BWX vs. XLE
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and XLE (State Street Energy Select Sector SPDR 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 XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, BWX returned -1.28%/yr vs 10.22%/yr for XLE. At a 0.11 correlation, their price movements are largely independent. BWX charges 0.35%/yr vs 0.08%/yr for XLE.
Performance
BWX vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.91% return, which is significantly lower than XLE's 32.17% return. Over the past 10 years, BWX has underperformed XLE with an annualized return of -1.28%, while XLE has yielded a comparatively higher 10.22% 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%
XLE
- 1D
- 1.29%
- 1M
- -1.14%
- YTD
- 32.17%
- 6M
- 29.80%
- 1Y
- 45.00%
- 3Y*
- 17.46%
- 5Y*
- 20.44%
- 10Y*
- 10.22%
BWX vs. XLE - 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% |
XLE State Street Energy Select Sector SPDR ETF | 32.17% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between BWX and XLE is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | 0.11 |
The correlation between BWX and XLE shifts across timeframes, from -0.22 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. XLE — Risk / Return Rank
BWX
XLE
BWX vs. XLE - 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 Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.35 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.75 | -4.12 |
| Martin ratioReturn relative to average drawdown | -0.76 | 10.92 | -11.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BWX | XLE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.30 | 2.21 | -2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.79 | -1.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.15 | 0.35 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.31 | -0.26 |
Drawdowns
BWX vs. XLE - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for BWX and XLE.
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Drawdown Indicators
| BWX | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -71.26% | +37.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -12.05% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -20.14% | +9.92% |
Max Drawdown (5Y)Largest decline over 5 years | -31.25% | -26.04% | -5.21% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | -66.81% | +32.76% |
Current DrawdownCurrent decline from peak | -23.98% | -6.15% | -17.83% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -17.98% | +7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 4.14% | -1.14% |
Volatility
BWX vs. XLE - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) is 2.41%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.25%. This indicates that BWX experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 8.25% | -5.84% |
Volatility (6M)Calculated over the trailing 6-month period | 5.79% | 16.58% | -10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 20.53% | -12.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.69% | 26.02% | -16.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 29.59% | -20.93% |
BWX vs. XLE - Expense Ratio Comparison
BWX has a 0.35% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
BWX vs. XLE - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.37%, less than XLE's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
XLE State Street Energy Select Sector SPDR ETF | 2.54% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
BWX and XLE have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (8.25%) compared to BWX (2.41%). In terms of maximum drawdown, BWX dropped -34.05% vs XLE's -71.26%.
On 10-year performance, XLE leads with 10.22% vs -1.28% for BWX. On fees, XLE is cheaper at 0.08% per year. On volatility, BWX has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLE has performed better with a 10.22% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.35% for BWX.
XLE has the higher dividend yield at 2.54%, compared with 2.37% for BWX.
BWX is categorized as International Government Bonds, while XLE is Energy Equities. BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while XLE tracks Energy Select Sector Index. Their fees differ too: 0.35% for BWX and 0.08% for XLE.
XLE currently has the higher Sharpe Ratio (2.21 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.
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