BWX vs. GLDM
BWX (State Street SPDR Bloomberg 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 ex-US Capped Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, BWX returned -4.46%/yr vs 17.31%/yr for GLDM. Their 0.50 correlation means their historical movements had little consistent relationship. 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 -2.47% return, which is significantly higher than GLDM's -6.13% return.
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
GLDM
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.53%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.59%
- 5Y*
- 17.31%
- 10Y*
- —
- ALL TIME*
- 15.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $263.44M | $251.25M | $317.77M |
BWX vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | 0.02% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between BWX and GLDM is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer 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 State Street SPDR Bloomberg 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 | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.17 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 0.88 | -1.12 |
| Martin ratioReturn relative to average drawdown | -0.48 | 1.90 | -2.38 |
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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 -26.27%. 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% | -26.27% | -7.78% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -26.27% | +19.74% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -26.27% | +16.05% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -26.27% | -4.51% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -24.42% | -24.94% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -6.56% | -3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 12.12% | -8.87% |
Volatility
BWX vs. GLDM - Volatility Comparison
The current volatility for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) is 1.99%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 6.35%. 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 | 1.99% | 6.35% | -4.36% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 23.37% | -17.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 27.92% | -20.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 18.39% | -8.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 17.10% | -8.45% |
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 2.41%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 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 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (6.35%) compared to BWX (1.99%). In terms of maximum drawdown, BWX dropped -34.05% vs GLDM's -26.27%.
On 5-year performance, GLDM leads with 17.31% vs -4.46% for BWX. On fees, GLDM is cheaper at 0.10% per year. On volatility, BWX has been the lower-risk option at 1.99%. 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 17.31% return vs -4.46%. 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 2.20%, compared with 0.00% for GLDM.
BWX is categorized as International Government Bonds, while GLDM is Gold. BWX tracks Bloomberg Global Treasury ex-US Capped Index, 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 (0.83 vs -0.21), 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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