BWX vs. IYH
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and IYH (iShares U.S. Healthcare 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 IYH is a Health & Biotech Equities fund tracking the Dow Jones U.S. Health Care Index. Both are passively managed. Over the past 10 years, BWX returned -1.31%/yr vs 9.63%/yr for IYH. At a 0.12 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.43%/yr for IYH.
Performance
BWX vs. IYH - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.42% return, which is significantly lower than IYH's -1.10% return. Over the past 10 years, BWX has underperformed IYH with an annualized return of -1.31%, while IYH has yielded a comparatively higher 9.63% annualized return.
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
IYH
- 1D
- -0.46%
- 1M
- 5.37%
- YTD
- -1.10%
- 6M
- -1.60%
- 1Y
- 14.30%
- 3Y*
- 6.09%
- 5Y*
- 4.89%
- 10Y*
- 9.63%
BWX vs. IYH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
IYH iShares U.S. Healthcare ETF | -1.10% | 13.16% | 2.99% | 2.14% | -4.46% | 23.41% | 15.56% | 20.80% | 5.80% | 22.27% |
Correlation
The correlation between BWX and IYH is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.12 |
Over the past year, BWX and IYH have become more correlated (0.36) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
BWX vs. IYH — Risk / Return Rank
BWX
IYH
BWX vs. IYH - 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 U.S. Healthcare ETF (IYH). 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 | IYH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.17 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.35 | -1.81 |
| Martin ratioReturn relative to average drawdown | -0.90 | 3.21 | -4.11 |
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Drawdowns
BWX vs. IYH - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum IYH drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for BWX and IYH.
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Drawdown Indicators
| BWX | IYH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -43.12% | +9.07% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -10.64% | +4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -17.91% | +7.69% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -17.91% | -12.87% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -28.40% | -5.65% |
Current DrawdownCurrent decline from peak | -23.60% | -4.38% | -19.22% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -8.96% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 4.46% | -1.33% |
Volatility
BWX vs. IYH - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.49%, while iShares U.S. Healthcare ETF (IYH) has a volatility of 4.97%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than IYH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | IYH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 4.97% | -2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 10.61% | -4.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 15.11% | -7.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 14.97% | -5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 16.75% | -8.08% |
BWX vs. IYH - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than IYH's 0.43% expense ratio.
Dividends
BWX vs. IYH - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, more than IYH's 1.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
IYH iShares U.S. Healthcare ETF | 1.51% | 1.19% | 1.25% | 1.18% | 1.10% | 0.94% | 1.16% | 1.14% | 1.95% | 1.10% | 1.29% | 2.02% |
Frequently Asked Questions
BWX and IYH have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYH has higher volatility (4.97%) compared to BWX (2.49%). In terms of maximum drawdown, BWX dropped -34.05% vs IYH's -43.12%.
On 10-year performance, IYH leads with 9.63% vs -1.31% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYH has performed better with a 9.63% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.43% for IYH.
BWX has the higher dividend yield at 2.36%, compared with 1.51% for IYH.
BWX is categorized as International Government Bonds, while IYH is Health & Biotech Equities. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while IYH tracks Dow Jones U.S. Health Care Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.43% for IYH.
IYH currently has the higher Sharpe Ratio (0.95 vs -0.37), 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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