BWX vs. GLDM
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and GLDM (SPDR Gold MiniShares Trust) 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 GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, BWX returned -4.58%/yr vs 16.85%/yr for GLDM. At a 0.50 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.10%/yr for GLDM.
Performance
BWX vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -3.69% return, which is significantly higher than GLDM's -7.26% return.
BWX
- 1D
- -0.65%
- 1M
- -2.03%
- 6M
- -3.30%
- YTD
- -3.69%
- 1Y
- -4.71%
- 3Y*
- -0.41%
- 5Y*
- -4.58%
- 10Y*
- -1.52%
GLDM
- 1D
- -2.61%
- 1M
- -4.98%
- 6M
- -12.90%
- YTD
- -7.26%
- 1Y
- 19.09%
- 3Y*
- 26.87%
- 5Y*
- 16.85%
- 10Y*
- —
BWX vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -3.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | 0.02% |
GLDM SPDR Gold MiniShares Trust | -7.26% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between BWX and GLDM is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.50 |
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Return for Risk
BWX vs. GLDM — Risk / Return Rank
BWX
GLDM
BWX vs. GLDM - 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 Gold MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.15 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.73 | -1.50 |
| Martin ratioReturn relative to average drawdown | -1.59 | 1.80 | -3.39 |
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Drawdowns
BWX vs. GLDM - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than GLDM's maximum drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for BWX and GLDM.
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Drawdown Indicators
| BWX | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -26.11% | -7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -6.14% | -26.11% | +19.97% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -26.11% | +15.89% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -26.11% | -4.67% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -25.35% | -25.85% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -10.12% | -6.43% | -3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 10.63% | -7.66% |
Volatility
BWX vs. GLDM - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 1.91%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.60%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.91% | 7.60% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 6.00% | 24.04% | -18.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.62% | 27.76% | -20.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.71% | 18.30% | -8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 17.07% | -8.41% |
BWX vs. GLDM - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
BWX vs. GLDM - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.44%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.44% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and GLDM have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.60%) compared to BWX (1.91%). In terms of maximum drawdown, BWX dropped -34.05% vs GLDM's -26.11%.
On 5-year performance, GLDM leads with 16.85% vs -4.58% for BWX. On fees, GLDM is cheaper at 0.10% per year. On volatility, BWX has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 16.85% return vs -4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.35% for BWX.
BWX has the higher dividend yield at 2.44%, compared with 0.00% for GLDM.
BWX is categorized as International Government Bonds, while GLDM is Gold. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.35% for BWX and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.69 vs -0.62), 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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