BWX vs. VWO
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and VWO (Vanguard FTSE Emerging Markets 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 VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, BWX returned -1.31%/yr vs 9.11%/yr for VWO. At a 0.27 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.08%/yr for VWO.
Performance
BWX vs. VWO - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.42% return, which is significantly lower than VWO's 13.17% return. Over the past 10 years, BWX has underperformed VWO with an annualized return of -1.31%, while VWO has yielded a comparatively higher 9.11% annualized return.
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
VWO
- 1D
- 2.17%
- 1M
- 4.11%
- YTD
- 13.17%
- 6M
- 15.35%
- 1Y
- 29.26%
- 3Y*
- 16.84%
- 5Y*
- 5.83%
- 10Y*
- 9.11%
BWX vs. VWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
VWO Vanguard FTSE Emerging Markets ETF | 13.17% | 25.60% | 10.59% | 9.25% | -17.98% | 1.26% | 15.17% | 20.75% | -14.76% | 31.49% |
Correlation
The correlation between BWX and VWO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.27 |
Over the past year, BWX and VWO have become more correlated (0.50) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
BWX vs. VWO — Risk / Return Rank
BWX
VWO
BWX vs. VWO - 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 FTSE Emerging Markets ETF (VWO). 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 | VWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.33 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 2.63 | -3.09 |
| Martin ratioReturn relative to average drawdown | -0.90 | 9.28 | -10.17 |
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Drawdowns
BWX vs. VWO - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for BWX and VWO.
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Drawdown Indicators
| BWX | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -67.68% | +33.63% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -11.17% | +5.01% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -17.37% | +7.15% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -32.60% | +1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -36.39% | +2.34% |
Current DrawdownCurrent decline from peak | -23.60% | -0.57% | -23.03% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -15.80% | +5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 3.16% | -0.03% |
Volatility
BWX vs. VWO - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.49%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 6.98%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 6.98% | -4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 14.18% | -8.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 16.62% | -8.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 17.51% | -7.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 19.24% | -10.57% |
BWX vs. VWO - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than VWO's 0.08% expense ratio.
Dividends
BWX vs. VWO - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, which matches VWO's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
VWO Vanguard FTSE Emerging Markets ETF | 2.38% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Frequently Asked Questions
BWX and VWO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWO has higher volatility (6.98%) compared to BWX (2.49%). In terms of maximum drawdown, BWX dropped -34.05% vs VWO's -67.68%.
On 10-year performance, VWO leads with 9.11% vs -1.31% for BWX. On fees, VWO is cheaper at 0.08% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VWO has performed better with a 9.11% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWO is cheaper with a 0.08% expense ratio, compared with 0.35% for BWX.
VWO has the higher dividend yield at 2.38%, compared with 2.36% for BWX.
BWX is categorized as International Government Bonds, while VWO is Emerging Markets Equities. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while VWO tracks FTSE Emerging Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWX and 0.08% for VWO.
VWO currently has the higher Sharpe Ratio (1.77 vs -0.37), 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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