BWZ vs. DFGFX

Last updated Jun 3, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and DFGFX (DFA Two Year Global Fixed Income Portfolio) are both funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while DFGFX is a Global Bonds fund managed by Dimensional. Over the past 10 years, BWZ returned -0.44%/yr vs 1.81%/yr for DFGFX. At a 0.13 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.16%/yr for DFGFX.

Performance

BWZ vs. DFGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and DFA Two Year Global Fixed Income Portfolio (DFGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWZ achieves a -0.10% return, which is significantly lower than DFGFX's 1.60% return. Over the past 10 years, BWZ has underperformed DFGFX with an annualized return of -0.44%, while DFGFX has yielded a comparatively higher 1.81% annualized return.

BWZ

• 1D: 0.18%
• 1M: -0.63%
• YTD: -0.10%
• 6M: 1.00%
• 1Y: -0.05%
• 3Y*: 2.76%
• 5Y*: -1.78%
• 10Y*: -0.44%

DFGFX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.60%
• 6M: 1.90%
• 1Y: 2.64%
• 3Y*: 4.29%
• 5Y*: 2.30%
• 10Y*: 1.81%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BWZ vs. DFGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	-0.10%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-3.36%	10.18%
DFGFX DFA Two Year Global Fixed Income Portfolio	1.60%	2.89%	5.36%	4.95%	-2.62%	-0.37%	0.88%	2.87%	1.91%	0.93%

Correlation

The correlation between BWZ and DFGFX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009	0.13

The correlation between BWZ and DFGFX shifts across timeframes, from 0.01 (3 years) to 0.20 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BWZ vs. DFGFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BWZ

BWZ Risk / Return Rank: 9
BWZ Sharpe Ratio Rank: 9
BWZ Sortino Ratio Rank: 8
BWZ Omega Ratio Rank: 8
BWZ Calmar Ratio Rank: 10
BWZ Martin Ratio Rank: 10

DFGFX

DFGFX Risk / Return Rank: 40
DFGFX Sharpe Ratio Rank: 33
DFGFX Sortino Ratio Rank: 18
DFGFX Omega Ratio Rank: 98
DFGFX Calmar Ratio Rank: 26
DFGFX Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BWZ vs. DFGFX - 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 DFA Two Year Global Fixed Income Portfolio (DFGFX). 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	DFGFX	Difference
Sharpe ratio Return per unit of total volatility	-0.01	1.69	-1.70
Sortino ratio Return per unit of downside risk	0.04	1.84	-1.80
Omega ratio Gain probability vs. loss probability	1.00	2.36	-1.35
Calmar ratio Return relative to maximum drawdown	0.13	1.94	-1.81
Martin ratio Return relative to average drawdown	0.31	6.00	-5.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWZ vs. DFGFX - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is -0.01, which is lower than the DFGFX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of BWZ and DFGFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BWZ	DFGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	1.69	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	1.28	-1.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	1.34	-1.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	2.29	-2.31

Drawdowns

BWZ vs. DFGFX - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, which is greater than DFGFX's maximum drawdown of -4.00%. Use the drawdown chart below to compare losses from any high point for BWZ and DFGFX.

Drawdown Indicators

	BWZ	DFGFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.23%	-4.00%	-30.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-1.41%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-8.60%	-2.12%	-6.48%
Max Drawdown (5Y) Largest decline over 5 years	-23.58%	-4.00%	-19.58%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	-4.00%	-20.90%
Current Drawdown Current decline from peak	-21.99%	0.00%	-21.99%
Average Drawdown Average peak-to-trough decline	-16.10%	-0.23%	-15.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	0.46%	+1.78%

Volatility

BWZ vs. DFGFX - Volatility Comparison

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.79% compared to DFA Two Year Global Fixed Income Portfolio (DFGFX) at 0.29%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than DFGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWZ	DFGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	0.29%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	0.52%	+4.43%
Volatility (1Y) Calculated over the trailing 1-year period	6.95%	1.58%	+5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	1.81%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	1.36%	+5.59%

BWZ vs. DFGFX - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is higher than DFGFX's 0.16% expense ratio.

Dividends

BWZ vs. DFGFX - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.08%, less than DFGFX's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	2.08%	2.05%	2.47%	1.63%	0.44%	0.60%	0.13%	0.43%	1.10%	0.40%	0.13%	0.06%
DFGFX DFA Two Year Global Fixed Income Portfolio	3.10%	2.67%	4.77%	3.19%	1.17%	0.23%	0.57%	2.24%	2.21%	1.54%	0.65%	0.02%

Frequently Asked Questions

Can I hold both BWZ and DFGFX in my portfolio?

BWZ and DFGFX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BWZ or DFGFX?

BWZ has higher volatility (1.79%) compared to DFGFX (0.29%). In terms of maximum drawdown, BWZ dropped -34.23% vs DFGFX's -4.00%.

Which has better risk-adjusted returns?

DFGFX currently has the higher Sharpe Ratio (1.69 vs -0.01), 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.