BWX vs. KBND

Last updated Jun 4, 2026

BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and KBND (KraneShares Bloomberg China Bond Inclusion Index ETF) are both International Government Bonds funds - BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007) while KBND tracks the KBND-US - Bloomberg China Inclusion Focused Bond Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.50%/yr for KBND.

Performance

BWX vs. KBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

KBND

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BWX vs. KBND - 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%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	9.38%	1.25%	-0.09%	9.89%

Correlation

The correlation between BWX and KBND is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 4, 2014	0.18

Return for Risk

BWX vs. KBND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BWX

BWX Risk / Return Rank: 5
BWX Sharpe Ratio Rank: 6
BWX Sortino Ratio Rank: 5
BWX Omega Ratio Rank: 5
BWX Calmar Ratio Rank: 5
BWX Martin Ratio Rank: 5

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. KBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). 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	KBND	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	—	—
Sortino ratio: Return per unit of downside risk	-0.38	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.37	—	—
Martin ratio: Return relative to average drawdown	-0.76	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BWX	KBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	—	—

Drawdowns

Drawdown Indicators

	BWX	KBND	Difference
Max Drawdown Largest peak-to-trough decline	-34.05%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.05%	—	—
Current Drawdown Current decline from peak	-23.98%	—	—
Average Drawdown Average peak-to-trough decline	-10.05%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	—	—

Volatility

Volatility by Period

	BWX	KBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	—	—

BWX vs. KBND - Expense Ratio Comparison

BWX has a 0.35% expense ratio, which is lower than KBND's 0.50% expense ratio.

Dividends

BWX vs. KBND - Dividend Comparison

BWX's dividend yield for the trailing twelve months is around 2.37%, while KBND has not paid dividends to shareholders.

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%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.40%	2.20%	2.51%	6.97%	2.27%	3.47%	4.98%	0.00%	0.04%	1.16%

Frequently Asked Questions

Can I hold both BWX and KBND in my portfolio?

BWX and KBND have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWX or KBND?

On fees, BWX is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWX or KBND?

BWX is cheaper with a 0.35% expense ratio, compared with 0.50% for KBND.

Which ETF pays a higher dividend yield, BWX or KBND?

BWX has the higher dividend yield at 2.37%, compared with 0.00% for KBND.

What is the main difference between BWX and KBND?

BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while KBND tracks KBND-US - Bloomberg China Inclusion Focused Bond Index. They also come from different issuers: State Street and CICC. Their fees differ too: 0.35% for BWX and 0.50% for KBND.