BWZ vs. XLU
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, BWZ returned -0.60%/yr vs 9.35%/yr for XLU. At a 0.18 correlation, their price movements are largely independent. BWZ charges 0.35%/yr vs 0.08%/yr for XLU.
Performance
BWZ vs. XLU - 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 XLU's 6.99% return. Over the past 10 years, BWZ has underperformed XLU with an annualized return of -0.60%, while XLU has yielded a comparatively higher 9.35% 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%
XLU
- 1D
- 0.78%
- 1M
- 0.02%
- YTD
- 6.99%
- 6M
- 7.17%
- 1Y
- 14.05%
- 3Y*
- 14.90%
- 5Y*
- 10.60%
- 10Y*
- 9.35%
BWZ vs. XLU - 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% |
XLU State Street Utilities Select Sector SPDR ETF | 6.99% | 16.03% | 23.31% | -7.18% | 1.44% | 17.70% | 0.51% | 25.93% | 3.94% | 12.05% |
Correlation
The correlation between BWZ and XLU is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.18 |
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Return for Risk
BWZ vs. XLU — Risk / Return Rank
BWZ
XLU
BWZ vs. XLU - 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 Utilities Select Sector SPDR ETF (XLU). 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 | XLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.17 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.54 | -1.91 |
| Martin ratioReturn relative to average drawdown | -0.78 | 3.26 | -4.04 |
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Drawdowns
BWZ vs. XLU - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, smaller than the maximum XLU drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for BWZ and XLU.
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Drawdown Indicators
| BWZ | XLU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -51.98% | +17.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -9.18% | +4.03% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -17.26% | +8.66% |
Max Drawdown (5Y)Largest decline over 5 years | -22.15% | -25.26% | +3.11% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -36.07% | +11.17% |
Current DrawdownCurrent decline from peak | -23.46% | -4.30% | -19.16% |
Average DrawdownAverage peak-to-trough decline | -16.12% | -10.21% | -5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 4.32% | -1.90% |
Volatility
BWZ vs. XLU - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) is 1.78%, while State Street Utilities Select Sector SPDR ETF (XLU) has a volatility of 5.21%. This indicates that BWZ experiences smaller price fluctuations and is considered to be less risky than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWZ | XLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 5.21% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 11.70% | -6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 14.69% | -7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 17.30% | -9.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 19.29% | -12.34% |
BWZ vs. XLU - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is higher than XLU's 0.08% expense ratio.
Dividends
BWZ vs. XLU - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than XLU's 2.65% 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% |
XLU State Street Utilities Select Sector SPDR ETF | 2.65% | 2.71% | 2.96% | 3.39% | 2.92% | 2.79% | 3.14% | 2.95% | 3.33% | 3.33% | 3.41% | 3.67% |
Frequently Asked Questions
BWZ and XLU have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLU has higher volatility (5.21%) compared to BWZ (1.78%). In terms of maximum drawdown, BWZ dropped -34.23% vs XLU's -51.98%.
On 10-year performance, XLU leads with 9.35% vs -0.60% for BWZ. On fees, XLU is cheaper at 0.08% 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, XLU has performed better with a 9.35% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLU is cheaper with a 0.08% expense ratio, compared with 0.35% for BWZ.
XLU has the higher dividend yield at 2.65%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while XLU is Utilities Equities. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while XLU tracks Utilities Select Sector Index. Their fees differ too: 0.35% for BWZ and 0.08% for XLU.
XLU currently has the higher Sharpe Ratio (0.96 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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