BWX vs. TLT
BWX (State Street SPDR Bloomberg International Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, BWX returned -1.57%/yr vs -2.38%/yr for TLT. Their 0.34 correlation means their historical movements had little consistent relationship. BWX charges 0.35%/yr vs 0.15%/yr for TLT.
Performance
BWX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -2.47% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, BWX has outperformed TLT with an annualized return of -1.57%, while TLT has yielded a comparatively lower -2.38% annualized return.
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $2.33B | $2.02B | $2.19B |
BWX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between BWX and TLT is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.34 |
Over the past year, BWX and TLT have become more correlated (0.59) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
BWX vs. TLT — Risk / Return Rank
BWX
TLT
BWX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.99 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.14 | -0.10 |
| Martin ratioReturn relative to average drawdown | -0.48 | -0.30 | -0.18 |
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Drawdowns
BWX vs. TLT - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for BWX and TLT.
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Drawdown Indicators
| BWX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -48.35% | +14.30% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -7.74% | +1.21% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -14.79% | +4.57% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -43.70% | +12.92% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -48.35% | +14.30% |
Current DrawdownCurrent decline from peak | -24.42% | -42.36% | +17.94% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -13.99% | +3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 3.57% | -0.32% |
Volatility
BWX vs. TLT - Volatility Comparison
The current volatility for State Street SPDR Bloomberg International Treasury Bond ETF (BWX) is 1.99%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 2.46% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 6.85% | -0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.54% | 9.32% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.72% | 15.74% | -6.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 14.83% | -6.18% |
BWX vs. TLT - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
BWX vs. TLT - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.41%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
BWX and TLT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to BWX (1.99%). In terms of maximum drawdown, BWX dropped -34.05% vs TLT's -48.35%.
On 10-year performance, BWX leads with -1.57% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, BWX has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWX has performed better with a -1.57% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.35% for BWX.
TLT has the higher dividend yield at 4.34%, compared with 2.20% for BWX.
BWX is categorized as International Government Bonds, while TLT is Government Bonds. BWX tracks Bloomberg Global Treasury ex-US Capped Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWX and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (-0.11 vs -0.21), 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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