BWZ vs. ILF

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) and iShares Latin American 40 ETF (ILF).

BWZ and ILF 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. ILF is a passively managed fund by iShares that tracks the performance of the S&P Latin America 40 Index. It was launched on Oct 25, 2001. Both BWZ and ILF 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. ILF - 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 iShares Latin American 40 ETF (ILF). The values are adjusted to include any dividend payments, if applicable.

BWZ vs. ILF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	-1.47%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-3.36%	10.18%
ILF iShares Latin American 40 ETF	16.65%	52.65%	-23.11%	33.14%	9.81%	-13.59%	-11.71%	13.77%	-6.85%	26.33%

Returns By Period

In the year-to-date period, BWZ achieves a -1.47% return, which is significantly lower than ILF's 16.65% return. Over the past 10 years, BWZ has underperformed ILF with an annualized return of -0.56%, while ILF has yielded a comparatively higher 8.47% annualized 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%

ILF

• 1D: 4.41%
• 1M: -2.63%
• YTD: 16.65%
• 6M: 25.92%
• 1Y: 58.11%
• 3Y*: 20.46%
• 5Y*: 13.16%
• 10Y*: 8.47%

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

BWZ vs. ILF - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is lower than ILF's 0.48% expense ratio.

ILF

iShares Latin American 40 ETF

BWZ

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

Return for Risk

BWZ vs. ILF — 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

ILF

ILF Risk / Return Rank: 95
ILF Sharpe Ratio Rank: 96
ILF Sortino Ratio Rank: 95
ILF Omega Ratio Rank: 94
ILF Calmar Ratio Rank: 96
ILF Martin Ratio Rank: 95

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. ILF - 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 Latin American 40 ETF (ILF). 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	ILF	Difference
Sharpe ratio Return per unit of total volatility	0.59	2.48	-1.89
Sortino ratio Return per unit of downside risk	0.92	3.06	-2.14
Omega ratio Gain probability vs. loss probability	1.11	1.43	-0.32
Calmar ratio Return relative to maximum drawdown	0.76	4.47	-3.71
Martin ratio Return relative to average drawdown	2.05	15.54	-13.49
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. ILF - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is 0.59, which is lower than the ILF Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of BWZ and ILF, 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	ILF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	2.48	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	0.57	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	0.30	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.31	-0.34

Correlation

The correlation between BWZ and ILF is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BWZ vs. ILF - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.05%, less than ILF's 3.76% yield.

	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%
ILF iShares Latin American 40 ETF	3.76%	4.39%	7.44%	4.61%	12.72%	8.47%	1.88%	3.09%	3.12%	1.80%	1.59%	3.25%

Drawdowns

BWZ vs. ILF - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum ILF drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for BWZ and ILF.

Drawdown Indicators

	BWZ	ILF	Difference
Max Drawdown Largest peak-to-trough decline	-34.23%	-67.48%	+33.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	-12.67%	+7.52%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-29.71%	+5.99%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	-57.79%	+32.89%
Current Drawdown Current decline from peak	-23.06%	-4.82%	-18.24%
Average Drawdown Average peak-to-trough decline	-16.04%	-24.07%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	3.65%	-1.73%

Volatility

BWZ vs. ILF - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 2.80%, while iShares Latin American 40 ETF (ILF) has a volatility of 11.60%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than ILF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWZ	ILF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	11.60%	-8.80%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	17.90%	-13.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	23.59%	-15.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.56%	23.24%	-15.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	28.59%	-21.63%