BWX vs. PICB
BWX (State Street SPDR Bloomberg International Treasury Bond ETF) and PICB (Invesco International Corporate Bond ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index, while PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index. Both are passively managed. Over the past 10 years, BWX returned -1.57%/yr vs 0.58%/yr for PICB. Their 0.75 correlation means they have sometimes moved together and sometimes differently. BWX charges 0.35%/yr vs 0.50%/yr for PICB.
Performance
BWX vs. PICB - 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 PICB's -1.52% return. Over the past 10 years, BWX has underperformed PICB with an annualized return of -1.57%, while PICB has yielded a comparatively higher 0.58% annualized return.
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%
PICB
- 1D
- -0.30%
- 1M
- -0.23%
- 6M
- -3.28%
- YTD
- -1.52%
- 1Y
- 1.05%
- 3Y*
- 4.92%
- 5Y*
- -2.33%
- 10Y*
- 0.58%
- ALL TIME*
- 1.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $2.45M | $2.16M | $2.17M |
BWX vs. PICB - 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% |
PICB Invesco International Corporate Bond ETF | -1.52% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
Correlation
The correlation between BWX and PICB is 0.90, 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. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.75 |
The correlation between BWX and PICB shifts across timeframes, from 0.75 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. PICB — Risk / Return Rank
BWX
PICB
BWX vs. PICB - 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 Invesco International Corporate Bond ETF (PICB). 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 | PICB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.05 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 0.32 | -0.56 |
| Martin ratioReturn relative to average drawdown | -0.48 | 0.73 | -1.20 |
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Drawdowns
BWX vs. PICB - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum PICB drawdown of -37.10%. Use the drawdown chart below to compare losses from any high point for BWX and PICB.
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Drawdown Indicators
| BWX | PICB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -37.10% | +3.05% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -6.41% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -9.76% | -0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -36.08% | +5.30% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -37.10% | +3.05% |
Current DrawdownCurrent decline from peak | -24.42% | -12.62% | -11.80% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -9.69% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 2.82% | +0.43% |
Volatility
BWX vs. PICB - Volatility Comparison
State Street SPDR Bloomberg International Treasury Bond ETF (BWX) and Invesco International Corporate Bond ETF (PICB) have volatilities of 1.99% and 2.05%, 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 | PICB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 2.05% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 6.18% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 7.76% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 10.18% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 9.96% | -1.31% |
BWX vs. PICB - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is lower than PICB's 0.50% expense ratio.
Dividends
BWX vs. PICB - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.41%, less than PICB's 3.43% 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% |
PICB Invesco International Corporate Bond ETF | 3.43% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
Frequently Asked Questions
With a correlation of 0.90, BWX and PICB 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.
PICB has higher volatility (2.05%) compared to BWX (1.99%). In terms of maximum drawdown, BWX dropped -34.05% vs PICB's -37.10%.
On 10-year performance, PICB leads with 0.58% vs -1.57% for BWX. On fees, BWX is cheaper at 0.35% per year. 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, PICB has performed better with a 0.58% return vs -1.57%. 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 0.50% for PICB.
PICB has the higher dividend yield at 3.43%, compared with 2.20% for BWX.
BWX is categorized as International Government Bonds, while PICB is Corporate Bonds. BWX tracks Bloomberg Global Treasury ex-US Capped Index, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWX and 0.50% for PICB.
PICB currently has the higher Sharpe Ratio (0.26 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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