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 -1.47%/yr vs -1.37%/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 -1.54% return, which is significantly higher than BWX's -2.67% return. Over the past 10 years, IGOV has underperformed BWX with an annualized return of -1.47%, while BWX has yielded a comparatively higher -1.37% annualized return.
IGOV
- 1D
- -0.44%
- 1M
- -0.99%
- YTD
- -1.54%
- 6M
- -1.25%
- 1Y
- -1.38%
- 3Y*
- 1.82%
- 5Y*
- -4.29%
- 10Y*
- -1.47%
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%
IGOV vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.54% | 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 | -2.67% | 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 | 0.98 | 0.93 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.56 | +0.31 |
| Martin ratioReturn relative to average drawdown | -0.54 | -1.07 | +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% | -6.16% | +0.46% |
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 | -24.80% | -24.57% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -10.08% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 3.20% | -0.64% |
Volatility
IGOV vs. BWX - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.28% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.09%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier 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
| IGOV | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.28% | 2.09% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 5.97% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.15% | 7.71% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 9.70% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.61% | 8.67% | -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 1.43%, less 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% |
IGOV iShares International Treasury Bond ETF | 1.43% | 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 (2.28%) compared to BWX (2.09%). In terms of maximum drawdown, IGOV dropped -35.88% vs BWX's -34.05%.
On 10-year performance, BWX leads with -1.37% vs -1.47% for IGOV. Both ETFs have the same 0.35% expense ratio. On volatility, BWX has been the lower-risk option at 2.09%. 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 -1.37% return vs -1.47%. 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 2.39%, compared with 1.43% 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 (-0.17 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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