KBND vs. BWZ

Last updated Apr 1, 2026

Compare and contrast key facts about KraneShares Bloomberg China Bond Inclusion Index ETF (KBND) and SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ).

KBND and BWZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KBND is a passively managed fund by CICC that tracks the performance of the KBND-US - Bloomberg China Inclusion Focused Bond Index. It was launched on Dec 3, 2014. BWZ is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Treasury (1-3 Y) Customized. It was launched on Jan 15, 2009. Both KBND and BWZ 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

KBND vs. BWZ - 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 Short Term International Treasury Bond ETF (BWZ). The values are adjusted to include any dividend payments, if applicable.

KBND vs. BWZ - 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%
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	-1.47%	10.47%	-5.31%	2.97%	-10.56%	-6.85%	6.47%	0.99%	-3.36%	10.18%

Returns By Period

KBND

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

BWZ

• 1D: 0.75%
• 1M: -3.02%
• YTD: -1.47%
• 6M: -2.27%
• 1Y: 4.60%
• 3Y*: 1.67%
• 5Y*: -1.67%
• 10Y*: -0.56%

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

KBND vs. BWZ - Expense Ratio Comparison

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

KBND

KraneShares Bloomberg China Bond Inclusion Index ETF

BWZ

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

Return for Risk

KBND vs. BWZ — Risk / Return Rank

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

BWZ

BWZ Risk / Return Rank: 31
BWZ Sharpe Ratio Rank: 33
BWZ Sortino Ratio Rank: 33
BWZ Omega Ratio Rank: 28
BWZ Calmar Ratio Rank: 32
BWZ Martin Ratio Rank: 27

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. BWZ - 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 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.

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

Sharpe Ratios by Period

	KBND	BWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.59	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.03	—

Correlation

The correlation between KBND and BWZ is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KBND vs. BWZ - Dividend Comparison

KBND has not paid dividends to shareholders, while BWZ's dividend yield for the trailing twelve months is around 2.05%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	2.05%	2.05%	2.47%	1.63%	0.44%	0.60%	0.13%	0.43%	1.10%	0.40%	0.13%	0.06%

Drawdowns

Drawdown Indicators

	KBND	BWZ	Difference
Max Drawdown Largest peak-to-trough decline	—	-34.23%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-5.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.90%	—
Current Drawdown Current decline from peak	—	-23.06%	—
Average Drawdown Average peak-to-trough decline	—	-16.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.92%	—

Volatility

Volatility by Period

	KBND	BWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	7.82%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	7.56%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	6.96%	—