BWZ vs. SPMO
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 21.03%/yr for SPMO. At a 0.15 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.13%/yr for SPMO.
Performance
BWZ vs. SPMO - 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 SPMO's 29.91% return. Over the past 10 years, BWZ has underperformed SPMO with an annualized return of -0.60%, while SPMO has yielded a comparatively higher 21.03% 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%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
BWZ vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between BWZ and SPMO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.15 |
The correlation between BWZ and SPMO shifts across timeframes, from 0.13 (3 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BWZ vs. SPMO — Risk / Return Rank
BWZ
SPMO
BWZ vs. SPMO - 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 Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.39 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.45 | -3.82 |
| Martin ratioReturn relative to average drawdown | -0.78 | 12.97 | -13.75 |
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Drawdowns
BWZ vs. SPMO - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for BWZ and SPMO.
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Drawdown Indicators
| BWZ | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -30.95% | -3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -12.70% | +7.55% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -20.13% | +11.53% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -22.74% | +0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -30.95% | +6.05% |
Current DrawdownCurrent decline from peak | -23.46% | -4.53% | -18.93% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -4.59% | -11.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 3.37% | -0.95% |
Volatility
BWZ vs. SPMO - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 11.75% | -9.97% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 17.78% | -12.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 20.55% | -13.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 19.88% | -12.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 20.60% | -13.65% |
BWZ vs. SPMO - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
BWZ vs. SPMO - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, more than SPMO's 0.68% 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
BWZ and SPMO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs -0.60% for BWZ. On fees, SPMO is cheaper at 0.13% per year. On volatility, BWZ has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 21.03% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.35% for BWZ.
BWZ has the higher dividend yield at 2.12%, compared with 0.68% for SPMO.
BWZ is categorized as International Government Bonds, while SPMO is Momentum. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWZ and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 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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