BWZ vs. BND
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, BWZ returned -0.55%/yr vs 1.36%/yr for BND. Their 0.24 correlation means their historical movements had little consistent relationship. BWZ charges 0.35%/yr vs 0.03%/yr for BND.
Performance
BWZ vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a 0.01% return, which is significantly higher than BND's -0.54% return. Over the past 10 years, BWZ has underperformed BND with an annualized return of -0.55%, while BND has yielded a comparatively higher 1.36% annualized return.
BWZ
- 1D
- -0.11%
- 1M
- 1.61%
- 6M
- -1.75%
- YTD
- 0.01%
- 1Y
- 0.57%
- 3Y*
- 2.54%
- 5Y*
- -1.46%
- 10Y*
- -0.55%
- ALL TIME*
- -0.16%
BND
- 1D
- -0.26%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.54%
- 1Y
- 1.75%
- 3Y*
- 3.92%
- 5Y*
- -0.42%
- 10Y*
- 1.36%
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $451.00M | $507.49M | $592.68M | |
| $4.01M | $3.45M | $2.62M |
BWZ vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 0.01% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
BND Vanguard Total Bond Market ETF | -0.54% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between BWZ and BND is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.24 |
Over the past year, BWZ and BND have become more correlated (0.50) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
BWZ vs. BND — Risk / Return Rank
BWZ
BND
BWZ vs. BND - 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 Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.12 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.99 | -0.61 |
| Martin ratioReturn relative to average drawdown | 0.70 | 2.48 | -1.78 |
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Drawdowns
BWZ vs. BND - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for BWZ and BND.
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Drawdown Indicators
| BWZ | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -18.58% | -15.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -2.68% | -2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -4.81% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -17.91% | -4.01% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -18.58% | -6.32% |
Current DrawdownCurrent decline from peak | -21.91% | -3.15% | -18.76% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -3.06% | -13.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 1.07% | +1.71% |
Volatility
BWZ vs. BND - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 2.31% compared to Vanguard Total Bond Market ETF (BND) at 0.98%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 0.98% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 5.17% | 2.90% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 3.70% | +3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 6.03% | +1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 5.53% | +1.41% |
BWZ vs. BND - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
BWZ vs. BND - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.08%, less than BND's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.69% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 1.91% | 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 BND 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.
BWZ has higher volatility (2.31%) compared to BND (0.98%). In terms of maximum drawdown, BWZ dropped -34.23% vs BND's -18.58%.
On 10-year performance, BND leads with 1.36% vs -0.55% for BWZ. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.36% return vs -0.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.35% for BWZ.
BND has the higher dividend yield at 3.69%, compared with 1.91% for BWZ.
BWZ is categorized as International Government Bonds, while BND is Total Bond Market. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWZ and 0.03% for BND.
BND currently has the higher Sharpe Ratio (0.72 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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