BWX vs. IBND
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and IBND (SPDR Bloomberg Barclays International 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 IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Both are passively managed. Over the past 10 years, BWX returned -1.37%/yr vs 0.73%/yr for IBND. A 0.76 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.50%/yr for IBND.
Performance
BWX vs. IBND - 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 IBND's -1.99% return. Over the past 10 years, BWX has underperformed IBND with an annualized return of -1.37%, while IBND has yielded a comparatively higher 0.73% annualized 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%
IBND
- 1D
- -0.13%
- 1M
- -0.81%
- YTD
- -1.99%
- 6M
- -1.90%
- 1Y
- 0.75%
- 3Y*
- 5.84%
- 5Y*
- -1.24%
- 10Y*
- 0.73%
BWX vs. IBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.67% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -1.99% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
Correlation
The correlation between BWX and IBND is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.76 |
The correlation between BWX and IBND shifts across timeframes, from 0.76 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. IBND — Risk / Return Rank
BWX
IBND
BWX vs. IBND - 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 Bloomberg Barclays International Corporate Bond ETF (IBND). 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 | IBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.02 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.11 | -0.67 |
| Martin ratioReturn relative to average drawdown | -1.07 | 0.29 | -1.36 |
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Drawdowns
BWX vs. IBND - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, roughly equal to the maximum IBND drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for BWX and IBND.
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Drawdown Indicators
| BWX | IBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -35.62% | +1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -6.75% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -9.18% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -33.49% | +2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -35.62% | +1.57% |
Current DrawdownCurrent decline from peak | -24.57% | -10.29% | -14.28% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -10.63% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 2.62% | +0.58% |
Volatility
BWX vs. IBND - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) have volatilities of 2.09% and 2.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | IBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.05% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 6.31% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 8.04% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 9.75% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 8.95% | -0.28% |
BWX vs. IBND - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than IBND's 0.50% expense ratio.
Dividends
BWX vs. IBND - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.39%, less than IBND's 2.76% 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% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.76% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
Frequently Asked Questions
BWX and IBND have a correlation of 0.88, 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 IBND (2.05%). In terms of maximum drawdown, BWX dropped -34.05% vs IBND's -35.62%.
On 10-year performance, IBND leads with 0.73% vs -1.37% for BWX. On fees, BWX is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IBND has performed better with a 0.73% return vs -1.37%. 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 0.50% for IBND.
IBND has the higher dividend yield at 2.76%, compared with 2.39% for BWX.
BWX is categorized as International Government Bonds, while IBND is Corporate Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Their fees differ too: 0.35% for BWX and 0.50% for IBND.
IBND currently has the higher Sharpe Ratio (0.09 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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