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 -0.44%/yr vs 13.23%/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
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Returns By Period
In the year-to-date period, BWZ achieves a -0.10% return, which is significantly lower than GLD's 3.95% return. Over the past 10 years, BWZ has underperformed GLD with an annualized return of -0.44%, while GLD has yielded a comparatively higher 13.23% 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%
GLD
- 1D
- 0.17%
- 1M
- -2.65%
- YTD
- 3.95%
- 6M
- 6.38%
- 1Y
- 32.18%
- 3Y*
- 31.53%
- 5Y*
- 18.64%
- 10Y*
- 13.23%
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 | -0.10% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
GLD SPDR Gold Shares | 3.95% | 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 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009 | 0.43 |
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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.
| BWZ | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.01 | 1.22 | -1.22 |
Sortino ratioReturn per unit of downside risk | 0.04 | 1.61 | -1.57 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | 0.13 | 1.86 | -1.72 |
Martin ratioReturn relative to average drawdown | 0.31 | 4.66 | -4.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BWZ | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | 1.22 | -1.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.24 | 1.04 | -1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 0.83 | -0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 0.60 | -0.63 |
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.
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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% | -19.21% | +14.06% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -19.21% | +10.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.58% | -21.03% | -2.55% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -22.00% | -2.90% |
Current DrawdownCurrent decline from peak | -21.99% | -16.93% | -5.06% |
Average DrawdownAverage peak-to-trough decline | -16.10% | -16.16% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 7.65% | -5.41% |
Volatility
BWZ vs. GLD - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.79%, while SPDR Gold Shares (GLD) has a volatility of 5.78%. 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.
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Volatility by Period
| BWZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 5.78% | -3.99% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 23.14% | -18.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.95% | 26.71% | -19.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 18.02% | -10.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 15.95% | -9.00% |
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 2.08%, 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 | 2.08% | 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 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (5.78%) compared to BWZ (1.79%). In terms of maximum drawdown, BWZ dropped -34.23% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.23% vs -0.44% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.79%. 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 13.23% return vs -0.44%. 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 2.08%, 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 (1.22 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.
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