KBND vs. BWX

Last updated Jun 5, 2026

KBND (KraneShares Bloomberg China Bond Inclusion Index ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both International Government Bonds funds - KBND tracks the KBND-US - Bloomberg China Inclusion Focused Bond Index while BWX tracks the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. At a 0.18 correlation, their price movements are largely independent. KBND charges 0.50%/yr vs 0.35%/yr for BWX.

Performance

KBND vs. BWX - Performance Comparison

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

Returns By Period

KBND

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWX

• 1D: 0.18%
• 1M: -0.70%
• YTD: -1.73%
• 6M: -1.29%
• 1Y: -2.65%
• 3Y*: 1.22%
• 5Y*: -4.45%
• 10Y*: -1.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KBND vs. BWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.89%	3.13%	-6.81%	4.41%	9.38%	1.25%	-0.09%	9.89%
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	-1.73%	7.67%	-5.93%	5.10%	-19.72%	-8.67%	9.50%	5.58%	-1.85%	9.93%

Correlation

The correlation between KBND and BWX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 4, 2014	0.18

Return for Risk

KBND vs. BWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BWX

BWX Risk / Return Rank: 5
BWX Sharpe Ratio Rank: 6
BWX Sortino Ratio Rank: 5
BWX Omega Ratio Rank: 5
BWX Calmar Ratio Rank: 5
BWX Martin Ratio Rank: 5

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.

KBND vs. BWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bloomberg China Bond Inclusion Index ETF (KBND) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KBND	BWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.35	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.05	—

Drawdowns

Drawdown Indicators

	KBND	BWX	Difference
Max Drawdown Largest peak-to-trough decline	—	-34.05%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.05%	—
Current Drawdown Current decline from peak	—	-23.84%	—
Average Drawdown Average peak-to-trough decline	—	-10.05%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.02%	—

Volatility

Volatility by Period

	KBND	BWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	7.69%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	9.68%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	8.66%	—

KBND vs. BWX - Expense Ratio Comparison

KBND has a 0.50% expense ratio, which is higher than BWX's 0.35% expense ratio.

Dividends

KBND vs. BWX - Dividend Comparison

KBND has not paid dividends to shareholders, while BWX's dividend yield for the trailing twelve months is around 2.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	2.37%	2.19%	1.99%	1.63%	1.23%	0.93%	0.95%	1.16%	1.07%	0.46%	0.00%	0.00%
KBND KraneShares Bloomberg China Bond Inclusion Index ETF	0.00%	0.00%	0.40%	2.20%	2.51%	6.97%	2.27%	3.47%	4.98%	0.00%	0.04%	1.16%

Frequently Asked Questions

Can I hold both KBND and BWX in my portfolio?

KBND and BWX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBND or BWX?

On fees, BWX is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBND or BWX?

BWX is cheaper with a 0.35% expense ratio, compared with 0.50% for KBND.

Which ETF pays a higher dividend yield, KBND or BWX?

BWX has the higher dividend yield at 2.37%, compared with 0.00% for KBND.

What is the main difference between KBND and BWX?

KBND tracks KBND-US - Bloomberg China Inclusion Focused Bond Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: CICC and State Street. Their fees differ too: 0.50% for KBND and 0.35% for BWX.