GTIP vs. BWX
GTIP (Goldman Sachs Access Inflation Protected USD Bond ETF) and BWX (SPDR Bloomberg Barclays 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 x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 5 years, GTIP returned 0.98%/yr vs -4.35%/yr for BWX. A 0.53 correlation means they provide meaningful diversification when combined. 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 1.21% return, which is significantly higher than BWX's -2.94% return.
GTIP
- 1D
- 0.34%
- 1M
- 0.24%
- YTD
- 1.21%
- 6M
- 1.07%
- 1Y
- 3.65%
- 3Y*
- 3.74%
- 5Y*
- 0.98%
- 10Y*
- —
BWX
- 1D
- -0.05%
- 1M
- -1.03%
- YTD
- -2.94%
- 6M
- -3.33%
- 1Y
- -4.84%
- 3Y*
- 0.66%
- 5Y*
- -4.35%
- 10Y*
- -1.40%
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 | 1.21% | 6.63% | 2.04% | 3.88% | -12.14% | 5.86% | 10.83% | 8.33% | 0.32% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.94% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | 2.46% |
Correlation
The correlation between GTIP and BWX is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
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 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.
| GTIP | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.90 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | -0.79 | +2.61 |
| Martin ratioReturn relative to average drawdown | 5.63 | -1.50 | +7.13 |
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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% | -6.16% | +4.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.47% | -10.22% | +5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -14.31% | -30.78% | +16.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -0.65% | -24.78% | +24.13% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -10.09% | +5.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 3.24% | -2.59% |
Volatility
GTIP vs. BWX - Volatility Comparison
The current volatility for Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) is 1.20%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.09%. 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 | 1.20% | 2.09% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 5.95% | -3.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 7.68% | -4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.05% | 9.70% | -3.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.00% | 8.67% | -2.67% |
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 4.71%, more than BWX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays 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 | 4.71% | 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 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to GTIP (1.20%). In terms of maximum drawdown, GTIP dropped -14.31% vs BWX's -34.05%.
On 5-year performance, GTIP leads with 0.98% vs -4.35% for BWX. On fees, GTIP is cheaper at 0.12% per year. On volatility, GTIP has been the lower-risk option at 1.20%. 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 0.98% return vs -4.35%. 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 4.71%, 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 x US Capped (Inception 8/31/2007). 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 (1.09 vs -0.64), 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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