BWZ vs. IGOV
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both International Government Bonds funds - BWZ tracks the Bloomberg Global Treasury (1-3 Y) Customized while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. Both are passively managed. Over the past 10 years, BWZ returned -0.55%/yr vs -1.64%/yr for IGOV. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.
Performance
BWZ vs. IGOV - 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 IGOV's -1.56% return. Over the past 10 years, BWZ has outperformed IGOV with an annualized return of -0.55%, while IGOV has yielded a comparatively lower -1.64% annualized 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%
IGOV
- 1D
- -0.34%
- 1M
- -0.07%
- 6M
- -3.30%
- YTD
- -1.56%
- 1Y
- -1.26%
- 3Y*
- 2.06%
- 5Y*
- -4.61%
- 10Y*
- -1.64%
- ALL TIME*
- 0.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.01M | $3.45M | $2.62M | |
| $8.12M | $15.94M | $17.09M |
BWZ vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 0.01% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
IGOV iShares International Treasury Bond ETF | -1.56% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
Correlation
The correlation between BWZ and IGOV is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.76 |
The correlation between BWZ and IGOV has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.
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Return for Risk
BWZ vs. IGOV — Risk / Return Rank
BWZ
IGOV
BWZ vs. IGOV - 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 iShares International Treasury Bond ETF (IGOV). 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 | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.01 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.06 | +0.32 |
| Martin ratioReturn relative to average drawdown | 0.70 | 0.13 | +0.57 |
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Drawdowns
BWZ vs. IGOV - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, roughly equal to the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for BWZ and IGOV.
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Drawdown Indicators
| BWZ | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -35.88% | +1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -6.14% | +0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -10.65% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -32.82% | +10.90% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -35.88% | +10.98% |
Current DrawdownCurrent decline from peak | -21.91% | -24.82% | +2.91% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -11.14% | -5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 2.88% | -0.10% |
Volatility
BWZ vs. IGOV - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 2.31% compared to iShares International Treasury Bond ETF (IGOV) at 1.97%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than IGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 1.97% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.17% | 6.31% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 7.97% | -1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 9.99% | -2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 8.58% | -1.64% |
BWZ vs. IGOV - Expense Ratio Comparison
Both BWZ and IGOV have an expense ratio of 0.35%.
Dividends
BWZ vs. IGOV - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.08%, more than IGOV's 1.43% yield.
| 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% |
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
BWZ and IGOV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (2.31%) compared to IGOV (1.97%). In terms of maximum drawdown, BWZ dropped -34.23% vs IGOV's -35.88%.
On 10-year performance, BWZ leads with -0.55% vs -1.64% for IGOV. Both ETFs have the same 0.35% expense ratio. On volatility, IGOV has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWZ has performed better with a -0.55% return vs -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ and IGOV have the same expense ratio: 0.35% per year.
BWZ has the higher dividend yield at 1.91%, compared with 1.43% for IGOV.
BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index. They also come from different issuers: State Street and iShares.
BWZ currently has the higher Sharpe Ratio (0.28 vs 0.05), 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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