BWX vs. SPTI
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and SPTI (SPDR Portfolio Intermediate Term Treasury 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 SPTI is a Government Bonds fund tracking the Bloomberg 3-10 Year U.S. Treasury Bond Index. Both are passively managed. Over the past 10 years, BWX returned -1.41%/yr vs 1.29%/yr for SPTI. At a 0.42 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.06%/yr for SPTI.
Performance
BWX vs. SPTI - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.85% return, which is significantly lower than SPTI's 0.15% return. Over the past 10 years, BWX has underperformed SPTI with an annualized return of -1.41%, while SPTI has yielded a comparatively higher 1.29% annualized return.
BWX
- 1D
- 0.09%
- 1M
- -1.43%
- YTD
- -2.85%
- 6M
- -3.24%
- 1Y
- -4.79%
- 3Y*
- 0.59%
- 5Y*
- -4.33%
- 10Y*
- -1.41%
SPTI
- 1D
- 0.14%
- 1M
- 0.61%
- YTD
- 0.15%
- 6M
- 0.12%
- 1Y
- 3.00%
- 3Y*
- 3.69%
- 5Y*
- 0.23%
- 10Y*
- 1.29%
BWX vs. SPTI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.85% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 0.15% | 7.46% | 1.32% | 4.24% | -10.65% | -2.55% | 7.70% | 6.01% | 2.27% | 1.04% |
Correlation
The correlation between BWX and SPTI is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.42 |
Over the past year, BWX and SPTI have become more correlated (0.68) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
BWX vs. SPTI — Risk / Return Rank
BWX
SPTI
BWX vs. SPTI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and SPDR Portfolio Intermediate Term Treasury ETF (SPTI). 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 | SPTI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.19 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.15 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.08 | -1.86 |
| Martin ratioReturn relative to average drawdown | -1.47 | 2.89 | -4.36 |
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Drawdowns
BWX vs. SPTI - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than SPTI's maximum drawdown of -16.12%. Use the drawdown chart below to compare losses from any high point for BWX and SPTI.
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Drawdown Indicators
| BWX | SPTI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -16.12% | -17.93% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -2.80% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -4.35% | -5.87% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -15.06% | -15.72% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -16.12% | -17.93% |
Current DrawdownCurrent decline from peak | -24.71% | -1.84% | -22.87% |
Average DrawdownAverage peak-to-trough decline | -10.09% | -2.92% | -7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 1.04% | +2.22% |
Volatility
BWX vs. SPTI - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.02% compared to SPDR Portfolio Intermediate Term Treasury ETF (SPTI) at 1.13%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than SPTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | SPTI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 1.13% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 2.50% | +3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 3.41% | +4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 5.37% | +4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 4.38% | +4.28% |
BWX vs. SPTI - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than SPTI's 0.06% expense ratio.
Dividends
BWX vs. SPTI - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.40%, less than SPTI's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.40% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 3.84% | 3.79% | 3.77% | 2.99% | 1.45% | 0.53% | 0.75% | 2.02% | 1.97% | 1.46% | 1.23% | 1.18% |
Frequently Asked Questions
BWX and SPTI have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.02%) compared to SPTI (1.13%). In terms of maximum drawdown, BWX dropped -34.05% vs SPTI's -16.12%.
On 10-year performance, SPTI leads with 1.29% vs -1.41% for BWX. On fees, SPTI is cheaper at 0.06% per year. On volatility, SPTI has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPTI has performed better with a 1.29% return vs -1.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTI is cheaper with a 0.06% expense ratio, compared with 0.35% for BWX.
SPTI has the higher dividend yield at 3.84%, compared with 2.40% for BWX.
BWX is categorized as International Government Bonds, while SPTI is Government Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond Index. Their fees differ too: 0.35% for BWX and 0.06% for SPTI.
SPTI currently has the higher Sharpe Ratio (0.88 vs -0.63), 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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