GLD vs. BWX
GLD (SPDR Gold Shares) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, 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, GLD returned 12.33%/yr vs -1.31%/yr for BWX. At a 0.45 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.35%/yr for BWX.
Performance
GLD vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a 0.06% return, which is significantly higher than BWX's -1.42% return. Over the past 10 years, GLD has outperformed BWX with an annualized return of 12.33%, while BWX has yielded a comparatively lower -1.31% annualized return.
GLD
- 1D
- 2.59%
- 1M
- -4.97%
- YTD
- 0.06%
- 6M
- 0.19%
- 1Y
- 25.38%
- 3Y*
- 29.73%
- 5Y*
- 18.31%
- 10Y*
- 12.33%
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%
GLD vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.06% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
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 GLD and BWX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.45 |
The correlation between GLD and BWX shifts across timeframes, from 0.42 (3 years) to 0.52 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. BWX — Risk / Return Rank
GLD
BWX
GLD vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.95 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | -0.46 | +1.50 |
| Martin ratioReturn relative to average drawdown | 2.97 | -0.90 | +3.87 |
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Drawdowns
GLD vs. BWX - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for GLD and BWX.
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Drawdown Indicators
| GLD | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -34.05% | -11.51% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -6.16% | -18.30% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -10.22% | -14.24% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -30.78% | +6.32% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -34.05% | +9.59% |
Current DrawdownCurrent decline from peak | -20.03% | -23.60% | +3.57% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -10.07% | -6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.59% | 3.13% | +5.46% |
Volatility
GLD vs. BWX - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 8.37% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.49%. This indicates that GLD'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.
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Volatility by Period
| GLD | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 2.49% | +5.88% |
Volatility (6M)Calculated over the trailing 6-month period | 24.21% | 5.92% | +18.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.49% | 7.66% | +19.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.26% | 9.70% | +8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.10% | 8.67% | +7.43% |
GLD vs. BWX - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
GLD vs. BWX - Dividend Comparison
GLD has not paid dividends to shareholders, while BWX's dividend yield for the trailing twelve months is around 2.36%.
| 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% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLD and BWX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.37%) compared to BWX (2.49%). In terms of maximum drawdown, GLD dropped -45.56% vs BWX's -34.05%.
On 10-year performance, GLD leads with 12.33% vs -1.31% for BWX. On fees, BWX is cheaper at 0.35% 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, GLD has performed better with a 12.33% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.40% for GLD.
BWX has the higher dividend yield at 2.36%, compared with 0.00% for GLD.
GLD is categorized as Gold, while BWX is International Government Bonds. GLD tracks LBMA Gold Price PM, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Their fees differ too: 0.40% for GLD and 0.35% for BWX.
GLD currently has the higher Sharpe Ratio (0.93 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.
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