BWZ vs. BNDW
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and BNDW (Vanguard Total World Bond ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Both are passively managed. Over the past 5 years, BWZ returned -2.08%/yr vs 0.10%/yr for BNDW. At a 0.34 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.05%/yr for BNDW.
Performance
BWZ vs. BNDW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BWZ achieves a -0.95% return, which is significantly lower than BNDW's 0.15% return.
BWZ
- 1D
- 0.22%
- 1M
- -1.99%
- YTD
- -0.95%
- 6M
- 0.07%
- 1Y
- 0.29%
- 3Y*
- 2.26%
- 5Y*
- -2.08%
- 10Y*
- -0.49%
BNDW
- 1D
- -0.09%
- 1M
- -0.41%
- YTD
- 0.15%
- 6M
- 0.41%
- 1Y
- 3.40%
- 3Y*
- 3.95%
- 5Y*
- 0.10%
- 10Y*
- —
BWZ vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -0.95% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -0.63% |
BNDW Vanguard Total World Bond ETF | 0.15% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.21% |
Correlation
The correlation between BWZ and BNDW 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 | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.34 |
The correlation between BWZ and BNDW shifts across timeframes, from 0.34 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BWZ vs. BNDW — Risk / Return Rank
BWZ
BNDW
BWZ vs. BNDW - 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 World Bond ETF (BNDW). 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 | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.18 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 1.26 | -1.21 |
| Martin ratioReturn relative to average drawdown | 0.13 | 3.52 | -3.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BWZ | BNDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.04 | 1.02 | -0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.02 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.37 | -0.40 |
Drawdowns
BWZ vs. BNDW - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for BWZ and BNDW.
Loading charts...
Drawdown Indicators
| BWZ | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -17.22% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -2.70% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -4.27% | -4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -23.55% | -16.93% | -6.62% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | — | — |
Current DrawdownCurrent decline from peak | -22.65% | -1.80% | -20.85% |
Average DrawdownAverage peak-to-trough decline | -16.11% | -4.97% | -11.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 0.97% | +1.32% |
Volatility
BWZ vs. BNDW - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.65% compared to Vanguard Total World Bond ETF (BNDW) at 1.25%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BWZ | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.25% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 5.02% | 2.64% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.89% | 3.34% | +3.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 5.21% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 4.90% | +2.06% |
BWZ vs. BNDW - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than BNDW's 0.05% expense ratio.
Dividends
BWZ vs. BNDW - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.10%, less than BNDW's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.23% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 0.00% | 0.00% | 0.00% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.10% | 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 BNDW 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 (1.65%) compared to BNDW (1.25%). In terms of maximum drawdown, BWZ dropped -34.23% vs BNDW's -17.22%.
On 5-year performance, BNDW leads with 0.10% vs -2.08% for BWZ. On fees, BNDW is cheaper at 0.05% per year. On volatility, BNDW has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNDW has performed better with a 0.10% return vs -2.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.35% for BWZ.
BNDW has the higher dividend yield at 4.23%, compared with 2.10% for BWZ.
BWZ is categorized as International Government Bonds, while BNDW is Global Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWZ and 0.05% for BNDW.
BNDW currently has the higher Sharpe Ratio (1.02 vs 0.04), 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.
Find the right allocation for BWZ and BNDW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer