IFLN vs. BWX

Last updated Jun 4, 2026

IFLN (Invesco Bloomberg Enhanced Fallen Angels ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - IFLN is a High Yield Bonds fund tracking the Bloomberg US High Yield Enhanced Fallen Angels 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, IFLN returned 4.60%/yr vs -1.28%/yr for BWX. At a 0.27 correlation, their price movements are largely independent. IFLN charges 0.23%/yr vs 0.35%/yr for BWX.

Performance

IFLN vs. BWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFLN achieves a 0.57% return, which is significantly higher than BWX's -1.91% return. Over the past 10 years, IFLN has outperformed BWX with an annualized return of 4.60%, while BWX has yielded a comparatively lower -1.28% annualized return.

IFLN

• 1D: -0.25%
• 1M: 0.55%
• YTD: 0.57%
• 6M: 0.84%
• 1Y: 5.87%
• 3Y*: 7.32%
• 5Y*: 3.59%
• 10Y*: 4.60%

BWX

• 1D: -0.59%
• 1M: -0.88%
• YTD: -1.91%
• 6M: -1.77%
• 1Y: -2.28%
• 3Y*: 1.18%
• 5Y*: -4.48%
• 10Y*: -1.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IFLN vs. BWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF	0.57%	8.75%	5.54%	11.19%	-8.77%	3.32%	5.20%	13.59%	-2.69%	5.12%
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	-1.91%	7.67%	-5.93%	5.10%	-19.72%	-8.67%	9.50%	5.58%	-1.85%	9.93%

Correlation

The correlation between IFLN and BWX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Nov 16, 2007	0.27

Over the past year, IFLN and BWX have become more correlated (0.59) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

IFLN vs. BWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IFLN

IFLN Risk / Return Rank: 40
IFLN Sharpe Ratio Rank: 43
IFLN Sortino Ratio Rank: 44
IFLN Omega Ratio Rank: 46
IFLN Calmar Ratio Rank: 30
IFLN Martin Ratio Rank: 38

BWX

BWX Risk / Return Rank: 5
BWX Sharpe Ratio Rank: 6
BWX Sortino Ratio Rank: 5
BWX Omega Ratio Rank: 5
BWX Calmar Ratio Rank: 5
BWX Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IFLN vs. BWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) 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.

	IFLN	BWX	Difference
Sharpe ratio Return per unit of total volatility	1.52	-0.30	+1.81
Sortino ratio Return per unit of downside risk	2.20	-0.38	+2.58
Omega ratio Gain probability vs. loss probability	1.29	0.96	+0.33
Calmar ratio Return relative to maximum drawdown	1.44	-0.37	+1.82
Martin ratio Return relative to average drawdown	5.93	-0.76	+6.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFLN vs. BWX - Sharpe Ratio Comparison

The current IFLN Sharpe Ratio is 1.52, which is higher than the BWX Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of IFLN and BWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IFLN	BWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	-0.30	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	-0.47	+1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	-0.15	+0.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.05	+0.24

Drawdowns

IFLN vs. BWX - Drawdown Comparison

The maximum IFLN drawdown since its inception was -44.79%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for IFLN and BWX.

Drawdown Indicators

	IFLN	BWX	Difference
Max Drawdown Largest peak-to-trough decline	-44.79%	-34.05%	-10.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-6.16%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.08%	-10.22%	+6.14%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-31.25%	+17.49%
Max Drawdown (10Y) Largest decline over 10 years	-21.52%	-34.05%	+12.53%
Current Drawdown Current decline from peak	-0.49%	-23.98%	+23.49%
Average Drawdown Average peak-to-trough decline	-4.33%	-10.05%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	3.00%	-2.01%

Volatility

IFLN vs. BWX - Volatility Comparison

The current volatility for Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN) is 1.26%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.41%. This indicates that IFLN 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.

Volatility by Period

	IFLN	BWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	2.41%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	5.79%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	7.70%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	9.69%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	8.66%	-1.77%

IFLN vs. BWX - Expense Ratio Comparison

IFLN has a 0.23% expense ratio, which is lower than BWX's 0.35% expense ratio.

Dividends

IFLN vs. BWX - Dividend Comparison

IFLN's dividend yield for the trailing twelve months is around 5.82%, more than BWX's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	2.37%	2.19%	1.99%	1.63%	1.23%	0.93%	0.95%	1.16%	1.07%	0.46%	0.00%	0.00%
IFLN Invesco Bloomberg Enhanced Fallen Angels ETF	5.82%	5.48%	5.69%	4.68%	3.52%	3.37%	3.90%	4.03%	4.44%	4.14%	4.58%	4.69%

Frequently Asked Questions

Can I hold both IFLN and BWX in my portfolio?

IFLN and BWX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFLN or BWX?

BWX has higher volatility (2.41%) compared to IFLN (1.26%). In terms of maximum drawdown, IFLN dropped -44.79% vs BWX's -34.05%.

Which ETF is better, IFLN or BWX?

On 10-year performance, IFLN leads with 4.60% vs -1.28% for BWX. On fees, IFLN is cheaper at 0.23% per year. On volatility, IFLN has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFLN or BWX?

Over the 10-year period, IFLN has performed better with a 4.60% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFLN or BWX?

IFLN is cheaper with a 0.23% expense ratio, compared with 0.35% for BWX.

Which ETF pays a higher dividend yield, IFLN or BWX?

IFLN has the higher dividend yield at 5.82%, compared with 2.37% for BWX.

What is the main difference between IFLN and BWX?

IFLN is categorized as High Yield Bonds, while BWX is International Government Bonds. IFLN tracks Bloomberg US High Yield Enhanced Fallen Angels Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.23% for IFLN and 0.35% for BWX.

Which has better risk-adjusted returns?

IFLN currently has the higher Sharpe Ratio (1.51 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.