SPLV vs. BWX
SPLV (Invesco S&P 500 Low Volatility ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, SPLV returned 8.33%/yr vs -1.31%/yr for BWX. At a 0.18 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 0.35%/yr for BWX.
Performance
SPLV vs. BWX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPLV achieves a 4.85% return, which is significantly higher than BWX's -1.42% return. Over the past 10 years, SPLV has outperformed BWX with an annualized return of 8.33%, while BWX has yielded a comparatively lower -1.31% annualized return.
SPLV
- 1D
- -0.36%
- 1M
- 2.76%
- YTD
- 4.85%
- 6M
- 4.17%
- 1Y
- 4.71%
- 3Y*
- 8.01%
- 5Y*
- 6.29%
- 10Y*
- 8.33%
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
SPLV vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 4.85% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between SPLV and BWX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.18 |
The correlation between SPLV and BWX shifts across timeframes, from 0.18 (all time) to 0.29 (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
SPLV vs. BWX — Risk / Return Rank
SPLV
BWX
SPLV vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.
| SPLV | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.95 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | -0.46 | +1.09 |
| Martin ratioReturn relative to average drawdown | 1.50 | -0.90 | +2.40 |
Loading charts...
Drawdowns
SPLV vs. BWX - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for SPLV and BWX.
Loading charts...
Drawdown Indicators
| SPLV | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -34.05% | -2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -6.16% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -10.22% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -30.78% | +13.52% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -34.05% | -2.21% |
Current DrawdownCurrent decline from peak | -3.66% | -23.60% | +19.94% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -10.07% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 3.13% | +0.02% |
Volatility
SPLV vs. BWX - Volatility Comparison
Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.03% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.49%. This indicates that SPLV's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPLV | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 2.49% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 7.20% | 5.92% | +1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.08% | 7.66% | +2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.51% | 9.70% | +2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.38% | 8.67% | +6.71% |
SPLV vs. BWX - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
SPLV vs. BWX - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.15%, less than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.15% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
SPLV and BWX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.03%) compared to BWX (2.49%). In terms of maximum drawdown, SPLV dropped -36.26% vs BWX's -34.05%.
On 10-year performance, SPLV leads with 8.33% vs -1.31% for BWX. On fees, SPLV is cheaper at 0.25% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPLV has performed better with a 8.33% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.35% for BWX.
BWX has the higher dividend yield at 2.36%, compared with 2.15% for SPLV.
SPLV is categorized as S&P 500, while BWX is International Government Bonds. SPLV tracks S&P 500 Low Volatility Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for SPLV and 0.35% for BWX.
SPLV currently has the higher Sharpe Ratio (0.47 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.
Find the right allocation for SPLV 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