BWZ vs. SGOV
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, BWZ returned -1.91%/yr vs 3.58%/yr for SGOV. At a 0.00 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.09%/yr for SGOV.
Performance
BWZ vs. SGOV - 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 SGOV's 1.71% 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%
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.71%
- 6M
- 1.80%
- 1Y
- 3.92%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
BWZ vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.98% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 9.64% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.71% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between BWZ and SGOV is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.00 |
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Return for Risk
BWZ vs. SGOV — Risk / Return Rank
BWZ
SGOV
BWZ vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.60 | ||
| Sortino ratioReturn per unit of downside risk | -273.91 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 194.05 | -193.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 395.07 | -395.44 |
| Martin ratioReturn relative to average drawdown | -0.78 | 4,426.92 | -4,427.71 |
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Drawdowns
BWZ vs. SGOV - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for BWZ and SGOV.
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Drawdown Indicators
| BWZ | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -0.03% | -34.20% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -0.01% | -5.14% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -0.01% | -8.59% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -0.03% | -22.12% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | — | — |
Current DrawdownCurrent decline from peak | -23.46% | 0.00% | -23.46% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -0.00% | -16.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 0.00% | +2.42% |
Volatility
BWZ vs. SGOV - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.78% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that BWZ's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.06% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 0.13% | +4.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 0.19% | +6.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 0.24% | +7.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 0.24% | +6.71% |
BWZ vs. SGOV - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
BWZ vs. SGOV - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than SGOV's 3.85% 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWZ and SGOV have a correlation of -0.06, 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 SGOV (0.06%). In terms of maximum drawdown, BWZ dropped -34.23% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.58% vs -1.91% for BWZ. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOV has performed better with a 3.58% return vs -1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.35% for BWZ.
SGOV has the higher dividend yield at 3.85%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while SGOV is Ultrashort Bond. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for BWZ and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.32 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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