IBND vs. BWX
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, 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, IBND returned 0.73%/yr vs -1.37%/yr for BWX. A 0.76 correlation means they provide meaningful diversification when combined. IBND charges 0.50%/yr vs 0.35%/yr for BWX.
Performance
IBND vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -1.99% return, which is significantly higher than BWX's -2.67% return. Over the past 10 years, IBND has outperformed BWX with an annualized return of 0.73%, while BWX has yielded a comparatively lower -1.37% annualized return.
IBND
- 1D
- -0.13%
- 1M
- -0.81%
- YTD
- -1.99%
- 6M
- -1.90%
- 1Y
- 0.75%
- 3Y*
- 5.84%
- 5Y*
- -1.24%
- 10Y*
- 0.73%
BWX
- 1D
- -0.46%
- 1M
- -0.76%
- YTD
- -2.67%
- 6M
- -2.20%
- 1Y
- -3.41%
- 3Y*
- 0.76%
- 5Y*
- -4.30%
- 10Y*
- -1.37%
IBND vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -1.99% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.67% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between IBND and BWX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.76 |
The correlation between IBND and BWX shifts across timeframes, from 0.76 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBND vs. BWX — Risk / Return Rank
IBND
BWX
IBND vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
| IBND | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.93 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.56 | +0.67 |
| Martin ratioReturn relative to average drawdown | 0.29 | -1.07 | +1.36 |
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Drawdowns
IBND vs. BWX - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, roughly equal to the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for IBND and BWX.
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Drawdown Indicators
| IBND | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -34.05% | -1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -6.16% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -10.22% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -30.78% | -2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -34.05% | -1.57% |
Current DrawdownCurrent decline from peak | -10.29% | -24.57% | +14.28% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -10.08% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 3.20% | -0.58% |
Volatility
IBND vs. BWX - Volatility Comparison
SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) have volatilities of 2.05% and 2.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBND | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 2.09% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 5.97% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.04% | 7.71% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 9.70% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.95% | 8.67% | +0.28% |
IBND vs. BWX - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
IBND vs. BWX - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.76%, more than BWX's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.39% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.76% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
Frequently Asked Questions
IBND and BWX have a correlation of 0.88, 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 IBND (2.05%). In terms of maximum drawdown, IBND dropped -35.62% vs BWX's -34.05%.
On 10-year performance, IBND leads with 0.73% vs -1.37% for BWX. On fees, BWX is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IBND has performed better with a 0.73% return vs -1.37%. 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 0.50% for IBND.
IBND has the higher dividend yield at 2.76%, compared with 2.39% for BWX.
IBND is categorized as Corporate Bonds, while BWX is International Government Bonds. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Their fees differ too: 0.50% for IBND and 0.35% for BWX.
IBND currently has the higher Sharpe Ratio (0.09 vs -0.45), 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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