BWX vs. GTIP
BWX (State Street SPDR Bloomberg International Treasury Bond ETF) and GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index, while GTIP is a Inflation-Protected Bonds fund tracking the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. Both are passively managed. Over the past 5 years, BWX returned -4.46%/yr vs 0.25%/yr for GTIP. Their 0.53 correlation means they have sometimes moved together and sometimes differently. BWX charges 0.35%/yr vs 0.12%/yr for GTIP.
Performance
BWX vs. GTIP - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.47% return, which is significantly lower than GTIP's 0.48% 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%
GTIP
- 1D
- -0.22%
- 1M
- -0.75%
- 6M
- -0.10%
- YTD
- 0.48%
- 1Y
- 1.69%
- 3Y*
- 3.77%
- 5Y*
- 0.25%
- 10Y*
- —
- ALL TIME*
- 3.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $1.08M | $1.13M | $1.80M |
BWX vs. GTIP - 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% | 2.46% |
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 0.48% | 6.63% | 2.04% | 3.88% | -12.14% | 5.86% | 10.83% | 8.33% | 0.32% |
Correlation
The correlation between BWX and GTIP is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2018 | 0.53 |
The correlation between BWX and GTIP has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.
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Return for Risk
BWX vs. GTIP — Risk / Return Rank
BWX
GTIP
BWX vs. GTIP - 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 Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP). 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 | GTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.13 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.19 | -1.43 |
| Martin ratioReturn relative to average drawdown | -0.48 | 3.37 | -3.85 |
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Drawdowns
BWX vs. GTIP - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than GTIP's maximum drawdown of -14.31%. Use the drawdown chart below to compare losses from any high point for BWX and GTIP.
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Drawdown Indicators
| BWX | GTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -14.31% | -19.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -2.02% | -4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -3.69% | -6.53% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -14.31% | -16.47% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -24.42% | -1.36% | -23.06% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -4.16% | -6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 0.71% | +2.54% |
Volatility
BWX vs. GTIP - Volatility Comparison
State Street SPDR Bloomberg International Treasury Bond ETF (BWX) has a higher volatility of 1.99% compared to Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) at 0.70%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than GTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | GTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 0.70% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 2.50% | +3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 3.32% | +4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 6.04% | +3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 5.97% | +2.68% |
BWX vs. GTIP - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than GTIP's 0.12% expense ratio.
Dividends
BWX vs. GTIP - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.41%, less than GTIP's 5.45% yield.
| 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% |
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 5.10% | 4.58% | 3.52% | 2.77% | 6.47% | 3.82% | 1.04% | 2.34% | 0.66% | 0.00% |
Frequently Asked Questions
BWX and GTIP have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.99%) compared to GTIP (0.70%). In terms of maximum drawdown, BWX dropped -34.05% vs GTIP's -14.31%.
On 5-year performance, GTIP leads with 0.25% vs -4.46% for BWX. On fees, GTIP is cheaper at 0.12% per year. On volatility, GTIP has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GTIP has performed better with a 0.25% return vs -4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTIP is cheaper with a 0.12% expense ratio, compared with 0.35% for BWX.
GTIP has the higher dividend yield at 5.10%, compared with 2.20% for BWX.
BWX is categorized as International Government Bonds, while GTIP is Inflation-Protected Bonds. BWX tracks Bloomberg Global Treasury ex-US Capped Index, while GTIP tracks FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.35% for BWX and 0.12% for GTIP.
GTIP currently has the higher Sharpe Ratio (0.73 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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