TIP vs. BWX
TIP (iShares TIPS Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked 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, TIP returned 2.53%/yr vs -1.24%/yr for BWX. At a 0.40 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.35%/yr for BWX.
Performance
TIP vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 1.40% return, which is significantly higher than BWX's -1.69% return. Over the past 10 years, TIP has outperformed BWX with an annualized return of 2.53%, while BWX has yielded a comparatively lower -1.24% annualized return.
TIP
- 1D
- 0.01%
- 1M
- 0.25%
- YTD
- 1.40%
- 6M
- 1.42%
- 1Y
- 4.76%
- 3Y*
- 4.00%
- 5Y*
- 0.91%
- 10Y*
- 2.53%
BWX
- 1D
- 0.00%
- 1M
- 0.80%
- YTD
- -1.69%
- 6M
- -1.37%
- 1Y
- -3.07%
- 3Y*
- 1.14%
- 5Y*
- -4.44%
- 10Y*
- -1.24%
TIP vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.40% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.69% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between TIP and BWX is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.40 |
The correlation between TIP and BWX shifts across timeframes, from 0.40 (all time) to 0.63 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. BWX — Risk / Return Rank
TIP
BWX
TIP vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.93 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | -0.61 | +2.96 |
| Martin ratioReturn relative to average drawdown | 7.00 | -1.21 | +8.21 |
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Drawdowns
TIP vs. BWX - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for TIP and BWX.
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Drawdown Indicators
| TIP | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -34.05% | +19.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -6.16% | +4.18% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -10.22% | +5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -30.78% | +16.27% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -34.05% | +19.54% |
Current DrawdownCurrent decline from peak | -0.46% | -23.81% | +23.35% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -10.06% | +6.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 3.13% | -2.47% |
Volatility
TIP vs. BWX - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 1.03%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.49%. This indicates that TIP 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
| TIP | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 2.49% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 5.91% | -3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 7.78% | -4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 9.70% | -3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 8.67% | -2.93% |
TIP vs. BWX - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
TIP vs. BWX - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, more than BWX's 2.37% yield.
| 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% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and BWX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to TIP (1.03%). In terms of maximum drawdown, TIP dropped -14.57% vs BWX's -34.05%.
On 10-year performance, TIP leads with 2.53% vs -1.24% for BWX. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TIP has performed better with a 2.53% return vs -1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.35% for BWX.
TIP has the higher dividend yield at 3.76%, compared with 2.37% for BWX.
TIP is categorized as Inflation-Protected Bonds, while BWX is International Government Bonds. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for TIP and 0.35% for BWX.
TIP currently has the higher Sharpe Ratio (1.37 vs -0.49), 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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