BWX vs. IBIC
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and IBIC (iShares iBonds Oct 2026 Term TIPS 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 IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, BWX returned -3.41% vs 4.38% for IBIC. At a 0.25 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.10%/yr for IBIC.
Performance
BWX vs. IBIC - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.67% return, which is significantly lower than IBIC's 2.39% return.
BWX
- 1D
- -0.46%
- 1M
- -0.76%
- YTD
- -2.67%
- 6M
- -2.20%
- 1Y
- -3.41%
- 3Y*
- 0.76%
- 5Y*
- -4.30%
- 10Y*
- -1.37%
IBIC
- 1D
- 0.06%
- 1M
- 0.08%
- YTD
- 2.39%
- 6M
- 2.49%
- 1Y
- 4.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BWX vs. IBIC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.67% | 7.67% | -5.93% | 7.47% |
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 2.39% | 4.96% | 5.25% | 2.17% |
Correlation
The correlation between BWX and IBIC is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.25 |
The correlation between BWX and IBIC shifts across timeframes, from -0.22 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. IBIC — Risk / Return Rank
BWX
IBIC
BWX vs. IBIC - 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 iBonds Oct 2026 Term TIPS ETF (IBIC). 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 | IBIC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.39 | ||
| Sortino ratioReturn per unit of downside risk | -9.49 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 2.21 | -1.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 16.41 | -16.97 |
| Martin ratioReturn relative to average drawdown | -1.07 | 58.11 | -59.18 |
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Drawdowns
BWX vs. IBIC - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than IBIC's maximum drawdown of -0.90%. Use the drawdown chart below to compare losses from any high point for BWX and IBIC.
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Drawdown Indicators
| BWX | IBIC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -0.90% | -33.15% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -0.27% | -5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -24.57% | -0.11% | -24.46% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -0.10% | -9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 0.08% | +3.12% |
Volatility
BWX vs. IBIC - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.09% compared to iShares iBonds Oct 2026 Term TIPS ETF (IBIC) at 0.16%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than IBIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | IBIC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 0.16% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 0.67% | +5.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 0.89% | +6.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 1.57% | +8.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 1.57% | +7.10% |
BWX vs. IBIC - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than IBIC's 0.10% expense ratio.
Dividends
BWX vs. IBIC - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.39%, less than IBIC's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 3.59% | 4.43% | 4.65% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and IBIC have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to IBIC (0.16%). In terms of maximum drawdown, BWX dropped -34.05% vs IBIC's -0.90%.
On 1-year performance, IBIC leads with 4.38% vs -3.41% for BWX. On fees, IBIC is cheaper at 0.10% per year. On volatility, IBIC has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIC has performed better with a 4.38% return vs -3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIC is cheaper with a 0.10% expense ratio, compared with 0.35% for BWX.
IBIC has the higher dividend yield at 3.59%, compared with 2.39% for BWX.
BWX is categorized as International Government Bonds, while IBIC is Inflation-Protected Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while IBIC tracks ICE 2026 Maturity US Inflation-Linked Treasury Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.10% for IBIC.
IBIC currently has the higher Sharpe Ratio (4.94 vs -0.45), 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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