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 -0.60%/yr vs 1.43%/yr for BND. At a 0.24 correlation, their price movements are largely independent. 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 -1.87% return, which is significantly lower than BND's -0.17% return. Over the past 10 years, BWZ has underperformed BND with an annualized return of -0.60%, while BND has yielded a comparatively higher 1.43% annualized return.
BWZ
- 1D
- -0.75%
- 1M
- -1.37%
- 6M
- -1.51%
- YTD
- -1.87%
- 1Y
- -2.04%
- 3Y*
- 1.09%
- 5Y*
- -1.85%
- 10Y*
- -0.60%
BND
- 1D
- -0.37%
- 1M
- -0.68%
- 6M
- -0.37%
- YTD
- -0.17%
- 1Y
- 3.58%
- 3Y*
- 3.76%
- 5Y*
- -0.22%
- 10Y*
- 1.43%
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 | -1.87% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
BND Vanguard Total Bond Market ETF | -0.17% | 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 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 (0.51) 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 | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.17 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.34 | -1.74 |
| Martin ratioReturn relative to average drawdown | -0.78 | 3.72 | -4.50 |
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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% | -5.92% | -2.68% |
Max Drawdown (5Y)Largest decline over 5 years | -22.09% | -17.91% | -4.18% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -18.58% | -6.32% |
Current DrawdownCurrent decline from peak | -23.37% | -2.79% | -20.58% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -3.06% | -13.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 0.97% | +1.64% |
Volatility
BWZ vs. BND - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.68% compared to Vanguard Total Bond Market ETF (BND) at 1.24%. 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 | 1.68% | 1.24% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 2.86% | +2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 3.72% | +3.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 6.03% | +1.57% |
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 2.12%, less than BND's 4.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.01% | 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 | 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 BND have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (1.68%) compared to BND (1.24%). In terms of maximum drawdown, BWZ dropped -34.23% vs BND's -18.58%.
On 10-year performance, BND leads with 1.43% vs -0.60% for BWZ. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.24%. 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 1.43% return vs -0.60%. 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 4.01%, compared with 2.12% 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 (0.97 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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