BWX vs. SPLV
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and SPLV (Invesco S&P 500 Low Volatility 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 SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, BWX returned -1.31%/yr vs 8.33%/yr for SPLV. At a 0.18 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.25%/yr for SPLV.
Performance
BWX vs. SPLV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BWX achieves a -1.42% return, which is significantly lower than SPLV's 4.85% return. Over the past 10 years, BWX has underperformed SPLV with an annualized return of -1.31%, while SPLV has yielded a comparatively higher 8.33% 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%
SPLV
- 1D
- -0.36%
- 1M
- 2.76%
- YTD
- 4.85%
- 6M
- 4.17%
- 1Y
- 4.71%
- 3Y*
- 8.01%
- 5Y*
- 6.29%
- 10Y*
- 8.33%
BWX vs. SPLV - 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% |
SPLV Invesco S&P 500 Low Volatility ETF | 4.85% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
Correlation
The correlation between BWX and SPLV is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.18 |
The correlation between BWX and SPLV shifts across timeframes, from 0.18 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BWX vs. SPLV — Risk / Return Rank
BWX
SPLV
BWX vs. SPLV - 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 S&P 500 Low Volatility ETF (SPLV). 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 | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.08 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 0.64 | -1.09 |
| Martin ratioReturn relative to average drawdown | -0.90 | 1.50 | -2.40 |
Loading charts...
Drawdowns
BWX vs. SPLV - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for BWX and SPLV.
Loading charts...
Drawdown Indicators
| BWX | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -36.26% | +2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -7.41% | +1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -9.64% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -17.26% | -13.52% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -36.26% | +2.21% |
Current DrawdownCurrent decline from peak | -23.60% | -3.66% | -19.94% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -3.55% | -6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 3.15% | -0.02% |
Volatility
BWX vs. SPLV - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.49%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 4.03%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BWX | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 4.03% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 7.20% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 10.08% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 12.51% | -2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 15.38% | -6.71% |
BWX vs. SPLV - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than SPLV's 0.25% expense ratio.
Dividends
BWX vs. SPLV - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, more than SPLV's 2.15% 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% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.15% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
BWX and SPLV have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.03%) compared to BWX (2.49%). In terms of maximum drawdown, BWX dropped -34.05% vs SPLV's -36.26%.
On 10-year performance, SPLV leads with 8.33% vs -1.31% for BWX. On fees, SPLV is cheaper at 0.25% 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, SPLV has performed better with a 8.33% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.35% for BWX.
BWX has the higher dividend yield at 2.36%, compared with 2.15% for SPLV.
BWX is categorized as International Government Bonds, while SPLV is S&P 500. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while SPLV tracks S&P 500 Low Volatility Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWX and 0.25% for SPLV.
SPLV currently has the higher Sharpe Ratio (0.47 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.
Find the right allocation for BWX and SPLV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer