BWX vs. GRNB
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and GRNB (VanEck Green 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 GRNB is a Global Bonds fund tracking the S&P Green Bond U.S. Dollar Select Index. Both are passively managed. Over the past 5 years, BWX returned -4.48%/yr vs 0.77%/yr for GRNB. A 0.63 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.20%/yr for GRNB.
Performance
BWX vs. GRNB - 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 GRNB's 0.43% 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%
GRNB
- 1D
- -0.19%
- 1M
- 0.45%
- YTD
- 0.43%
- 6M
- 0.57%
- 1Y
- 4.99%
- 3Y*
- 5.07%
- 5Y*
- 0.77%
- 10Y*
- —
BWX vs. GRNB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.91% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.30% |
GRNB VanEck Green Bond ETF | 0.43% | 7.09% | 3.31% | 7.08% | -11.93% | -2.36% | 7.98% | 5.40% | -4.07% | 9.87% |
Correlation
The correlation between BWX and GRNB 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 | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2017 | 0.63 |
The correlation between BWX and GRNB has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.
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Return for Risk
BWX vs. GRNB — Risk / Return Rank
BWX
GRNB
BWX vs. GRNB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and VanEck Green Bond ETF (GRNB). 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 | GRNB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.32 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.00 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.76 | 7.82 | -8.58 |
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 | GRNB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 1.69 | -1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.16 | -0.62 |
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 | 0.46 | -0.41 |
Drawdowns
BWX vs. GRNB - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than GRNB's maximum drawdown of -18.08%. Use the drawdown chart below to compare losses from any high point for BWX and GRNB.
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Drawdown Indicators
| BWX | GRNB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -18.08% | -15.97% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -2.51% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -4.24% | -5.98% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -17.94% | -13.31% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -23.98% | -0.57% | -23.41% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -4.58% | -5.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 0.64% | +2.36% |
Volatility
BWX vs. GRNB - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.41% compared to VanEck Green Bond ETF (GRNB) at 0.93%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than GRNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | GRNB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 0.93% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 2.34% | +3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 2.96% | +4.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 4.92% | +4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 4.88% | +3.78% |
BWX vs. GRNB - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than GRNB's 0.20% expense ratio.
Dividends
BWX vs. GRNB - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.37%, less than GRNB's 4.24% 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% |
GRNB VanEck Green Bond ETF | 4.24% | 4.18% | 3.83% | 3.17% | 2.60% | 1.97% | 2.24% | 1.79% | 1.21% | 1.09% |
Frequently Asked Questions
BWX and GRNB 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 GRNB (0.93%). In terms of maximum drawdown, BWX dropped -34.05% vs GRNB's -18.08%.
On 5-year performance, GRNB leads with 0.77% vs -4.48% for BWX. On fees, GRNB is cheaper at 0.20% per year. On volatility, GRNB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRNB has performed better with a 0.77% return vs -4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRNB is cheaper with a 0.20% expense ratio, compared with 0.35% for BWX.
GRNB has the higher dividend yield at 4.24%, compared with 2.37% for BWX.
BWX is categorized as International Government Bonds, while GRNB is Global Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while GRNB tracks S&P Green Bond U.S. Dollar Select Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for BWX and 0.20% for GRNB.
GRNB currently has the higher Sharpe Ratio (1.69 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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