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BWX vs. IEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BWX vs. IEF

Last updated Jun 4, 2026

BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and IEF (iShares 7-10 Year Treasury 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 IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, BWX returned -1.28%/yr vs 0.63%/yr for IEF. At a 0.40 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.15%/yr for IEF.

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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Returns By Period

In the year-to-date period, BWX achieves a -1.91% return, which is significantly lower than IEF's -0.66% return. Over the past 10 years, BWX has underperformed IEF with an annualized return of -1.28%, while IEF has yielded a comparatively higher 0.63% annualized return.

BWX

1D
-0.59%
1M
-0.88%
YTD
-1.91%
6M
-1.77%
1Y
-2.28%
3Y*
1.18%
5Y*
-4.48%
10Y*
-1.28%

IEF

1D
-0.25%
1M
-0.08%
YTD
-0.66%
6M
-1.17%
1Y
4.06%
3Y*
2.47%
5Y*
-1.14%
10Y*
0.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BWX vs. IEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		-1.91%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		-0.66%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%

Correlation

The correlation between BWX and IEF is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.67

Correlation (10Y)
Calculated over the trailing 10-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2007

0.40

Over the past year, BWX and IEF have become more correlated (0.69) than their long-term average of 0.40, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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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. BNDIEF vs. IEIIEF vs. TIP

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: 55
Overall Rank
BWX Sharpe Ratio Rank: 66
Sharpe Ratio Rank
BWX Sortino Ratio Rank: 55
Sortino Ratio Rank
BWX Omega Ratio Rank: 55
Omega Ratio Rank
BWX Calmar Ratio Rank: 55
Calmar Ratio Rank
BWX Martin Ratio Rank: 55
Martin Ratio Rank
IEF
IEF Risk / Return Rank: 2323
Overall Rank
IEF Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 2323
Sortino Ratio Rank
IEF Omega Ratio Rank: 2121
Omega Ratio Rank
IEF Calmar Ratio Rank: 2222
Calmar Ratio Rank
IEF Martin Ratio Rank: 2323
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 ratioReturn per unit of total volatility
-0.30
0.85

-1.15

Sortino ratioReturn per unit of downside risk
-0.38
1.29

-1.66

Omega ratioGain probability vs. loss probability

0.96

1.15

-0.19

Calmar ratioReturn relative to maximum drawdown

-0.37

1.00

-1.37

Martin ratioReturn relative to average drawdown

-0.76

2.98

-3.74

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 0.85. The chart below compares the historical Sharpe Ratios of BWX and IEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BWXIEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.30

0.85

-1.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.47

-0.15

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.15

0.10

-0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.50

-0.45

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%

-4.07%

-2.09%

Max Drawdown (3Y)

Largest decline over 3 years

-10.22%

-7.74%

-2.48%

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

-23.98%

-11.35%

-12.63%

Average Drawdown

Average peak-to-trough decline

-10.05%

-5.34%

-4.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

1.37%

+1.63%

Volatility

BWX vs. IEF - Volatility Comparison

SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.41% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.54%. 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

2.41%

1.54%

+0.87%

Volatility (6M)

Calculated over the trailing 6-month period

5.79%

3.34%

+2.45%

Volatility (1Y)

Calculated over the trailing 1-year period

7.70%

4.78%

+2.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.69%

7.71%

+1.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.66%

6.62%

+2.04%

BWX vs. IEF - Expense Ratio Comparison

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

Dividends

BWX vs. IEF - Dividend Comparison

BWX's dividend yield for the trailing twelve months is around 2.37%, less than IEF's 3.90% yield.

PositionTTM20252024202320222021202020192018201720162015
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		2.37%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		3.90%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%

Frequently Asked Questions

BWX and IEF have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BWX has higher volatility (2.41%) compared to IEF (1.54%). In terms of maximum drawdown, BWX dropped -34.05% vs IEF's -23.93%.

On 10-year performance, IEF leads with 0.63% vs -1.28% for BWX. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEF has performed better with a 0.63% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEF is cheaper with a 0.15% expense ratio, compared with 0.35% for BWX.

IEF has the higher dividend yield at 3.90%, compared with 2.37% for BWX.

BWX is categorized as International Government Bonds, while IEF is Government Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.15% for IEF.

IEF currently has the higher Sharpe Ratio (0.85 vs -0.30), 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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