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 -4.48%/yr vs 18.49%/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 -1.91% return, which is significantly lower than GLDM's 3.00% 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%
GLDM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.60%
- 1Y
- 32.42%
- 3Y*
- 31.49%
- 5Y*
- 18.49%
- 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 | -1.91% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | 0.20% |
GLDM SPDR Gold MiniShares Trust | 3.00% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
Correlation
The correlation between BWX and GLDM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
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 27, 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.
| BWX | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.25 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.70 | -2.07 |
| Martin ratioReturn relative to average drawdown | -0.76 | 4.23 | -4.99 |
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 | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 1.24 | -1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 1.04 | -1.50 |
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 | 1.02 | -0.96 |
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 -21.63%. 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% | -21.63% | -12.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -19.14% | +12.98% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -19.14% | +8.92% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -20.92% | -10.33% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -23.98% | -17.65% | -6.33% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -6.22% | -3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 7.69% | -4.69% |
Volatility
BWX vs. GLDM - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.41%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 5.47%. 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 | 2.41% | 5.47% | -3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 22.99% | -17.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 26.39% | -18.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 17.91% | -8.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 16.85% | -8.19% |
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 2.37%, 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 | 2.37% | 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 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (5.47%) compared to BWX (2.41%). In terms of maximum drawdown, BWX dropped -34.05% vs GLDM's -21.63%.
On 5-year performance, GLDM leads with 18.49% vs -4.48% for BWX. On fees, GLDM is cheaper at 0.10% per year. On volatility, BWX has been the lower-risk option at 2.41%. 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 18.49% return vs -4.48%. 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 2.37%, 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 (1.24 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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