BWX vs. HYG
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate 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 HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, BWX returned -1.39%/yr vs 4.88%/yr for HYG. At a 0.28 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.49%/yr for HYG.
Performance
BWX vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.76% return, which is significantly lower than HYG's 1.14% return. Over the past 10 years, BWX has underperformed HYG with an annualized return of -1.39%, while HYG has yielded a comparatively higher 4.88% annualized return.
BWX
- 1D
- -0.18%
- 1M
- -2.88%
- YTD
- -2.76%
- 6M
- -2.15%
- 1Y
- -3.08%
- 3Y*
- 0.70%
- 5Y*
- -4.69%
- 10Y*
- -1.39%
HYG
- 1D
- 0.14%
- 1M
- -0.24%
- YTD
- 1.14%
- 6M
- 1.72%
- 1Y
- 6.36%
- 3Y*
- 8.34%
- 5Y*
- 3.69%
- 10Y*
- 4.88%
BWX vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.76% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.14% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between BWX and HYG is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | 0.28 |
Over the past year, BWX and HYG have become more correlated (0.60) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
BWX vs. HYG — Risk / Return Rank
BWX
HYG
BWX vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.32 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 2.73 | -3.23 |
| Martin ratioReturn relative to average drawdown | -1.01 | 12.02 | -13.03 |
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 | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.40 | 1.67 | -2.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | 0.49 | -0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.59 | -0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.46 | -0.41 |
Drawdowns
BWX vs. HYG - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, roughly equal to the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for BWX and HYG.
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Drawdown Indicators
| BWX | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -34.25% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -2.34% | -3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -4.56% | -5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -15.79% | -15.46% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -22.03% | -12.02% |
Current DrawdownCurrent decline from peak | -24.64% | -0.45% | -24.19% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -3.24% | -6.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 0.53% | +2.53% |
Volatility
BWX vs. HYG - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.33% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.23%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 1.23% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 5.83% | 3.05% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.72% | 3.84% | +3.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 7.53% | +2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 8.29% | +0.37% |
BWX vs. HYG - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
BWX vs. HYG - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.39%, less than HYG's 5.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.39% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.93% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
BWX and HYG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.33%) compared to HYG (1.23%). In terms of maximum drawdown, BWX dropped -34.05% vs HYG's -34.25%.
On 10-year performance, HYG leads with 4.88% vs -1.39% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, HYG has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 4.88% return vs -1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.49% for HYG.
HYG has the higher dividend yield at 5.93%, compared with 2.39% for BWX.
BWX is categorized as International Government Bonds, while HYG is High Yield Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.67 vs -0.40), 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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