BWZ vs. BIL

Last updated Jun 3, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, BWZ returned -0.44%/yr vs 2.18%/yr for BIL. At a correlation of -0.00, they often move in opposite directions. BWZ charges 0.35%/yr vs 0.14%/yr for BIL.

Performance

BWZ vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWZ achieves a -0.10% return, which is significantly lower than BIL's 1.46% return. Over the past 10 years, BWZ has underperformed BIL with an annualized return of -0.44%, while BIL has yielded a comparatively higher 2.18% annualized return.

BWZ

• 1D: 0.18%
• 1M: -0.63%
• YTD: -0.10%
• 6M: 1.00%
• 1Y: -0.05%
• 3Y*: 2.76%
• 5Y*: -1.78%
• 10Y*: -0.44%

BIL

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.46%
• 6M: 1.76%
• 1Y: 3.87%
• 3Y*: 4.63%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

BWZ vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	-0.10%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-3.36%	10.18%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.46%	4.15%	5.19%	4.94%	1.40%	-0.10%	0.40%	2.03%	1.74%	0.69%

Correlation

The correlation between BWZ and BIL is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009	-0.00

The correlation between BWZ and BIL shifts across timeframes, from -0.11 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BWZ vs. BIL — Risk / Return Rank

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

BWZ

BWZ Risk / Return Rank: 9
BWZ Sharpe Ratio Rank: 9
BWZ Sortino Ratio Rank: 8
BWZ Omega Ratio Rank: 8
BWZ Calmar Ratio Rank: 10
BWZ Martin Ratio Rank: 10

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

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.

BWZ vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.

	BWZ	BIL	Difference
Sharpe ratio Return per unit of total volatility	-0.01	19.71	-19.72
Sortino ratio Return per unit of downside risk	0.04	174.16	-174.12
Omega ratio Gain probability vs. loss probability	1.00	87.91	-86.90
Calmar ratio Return relative to maximum drawdown	0.13	355.62	-355.49
Martin ratio Return relative to average drawdown	0.31	2,825.49	-2,825.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWZ vs. BIL - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is -0.01, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of BWZ and BIL, 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

	BWZ	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	19.71	-19.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	13.15	-13.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	8.52	-8.58
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	2.77	-2.80

Drawdowns

BWZ vs. BIL - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BWZ and BIL.

Drawdown Indicators

	BWZ	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-34.23%	-0.78%	-33.45%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-0.01%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	-8.60%	-0.01%	-8.59%
Max Drawdown (5Y) Largest decline over 5 years	-23.58%	-0.10%	-23.48%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	-0.21%	-24.69%
Current Drawdown Current decline from peak	-21.99%	-0.01%	-21.98%
Average Drawdown Average peak-to-trough decline	-16.10%	-0.26%	-15.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	0.00%	+2.24%

Volatility

BWZ vs. BIL - Volatility Comparison

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.79% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWZ	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	0.05%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	0.13%	+4.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.95%	0.20%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	0.26%	+7.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	0.26%	+6.69%

BWZ vs. BIL - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is higher than BIL's 0.14% expense ratio.

Dividends

BWZ vs. BIL - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.08%, less than BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.86%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	0.00%
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	2.08%	2.05%	2.47%	1.63%	0.44%	0.60%	0.13%	0.43%	1.10%	0.40%	0.13%	0.06%

Frequently Asked Questions

Can I hold both BWZ and BIL in my portfolio?

BWZ and BIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWZ or BIL?

BWZ has higher volatility (1.79%) compared to BIL (0.05%). In terms of maximum drawdown, BWZ dropped -34.23% vs BIL's -0.78%.

Which ETF is better, BWZ or BIL?

On 10-year performance, BIL leads with 2.18% vs -0.44% for BWZ. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BWZ or BIL?

Over the 10-year period, BIL has performed better with a 2.18% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BWZ or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for BWZ.

Which ETF pays a higher dividend yield, BWZ or BIL?

BIL has the higher dividend yield at 3.86%, compared with 2.08% for BWZ.

What is the main difference between BWZ and BIL?

BWZ is categorized as International Government Bonds, while BIL is Government Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. Their fees differ too: 0.35% for BWZ and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs -0.01), 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.