IGOV vs. BWZ
IGOV (iShares International Treasury Bond ETF) and BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) are both International Government Bonds funds - IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index while BWZ tracks the Bloomberg Global Treasury (1-3 Y) Customized. Both are passively managed. Over the past 10 years, IGOV returned -1.48%/yr vs -0.60%/yr for BWZ. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
IGOV vs. BWZ - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.66% return, which is significantly higher than BWZ's -1.96% return. Over the past 10 years, IGOV has underperformed BWZ with an annualized return of -1.48%, while BWZ has yielded a comparatively higher -0.60% annualized return.
IGOV
- 1D
- 0.15%
- 1M
- -1.11%
- YTD
- -1.66%
- 6M
- -2.06%
- 1Y
- -2.51%
- 3Y*
- 1.78%
- 5Y*
- -4.35%
- 10Y*
- -1.48%
BWZ
- 1D
- 0.03%
- 1M
- -1.42%
- YTD
- -1.96%
- 6M
- -2.17%
- 1Y
- -2.50%
- 3Y*
- 2.04%
- 5Y*
- -1.94%
- 10Y*
- -0.60%
IGOV vs. BWZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.66% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.96% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
Correlation
The correlation between IGOV 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 | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.76 |
The correlation between IGOV and BWZ has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.
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Return for Risk
IGOV vs. BWZ — Risk / Return Rank
IGOV
BWZ
IGOV vs. BWZ - 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 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.
| IGOV | BWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.95 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | -0.49 | +0.05 |
| Martin ratioReturn relative to average drawdown | -0.97 | -1.03 | +0.06 |
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Drawdowns
IGOV vs. BWZ - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, roughly equal to the maximum BWZ drawdown of -34.23%. Use the drawdown chart below to compare losses from any high point for IGOV and BWZ.
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Drawdown Indicators
| IGOV | BWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -34.23% | -1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -5.15% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -8.60% | -2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -22.15% | -10.77% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -24.90% | -10.98% |
Current DrawdownCurrent decline from peak | -24.89% | -23.44% | -1.45% |
Average DrawdownAverage peak-to-trough decline | -11.06% | -16.12% | +5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.44% | +0.16% |
Volatility
IGOV vs. BWZ - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.30% compared to SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) at 1.78%. This indicates that IGOV'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
| IGOV | BWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 1.78% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 5.10% | +1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 6.85% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 7.60% | +2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 6.94% | +1.66% |
IGOV vs. BWZ - Expense Ratio Comparison
Both IGOV and BWZ have an expense ratio of 0.35%.
Dividends
IGOV vs. BWZ - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.43%, less 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% |
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
IGOV 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.
IGOV has higher volatility (2.30%) compared to BWZ (1.78%). In terms of maximum drawdown, IGOV dropped -35.88% vs BWZ's -34.23%.
On 10-year performance, BWZ leads with -0.60% vs -1.48% for IGOV. Both ETFs have the same 0.35% expense ratio. On volatility, BWZ has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BWZ has performed better with a -0.60% return vs -1.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV and BWZ have the same expense ratio: 0.35% per year.
BWZ has the higher dividend yield at 2.12%, compared with 1.43% for IGOV.
IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized. They also come from different issuers: iShares and State Street.
IGOV currently has the higher Sharpe Ratio (-0.31 vs -0.37), 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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