BWZ vs. GLD
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 11.21%/yr for GLD. At a 0.43 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.40%/yr for GLD.
Performance
BWZ vs. GLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BWZ achieves a -1.87% return, which is significantly higher than GLD's -7.36% return. Over the past 10 years, BWZ has underperformed GLD with an annualized return of -0.60%, while GLD has yielded a comparatively higher 11.21% annualized return.
BWZ
- 1D
- -0.75%
- 1M
- -1.37%
- 6M
- -1.51%
- YTD
- -1.87%
- 1Y
- -2.04%
- 3Y*
- 1.09%
- 5Y*
- -1.85%
- 10Y*
- -0.60%
GLD
- 1D
- -2.62%
- 1M
- -5.02%
- 6M
- -13.05%
- YTD
- -7.36%
- 1Y
- 18.76%
- 3Y*
- 26.48%
- 5Y*
- 16.50%
- 10Y*
- 11.21%
BWZ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.87% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
GLD SPDR Gold Shares | -7.36% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between BWZ and GLD 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 | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.43 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BWZ vs. GLD — Risk / Return Rank
BWZ
GLD
BWZ vs. GLD - 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 Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 0.72 | -1.12 |
| Martin ratioReturn relative to average drawdown | -0.78 | 1.76 | -2.54 |
Loading charts...
Drawdowns
BWZ vs. GLD - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for BWZ and GLD.
Loading charts...
Drawdown Indicators
| BWZ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -45.56% | +11.33% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -26.21% | +21.06% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -26.21% | +17.61% |
Max Drawdown (5Y)Largest decline over 5 years | -22.09% | -26.21% | +4.12% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -26.21% | +1.31% |
Current DrawdownCurrent decline from peak | -23.37% | -25.97% | +2.60% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -16.19% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 10.69% | -8.08% |
Volatility
BWZ vs. GLD - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.68%, while SPDR Gold Shares (GLD) has a volatility of 7.58%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BWZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 7.58% | -5.90% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 24.18% | -19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 27.96% | -21.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 18.39% | -10.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 16.10% | -9.16% |
BWZ vs. GLD - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
BWZ vs. GLD - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, while GLD has not paid dividends to shareholders.
| 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% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWZ and GLD 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.
GLD has higher volatility (7.58%) compared to BWZ (1.68%). In terms of maximum drawdown, BWZ dropped -34.23% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.21% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.21% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 0.40% for GLD.
BWZ has the higher dividend yield at 2.12%, compared with 0.00% for GLD.
BWZ is categorized as International Government Bonds, while GLD is Gold. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.35% for BWZ and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.68 vs -0.30), 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.
Find the right allocation for BWZ and GLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer