BWX vs. SGOV
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and SGOV (iShares 0-3 Month Treasury 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 SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, BWX returned -4.45%/yr vs 3.54%/yr for SGOV. At a correlation of -0.02, they often move in opposite directions. BWX charges 0.35%/yr vs 0.09%/yr for SGOV.
Performance
BWX vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.73% return, which is significantly lower than SGOV's 1.52% return.
BWX
- 1D
- 0.18%
- 1M
- -0.70%
- YTD
- -1.73%
- 6M
- -1.29%
- 1Y
- -2.65%
- 3Y*
- 1.22%
- 5Y*
- -4.45%
- 10Y*
- -1.27%
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.52%
- 6M
- 1.79%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.54%
- 10Y*
- —
BWX vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.73% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 11.42% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.52% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.05% |
Correlation
The correlation between BWX and SGOV is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | -0.02 |
The correlation between BWX and SGOV shifts across timeframes, from -0.14 (1 year) to -0.00 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. SGOV — Risk / Return Rank
BWX
SGOV
BWX vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.63 | ||
| Sortino ratioReturn per unit of downside risk | -276.14 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 195.55 | -194.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 398.20 | -398.63 |
| Martin ratioReturn relative to average drawdown | -0.88 | 4,462.00 | -4,462.88 |
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 | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.35 | 20.28 | -20.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | 14.74 | -15.20 |
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 | 12.49 | -12.43 |
Drawdowns
BWX vs. SGOV - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for BWX and SGOV.
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Drawdown Indicators
| BWX | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -0.03% | -34.02% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -0.01% | -6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -0.01% | -10.21% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -0.03% | -31.22% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -23.84% | 0.00% | -23.84% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -0.00% | -10.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 0.00% | +3.02% |
Volatility
BWX vs. SGOV - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.42% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 0.05% | +2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 0.13% | +5.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.69% | 0.20% | +7.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.68% | 0.24% | +9.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 0.24% | +8.42% |
BWX vs. SGOV - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
BWX vs. SGOV - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.37%, less than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.42%) compared to SGOV (0.05%). In terms of maximum drawdown, BWX dropped -34.05% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.54% vs -4.45% for BWX. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOV has performed better with a 3.54% return vs -4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.35% for BWX.
SGOV has the higher dividend yield at 3.86%, compared with 2.37% for BWX.
BWX is categorized as International Government Bonds, while SGOV is Ultrashort Bond. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs -0.35), 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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