BWX vs. SPY
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and SPY (State Street SPDR S&P 500 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 SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, BWX returned -1.41%/yr vs 15.75%/yr for SPY. At a 0.14 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.09%/yr for SPY.
Performance
BWX vs. SPY - 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 SPY's 8.25% return. Over the past 10 years, BWX has underperformed SPY with an annualized return of -1.41%, while SPY has yielded a comparatively higher 15.75% 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%
SPY
- 1D
- 0.14%
- 1M
- -1.92%
- YTD
- 8.25%
- 6M
- 6.93%
- 1Y
- 22.29%
- 3Y*
- 20.89%
- 5Y*
- 12.99%
- 10Y*
- 15.75%
BWX vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.25% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between BWX and SPY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.14 |
Over the past year, BWX and SPY have become more correlated (0.40) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
BWX vs. SPY — Risk / Return Rank
BWX
SPY
BWX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.33 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.52 | -3.30 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.15 | -12.63 |
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Drawdowns
BWX vs. SPY - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BWX and SPY.
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Drawdown Indicators
| BWX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -55.19% | +21.14% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -8.88% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -18.76% | +8.54% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -24.50% | -6.28% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -33.72% | -0.33% |
Current DrawdownCurrent decline from peak | -24.71% | -3.08% | -21.63% |
Average DrawdownAverage peak-to-trough decline | -10.09% | -9.03% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 2.00% | +1.26% |
Volatility
BWX vs. SPY - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.02%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.79%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 4.79% | -2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 9.80% | -3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 12.43% | -4.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 17.15% | -7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 17.95% | -9.29% |
BWX vs. SPY - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
BWX vs. SPY - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.40%, more than SPY's 1.02% 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% |
SPY State Street SPDR S&P 500 ETF | 1.02% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
BWX and SPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.79%) compared to BWX (2.02%). In terms of maximum drawdown, BWX dropped -34.05% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.75% vs -1.41% for BWX. On fees, SPY is cheaper at 0.09% per year. On volatility, BWX has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.75% return vs -1.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for BWX.
BWX has the higher dividend yield at 2.40%, compared with 1.02% for SPY.
BWX is categorized as International Government Bonds, while SPY is S&P 500. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while SPY tracks S&P 500 Index. Their fees differ too: 0.35% for BWX and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.80 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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