BWX vs. SPYM
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and SPYM (State Street SPDR Portfolio 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 SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, BWX returned -1.40%/yr vs 15.61%/yr for SPYM. At a 0.13 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.02%/yr for SPYM.
Performance
BWX vs. SPYM - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.90% return, which is significantly lower than SPYM's 8.21% return. Over the past 10 years, BWX has underperformed SPYM with an annualized return of -1.40%, while SPYM has yielded a comparatively higher 15.61% annualized return.
BWX
- 1D
- -0.23%
- 1M
- -0.98%
- YTD
- -2.90%
- 6M
- -2.94%
- 1Y
- -4.10%
- 3Y*
- 0.68%
- 5Y*
- -4.36%
- 10Y*
- -1.40%
SPYM
- 1D
- -1.44%
- 1M
- -1.32%
- YTD
- 8.21%
- 6M
- 7.24%
- 1Y
- 23.73%
- 3Y*
- 20.77%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
BWX vs. SPYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.90% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
SPYM State Street SPDR Portfolio S&P 500 ETF | 8.21% | 17.79% | 25.00% | 26.24% | -18.09% | 28.78% | 18.49% | 31.99% | -4.78% | 21.30% |
Correlation
The correlation between BWX and SPYM 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 | 0.13 |
Over the past year, BWX and SPYM have become more correlated (0.40) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
BWX vs. SPYM — Risk / Return Rank
BWX
SPYM
BWX vs. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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 | SPYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.35 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 2.68 | -3.34 |
| Martin ratioReturn relative to average drawdown | -1.28 | 11.98 | -13.26 |
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Drawdowns
BWX vs. SPYM - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for BWX and SPYM.
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Drawdown Indicators
| BWX | SPYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -54.46% | +20.41% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -8.90% | +2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -18.72% | +8.50% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -24.48% | -6.30% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -33.87% | -0.18% |
Current DrawdownCurrent decline from peak | -24.74% | -3.14% | -21.60% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -7.14% | -2.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 1.99% | +1.23% |
Volatility
BWX vs. SPYM - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.09%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 4.83%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | SPYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 4.83% | -2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.98% | 9.83% | -3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.69% | 12.46% | -4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 16.90% | -7.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 18.03% | -9.36% |
BWX vs. SPYM - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than SPYM's 0.02% expense ratio.
Dividends
BWX vs. SPYM - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.40%, more than SPYM's 1.30% 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% |
SPYM State Street SPDR Portfolio S&P 500 ETF | 1.30% | 1.13% | 1.28% | 1.44% | 1.69% | 1.25% | 1.54% | 1.79% | 2.23% | 1.75% | 1.97% | 1.98% |
Frequently Asked Questions
BWX and SPYM 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.
SPYM has higher volatility (4.83%) compared to BWX (2.09%). In terms of maximum drawdown, BWX dropped -34.05% vs SPYM's -54.46%.
On 10-year performance, SPYM leads with 15.61% vs -1.40% for BWX. On fees, SPYM is cheaper at 0.02% per year. On volatility, BWX has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYM has performed better with a 15.61% return vs -1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYM is cheaper with a 0.02% expense ratio, compared with 0.35% for BWX.
BWX has the higher dividend yield at 2.40%, compared with 1.30% for SPYM.
BWX is categorized as International Government Bonds, while SPYM is S&P 500. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while SPYM tracks S&P 500 Index. Their fees differ too: 0.35% for BWX and 0.02% for SPYM.
SPYM currently has the higher Sharpe Ratio (1.92 vs -0.54), 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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