SPTI vs. BWX
SPTI (SPDR Portfolio Intermediate Term Treasury ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - SPTI is a Government Bonds fund tracking the Bloomberg 3-10 Year U.S. Treasury Bond 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, SPTI returned 1.30%/yr vs -1.44%/yr for BWX. At a 0.42 correlation, their price movements are largely independent. SPTI charges 0.06%/yr vs 0.35%/yr for BWX.
Performance
SPTI vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, SPTI achieves a -0.27% return, which is significantly higher than BWX's -3.06% return. Over the past 10 years, SPTI has outperformed BWX with an annualized return of 1.30%, while BWX has yielded a comparatively lower -1.44% annualized return.
SPTI
- 1D
- -0.04%
- 1M
- -0.28%
- 6M
- -0.27%
- YTD
- -0.27%
- 1Y
- 3.04%
- 3Y*
- 3.57%
- 5Y*
- -0.05%
- 10Y*
- 1.30%
BWX
- 1D
- -0.32%
- 1M
- -1.93%
- 6M
- -2.15%
- YTD
- -3.06%
- 1Y
- -3.80%
- 3Y*
- -0.23%
- 5Y*
- -4.43%
- 10Y*
- -1.44%
SPTI vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | -0.27% | 7.46% | 1.32% | 4.24% | -10.65% | -2.55% | 7.70% | 6.01% | 2.27% | 1.04% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -3.06% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between SPTI and BWX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.42 |
Over the past year, SPTI and BWX have become more correlated (0.67) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
SPTI vs. BWX — Risk / Return Rank
SPTI
BWX
SPTI vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) 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.
| SPTI | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.92 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | -0.62 | +1.71 |
| Martin ratioReturn relative to average drawdown | 2.73 | -1.26 | +3.99 |
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Drawdowns
SPTI vs. BWX - Drawdown Comparison
The maximum SPTI drawdown since its inception was -16.12%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for SPTI and BWX.
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Drawdown Indicators
| SPTI | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.12% | -34.05% | +17.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -6.14% | +3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.35% | -10.22% | +5.87% |
Max Drawdown (5Y)Largest decline over 5 years | -15.06% | -30.78% | +15.72% |
Max Drawdown (10Y)Largest decline over 10 years | -16.12% | -34.05% | +17.93% |
Current DrawdownCurrent decline from peak | -2.25% | -24.87% | +22.62% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -10.13% | +7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 3.03% | -1.92% |
Volatility
SPTI vs. BWX - Volatility Comparison
The current volatility for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) is 1.11%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 1.76%. This indicates that SPTI 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.
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Volatility by Period
| SPTI | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.76% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 6.03% | -3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 7.62% | -4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 9.71% | -4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 8.66% | -4.28% |
SPTI vs. BWX - Expense Ratio Comparison
SPTI has a 0.06% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
SPTI vs. BWX - Dividend Comparison
SPTI's dividend yield for the trailing twelve months is around 3.87%, more than BWX's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.42% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 3.87% | 3.79% | 3.77% | 2.99% | 1.45% | 0.53% | 0.75% | 2.02% | 1.97% | 1.46% | 1.23% | 1.18% |
Frequently Asked Questions
SPTI and BWX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (1.76%) compared to SPTI (1.11%). In terms of maximum drawdown, SPTI dropped -16.12% vs BWX's -34.05%.
On 10-year performance, SPTI leads with 1.30% vs -1.44% for BWX. On fees, SPTI is cheaper at 0.06% per year. On volatility, SPTI has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPTI has performed better with a 1.30% return vs -1.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTI is cheaper with a 0.06% expense ratio, compared with 0.35% for BWX.
SPTI has the higher dividend yield at 3.87%, compared with 2.42% for BWX.
SPTI is categorized as Government Bonds, while BWX is International Government Bonds. SPTI tracks Bloomberg 3-10 Year U.S. Treasury Bond Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Their fees differ too: 0.06% for SPTI and 0.35% for BWX.
SPTI currently has the higher Sharpe Ratio (0.90 vs -0.50), 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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