GTIP vs. BWX
GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) and BWX (State Street SPDR Bloomberg International Treasury Bond ETF) are both exchange-traded funds - GTIP is a Inflation-Protected Bonds fund tracking the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury ex-US Capped Index. Both are passively managed. Over the past 5 years, GTIP returned 0.27%/yr vs -4.44%/yr for BWX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. GTIP charges 0.12%/yr vs 0.35%/yr for BWX.
Performance
GTIP vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, GTIP achieves a 0.58% return, which is significantly higher than BWX's -2.04% return.
GTIP
- 1D
- 0.10%
- 1M
- -0.65%
- 6M
- 0.23%
- YTD
- 0.58%
- 1Y
- 1.79%
- 3Y*
- 3.77%
- 5Y*
- 0.27%
- 10Y*
- —
- ALL TIME*
- 3.14%
BWX
- 1D
- 0.44%
- 1M
- 0.63%
- 6M
- -2.90%
- YTD
- -2.04%
- 1Y
- -2.69%
- 3Y*
- 1.01%
- 5Y*
- -4.44%
- 10Y*
- -1.45%
- ALL TIME*
- 0.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.42M | $8.82M | $11.58M | |
| $1.26M | $1.13M | $1.84M |
GTIP vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 0.58% | 6.63% | 2.04% | 3.88% | -12.14% | 5.86% | 10.83% | 8.33% | 0.32% |
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.04% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | 2.46% |
Correlation
The correlation between GTIP and BWX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2018 | 0.53 |
The correlation between GTIP and BWX has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.
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Return for Risk
GTIP vs. BWX — Risk / Return Rank
GTIP
BWX
GTIP vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) and State Street SPDR Bloomberg 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.
| GTIP | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.95 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | -0.41 | +1.30 |
| Martin ratioReturn relative to average drawdown | 2.50 | -0.83 | +3.33 |
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Drawdowns
GTIP vs. BWX - Drawdown Comparison
The maximum GTIP drawdown since its inception was -14.31%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for GTIP and BWX.
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Drawdown Indicators
| GTIP | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.31% | -34.05% | +19.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -6.53% | +4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -10.22% | +6.53% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | -30.73% | +16.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -1.27% | -24.08% | +22.81% |
Average DrawdownAverage peak-to-trough decline | -4.16% | -10.17% | +6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 3.26% | -2.54% |
Volatility
GTIP vs. BWX - Volatility Comparison
The current volatility for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) is 0.69%, while State Street SPDR Bloomberg International Treasury Bond ETF (BWX) has a volatility of 1.99%. This indicates that GTIP 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
| GTIP | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 1.99% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 5.93% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 7.39% | -4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 9.73% | -3.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.97% | 8.66% | -2.69% |
GTIP vs. BWX - Expense Ratio Comparison
GTIP has a 0.12% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
GTIP vs. BWX - Dividend Comparison
GTIP's dividend yield for the trailing twelve months is around 5.98%, more than BWX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.40% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
GTIP Goldman Sachs Access Inflation Protected USD Bond ETF | 5.98% | 4.58% | 3.52% | 2.77% | 6.47% | 3.82% | 1.04% | 2.34% | 0.66% | 0.00% |
Frequently Asked Questions
GTIP and BWX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.99%) compared to GTIP (0.69%). In terms of maximum drawdown, GTIP dropped -14.31% vs BWX's -34.05%.
On 5-year performance, GTIP leads with 0.27% vs -4.44% for BWX. On fees, GTIP is cheaper at 0.12% per year. On volatility, GTIP has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GTIP has performed better with a 0.27% return vs -4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTIP is cheaper with a 0.12% expense ratio, compared with 0.35% for BWX.
GTIP has the higher dividend yield at 5.98%, compared with 2.40% for BWX.
GTIP is categorized as Inflation-Protected Bonds, while BWX is International Government Bonds. GTIP tracks FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, while BWX tracks Bloomberg Global Treasury ex-US Capped Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.12% for GTIP and 0.35% for BWX.
GTIP currently has the higher Sharpe Ratio (0.55 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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