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BWZ vs. IVV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BWZ vs. IVV

Last updated Jun 4, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, BWZ returned -0.49%/yr vs 15.54%/yr for IVV. At a 0.21 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.03%/yr for IVV.

Performance

BWZ vs. IVV - 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 Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BWZ achieves a -0.62% return, which is significantly lower than IVV's 10.85% return. Over the past 10 years, BWZ has underperformed IVV with an annualized return of -0.49%, while IVV has yielded a comparatively higher 15.54% annualized return.

BWZ

1D
-0.52%
1M
-0.85%
YTD
-0.62%
6M
-0.00%
1Y
0.04%
3Y*
2.58%
5Y*
-2.01%
10Y*
-0.49%

IVV

1D
-0.76%
1M
4.97%
YTD
10.85%
6M
10.87%
1Y
28.00%
3Y*
22.43%
5Y*
13.88%
10Y*
15.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BWZ vs. IVV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BWZ
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		-0.62%10.47%-5.31%2.97%-10.56%-6.85%6.47%0.99%-3.36%10.18%
IVV
iShares Core S&P 500 ETF		10.85%17.85%24.93%26.31%-18.16%28.76%18.40%31.07%-4.49%21.75%

Correlation

The correlation between BWZ and IVV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Feb 2, 2009

0.21

The correlation between BWZ and IVV shifts across timeframes, from 0.17 (10 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

iShares Core S&P 500 ETF

Often compared with BWZ:
BWZ vs. ISHGBWZ vs. BWXBWZ vs. FLIABWZ vs. FEMBBWZ vs. GEMDBWZ vs. BNDXBWZ vs. SCHP
Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L

Return for Risk

BWZ vs. IVV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BWZ
BWZ Risk / Return Rank: 88
Overall Rank
BWZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
BWZ Sortino Ratio Rank: 88
Sortino Ratio Rank
BWZ Omega Ratio Rank: 88
Omega Ratio Rank
BWZ Calmar Ratio Rank: 99
Calmar Ratio Rank
BWZ Martin Ratio Rank: 99
Martin Ratio Rank
IVV
IVV Risk / Return Rank: 7070
Overall Rank
IVV Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 7070
Sortino Ratio Rank
IVV Omega Ratio Rank: 7070
Omega Ratio Rank
IVV Calmar Ratio Rank: 6262
Calmar Ratio Rank
IVV Martin Ratio Rank: 7575
Martin Ratio Rank
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. IVV - 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 Core S&P 500 ETF (IVV). 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.

BWZIVVDifference

Sharpe ratio

Return per unit of total volatility

0.01

2.39

-2.38

Sortino ratio

Return per unit of downside risk

0.06

3.25

-3.19

Omega ratio

Gain probability vs. loss probability

1.01

1.43

-0.43

Calmar ratio

Return relative to maximum drawdown

0.01

3.17

-3.16

Martin ratio

Return relative to average drawdown

0.02

14.71

-14.69

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. IVV - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is 0.01, which is lower than the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of BWZ and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BWZIVVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

2.39

-2.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.27

0.83

-1.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.07

0.86

-0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.03

0.45

-0.48

Drawdowns

BWZ vs. IVV - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for BWZ and IVV.

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Drawdown Indicators

BWZIVVDifference

Max Drawdown

Largest peak-to-trough decline

-34.23%

-55.25%

+21.02%

Max Drawdown (1Y)

Largest decline over 1 year

-5.15%

-8.89%

+3.74%

Max Drawdown (3Y)

Largest decline over 3 years

-8.60%

-18.75%

+10.15%

Max Drawdown (5Y)

Largest decline over 5 years

-23.58%

-24.53%

+0.95%

Max Drawdown (10Y)

Largest decline over 10 years

-24.90%

-33.90%

+9.00%

Current Drawdown

Current decline from peak

-22.39%

-0.76%

-21.63%

Average Drawdown

Average peak-to-trough decline

-16.10%

-10.78%

-5.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.91%

+0.34%

Volatility

BWZ vs. IVV - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.83%, while iShares Core S&P 500 ETF (IVV) has a volatility of 2.87%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BWZIVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.83%

2.87%

-1.04%

Volatility (6M)

Calculated over the trailing 6-month period

4.97%

8.90%

-3.93%

Volatility (1Y)

Calculated over the trailing 1-year period

6.93%

11.80%

-4.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.60%

16.88%

-9.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.95%

18.05%

-11.10%

BWZ vs. IVV - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

BWZ vs. IVV - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.10%, more than IVV's 1.06% yield.

PositionTTM20252024202320222021202020192018201720162015
BWZ
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		2.10%2.05%2.47%1.63%0.44%0.60%0.13%0.43%1.10%0.40%0.13%0.06%
IVV
iShares Core S&P 500 ETF		1.06%1.17%1.30%1.44%1.66%1.20%1.57%1.85%2.21%1.75%2.01%2.27%

Frequently Asked Questions

BWZ and IVV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IVV has higher volatility (2.87%) compared to BWZ (1.83%). In terms of maximum drawdown, BWZ dropped -34.23% vs IVV's -55.25%.

On 10-year performance, IVV leads with 15.54% vs -0.49% for BWZ. On fees, IVV is cheaper at 0.03% per year. On volatility, BWZ has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IVV has performed better with a 15.54% return vs -0.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVV is cheaper with a 0.03% expense ratio, compared with 0.35% for BWZ.

BWZ has the higher dividend yield at 2.10%, compared with 1.06% for IVV.

BWZ is categorized as International Government Bonds, while IVV is S&P 500. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while IVV tracks S&P 500 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWZ and 0.03% for IVV.

IVV currently has the higher Sharpe Ratio (2.39 vs 0.01), 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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