BWZ vs. SCHP
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and SCHP (Schwab U.S. TIPS ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 2.52%/yr for SCHP. At a 0.25 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.03%/yr for SCHP.
Performance
BWZ vs. SCHP - 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 SCHP's 0.81% return. Over the past 10 years, BWZ has underperformed SCHP with an annualized return of -0.60%, while SCHP has yielded a comparatively higher 2.52% 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%
SCHP
- 1D
- 0.00%
- 1M
- -0.18%
- YTD
- 0.81%
- 6M
- 0.88%
- 1Y
- 3.49%
- 3Y*
- 3.67%
- 5Y*
- 0.99%
- 10Y*
- 2.52%
BWZ vs. SCHP - 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% |
SCHP Schwab U.S. TIPS ETF | 0.81% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 10.86% | 8.52% | -1.78% | 3.02% |
Correlation
The correlation between BWZ and SCHP is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.25 |
Over the past year, BWZ and SCHP have become more correlated (0.46) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
BWZ vs. SCHP — Risk / Return Rank
BWZ
SCHP
BWZ vs. SCHP - 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 U.S. TIPS ETF (SCHP). 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 | SCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.18 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.82 | -2.19 |
| Martin ratioReturn relative to average drawdown | -0.78 | 5.39 | -6.18 |
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Drawdowns
BWZ vs. SCHP - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for BWZ and SCHP.
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Drawdown Indicators
| BWZ | SCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -14.26% | -19.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -1.93% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -4.48% | -4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -14.26% | -7.89% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -14.26% | -10.64% |
Current DrawdownCurrent decline from peak | -23.46% | -1.04% | -22.42% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -3.92% | -12.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 0.65% | +1.77% |
Volatility
BWZ vs. SCHP - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.78% compared to Schwab U.S. TIPS ETF (SCHP) at 1.20%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | SCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 1.20% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 2.39% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 3.35% | +3.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 6.11% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 5.59% | +1.36% |
BWZ vs. SCHP - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than SCHP's 0.03% expense ratio.
Dividends
BWZ vs. SCHP - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than SCHP's 4.02% 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% |
SCHP Schwab U.S. TIPS ETF | 4.02% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
Frequently Asked Questions
BWZ and SCHP have a correlation of 0.46, 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 SCHP (1.20%). In terms of maximum drawdown, BWZ dropped -34.23% vs SCHP's -14.26%.
On 10-year performance, SCHP leads with 2.52% vs -0.60% for BWZ. On fees, SCHP is cheaper at 0.03% per year. On volatility, SCHP has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHP has performed better with a 2.52% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHP is cheaper with a 0.03% expense ratio, compared with 0.35% for BWZ.
SCHP has the higher dividend yield at 4.02%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while SCHP is Inflation-Protected Bonds. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while SCHP tracks Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.35% for BWZ and 0.03% for SCHP.
SCHP currently has the higher Sharpe Ratio (1.05 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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