BWZ vs. SPYD
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 -0.60%/yr vs 8.86%/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
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Returns By Period
In the year-to-date period, BWZ achieves a -1.98% return, which is significantly lower than SPYD's 12.56% return. Over the past 10 years, BWZ has underperformed SPYD with an annualized return of -0.60%, while SPYD has yielded a comparatively higher 8.86% 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%
SPYD
- 1D
- 0.93%
- 1M
- 1.01%
- YTD
- 12.56%
- 6M
- 12.79%
- 1Y
- 18.22%
- 3Y*
- 15.16%
- 5Y*
- 8.06%
- 10Y*
- 8.86%
BWZ vs. SPYD - 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% |
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 12.56% | 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 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015 | 0.18 |
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Return for Risk
BWZ vs. SPYD — Risk / Return Rank
BWZ
SPYD
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.
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 | SPYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.26 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.59 | -2.96 |
| Martin ratioReturn relative to average drawdown | -0.78 | 7.47 | -8.26 |
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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
| BWZ | SPYD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -22.15% | -22.25% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -46.42% | +21.52% |
Current DrawdownCurrent decline from peak | -23.46% | -1.89% | -21.57% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -6.14% | -9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.44% | -0.02% |
Volatility
BWZ vs. SPYD - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a volatility of 3.68%. 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
| BWZ | SPYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 3.68% | -1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 8.05% | -2.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 11.87% | -5.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 16.07% | -8.47% |
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 2.12%, less than SPYD's 4.26% 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% |
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 4.26% | 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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYD has higher volatility (3.68%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs SPYD's -46.42%.
On 10-year performance, SPYD leads with 8.86% vs -0.60% for BWZ. On fees, SPYD is cheaper at 0.07% 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, SPYD has performed better with a 8.86% return vs -0.60%. 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 4.26%, compared with 2.12% 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 (1.54 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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