BWX vs. VTIP

Last updated Jun 4, 2026

BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities 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 VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, BWX returned -1.28%/yr vs 3.14%/yr for VTIP. At a 0.41 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.03%/yr for VTIP.

Performance

BWX vs. VTIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWX achieves a -1.91% return, which is significantly lower than VTIP's 2.05% return. Over the past 10 years, BWX has underperformed VTIP with an annualized return of -1.28%, while VTIP has yielded a comparatively higher 3.14% annualized return.

BWX

• 1D: -0.59%
• 1M: -0.88%
• YTD: -1.91%
• 6M: -1.77%
• 1Y: -2.28%
• 3Y*: 1.18%
• 5Y*: -4.48%
• 10Y*: -1.28%

VTIP

• 1D: 0.00%
• 1M: 0.04%
• YTD: 2.05%
• 6M: 2.03%
• 1Y: 4.70%
• 3Y*: 5.26%
• 5Y*: 3.37%
• 10Y*: 3.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BWX vs. VTIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	-1.91%	7.67%	-5.93%	5.10%	-19.72%	-8.67%	9.50%	5.58%	-1.85%	9.93%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	2.05%	6.07%	4.74%	4.62%	-2.94%	5.36%	4.95%	4.86%	0.56%	0.82%

Correlation

The correlation between BWX and VTIP is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 17, 2012	0.41

The correlation between BWX and VTIP shifts across timeframes, from 0.31 (1 year) to 0.50 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BWX vs. VTIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BWX

BWX Risk / Return Rank: 5
BWX Sharpe Ratio Rank: 6
BWX Sortino Ratio Rank: 5
BWX Omega Ratio Rank: 5
BWX Calmar Ratio Rank: 5
BWX Martin Ratio Rank: 5

VTIP

VTIP Risk / Return Rank: 93
VTIP Sharpe Ratio Rank: 90
VTIP Sortino Ratio Rank: 95
VTIP Omega Ratio Rank: 93
VTIP Calmar Ratio Rank: 93
VTIP Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BWX vs. VTIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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.

	BWX	VTIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	3.15	-3.45
Sortino ratio: Return per unit of downside risk	-0.38	5.36	-5.74
Omega ratio: Gain probability vs. loss probability	0.96	1.67	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.37	6.75	-7.12
Martin ratio: Return relative to average drawdown	-0.76	26.06	-26.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWX vs. VTIP - Sharpe Ratio Comparison

The current BWX Sharpe Ratio is -0.30, which is lower than the VTIP Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of BWX and VTIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BWX	VTIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	3.15	-3.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	1.22	-1.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.15	1.15	-1.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.89	-0.84

Drawdowns

BWX vs. VTIP - Drawdown Comparison

The maximum BWX drawdown since its inception was -34.05%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for BWX and VTIP.

Drawdown Indicators

	BWX	VTIP	Difference
Max Drawdown Largest peak-to-trough decline	-34.05%	-6.27%	-27.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-0.70%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-10.22%	-0.98%	-9.24%
Max Drawdown (5Y) Largest decline over 5 years	-31.25%	-5.50%	-25.75%
Max Drawdown (10Y) Largest decline over 10 years	-34.05%	-6.27%	-27.78%
Current Drawdown Current decline from peak	-23.98%	-0.02%	-23.96%
Average Drawdown Average peak-to-trough decline	-10.05%	-1.04%	-9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	0.18%	+2.82%

Volatility

BWX vs. VTIP - Volatility Comparison

SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.41% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.43%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWX	VTIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	0.43%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	1.02%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	1.50%	+6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	2.77%	+6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	2.74%	+5.92%

BWX vs. VTIP - Expense Ratio Comparison

BWX has a 0.35% expense ratio, which is higher than VTIP's 0.03% expense ratio.

Dividends

BWX vs. VTIP - Dividend Comparison

BWX's dividend yield for the trailing twelve months is around 2.37%, less than VTIP's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	2.37%	2.19%	1.99%	1.63%	1.23%	0.93%	0.95%	1.16%	1.07%	0.46%	0.00%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	3.58%	3.81%	2.70%	2.86%	6.84%	4.68%	1.20%	1.95%	2.45%	1.52%	0.76%

Frequently Asked Questions

Can I hold both BWX and VTIP in my portfolio?

BWX and VTIP have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWX or VTIP?

BWX has higher volatility (2.41%) compared to VTIP (0.43%). In terms of maximum drawdown, BWX dropped -34.05% vs VTIP's -6.27%.

Which ETF is better, BWX or VTIP?

On 10-year performance, VTIP leads with 3.14% vs -1.28% for BWX. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWX or VTIP?

Over the 10-year period, VTIP has performed better with a 3.14% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWX or VTIP?

VTIP is cheaper with a 0.03% expense ratio, compared with 0.35% for BWX.

Which ETF pays a higher dividend yield, BWX or VTIP?

VTIP has the higher dividend yield at 3.58%, compared with 2.37% for BWX.

What is the main difference between BWX and VTIP?

BWX is categorized as International Government Bonds, while VTIP is Inflation-Protected Bonds. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWX and 0.03% for VTIP.

Which has better risk-adjusted returns?

VTIP currently has the higher Sharpe Ratio (3.15 vs -0.30), 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.