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IGOV vs. BWX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

IGOV vs. BWX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares International Treasury Bond ETF (IGOV) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX).

IGOV and BWX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IGOV is a passively managed fund by iShares that tracks the performance of the S&P/Citigroup International Treasury Bond Index Ex-US. It was launched on Jan 21, 2009. BWX is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). It was launched on Oct 2, 2007. Both IGOV and BWX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IGOV vs. BWX - Performance Comparison

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

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IGOV vs. BWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGOV
iShares International Treasury Bond ETF		-1.44%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		-2.24%7.67%-5.93%5.10%-19.72%-8.67%9.50%5.58%-1.85%9.93%

Returns By Period

In the year-to-date period, IGOV achieves a -1.44% return, which is significantly higher than BWX's -2.24% return. Over the past 10 years, IGOV has underperformed BWX with an annualized return of -1.34%, while BWX has yielded a comparatively higher -1.19% annualized return.

IGOV

1D
1.23%
1M
-4.49%
YTD
-1.44%
6M
-2.25%
1Y
5.63%
3Y*
1.37%
5Y*
-4.22%
10Y*
-1.34%

BWX

1D
1.06%
1M
-4.52%
YTD
-2.24%
6M
-3.48%
1Y
2.64%
3Y*
0.23%
5Y*
-4.08%
10Y*
-1.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares International Treasury Bond ETF

SPDR Bloomberg Barclays International Treasury Bond ETF

Often compared with IGOV:
IGOV vs. BNDXIGOV vs. AGGIGOV vs. VCITIGOV vs. BSVIGOV vs. FLIAIGOV vs. BNDIGOV vs. SCHD
Often compared with BWX:
BWX vs. BNDXBWX vs. BWZBWX vs. IAGGBWX vs. IBNDBWX vs. BNDBWX vs. CMFBWX vs. TLT

IGOV vs. BWX - Expense Ratio Comparison

Both IGOV and BWX have an expense ratio of 0.35%.

IGOV
iShares International Treasury Bond ETF
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF

Return for Risk

IGOV vs. BWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGOV
IGOV Risk / Return Rank: 3535
Overall Rank
IGOV Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
IGOV Sortino Ratio Rank: 3636
Sortino Ratio Rank
IGOV Omega Ratio Rank: 3131
Omega Ratio Rank
IGOV Calmar Ratio Rank: 4040
Calmar Ratio Rank
IGOV Martin Ratio Rank: 3131
Martin Ratio Rank
BWX
BWX Risk / Return Rank: 2121
Overall Rank
BWX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
BWX Sortino Ratio Rank: 2020
Sortino Ratio Rank
BWX Omega Ratio Rank: 1919
Omega Ratio Rank
BWX Calmar Ratio Rank: 2323
Calmar Ratio Rank
BWX Martin Ratio Rank: 2020
Martin Ratio Rank
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.

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.

IGOVBWXDifference

Sharpe ratio

Return per unit of total volatility

0.63

0.30

+0.33

Sortino ratio

Return per unit of downside risk

0.98

0.51

+0.47

Omega ratio

Gain probability vs. loss probability

1.12

1.06

+0.06

Calmar ratio

Return relative to maximum drawdown

0.96

0.44

+0.52

Martin ratio

Return relative to average drawdown

2.56

1.07

+1.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGOV vs. BWX - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.63, which is higher than the BWX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of IGOV and BWX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

IGOVBWXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

0.30

+0.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.43

-0.43

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

-0.14

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.01

0.05

-0.04

Correlation

The correlation between IGOV and BWX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IGOV vs. BWX - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.43%, less than BWX's 2.28% yield.

TTM20252024202320222021202020192018201720162015
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%
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		2.28%2.19%1.99%1.63%1.23%0.93%0.95%1.16%1.07%0.46%0.00%0.00%

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

IGOVBWXDifference

Max Drawdown

Largest 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 (5Y)

Largest decline over 5 years

-33.17%

-31.25%

-1.92%

Max Drawdown (10Y)

Largest decline over 10 years

-35.88%

-34.05%

-1.83%

Current Drawdown

Current decline from peak

-24.72%

-24.23%

-0.49%

Average Drawdown

Average peak-to-trough decline

-10.89%

-9.92%

-0.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

2.52%

-0.39%

Volatility

IGOV vs. BWX - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) has a higher volatility of 3.63% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 3.37%. 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

IGOVBWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.63%

3.37%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

5.29%

5.11%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

9.04%

8.85%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.88%

9.62%

+0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.58%

8.64%

-0.06%