IAGG vs. BWX
IAGG (iShares Core International Aggregate Bond ETF) and BWX (State Street SPDR Bloomberg 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 ex-US Capped Index. Both are passively managed. Over the past 10 years, IAGG returned 1.97%/yr vs -1.57%/yr for BWX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. IAGG charges 0.07%/yr vs 0.35%/yr for BWX.
Performance
IAGG vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, IAGG achieves a 0.90% return, which is significantly higher than BWX's -2.47% return. Over the past 10 years, IAGG has outperformed BWX with an annualized return of 1.97%, while BWX has yielded a comparatively lower -1.57% annualized return.
IAGG
- 1D
- -0.16%
- 1M
- -0.76%
- 6M
- 0.32%
- YTD
- 0.90%
- 1Y
- 1.61%
- 3Y*
- 4.51%
- 5Y*
- 0.79%
- 10Y*
- 1.97%
- ALL TIME*
- 2.43%
BWX
- 1D
- -0.23%
- 1M
- 0.18%
- 6M
- -3.80%
- YTD
- -2.47%
- 1Y
- -3.12%
- 3Y*
- 0.83%
- 5Y*
- -4.46%
- 10Y*
- -1.57%
- ALL TIME*
- 0.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.57M | $8.76M | $11.82M | |
| $86.19M | $66.39M | $104.80M |
IAGG vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 0.90% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 4.63% | 7.99% | 3.38% | 2.09% |
BWX State Street SPDR Bloomberg International Treasury Bond ETF | -2.47% | 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 0.73, 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. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2015 | 0.51 |
Over the past year, IAGG and BWX have become more correlated (0.73) than their long-term average of 0.51, meaning their price movements have been converging.
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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 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.
| IAGG | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.97 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | -0.24 | +1.06 |
| Martin ratioReturn relative to average drawdown | 2.34 | -0.48 | +2.82 |
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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.
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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% | -6.53% | +4.21% |
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 | -1.00% | -24.42% | +23.42% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -10.17% | +7.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 3.25% | -2.43% |
Volatility
IAGG vs. BWX - Volatility Comparison
The current volatility for iShares Core International Aggregate Bond ETF (IAGG) is 0.82%, while State Street SPDR Bloomberg International Treasury Bond ETF (BWX) has a volatility of 1.99%. 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.
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Volatility by Period
| IAGG | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.99% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 5.95% | -3.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 7.54% | -4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 9.72% | -5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.03% | 8.65% | -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 4.53%, more than BWX's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX State Street SPDR Bloomberg International Treasury Bond ETF | 2.20% | 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 | 4.53% | 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 0.73, 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 IAGG (0.82%). In terms of maximum drawdown, IAGG dropped -13.88% vs BWX's -34.05%.
On 10-year performance, IAGG leads with 1.97% vs -1.57% for BWX. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 0.82%. 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 1.97% return vs -1.57%. 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 4.53%, compared with 2.20% 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 ex-US Capped Index. 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 (0.66 vs -0.21), 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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