BWZ vs. GLDM

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and SPDR Gold MiniShares Trust (GLDM).

BWZ and GLDM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BWZ is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Treasury (1-3 Y) Customized. It was launched on Jan 15, 2009. GLDM is a passively managed fund by State Street that tracks the performance of the LBMA Gold PM Price. It was launched on Jun 25, 2018. Both BWZ and GLDM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BWZ vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

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	-1.47%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-1.09%
GLDM SPDR Gold MiniShares Trust	8.57%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%

Returns By Period

In the year-to-date period, BWZ achieves a -1.47% return, which is significantly lower than GLDM's 8.57% return.

BWZ

• 1D: 0.75%
• 1M: -3.02%
• YTD: -1.47%
• 6M: -2.27%
• 1Y: 4.60%
• 3Y*: 1.67%
• 5Y*: -1.67%
• 10Y*: -0.56%

GLDM

• 1D: 3.77%
• 1M: -10.99%
• YTD: 8.57%
• 6M: 21.24%
• 1Y: 49.77%
• 3Y*: 33.33%
• 5Y*: 21.91%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BWZ vs. GLDM - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.

BWZ

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

GLDM

SPDR Gold MiniShares Trust

Return for Risk

BWZ vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BWZ

BWZ Risk / Return Rank: 31
BWZ Sharpe Ratio Rank: 33
BWZ Sortino Ratio Rank: 33
BWZ Omega Ratio Rank: 28
BWZ Calmar Ratio Rank: 32
BWZ Martin Ratio Rank: 27

GLDM

GLDM Risk / Return Rank: 88
GLDM Sharpe Ratio Rank: 89
GLDM Sortino Ratio Rank: 86
GLDM Omega Ratio Rank: 86
GLDM Calmar Ratio Rank: 89
GLDM Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	BWZ	GLDM	Difference
Sharpe ratio Return per unit of total volatility	0.59	1.82	-1.22
Sortino ratio Return per unit of downside risk	0.92	2.25	-1.33
Omega ratio Gain probability vs. loss probability	1.11	1.33	-0.23
Calmar ratio Return relative to maximum drawdown	0.76	2.71	-1.95
Martin ratio Return relative to average drawdown	2.05	10.04	-7.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWZ vs. GLDM - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is 0.59, which is lower than the GLDM Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BWZ and GLDM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BWZ	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	1.82	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	1.25	-1.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	1.09	-1.13

Correlation

The correlation between BWZ and GLDM is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BWZ vs. GLDM - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.05%, while GLDM has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	2.05%	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%

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 -21.63%. Use the drawdown chart below to compare losses from any high point for BWZ and GLDM.

Drawdown Indicators

	BWZ	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-34.23%	-21.63%	-12.60%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-19.14%	+13.99%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-20.92%	-2.80%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	—	—
Current Drawdown Current decline from peak	-23.06%	-13.19%	-9.87%
Average Drawdown Average peak-to-trough decline	-16.04%	-6.04%	-10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	5.16%	-3.24%

Volatility

BWZ vs. GLDM - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 2.80%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 11.01%. 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.

Volatility by Period

	BWZ	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	11.01%	-8.21%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	24.07%	-19.31%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	27.57%	-19.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.56%	17.65%	-10.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	16.77%	-9.81%