ISHG vs. BWX
ISHG (iShares 1-3 Year International Treasury Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both International Government Bonds funds - ISHG tracks the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year while BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, ISHG returned -0.27%/yr vs -1.37%/yr for BWX. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
ISHG vs. BWX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ISHG achieves a -1.37% return, which is significantly higher than BWX's -2.67% return. Over the past 10 years, ISHG has outperformed BWX with an annualized return of -0.27%, while BWX has yielded a comparatively lower -1.37% annualized return.
ISHG
- 1D
- -0.24%
- 1M
- -1.45%
- YTD
- -1.37%
- 6M
- -1.13%
- 1Y
- 0.54%
- 3Y*
- 3.63%
- 5Y*
- -1.07%
- 10Y*
- -0.27%
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%
ISHG vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.37% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
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 ISHG and BWX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.76 |
The correlation between ISHG and BWX shifts across timeframes, from 0.76 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ISHG vs. BWX — Risk / Return Rank
ISHG
BWX
ISHG vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.
| ISHG | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.93 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.56 | +0.66 |
| Martin ratioReturn relative to average drawdown | 0.26 | -1.07 | +1.33 |
Loading charts...
Drawdowns
ISHG vs. BWX - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for ISHG and BWX.
Loading charts...
Drawdown Indicators
| ISHG | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -34.05% | -3.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -6.16% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -10.22% | +2.01% |
Max Drawdown (5Y)Largest decline over 5 years | -22.45% | -30.78% | +8.33% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -34.05% | +8.49% |
Current DrawdownCurrent decline from peak | -23.29% | -24.57% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -10.08% | -8.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 3.20% | -1.09% |
Volatility
ISHG vs. BWX - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.76%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.09%. This indicates that ISHG 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.
Loading charts...
Volatility by Period
| ISHG | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 2.09% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 5.97% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.56% | 7.71% | -1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 9.70% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 8.67% | -1.74% |
ISHG vs. BWX - Expense Ratio Comparison
Both ISHG and BWX have an expense ratio of 0.35%.
Dividends
ISHG vs. BWX - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, 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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
ISHG and BWX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to ISHG (1.76%). In terms of maximum drawdown, ISHG dropped -37.24% vs BWX's -34.05%.
On 10-year performance, ISHG leads with -0.27% vs -1.37% for BWX. Both ETFs have the same 0.35% expense ratio. On volatility, ISHG has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISHG has performed better with a -0.27% return vs -1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG and BWX have the same expense ratio: 0.35% per year.
BWX has the higher dividend yield at 2.39%, compared with 1.47% for ISHG.
ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street.
ISHG currently has the higher Sharpe Ratio (0.08 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.
Find the right allocation for ISHG and BWX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer