BWZ vs. BNDX
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 1.74%/yr for BNDX. At a 0.23 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.07%/yr for BNDX.
Performance
BWZ vs. BNDX - 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 BNDX's 1.27% return. Over the past 10 years, BWZ has underperformed BNDX with an annualized return of -0.60%, while BNDX has yielded a comparatively higher 1.74% 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%
BNDX
- 1D
- 0.23%
- 1M
- 0.90%
- YTD
- 1.27%
- 6M
- 1.25%
- 1Y
- 2.23%
- 3Y*
- 4.22%
- 5Y*
- 0.46%
- 10Y*
- 1.74%
BWZ vs. BNDX - 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% |
BNDX Vanguard Total International Bond ETF | 1.27% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between BWZ and BNDX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.23 |
Over the past year, BWZ and BNDX have become more correlated (0.46) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
BWZ vs. BNDX — Risk / Return Rank
BWZ
BNDX
BWZ vs. BNDX - 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 International Bond ETF (BNDX). 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 | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.12 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.76 | -1.13 |
| Martin ratioReturn relative to average drawdown | -0.78 | 2.11 | -2.89 |
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Drawdowns
BWZ vs. BNDX - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for BWZ and BNDX.
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Drawdown Indicators
| BWZ | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -16.23% | -18.00% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -2.93% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -2.93% | -5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -15.86% | -6.29% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -16.23% | -8.67% |
Current DrawdownCurrent decline from peak | -23.46% | -0.77% | -22.69% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -3.10% | -13.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 1.06% | +1.36% |
Volatility
BWZ vs. BNDX - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.78% compared to Vanguard Total International Bond ETF (BNDX) at 0.97%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.97% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 2.98% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 3.46% | +3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 4.89% | +2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 4.09% | +2.86% |
BWZ vs. BNDX - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
BWZ vs. BNDX - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than BNDX's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.46% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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 BNDX have a correlation of 0.46, 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 BNDX (0.97%). In terms of maximum drawdown, BWZ dropped -34.23% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.74% vs -0.60% for BWZ. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.74% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.35% for BWZ.
BNDX has the higher dividend yield at 4.46%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while BNDX is Global Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for BWZ and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.65 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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