EBND vs. BWX
EBND (SPDR Bloomberg Barclays Emerging Markets Local Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - EBND is a Emerging Markets Bonds fund tracking the Bloomberg Emerging Market Local Currency Government Diversified, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, EBND returned 1.79%/yr vs -1.31%/yr for BWX. A 0.58 correlation means they provide meaningful diversification when combined. EBND charges 0.30%/yr vs 0.35%/yr for BWX.
Performance
EBND vs. BWX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EBND achieves a 1.16% return, which is significantly higher than BWX's -1.42% return. Over the past 10 years, EBND has outperformed BWX with an annualized return of 1.79%, while BWX has yielded a comparatively lower -1.31% annualized return.
EBND
- 1D
- 0.72%
- 1M
- 2.49%
- YTD
- 1.16%
- 6M
- 2.04%
- 1Y
- 6.85%
- 3Y*
- 5.36%
- 5Y*
- 0.64%
- 10Y*
- 1.79%
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
EBND vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 1.16% | 15.83% | -2.70% | 9.02% | -11.84% | -9.66% | 4.49% | 10.40% | -6.52% | 13.93% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between EBND and BWX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2011 | 0.58 |
Over the past year, EBND and BWX have become more correlated (0.80) than their long-term average of 0.58, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EBND vs. BWX — Risk / Return Rank
EBND
BWX
EBND vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.
| EBND | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.95 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | -0.46 | +1.49 |
| Martin ratioReturn relative to average drawdown | 3.32 | -0.90 | +4.21 |
Loading charts...
Drawdowns
EBND vs. BWX - Drawdown Comparison
The maximum EBND drawdown since its inception was -29.51%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for EBND and BWX.
Loading charts...
Drawdown Indicators
| EBND | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.51% | -34.05% | +4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -6.16% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -9.25% | -10.22% | +0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -26.15% | -30.78% | +4.63% |
Max Drawdown (10Y)Largest decline over 10 years | -29.50% | -34.05% | +4.55% |
Current DrawdownCurrent decline from peak | -1.90% | -23.60% | +21.70% |
Average DrawdownAverage peak-to-trough decline | -10.85% | -10.07% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 3.13% | -1.06% |
Volatility
EBND vs. BWX - Volatility Comparison
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND) has a higher volatility of 2.70% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.49%. This indicates that EBND's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EBND | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 2.49% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 5.92% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.13% | 7.66% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.01% | 9.70% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 8.67% | +0.52% |
EBND vs. BWX - Expense Ratio Comparison
EBND has a 0.30% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
EBND vs. BWX - Dividend Comparison
EBND's dividend yield for the trailing twelve months is around 5.75%, more than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
EBND SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 5.75% | 5.54% | 5.89% | 5.26% | 4.75% | 3.83% | 3.67% | 4.68% | 4.70% | 2.00% |
Frequently Asked Questions
EBND and BWX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EBND has higher volatility (2.70%) compared to BWX (2.49%). In terms of maximum drawdown, EBND dropped -29.51% vs BWX's -34.05%.
On 10-year performance, EBND leads with 1.79% vs -1.31% for BWX. On fees, EBND is cheaper at 0.30% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EBND has performed better with a 1.79% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EBND is cheaper with a 0.30% expense ratio, compared with 0.35% for BWX.
EBND has the higher dividend yield at 5.75%, compared with 2.36% for BWX.
EBND is categorized as Emerging Markets Bonds, while BWX is International Government Bonds. EBND tracks Bloomberg Emerging Market Local Currency Government Diversified, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Their fees differ too: 0.30% for EBND and 0.35% for BWX.
EBND currently has the higher Sharpe Ratio (0.97 vs -0.37), 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.
Find the right allocation for EBND and BWX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer