BWZ vs. SCHO
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 1.68%/yr for SCHO. At a 0.28 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.03%/yr for SCHO.
Performance
BWZ vs. SCHO - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.98% return, which is significantly lower than SCHO's 0.42% return. Over the past 10 years, BWZ has underperformed SCHO with an annualized return of -0.60%, while SCHO has yielded a comparatively higher 1.68% 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%
SCHO
- 1D
- 0.00%
- 1M
- 0.14%
- YTD
- 0.42%
- 6M
- 0.62%
- 1Y
- 3.01%
- 3Y*
- 4.20%
- 5Y*
- 1.84%
- 10Y*
- 1.68%
BWZ vs. SCHO - 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% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.42% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
Correlation
The correlation between BWZ and SCHO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.28 |
Over the past year, BWZ and SCHO have become more correlated (0.52) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
BWZ vs. SCHO — Risk / Return Rank
BWZ
SCHO
BWZ vs. SCHO - 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 Schwab Short-Term U.S. Treasury ETF (SCHO). 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 | SCHO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.43 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.51 | -3.88 |
| Martin ratioReturn relative to average drawdown | -0.78 | 14.59 | -15.38 |
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Drawdowns
BWZ vs. SCHO - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for BWZ and SCHO.
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Drawdown Indicators
| BWZ | SCHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -5.69% | -28.54% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -0.86% | -4.29% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -0.98% | -7.62% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -5.69% | -16.46% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -5.69% | -19.21% |
Current DrawdownCurrent decline from peak | -23.46% | -0.27% | -23.19% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -0.61% | -15.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 0.21% | +2.21% |
Volatility
BWZ vs. SCHO - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.78% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.49%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | SCHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.49% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 0.98% | +4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 1.40% | +5.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 1.99% | +5.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 1.56% | +5.39% |
BWZ vs. SCHO - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than SCHO's 0.03% expense ratio.
Dividends
BWZ vs. SCHO - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than SCHO's 3.91% 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% |
SCHO Schwab Short-Term U.S. Treasury ETF | 3.91% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
Frequently Asked Questions
BWZ and SCHO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (1.78%) compared to SCHO (0.49%). In terms of maximum drawdown, BWZ dropped -34.23% vs SCHO's -5.69%.
On 10-year performance, SCHO leads with 1.68% vs -0.60% for BWZ. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHO has performed better with a 1.68% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHO is cheaper with a 0.03% expense ratio, compared with 0.35% for BWZ.
SCHO has the higher dividend yield at 3.91%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while SCHO is Government Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.35% for BWZ and 0.03% for SCHO.
SCHO currently has the higher Sharpe Ratio (2.16 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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