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 1.31%/yr vs -1.40%/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 0.01% return, which is significantly higher than BWX's -2.94% return. Over the past 10 years, SPTI has outperformed BWX with an annualized return of 1.31%, while BWX has yielded a comparatively lower -1.40% annualized return.
SPTI
- 1D
- 0.39%
- 1M
- 0.75%
- YTD
- 0.01%
- 6M
- -0.02%
- 1Y
- 2.93%
- 3Y*
- 3.70%
- 5Y*
- 0.20%
- 10Y*
- 1.31%
BWX
- 1D
- -0.05%
- 1M
- -1.03%
- YTD
- -2.94%
- 6M
- -3.33%
- 1Y
- -4.84%
- 3Y*
- 0.66%
- 5Y*
- -4.35%
- 10Y*
- -1.40%
SPTI vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 0.01% | 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 | -2.94% | 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 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
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 (0.68) 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 | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.90 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | -0.79 | +1.84 |
| Martin ratioReturn relative to average drawdown | 2.83 | -1.50 | +4.32 |
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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% | -6.16% | +3.36% |
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 | -1.97% | -24.78% | +22.81% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -10.09% | +7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 3.24% | -2.20% |
Volatility
SPTI vs. BWX - Volatility Comparison
The current volatility for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) is 1.15%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.09%. 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 | 1.15% | 2.09% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 5.95% | -3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 7.68% | -4.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 9.70% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 8.67% | -4.29% |
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 3.85%, more than BWX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.40% | 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 | 3.85% | 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 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.09%) compared to SPTI (1.15%). In terms of maximum drawdown, SPTI dropped -16.12% vs BWX's -34.05%.
On 10-year performance, SPTI leads with 1.31% vs -1.40% for BWX. On fees, SPTI is cheaper at 0.06% per year. On volatility, SPTI has been the lower-risk option at 1.15%. 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 1.31% return vs -1.40%. 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 3.85%, compared with 2.40% 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 (0.86 vs -0.64), 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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