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 -1.91%/yr vs 18.18%/yr for GLDM. At a 0.47 correlation, their price movements are largely independent. 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 -1.98% return, which is significantly higher than GLDM's -4.72% 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%
GLDM
- 1D
- -1.91%
- 1M
- -8.82%
- YTD
- -4.72%
- 6M
- -8.62%
- 1Y
- 21.66%
- 3Y*
- 28.79%
- 5Y*
- 18.18%
- 10Y*
- —
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 | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -1.41% |
GLDM SPDR Gold MiniShares Trust | -4.72% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between BWZ and GLDM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year 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 | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.17 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.89 | -1.26 |
| Martin ratioReturn relative to average drawdown | -0.78 | 2.40 | -3.19 |
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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 -24.35%. 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% | -24.35% | -9.88% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -24.35% | +19.20% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -24.35% | +15.75% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -24.35% | +2.20% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | — | — |
Current DrawdownCurrent decline from peak | -23.46% | -23.82% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -6.32% | -9.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 9.05% | -6.63% |
Volatility
BWZ vs. GLDM - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 8.16%. 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 | 1.78% | 8.16% | -6.38% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 24.22% | -19.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 27.36% | -20.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 18.15% | -10.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 17.02% | -10.07% |
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 2.12%, 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 | 2.12% | 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 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (8.16%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 18.18% vs -1.91% for BWZ. On fees, GLDM is cheaper at 0.10% per year. On volatility, BWZ has been the lower-risk option at 1.78%. 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 18.18% return vs -1.91%. 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 2.12%, 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 (0.80 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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