BWZ vs. BWX
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both International Government Bonds funds from State Street - BWZ tracks the Bloomberg Global Treasury (1-3 Y) Customized while BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs -1.40%/yr for BWX. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
BWZ vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.98% return, which is significantly higher than BWX's -2.90% return. Over the past 10 years, BWZ has outperformed BWX with an annualized return of -0.60%, while BWX has yielded a comparatively lower -1.40% 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%
BWX
- 1D
- -0.23%
- 1M
- -0.98%
- YTD
- -2.90%
- 6M
- -2.94%
- 1Y
- -4.10%
- 3Y*
- 0.68%
- 5Y*
- -4.36%
- 10Y*
- -1.40%
BWZ vs. BWX - 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% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.90% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between BWZ and BWX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.77 |
The correlation between BWZ and BWX has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
BWZ vs. BWX — Risk / Return Rank
BWZ
BWX
BWZ vs. BWX - 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 Barclays International Treasury Bond ETF (BWX). 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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.92 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | -0.67 | +0.30 |
| Martin ratioReturn relative to average drawdown | -0.78 | -1.28 | +0.49 |
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Drawdowns
BWZ vs. BWX - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, roughly equal to the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for BWZ and BWX.
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Drawdown Indicators
| BWZ | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -34.05% | -0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -6.16% | +1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -10.22% | +1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -30.78% | +8.63% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -34.05% | +9.15% |
Current DrawdownCurrent decline from peak | -23.46% | -24.74% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -10.08% | -6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 3.22% | -0.80% |
Volatility
BWZ vs. BWX - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.09%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 2.09% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 5.98% | -0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 7.69% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 9.70% | -2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 8.67% | -1.72% |
BWZ vs. BWX - Expense Ratio Comparison
Both BWZ and BWX have an expense ratio of 0.35%.
Dividends
BWZ vs. BWX - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than BWX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.40% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 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 BWX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs BWX's -34.05%.
On 10-year performance, BWZ leads with -0.60% vs -1.40% for BWX. Both ETFs have the same 0.35% expense ratio. On volatility, BWZ has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWZ has performed better with a -0.60% return vs -1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ and BWX have the same expense ratio: 0.35% per year.
BWX has the higher dividend yield at 2.40%, compared with 2.12% for BWZ.
BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007).
BWZ currently has the higher Sharpe Ratio (-0.28 vs -0.54), 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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