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BWX vs. IEF
Performance
Return for Risk
Dividends
Drawdowns
Volatility

BWX vs. IEF

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and iShares 7-10 Year Treasury Bond ETF (IEF).

BWX and IEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BWX is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). It was launched on Oct 2, 2007. IEF is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 7-10 Year Treasury Bond Index. It was launched on Jul 26, 2002. Both BWX and IEF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BWX vs. IEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and iShares 7-10 Year Treasury Bond ETF (IEF). The values are adjusted to include any dividend payments, if applicable.

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BWX vs. IEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		-1.99%7.67%-5.93%5.10%-19.72%-8.67%9.50%5.58%-1.85%9.93%
IEF
iShares 7-10 Year Treasury Bond ETF		-0.22%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%

Returns By Period

In the year-to-date period, BWX achieves a -1.99% return, which is significantly lower than IEF's -0.22% return. Over the past 10 years, BWX has underperformed IEF with an annualized return of -1.17%, while IEF has yielded a comparatively higher 0.78% annualized return.

BWX

1D
0.25%
1M
-3.14%
YTD
-1.99%
6M
-3.38%
1Y
2.67%
3Y*
0.31%
5Y*
-4.03%
10Y*
-1.17%

IEF

1D
-0.09%
1M
-1.82%
YTD
-0.22%
6M
0.37%
1Y
3.49%
3Y*
2.22%
5Y*
-0.78%
10Y*
0.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Bloomberg Barclays International Treasury Bond ETF

iShares 7-10 Year Treasury Bond ETF

Often compared with BWX:
BWX vs. IGOVBWX vs. BNDXBWX vs. BWZBWX vs. IAGGBWX vs. IBNDBWX vs. BNDBWX vs. CMF
Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. SHYIEF vs. IEIIEF vs. BNDIEF vs. TIP

BWX vs. IEF - Expense Ratio Comparison

BWX has a 0.35% expense ratio, which is higher than IEF's 0.15% expense ratio.

BWX
SPDR Bloomberg Barclays International Treasury Bond ETF
IEF
iShares 7-10 Year Treasury Bond ETF

Return for Risk

BWX vs. IEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BWX
BWX Risk / Return Rank: 1919
Overall Rank
BWX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
BWX Sortino Ratio Rank: 1919
Sortino Ratio Rank
BWX Omega Ratio Rank: 1717
Omega Ratio Rank
BWX Calmar Ratio Rank: 2222
Calmar Ratio Rank
BWX Martin Ratio Rank: 2020
Martin Ratio Rank
IEF
IEF Risk / Return Rank: 3434
Overall Rank
IEF Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 3232
Sortino Ratio Rank
IEF Omega Ratio Rank: 2626
Omega Ratio Rank
IEF Calmar Ratio Rank: 4444
Calmar Ratio Rank
IEF Martin Ratio Rank: 3333
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BWX vs. IEF - 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 7-10 Year Treasury Bond ETF (IEF). 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.

BWXIEFDifference

Sharpe ratio

Return per unit of total volatility

0.30

0.66

-0.35

Sortino ratio

Return per unit of downside risk

0.52

0.97

-0.46

Omega ratio

Gain probability vs. loss probability

1.06

1.11

-0.05

Calmar ratio

Return relative to maximum drawdown

0.47

1.20

-0.73

Martin ratio

Return relative to average drawdown

1.14

2.98

-1.84

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWX vs. IEF - Sharpe Ratio Comparison

The current BWX Sharpe Ratio is 0.30, which is lower than the IEF Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of BWX and IEF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

BWXIEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.30

0.66

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.42

-0.10

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.14

0.12

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.51

-0.45

Correlation

The correlation between BWX and IEF is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BWX vs. IEF - Dividend Comparison

BWX's dividend yield for the trailing twelve months is around 2.30%, less than IEF's 3.85% yield.

TTM20252024202320222021202020192018201720162015
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		2.30%2.19%1.99%1.63%1.23%0.93%0.95%1.16%1.07%0.46%0.00%0.00%
IEF
iShares 7-10 Year Treasury Bond ETF		3.85%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%

Drawdowns

BWX vs. IEF - Drawdown Comparison

The maximum BWX drawdown since its inception was -34.05%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for BWX and IEF.

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Drawdown Indicators

BWXIEFDifference

Max Drawdown

Largest peak-to-trough decline

-34.05%

-23.93%

-10.12%

Max Drawdown (1Y)

Largest decline over 1 year

-6.16%

-3.22%

-2.94%

Max Drawdown (5Y)

Largest decline over 5 years

-31.25%

-21.40%

-9.85%

Max Drawdown (10Y)

Largest decline over 10 years

-34.05%

-23.93%

-10.12%

Current Drawdown

Current decline from peak

-24.04%

-10.96%

-13.08%

Average Drawdown

Average peak-to-trough decline

-9.92%

-5.30%

-4.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

1.29%

+1.25%

Volatility

BWX vs. IEF - Volatility Comparison

SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 3.27% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.91%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BWXIEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.27%

1.91%

+1.36%

Volatility (6M)

Calculated over the trailing 6-month period

5.11%

3.22%

+1.89%

Volatility (1Y)

Calculated over the trailing 1-year period

8.85%

5.35%

+3.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.62%

7.70%

+1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.64%

6.63%

+2.01%