BWZ vs. GLDM
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, BWZ returned -1.46%/yr vs 17.31%/yr for GLDM. Their 0.47 correlation means their historical movements had little consistent relationship. BWZ charges 0.35%/yr vs 0.10%/yr for GLDM.
Performance
BWZ vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a 0.01% return, which is significantly higher than GLDM's -6.13% 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%
GLDM
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.53%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.59%
- 5Y*
- 17.31%
- 10Y*
- —
- ALL TIME*
- 15.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.01M | $3.45M | $2.62M | |
| $263.44M | $251.25M | $317.77M |
BWZ vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -1.41% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between BWZ and GLDM is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.47 |
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Return for Risk
BWZ vs. GLDM — Risk / Return Rank
BWZ
GLDM
BWZ vs. GLDM - 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 MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.88 | -0.50 |
| Martin ratioReturn relative to average drawdown | 0.70 | 1.90 | -1.20 |
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Drawdowns
BWZ vs. GLDM - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for BWZ and GLDM.
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Drawdown Indicators
| BWZ | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -26.27% | -7.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -26.27% | +21.12% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -26.27% | +17.67% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -26.27% | +4.35% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | — | — |
Current DrawdownCurrent decline from peak | -21.91% | -24.94% | +3.03% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -6.56% | -9.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 12.12% | -9.34% |
Volatility
BWZ vs. GLDM - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 2.31%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 6.35%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 6.35% | -4.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.17% | 23.37% | -18.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 27.92% | -21.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 18.39% | -10.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 17.10% | -10.16% |
BWZ vs. GLDM - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
BWZ vs. GLDM - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.08%, while GLDM 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 | 1.91% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
GLDM SPDR Gold MiniShares Trust | 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 GLDM have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (6.35%) compared to BWZ (2.31%). In terms of maximum drawdown, BWZ dropped -34.23% vs GLDM's -26.27%.
On 5-year performance, GLDM leads with 17.31% vs -1.46% for BWZ. On fees, GLDM is cheaper at 0.10% 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 5-year period, GLDM has performed better with a 17.31% return vs -1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.35% for BWZ.
BWZ has the higher dividend yield at 1.91%, compared with 0.00% for GLDM.
BWZ is categorized as International Government Bonds, while GLDM is Gold. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.35% for BWZ and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.83 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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