BWX vs. PICB

Last updated Jun 4, 2026

BWX (SPDR Bloomberg Barclays 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 x US Capped (Inception 8/31/2007), 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 -1.28%/yr vs 0.71%/yr for PICB. A 0.75 correlation means they provide meaningful diversification when combined. BWX charges 0.35%/yr vs 0.50%/yr for PICB.

Performance

BWX vs. PICB - Performance Comparison

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

Returns By Period

In the year-to-date period, BWX achieves a -1.91% return, which is significantly lower than PICB's -0.61% return. Over the past 10 years, BWX has underperformed PICB with an annualized return of -1.28%, while PICB has yielded a comparatively higher 0.71% 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%

PICB

• 1D: -0.64%
• 1M: 0.07%
• YTD: -0.61%
• 6M: 0.09%
• 1Y: 2.99%
• 3Y*: 6.15%
• 5Y*: -2.27%
• 10Y*: 0.71%

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

BWX vs. PICB - 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%
PICB Invesco International Corporate Bond ETF	-0.61%	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 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 4, 2010	0.75

The correlation between BWX and PICB shifts across timeframes, from 0.75 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BWX vs. PICB — 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

PICB

PICB Risk / Return Rank: 14
PICB Sharpe Ratio Rank: 14
PICB Sortino Ratio Rank: 13
PICB Omega Ratio Rank: 13
PICB Calmar Ratio Rank: 15
PICB Martin Ratio Rank: 15

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. PICB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays 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.

	BWX	PICB	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	0.38	-0.68
Sortino ratio: Return per unit of downside risk	-0.38	0.61	-0.99
Omega ratio: Gain probability vs. loss probability	0.96	1.07	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.37	0.47	-0.84
Martin ratio: Return relative to average drawdown	-0.76	1.30	-2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWX vs. PICB - Sharpe Ratio Comparison

The current BWX Sharpe Ratio is -0.30, which is lower than the PICB Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of BWX and PICB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BWX	PICB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	0.38	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	-0.22	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.15	0.07	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.21	-0.15

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.

Drawdown Indicators

	BWX	PICB	Difference
Max Drawdown Largest peak-to-trough decline	-34.05%	-37.10%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-6.41%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-10.22%	-9.76%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-31.25%	-36.51%	+5.26%
Max Drawdown (10Y) Largest decline over 10 years	-34.05%	-37.10%	+3.05%
Current Drawdown Current decline from peak	-23.98%	-11.81%	-12.17%
Average Drawdown Average peak-to-trough decline	-10.05%	-9.67%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.30%	+0.70%

Volatility

BWX vs. PICB - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.41%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.56%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than PICB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWX	PICB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	2.56%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	6.00%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	7.81%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	10.19%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	10.06%	-1.40%

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 2.37%, less than PICB's 3.34% 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%
PICB Invesco International Corporate Bond ETF	3.34%	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

Can I hold both BWX and PICB in my portfolio?

With a correlation of 0.91, 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.

Which is riskier, BWX or PICB?

PICB has higher volatility (2.56%) compared to BWX (2.41%). In terms of maximum drawdown, BWX dropped -34.05% vs PICB's -37.10%.

Which ETF is better, BWX or PICB?

On 10-year performance, PICB leads with 0.71% vs -1.28% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWX or PICB?

Over the 10-year period, PICB has performed better with a 0.71% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWX or PICB?

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

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

PICB has the higher dividend yield at 3.34%, compared with 2.37% for BWX.

What is the main difference between BWX and PICB?

BWX is categorized as International Government Bonds, while PICB is Corporate Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), 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.

Which has better risk-adjusted returns?

PICB currently has the higher Sharpe Ratio (0.38 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.