BWZ vs. KBND

Last updated Jun 24, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and KBND (KraneShares Bloomberg China Bond Inclusion Index ETF) are both International Government Bonds funds - BWZ tracks the Bloomberg Global Treasury (1-3 Y) Customized while KBND tracks the KBND-US - Bloomberg China Inclusion Focused Bond Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.50%/yr for KBND.

Performance

BWZ vs. KBND - 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 KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

KBND

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWZ vs. KBND - 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%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	9.38%	1.25%	-0.09%	9.89%

Correlation

The correlation between BWZ and KBND is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 3, 2014	0.18

Return for Risk

BWZ vs. KBND — Risk / Return Rank

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

BWZ

BWZ Risk / Return Rank: 6
BWZ Sharpe Ratio Rank: 6
BWZ Sortino Ratio Rank: 6
BWZ Omega Ratio Rank: 6
BWZ Calmar Ratio Rank: 6
BWZ Martin Ratio Rank: 6

KBND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. KBND - 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 KraneShares Bloomberg China Bond Inclusion Index ETF (KBND). 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	KBND	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	—	—
Sortino ratio: Return per unit of downside risk	-0.35	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.37	—	—
Martin ratio: Return relative to average drawdown	-0.78	—	—

Drawdowns

Drawdown Indicators

	BWZ	KBND	Difference
Max Drawdown Largest peak-to-trough decline	-34.23%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	—	—
Current Drawdown Current decline from peak	-23.46%	—	—
Average Drawdown Average peak-to-trough decline	-16.12%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	—	—

Volatility

Volatility by Period

	BWZ	KBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	—	—

BWZ vs. KBND - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is lower than KBND's 0.50% expense ratio.

Dividends

BWZ vs. KBND - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.12%, while KBND has not paid dividends to shareholders.

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%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.40%	2.20%	2.51%	6.97%	2.27%	3.47%	4.98%	0.00%	0.04%	1.16%

Frequently Asked Questions

Can I hold both BWZ and KBND in my portfolio?

BWZ and KBND have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWZ or KBND?

On fees, BWZ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWZ or KBND?

BWZ is cheaper with a 0.35% expense ratio, compared with 0.50% for KBND.

Which ETF pays a higher dividend yield, BWZ or KBND?

BWZ has the higher dividend yield at 2.12%, compared with 0.00% for KBND.

What is the main difference between BWZ and KBND?

BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while KBND tracks KBND-US - Bloomberg China Inclusion Focused Bond Index. They also come from different issuers: State Street and CICC. Their fees differ too: 0.35% for BWZ and 0.50% for KBND.