BWX vs. IGOV
BWX (State Street SPDR Bloomberg International Treasury Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both International Government Bonds funds - BWX tracks the Bloomberg Global Treasury ex-US Capped Index while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. Both are passively managed. Over the past 10 years, BWX returned -1.57%/yr vs -1.64%/yr for IGOV. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.
Performance
BWX vs. IGOV - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.47% return, which is significantly lower than IGOV's -1.56% return. Both investments have delivered pretty close results over the past 10 years, with BWX having a -1.57% annualized return and IGOV not far behind at -1.64%.
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
IGOV
- 1D
- -0.34%
- 1M
- -0.07%
- 6M
- -3.30%
- YTD
- -1.56%
- 1Y
- -1.26%
- 3Y*
- 2.06%
- 5Y*
- -4.61%
- 10Y*
- -1.64%
- ALL TIME*
- 0.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $8.12M | $15.94M | $17.09M |
BWX vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
IGOV iShares International Treasury Bond ETF | -1.56% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
Correlation
The correlation between BWX and IGOV is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.84 |
The correlation between BWX and IGOV has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.
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Return for Risk
BWX vs. IGOV — Risk / Return Rank
BWX
IGOV
BWX vs. IGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) and iShares International Treasury Bond ETF (IGOV). 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 | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.01 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 0.06 | -0.30 |
| Martin ratioReturn relative to average drawdown | -0.48 | 0.13 | -0.60 |
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Drawdowns
BWX vs. IGOV - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for BWX and IGOV.
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Drawdown Indicators
| BWX | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -35.88% | +1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -6.14% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -10.65% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -32.82% | +2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -35.88% | +1.83% |
Current DrawdownCurrent decline from peak | -24.42% | -24.82% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -11.14% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 2.88% | +0.37% |
Volatility
BWX vs. IGOV - Volatility Comparison
State Street SPDR Bloomberg International Treasury Bond ETF (BWX) and iShares International Treasury Bond ETF (IGOV) have volatilities of 1.99% and 1.97%, 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 | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 1.97% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 6.31% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 7.97% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 9.99% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 8.58% | +0.07% |
BWX vs. IGOV - Expense Ratio Comparison
Both BWX and IGOV have an expense ratio of 0.35%.
Dividends
BWX vs. IGOV - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.41%, more than IGOV's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
With a correlation of 0.94, BWX and IGOV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BWX has higher volatility (1.99%) compared to IGOV (1.97%). In terms of maximum drawdown, BWX dropped -34.05% vs IGOV's -35.88%.
On 10-year performance, BWX leads with -1.57% vs -1.64% for IGOV. Both ETFs have the same 0.35% expense ratio. 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, BWX has performed better with a -1.57% return vs -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX and IGOV have the same expense ratio: 0.35% per year.
BWX has the higher dividend yield at 2.20%, compared with 1.43% for IGOV.
BWX tracks Bloomberg Global Treasury ex-US Capped Index, while IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index. They also come from different issuers: State Street and iShares.
IGOV currently has the higher Sharpe Ratio (0.05 vs -0.21), 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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