IBND vs. BWZ
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and BWZ (SPDR Bloomberg Barclays Short Term 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 BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized. Both are passively managed. Over the past 10 years, IBND returned 0.56%/yr vs -0.60%/yr for BWZ. A 0.74 correlation means they provide meaningful diversification when combined. IBND charges 0.50%/yr vs 0.35%/yr for BWZ.
Performance
IBND vs. BWZ - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly lower than BWZ's -1.87% return. Over the past 10 years, IBND has outperformed BWZ with an annualized return of 0.56%, while BWZ has yielded a comparatively lower -0.60% annualized return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
BWZ
- 1D
- -0.75%
- 1M
- -1.37%
- 6M
- -1.51%
- YTD
- -1.87%
- 1Y
- -2.04%
- 3Y*
- 1.09%
- 5Y*
- -1.85%
- 10Y*
- -0.60%
IBND vs. BWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.87% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
Correlation
The correlation between IBND and BWZ is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.74 |
The correlation between IBND and BWZ has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.
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Return for Risk
IBND vs. BWZ — Risk / Return Rank
IBND
BWZ
IBND vs. BWZ - 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 Short Term International Treasury Bond ETF (BWZ). 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 | BWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.96 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.40 | +0.19 |
| Martin ratioReturn relative to average drawdown | -0.48 | -0.78 | +0.30 |
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Drawdowns
IBND vs. BWZ - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, roughly equal to the maximum BWZ drawdown of -34.23%. Use the drawdown chart below to compare losses from any high point for IBND and BWZ.
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Drawdown Indicators
| IBND | BWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -34.23% | -1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -5.15% | -1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -8.60% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -22.09% | -11.40% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -24.90% | -10.72% |
Current DrawdownCurrent decline from peak | -10.97% | -23.37% | +12.40% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -16.14% | +5.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 2.61% | +0.23% |
Volatility
IBND vs. BWZ - Volatility Comparison
SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a higher volatility of 2.12% compared to SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) at 1.68%. This indicates that IBND's price experiences larger fluctuations and is considered to be riskier than BWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBND | BWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 1.68% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 5.10% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 6.84% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 7.60% | +2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 6.94% | +1.98% |
IBND vs. BWZ - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than BWZ's 0.35% expense ratio.
Dividends
IBND vs. BWZ - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, more than BWZ's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 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 BWZ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBND has higher volatility (2.12%) compared to BWZ (1.68%). In terms of maximum drawdown, IBND dropped -35.62% vs BWZ's -34.23%.
On 10-year performance, IBND leads with 0.56% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, BWZ has been the lower-risk option at 1.68%. 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 0.56% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 0.50% for IBND.
IBND has the higher dividend yield at 2.81%, compared with 2.12% for BWZ.
IBND is categorized as Corporate Bonds, while BWZ is International Government Bonds. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized. Their fees differ too: 0.50% for IBND and 0.35% for BWZ.
IBND currently has the higher Sharpe Ratio (-0.17 vs -0.30), 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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