IAGG vs. BWX
IAGG (iShares Core International Aggregate Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) 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 10 years, IAGG returned 2.01%/yr vs -1.52%/yr for BWX. A 0.50 correlation means they provide meaningful diversification when combined. IAGG charges 0.07%/yr vs 0.35%/yr for BWX.
Performance
IAGG vs. BWX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAGG achieves a 1.04% return, which is significantly higher than BWX's -3.69% return. Over the past 10 years, IAGG has outperformed BWX with an annualized return of 2.01%, while BWX has yielded a comparatively lower -1.52% annualized return.
IAGG
- 1D
- -0.34%
- 1M
- -0.17%
- 6M
- 0.50%
- YTD
- 1.04%
- 1Y
- 2.37%
- 3Y*
- 4.64%
- 5Y*
- 0.91%
- 10Y*
- 2.01%
BWX
- 1D
- -0.65%
- 1M
- -2.03%
- 6M
- -3.30%
- YTD
- -3.69%
- 1Y
- -4.71%
- 3Y*
- -0.41%
- 5Y*
- -4.58%
- 10Y*
- -1.52%
IAGG vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 1.04% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 4.63% | 7.99% | 3.38% | 2.09% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -3.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between IAGG and BWX is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2015 | 0.50 |
Over the past year, IAGG and BWX have become more correlated (0.72) than their long-term average of 0.50, 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
IAGG vs. BWX — Risk / Return Rank
IAGG
BWX
IAGG vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core International Aggregate Bond ETF (IAGG) 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.
| IAGG | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.91 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | -0.77 | +1.80 |
| Martin ratioReturn relative to average drawdown | 3.00 | -1.59 | +4.59 |
Loading charts...
Drawdowns
IAGG vs. BWX - Drawdown Comparison
The maximum IAGG drawdown since its inception was -13.88%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for IAGG and BWX.
Loading charts...
Drawdown Indicators
| IAGG | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.88% | -34.05% | +20.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.32% | -6.14% | +3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -2.32% | -10.22% | +7.90% |
Max Drawdown (5Y)Largest decline over 5 years | -13.57% | -30.78% | +17.21% |
Max Drawdown (10Y)Largest decline over 10 years | -13.88% | -34.05% | +20.17% |
Current DrawdownCurrent decline from peak | -0.86% | -25.35% | +24.49% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -10.12% | +7.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.97% | -2.18% |
Volatility
IAGG vs. BWX - Volatility Comparison
The current volatility for iShares Core International Aggregate Bond ETF (IAGG) is 0.88%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 1.91%. This indicates that IAGG 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.
Loading charts...
Volatility by Period
| IAGG | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 1.91% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 6.00% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 7.62% | -4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 9.71% | -5.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.04% | 8.66% | -4.62% |
IAGG vs. BWX - Expense Ratio Comparison
IAGG has a 0.07% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
IAGG vs. BWX - Dividend Comparison
IAGG's dividend yield for the trailing twelve months is around 4.52%, more than BWX's 2.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.44% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
IAGG iShares Core International Aggregate Bond ETF | 4.52% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
Frequently Asked Questions
IAGG and BWX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.91%) compared to IAGG (0.88%). In terms of maximum drawdown, IAGG dropped -13.88% vs BWX's -34.05%.
On 10-year performance, IAGG leads with 2.01% vs -1.52% for BWX. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAGG has performed better with a 2.01% return vs -1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.35% for BWX.
IAGG has the higher dividend yield at 4.52%, compared with 2.44% for BWX.
IAGG is categorized as Global Bonds, while BWX is International Government Bonds. IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IAGG and 0.35% for BWX.
IAGG currently has the higher Sharpe Ratio (0.82 vs -0.62), 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 IAGG 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