IGOV vs. BWX
IGOV (iShares International Treasury Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both International Government Bonds funds - IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index while BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, IGOV returned -1.56%/yr vs -1.52%/yr for BWX. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.
Performance
IGOV vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -2.59% return, which is significantly higher than BWX's -3.69% return. Both investments have delivered pretty close results over the past 10 years, with IGOV having a -1.56% annualized return and BWX not far ahead at -1.52%.
IGOV
- 1D
- -0.64%
- 1M
- -2.21%
- 6M
- -2.66%
- YTD
- -2.59%
- 1Y
- -2.78%
- 3Y*
- 0.77%
- 5Y*
- -4.59%
- 10Y*
- -1.56%
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%
IGOV vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -2.59% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
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 IGOV and BWX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.84 |
The correlation between IGOV and BWX has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.
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Return for Risk
IGOV vs. BWX — Risk / Return Rank
IGOV
BWX
IGOV vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.
| IGOV | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.91 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | -0.77 | +0.28 |
| Martin ratioReturn relative to average drawdown | -1.06 | -1.59 | +0.53 |
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Drawdowns
IGOV vs. BWX - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for IGOV and BWX.
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Drawdown Indicators
| IGOV | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -34.05% | -1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -6.14% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -10.22% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -30.78% | -2.14% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -34.05% | -1.83% |
Current DrawdownCurrent decline from peak | -25.60% | -25.35% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -11.09% | -10.12% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.97% | -0.34% |
Volatility
IGOV vs. BWX - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) have volatilities of 1.96% and 1.91%, 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
| IGOV | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.91% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 6.00% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 7.62% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 9.71% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 8.66% | -0.06% |
IGOV vs. BWX - Expense Ratio Comparison
Both IGOV and BWX have an expense ratio of 0.35%.
Dividends
IGOV vs. BWX - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.45%, less 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% |
IGOV iShares International Treasury Bond ETF | 1.45% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
With a correlation of 0.94, IGOV and BWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IGOV has higher volatility (1.96%) compared to BWX (1.91%). In terms of maximum drawdown, IGOV dropped -35.88% vs BWX's -34.05%.
On 10-year performance, BWX leads with -1.52% vs -1.56% for IGOV. Both ETFs have the same 0.35% expense ratio. 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, BWX has performed better with a -1.52% return vs -1.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV and BWX have the same expense ratio: 0.35% per year.
BWX has the higher dividend yield at 2.44%, compared with 1.45% for IGOV.
IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street.
IGOV currently has the higher Sharpe Ratio (-0.35 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.
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