BWZ vs. DGRO
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, BWZ returned -0.55%/yr vs 13.44%/yr for DGRO. Their 0.13 correlation means their historical movements had little consistent relationship. BWZ charges 0.35%/yr vs 0.08%/yr for DGRO.
Performance
BWZ vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a 0.01% return, which is significantly lower than DGRO's 13.39% return. Over the past 10 years, BWZ has underperformed DGRO with an annualized return of -0.55%, while DGRO has yielded a comparatively higher 13.44% annualized return.
BWZ
- 1D
- -0.11%
- 1M
- 1.61%
- 6M
- -1.75%
- YTD
- 0.01%
- 1Y
- 0.57%
- 3Y*
- 2.54%
- 5Y*
- -1.46%
- 10Y*
- -0.55%
- ALL TIME*
- -0.16%
DGRO
- 1D
- -0.28%
- 1M
- 0.97%
- 6M
- 9.59%
- YTD
- 13.39%
- 1Y
- 24.21%
- 3Y*
- 16.30%
- 5Y*
- 11.08%
- 10Y*
- 13.44%
- ALL TIME*
- 12.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.01M | $3.45M | $2.62M | |
| $103.52M | $104.25M | $110.17M |
BWZ vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 0.01% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
DGRO iShares Core Dividend Growth ETF | 13.39% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between BWZ and DGRO is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.13 |
The correlation between BWZ and DGRO shifts across timeframes, from 0.13 (all time) to 0.26 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. DGRO — Risk / Return Rank
BWZ
DGRO
BWZ vs. DGRO - 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 iShares Core Dividend Growth ETF (DGRO). 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 | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.45 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 3.61 | -3.23 |
| Martin ratioReturn relative to average drawdown | 0.70 | 14.07 | -13.37 |
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Drawdowns
BWZ vs. DGRO - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for BWZ and DGRO.
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Drawdown Indicators
| BWZ | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -35.10% | +0.87% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -6.47% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -14.03% | +5.43% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -19.31% | -2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -35.10% | +10.20% |
Current DrawdownCurrent decline from peak | -21.91% | -1.35% | -20.56% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -3.41% | -12.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 1.66% | +1.12% |
Volatility
BWZ vs. DGRO - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 2.31%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 3.21%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 3.21% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 5.17% | 7.12% | -1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 9.61% | -2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 13.79% | -6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 16.58% | -9.64% |
BWZ vs. DGRO - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
BWZ vs. DGRO - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.08%, more than DGRO's 1.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 1.91% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
DGRO iShares Core Dividend Growth ETF | 1.89% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
Frequently Asked Questions
BWZ and DGRO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGRO has higher volatility (3.21%) compared to BWZ (2.31%). In terms of maximum drawdown, BWZ dropped -34.23% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.44% vs -0.55% for BWZ. On fees, DGRO is cheaper at 0.08% per year. On volatility, BWZ has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGRO has performed better with a 13.44% return vs -0.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.35% for BWZ.
BWZ has the higher dividend yield at 1.91%, compared with 1.89% for DGRO.
BWZ is categorized as International Government Bonds, while DGRO is Large Cap Growth Equities. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWZ and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.44 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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