BWX vs. IFLN
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and IFLN (Invesco Bloomberg Enhanced Fallen Angels 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 IFLN is a High Yield Bonds fund tracking the Bloomberg US High Yield Enhanced Fallen Angels Index. Both are passively managed. Over the past 10 years, BWX returned -1.52%/yr vs 4.34%/yr for IFLN. At a 0.27 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.23%/yr for IFLN.
Performance
BWX vs. IFLN - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -3.69% return, which is significantly lower than IFLN's 0.93% return. Over the past 10 years, BWX has underperformed IFLN with an annualized return of -1.52%, while IFLN has yielded a comparatively higher 4.34% annualized return.
BWX
- 1D
- -0.65%
- 1M
- -2.03%
- 6M
- -3.30%
- YTD
- -3.69%
- 1Y
- -4.71%
- 3Y*
- -0.41%
- 5Y*
- -4.58%
- 10Y*
- -1.52%
IFLN
- 1D
- -0.27%
- 1M
- 0.02%
- 6M
- 0.44%
- YTD
- 0.93%
- 1Y
- 5.08%
- 3Y*
- 7.12%
- 5Y*
- 3.43%
- 10Y*
- 4.34%
BWX vs. IFLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -3.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 0.93% | 8.75% | 5.54% | 11.19% | -8.77% | 3.32% | 5.20% | 13.59% | -2.69% | 5.12% |
Correlation
The correlation between BWX and IFLN is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2007 | 0.27 |
Over the past year, BWX and IFLN have become more correlated (0.59) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
BWX vs. IFLN — Risk / Return Rank
BWX
IFLN
BWX vs. IFLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN). 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 | IFLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 1.25 | -2.02 |
| Martin ratioReturn relative to average drawdown | -1.59 | 5.14 | -6.72 |
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Drawdowns
BWX vs. IFLN - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum IFLN drawdown of -44.79%. Use the drawdown chart below to compare losses from any high point for BWX and IFLN.
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Drawdown Indicators
| BWX | IFLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -44.79% | +10.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.14% | -4.08% | -2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -4.08% | -6.14% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -13.76% | -17.02% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -21.52% | -12.53% |
Current DrawdownCurrent decline from peak | -25.35% | -0.69% | -24.66% |
Average DrawdownAverage peak-to-trough decline | -10.12% | -4.31% | -5.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 0.99% | +1.98% |
Volatility
BWX vs. IFLN - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 1.91% compared to Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) at 0.97%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than IFLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | IFLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.91% | 0.97% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 6.00% | 3.29% | +2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.62% | 3.95% | +3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.71% | 6.38% | +3.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 6.86% | +1.80% |
BWX vs. IFLN - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than IFLN's 0.23% expense ratio.
Dividends
BWX vs. IFLN - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.44%, less than IFLN's 5.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.44% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 5.87% | 5.48% | 5.69% | 4.68% | 3.52% | 3.37% | 3.90% | 4.03% | 4.44% | 4.14% | 4.58% | 4.69% |
Frequently Asked Questions
BWX and IFLN have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.91%) compared to IFLN (0.97%). In terms of maximum drawdown, BWX dropped -34.05% vs IFLN's -44.79%.
On 10-year performance, IFLN leads with 4.34% vs -1.52% for BWX. On fees, IFLN is cheaper at 0.23% per year. On volatility, IFLN has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IFLN has performed better with a 4.34% return vs -1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFLN is cheaper with a 0.23% expense ratio, compared with 0.35% for BWX.
IFLN has the higher dividend yield at 5.87%, compared with 2.44% for BWX.
BWX is categorized as International Government Bonds, while IFLN is High Yield Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while IFLN tracks Bloomberg US High Yield Enhanced Fallen Angels Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWX and 0.23% for IFLN.
IFLN currently has the higher Sharpe Ratio (1.30 vs -0.62), 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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