ISHG vs. BWZ
ISHG (iShares 1-3 Year International Treasury Bond ETF) and BWZ (SPDR Bloomberg Barclays Short Term 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 BWZ tracks the Bloomberg Global Treasury (1-3 Y) Customized. Both are passively managed. Over the past 10 years, ISHG returned -0.27%/yr vs -0.57%/yr for BWZ. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
ISHG vs. BWZ - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.37% return, which is significantly higher than BWZ's -1.65% return. Over the past 10 years, ISHG has outperformed BWZ with an annualized return of -0.27%, while BWZ has yielded a comparatively lower -0.57% 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%
BWZ
- 1D
- -0.45%
- 1M
- -1.11%
- YTD
- -1.65%
- 6M
- -1.18%
- 1Y
- -1.14%
- 3Y*
- 2.15%
- 5Y*
- -1.80%
- 10Y*
- -0.57%
ISHG vs. BWZ - 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% |
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.65% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
Correlation
The correlation between ISHG and BWZ is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.79 |
The correlation between ISHG and BWZ has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
ISHG vs. BWZ — Risk / Return Rank
ISHG
BWZ
ISHG vs. BWZ - 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 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.
| ISHG | BWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.98 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.22 | +0.33 |
| Martin ratioReturn relative to average drawdown | 0.26 | -0.47 | +0.73 |
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Drawdowns
ISHG vs. BWZ - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, which is greater than BWZ's maximum drawdown of -34.23%. Use the drawdown chart below to compare losses from any high point for ISHG and BWZ.
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Drawdown Indicators
| ISHG | BWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -34.23% | -3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -5.15% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -8.60% | +0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -22.45% | -22.15% | -0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -24.90% | -0.66% |
Current DrawdownCurrent decline from peak | -23.29% | -23.20% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -16.12% | -2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 2.40% | -0.29% |
Volatility
ISHG vs. BWZ - Volatility Comparison
iShares 1-3 Year International Treasury Bond ETF (ISHG) and SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) have volatilities of 1.76% and 1.77%, 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
| ISHG | BWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.77% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 5.11% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.56% | 6.87% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 7.60% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 6.96% | -0.03% |
ISHG vs. BWZ - Expense Ratio Comparison
Both ISHG and BWZ have an expense ratio of 0.35%.
Dividends
ISHG vs. BWZ - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, 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% |
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 BWZ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (1.77%) compared to ISHG (1.76%). In terms of maximum drawdown, ISHG dropped -37.24% vs BWZ's -34.23%.
On 10-year performance, ISHG leads with -0.27% vs -0.57% for BWZ. 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, ISHG has performed better with a -0.27% return vs -0.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG and BWZ have the same expense ratio: 0.35% per year.
BWZ has the higher dividend yield at 2.12%, compared with 1.47% for ISHG.
ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized. They also come from different issuers: iShares and State Street.
ISHG currently has the higher Sharpe Ratio (0.08 vs -0.17), 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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