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BWZ vs. SPYD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BWZ vs. SPYD

Last updated Jun 3, 2026

BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, BWZ returned -0.44%/yr vs 8.64%/yr for SPYD. At a 0.18 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.07%/yr for SPYD.

Performance

BWZ vs. SPYD - 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 State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BWZ achieves a -0.10% return, which is significantly lower than SPYD's 10.83% return. Over the past 10 years, BWZ has underperformed SPYD with an annualized return of -0.44%, while SPYD has yielded a comparatively higher 8.64% annualized return.

BWZ

1D
0.18%
1M
-0.63%
YTD
-0.10%
6M
1.00%
1Y
-0.05%
3Y*
2.76%
5Y*
-1.78%
10Y*
-0.44%

SPYD

1D
0.53%
1M
1.26%
YTD
10.83%
6M
12.06%
1Y
16.98%
3Y*
14.54%
5Y*
6.85%
10Y*
8.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BWZ vs. SPYD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BWZ
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		-0.10%10.47%-5.31%2.97%-10.56%-6.85%6.47%0.99%-3.36%10.18%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		10.83%4.65%15.34%3.91%-1.17%32.73%-11.64%21.20%-4.89%12.67%

Correlation

The correlation between BWZ and SPYD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Oct 23, 2015

0.18

Compare stocks, funds, or ETFs

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SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

State Street SPDR Portfolio S&P 500 High Dividend ETF

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Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. JEPISPYD vs. VOO

Return for Risk

BWZ vs. SPYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BWZ
BWZ Risk / Return Rank: 99
Overall Rank
BWZ Sharpe Ratio Rank: 99
Sharpe Ratio Rank
BWZ Sortino Ratio Rank: 88
Sortino Ratio Rank
BWZ Omega Ratio Rank: 88
Omega Ratio Rank
BWZ Calmar Ratio Rank: 1010
Calmar Ratio Rank
BWZ Martin Ratio Rank: 1010
Martin Ratio Rank
SPYD
SPYD Risk / Return Rank: 4343
Overall Rank
SPYD Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 4444
Sortino Ratio Rank
SPYD Omega Ratio Rank: 3838
Omega Ratio Rank
SPYD Calmar Ratio Rank: 4848
Calmar Ratio Rank
SPYD Martin Ratio Rank: 4343
Martin Ratio Rank
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. SPYD - 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 State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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.

BWZSPYDDifference

Sharpe ratio

Return per unit of total volatility

-0.01

1.47

-1.48

Sortino ratio

Return per unit of downside risk

0.04

2.22

-2.18

Omega ratio

Gain probability vs. loss probability

1.00

1.25

-0.25

Calmar ratio

Return relative to maximum drawdown

0.13

2.40

-2.27

Martin ratio

Return relative to average drawdown

0.31

6.98

-6.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWZ vs. SPYD - Sharpe Ratio Comparison

The current BWZ Sharpe Ratio is -0.01, which is lower than the SPYD Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of BWZ and SPYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BWZSPYDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

1.47

-1.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.24

0.43

-0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.06

0.44

-0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.02

0.47

-0.49

Drawdowns

BWZ vs. SPYD - Drawdown Comparison

The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for BWZ and SPYD.

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Drawdown Indicators

BWZSPYDDifference

Max Drawdown

Largest peak-to-trough decline

-34.23%

-46.42%

+12.19%

Max Drawdown (1Y)

Largest decline over 1 year

-5.15%

-7.05%

+1.90%

Max Drawdown (3Y)

Largest decline over 3 years

-8.60%

-16.13%

+7.53%

Max Drawdown (5Y)

Largest decline over 5 years

-23.58%

-22.25%

-1.33%

Max Drawdown (10Y)

Largest decline over 10 years

-24.90%

-46.42%

+21.52%

Current Drawdown

Current decline from peak

-21.99%

-0.67%

-21.32%

Average Drawdown

Average peak-to-trough decline

-16.10%

-6.17%

-9.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.24%

2.42%

-0.18%

Volatility

BWZ vs. SPYD - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.79%, while State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a volatility of 2.65%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BWZSPYDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.79%

2.65%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

4.95%

7.71%

-2.76%

Volatility (1Y)

Calculated over the trailing 1-year period

6.95%

11.61%

-4.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.60%

16.13%

-8.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.95%

19.78%

-12.83%

BWZ vs. SPYD - Expense Ratio Comparison

BWZ has a 0.35% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

BWZ vs. SPYD - Dividend Comparison

BWZ's dividend yield for the trailing twelve months is around 2.08%, less than SPYD's 4.19% yield.

PositionTTM20252024202320222021202020192018201720162015
BWZ
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		2.08%2.05%2.47%1.63%0.44%0.60%0.13%0.43%1.10%0.40%0.13%0.06%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.19%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

BWZ and SPYD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYD has higher volatility (2.65%) compared to BWZ (1.79%). In terms of maximum drawdown, BWZ dropped -34.23% vs SPYD's -46.42%.

On 10-year performance, SPYD leads with 8.64% vs -0.44% for BWZ. On fees, SPYD is cheaper at 0.07% per year. On volatility, BWZ has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYD has performed better with a 8.64% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.35% for BWZ.

SPYD has the higher dividend yield at 4.19%, compared with 2.08% for BWZ.

BWZ is categorized as International Government Bonds, while SPYD is S&P 500. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while SPYD tracks S&P 500 High Dividend Index. Their fees differ too: 0.35% for BWZ and 0.07% for SPYD.

SPYD currently has the higher Sharpe Ratio (1.47 vs -0.01), 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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