FLIA vs. BWX
FLIA (Franklin Liberty International Aggregate Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both International Government Bonds funds. FLIA is actively managed, while BWX is passively managed. Over the past 5 years, FLIA returned 0.89%/yr vs -4.48%/yr for BWX. A 0.50 correlation means they provide meaningful diversification when combined. FLIA charges 0.25%/yr vs 0.35%/yr for BWX.
Performance
FLIA vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, FLIA achieves a 1.03% return, which is significantly higher than BWX's -1.91% return.
FLIA
- 1D
- -0.20%
- 1M
- 0.78%
- YTD
- 1.03%
- 6M
- 0.59%
- 1Y
- 2.12%
- 3Y*
- 3.38%
- 5Y*
- 0.89%
- 10Y*
- —
BWX
- 1D
- -0.59%
- 1M
- -0.88%
- YTD
- -1.91%
- 6M
- -1.77%
- 1Y
- -2.28%
- 3Y*
- 1.18%
- 5Y*
- -4.48%
- 10Y*
- -1.28%
FLIA vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLIA Franklin Liberty International Aggregate Bond ETF | 1.03% | 2.12% | 2.42% | 7.17% | -7.68% | -1.98% | 1.37% | 7.58% | -2.59% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.91% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -0.59% |
Correlation
The correlation between FLIA and BWX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018 | 0.50 |
The correlation between FLIA and BWX shifts across timeframes, from 0.50 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLIA vs. BWX — Risk / Return Rank
FLIA
BWX
FLIA vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty International Aggregate Bond ETF (FLIA) 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.
| FLIA | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.96 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | -0.37 | +1.41 |
| Martin ratioReturn relative to average drawdown | 2.77 | -0.76 | +3.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLIA | BWX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.64 | -0.30 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | -0.47 | +0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.05 | +0.17 |
Drawdowns
FLIA vs. BWX - Drawdown Comparison
The maximum FLIA drawdown since its inception was -11.24%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for FLIA and BWX.
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Drawdown Indicators
| FLIA | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.24% | -34.05% | +22.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -6.16% | +4.12% |
Max Drawdown (3Y)Largest decline over 3 years | -2.77% | -10.22% | +7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | -31.25% | +21.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -0.79% | -23.98% | +23.19% |
Average DrawdownAverage peak-to-trough decline | -3.80% | -10.05% | +6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 3.00% | -2.23% |
Volatility
FLIA vs. BWX - Volatility Comparison
The current volatility for Franklin Liberty International Aggregate Bond ETF (FLIA) is 1.18%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.41%. This indicates that FLIA experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLIA | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 2.41% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 5.79% | -3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 7.70% | -4.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.42% | 9.69% | -5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 8.66% | -3.95% |
FLIA vs. BWX - Expense Ratio Comparison
FLIA has a 0.25% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
FLIA vs. BWX - Dividend Comparison
FLIA's dividend yield for the trailing twelve months is around 2.70%, more than BWX's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.37% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
FLIA Franklin Liberty International Aggregate Bond ETF | 2.70% | 2.62% | 2.97% | 0.93% | 18.12% | 2.26% | 0.43% | 2.93% | 1.23% | 0.00% |
Frequently Asked Questions
FLIA and BWX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.41%) compared to FLIA (1.18%). In terms of maximum drawdown, FLIA dropped -11.24% vs BWX's -34.05%.
On 5-year performance, FLIA leads with 0.89% vs -4.48% for BWX. On fees, FLIA is cheaper at 0.25% per year. On volatility, FLIA has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLIA has performed better with a 0.89% return vs -4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLIA is cheaper with a 0.25% expense ratio, compared with 0.35% for BWX.
FLIA has the higher dividend yield at 2.70%, compared with 2.37% for BWX.
They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.25% for FLIA and 0.35% for BWX.
FLIA currently has the higher Sharpe Ratio (0.64 vs -0.30), 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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