BWX vs. ISHG
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both International Government Bonds funds - BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007) while ISHG tracks the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, BWX returned -1.28%/yr vs -0.18%/yr for ISHG. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
BWX vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.91% return, which is significantly lower than ISHG's -0.03% return. Over the past 10 years, BWX has underperformed ISHG with an annualized return of -1.28%, while ISHG has yielded a comparatively higher -0.18% 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%
ISHG
- 1D
- -0.53%
- 1M
- -0.63%
- YTD
- -0.03%
- 6M
- 0.73%
- 1Y
- 2.60%
- 3Y*
- 4.34%
- 5Y*
- -1.18%
- 10Y*
- -0.18%
BWX vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.03% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between BWX and ISHG 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 | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.76 |
The correlation between BWX and ISHG 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. ISHG — Risk / Return Rank
BWX
ISHG
BWX vs. ISHG - 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 1-3 Year International Treasury Bond ETF (ISHG). 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.
| BWX | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.52 | -0.89 |
| Martin ratioReturn relative to average drawdown | -0.76 | 1.32 | -2.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BWX | ISHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 0.40 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.16 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.15 | -0.03 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.08 | +0.13 |
Drawdowns
BWX vs. ISHG - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum ISHG drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for BWX and ISHG.
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Drawdown Indicators
| BWX | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -37.24% | +3.19% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -5.02% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -8.21% | -2.01% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -23.96% | -7.29% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -25.56% | -8.49% |
Current DrawdownCurrent decline from peak | -23.98% | -22.25% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -18.43% | +8.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 1.98% | +1.02% |
Volatility
BWX vs. ISHG - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.41% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.65%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 1.65% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 4.71% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 6.50% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 7.58% | +2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 6.93% | +1.73% |
BWX vs. ISHG - Expense Ratio Comparison
Both BWX and ISHG have an expense ratio of 0.35%.
Dividends
BWX vs. ISHG - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.37%, more than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
BWX and ISHG 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 (2.41%) compared to ISHG (1.65%). In terms of maximum drawdown, BWX dropped -34.05% vs ISHG's -37.24%.
On 10-year performance, ISHG leads with -0.18% vs -1.28% for BWX. Both ETFs have the same 0.35% expense ratio. On volatility, ISHG has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISHG has performed better with a -0.18% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX and ISHG have the same expense ratio: 0.35% per year.
BWX has the higher dividend yield at 2.37%, compared with 1.45% for ISHG.
BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. They also come from different issuers: State Street and iShares.
ISHG currently has the higher Sharpe Ratio (0.40 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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