BWZ vs. IBND
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 0.70%/yr for IBND. A 0.74 correlation means they provide meaningful diversification when combined. BWZ charges 0.35%/yr vs 0.50%/yr for IBND.
Performance
BWZ vs. IBND - 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 IBND's -2.31% return. Over the past 10 years, BWZ has underperformed IBND with an annualized return of -0.60%, while IBND has yielded a comparatively higher 0.70% annualized 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%
IBND
- 1D
- -0.32%
- 1M
- -1.13%
- YTD
- -2.31%
- 6M
- -2.34%
- 1Y
- 0.30%
- 3Y*
- 5.72%
- 5Y*
- -1.40%
- 10Y*
- 0.70%
BWZ vs. IBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.31% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
Correlation
The correlation between BWZ and IBND is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.74 |
The correlation between BWZ and IBND has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.
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Return for Risk
BWZ vs. IBND — Risk / Return Rank
BWZ
IBND
BWZ vs. IBND - 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 Bloomberg Barclays International Corporate Bond ETF (IBND). 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 | IBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.01 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 0.04 | -0.41 |
| Martin ratioReturn relative to average drawdown | -0.78 | 0.11 | -0.90 |
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Drawdowns
BWZ vs. IBND - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, roughly equal to the maximum IBND drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for BWZ and IBND.
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Drawdown Indicators
| BWZ | IBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -35.62% | +1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -6.75% | +1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -9.18% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -33.49% | +11.34% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -35.62% | +10.72% |
Current DrawdownCurrent decline from peak | -23.46% | -10.57% | -12.89% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -10.63% | -5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.64% | -0.22% |
Volatility
BWZ vs. IBND - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a volatility of 2.06%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than IBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | IBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 2.06% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 6.32% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 8.03% | -1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 9.75% | -2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 8.92% | -1.97% |
BWZ vs. IBND - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than IBND's 0.50% expense ratio.
Dividends
BWZ vs. IBND - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than IBND's 2.77% yield.
| 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% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.77% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
Frequently Asked Questions
BWZ and IBND have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBND has higher volatility (2.06%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs IBND's -35.62%.
On 10-year performance, IBND leads with 0.70% 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 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IBND has performed better with a 0.70% 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 0.50% for IBND.
IBND has the higher dividend yield at 2.77%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while IBND is Corporate Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Their fees differ too: 0.35% for BWZ and 0.50% for IBND.
IBND currently has the higher Sharpe Ratio (0.04 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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