachs Access Emerging Markets USD 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 GEMD is a Emerging Markets Bonds fund tracking the FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, BWX returned 1.18%/yr vs 8.37%/yr for GEMD. A 0.65 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.39%/yr for GEMD.
Performance
BWX vs. GEMD - 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 GEMD's 1.64% 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%
GEMD
- 1D
- -0.41%
- 1M
- 1.17%
- YTD
- 1.64%
- 6M
- 1.49%
- 1Y
- 11.06%
- 3Y*
- 8.37%
- 5Y*
- —
- 10Y*
- —
BWX vs. GEMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.91% | 7.67% | -5.93% | 5.10% | -17.15% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 1.64% | 13.67% | 3.31% | 8.51% | -15.70% |
Correlation
The correlation between BWX and GEMD is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.65 |
The correlation between BWX and GEMD has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.
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Return for Risk
BWX vs. GEMD — Risk / Return Rank
BWX
GEMD
BWX vs. GEMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD). 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 | GEMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.38 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.39 | -2.76 |
| Martin ratioReturn relative to average drawdown | -0.76 | 10.09 | -10.85 |
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 | GEMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 2.01 | -2.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | — | — |
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 | 0.21 | -0.16 |
Drawdowns
BWX vs. GEMD - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than GEMD's maximum drawdown of -24.56%. Use the drawdown chart below to compare losses from any high point for BWX and GEMD.
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Drawdown Indicators
| BWX | GEMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -24.56% | -9.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -4.64% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -7.69% | -2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -23.98% | -0.43% | -23.55% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -8.19% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 1.10% | +1.90% |
Volatility
BWX vs. GEMD - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.41% compared to Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) at 1.84%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than GEMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | GEMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 1.84% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 4.40% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 5.53% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 9.95% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 9.95% | -1.29% |
BWX vs. GEMD - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than GEMD's 0.39% expense ratio.
Dividends
BWX vs. GEMD - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.37%, less than GEMD's 5.69% 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% |
GEMD Goldman Sachs Access Emerging Markets USD Bond ETF | 5.69% | 6.32% | 5.79% | 5.70% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and GEMD have a correlation of 0.64, 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 GEMD (1.84%). In terms of maximum drawdown, BWX dropped -34.05% vs GEMD's -24.56%.
On 3-year performance, GEMD leads with 8.37% vs 1.18% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, GEMD has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GEMD has performed better with a 8.37% return vs 1.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.39% for GEMD.
GEMD has the higher dividend yield at 5.69%, compared with 2.37% for BWX.
BWX is categorized as International Government Bonds, while GEMD is Emerging Markets Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while GEMD tracks FTSE Goldman Sachs Emerging Markets USD Bond Index - Benchmark TR Net. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.35% for BWX and 0.39% for GEMD.
GEMD currently has the higher Sharpe Ratio (2.01 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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