BWZ vs. BIL
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 -0.60%/yr vs 2.20%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. BWZ charges 0.35%/yr vs 0.14%/yr for BIL.
Performance
BWZ vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.98% return, which is significantly lower than BIL's 1.67% return. Over the past 10 years, BWZ has underperformed BIL with an annualized return of -0.60%, while BIL has yielded a comparatively higher 2.20% annualized return.
BWZ
- 1D
- -0.34%
- 1M
- -1.45%
- YTD
- -1.98%
- 6M
- -1.95%
- 1Y
- -1.90%
- 3Y*
- 2.03%
- 5Y*
- -1.91%
- 10Y*
- -0.60%
BIL
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.67%
- 6M
- 1.76%
- 1Y
- 3.84%
- 3Y*
- 4.60%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
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 | -1.98% | 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 | 1.67% | 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 -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
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 Jan 30, 2009 | -0.01 |
The correlation between BWZ and BIL shifts across timeframes, from -0.10 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. BIL — Risk / Return Rank
BWZ
BIL
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.
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.
| BWZ | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.60 | ||
| Sortino ratioReturn per unit of downside risk | -173.02 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 87.16 | -86.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 352.24 | -352.61 |
| Martin ratioReturn relative to average drawdown | -0.78 | 2,793.11 | -2,793.89 |
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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.
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Drawdown Indicators
| BWZ | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -22.15% | -0.09% | -22.06% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -0.21% | -24.69% |
Current DrawdownCurrent decline from peak | -23.46% | 0.00% | -23.46% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -0.26% | -15.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 0.00% | +2.42% |
Volatility
BWZ vs. BIL - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.78% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. 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.
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Volatility by Period
| BWZ | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.07% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 0.14% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 0.20% | +6.66% |
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 2.12%, less than BIL's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 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 | 2.12% | 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
BWZ and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (1.78%) compared to BIL (0.07%). In terms of maximum drawdown, BWZ dropped -34.23% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.20% vs -0.60% for BWZ. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.20% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.35% for BWZ.
BIL has the higher dividend yield at 3.85%, compared with 2.12% for BWZ.
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.
BIL currently has the higher Sharpe Ratio (19.32 vs -0.28), 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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