BWZ vs. FLIA
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and FLIA (Franklin Liberty International Aggregate Bond ETF) are both International Government Bonds funds. BWZ is passively managed, while FLIA is actively managed. Over the past 5 years, BWZ returned -1.91%/yr vs 0.98%/yr for FLIA. At a 0.32 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.25%/yr for FLIA.
Performance
BWZ vs. FLIA - 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 FLIA's 1.63% 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%
FLIA
- 1D
- -0.05%
- 1M
- 0.78%
- YTD
- 1.63%
- 6M
- 1.53%
- 1Y
- 2.32%
- 3Y*
- 3.49%
- 5Y*
- 0.98%
- 10Y*
- —
BWZ vs. FLIA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -1.84% |
FLIA Franklin Liberty International Aggregate Bond ETF | 1.63% | 2.12% | 2.42% | 7.17% | -7.68% | -1.98% | 1.37% | 7.58% | -2.32% |
Correlation
The correlation between BWZ and FLIA is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.32 |
The correlation between BWZ and FLIA shifts across timeframes, from 0.32 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. FLIA — Risk / Return Rank
BWZ
FLIA
BWZ vs. FLIA - 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 Franklin Liberty International Aggregate Bond ETF (FLIA). 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 | FLIA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.13 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.14 | -1.51 |
| Martin ratioReturn relative to average drawdown | -0.78 | 3.00 | -3.79 |
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Drawdowns
BWZ vs. FLIA - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than FLIA's maximum drawdown of -11.24%. Use the drawdown chart below to compare losses from any high point for BWZ and FLIA.
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Drawdown Indicators
| BWZ | FLIA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -11.24% | -22.99% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -2.04% | -3.11% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -2.77% | -5.83% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -9.42% | -12.73% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | — | — |
Current DrawdownCurrent decline from peak | -23.46% | -0.20% | -23.26% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -3.78% | -12.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 0.78% | +1.64% |
Volatility
BWZ vs. FLIA - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.78% compared to Franklin Liberty International Aggregate Bond ETF (FLIA) at 0.64%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than FLIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | FLIA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.64% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 2.50% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 3.32% | +3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 4.42% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 4.70% | +2.25% |
BWZ vs. FLIA - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than FLIA's 0.25% expense ratio.
Dividends
BWZ vs. FLIA - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than FLIA's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
FLIA Franklin Liberty International Aggregate Bond ETF | 2.68% | 2.62% | 2.97% | 0.93% | 18.12% | 2.26% | 0.43% | 2.93% | 1.23% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWZ and FLIA have a correlation of 0.47, 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 FLIA (0.64%). In terms of maximum drawdown, BWZ dropped -34.23% vs FLIA's -11.24%.
On 5-year performance, FLIA leads with 0.98% vs -1.91% for BWZ. On fees, FLIA is cheaper at 0.25% per year. On volatility, FLIA has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLIA has performed better with a 0.98% return vs -1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLIA is cheaper with a 0.25% expense ratio, compared with 0.35% for BWZ.
FLIA has the higher dividend yield at 2.68%, compared with 2.12% for BWZ.
They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.35% for BWZ and 0.25% for FLIA.
FLIA currently has the higher Sharpe Ratio (0.71 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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