WIP vs. BNDW
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and BNDW (Vanguard Total World Bond ETF) are both exchange-traded funds - WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD), while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Both are passively managed. Over the past 5 years, WIP returned -0.70%/yr vs 0.22%/yr for BNDW. At a 0.49 correlation, their price movements are largely independent. WIP charges 0.50%/yr vs 0.05%/yr for BNDW.
Performance
WIP vs. BNDW - Performance Comparison
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Returns By Period
In the year-to-date period, WIP achieves a 4.31% return, which is significantly higher than BNDW's 0.42% return.
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
BNDW
- 1D
- -0.26%
- 1M
- 0.44%
- YTD
- 0.42%
- 6M
- 0.18%
- 1Y
- 3.51%
- 3Y*
- 3.99%
- 5Y*
- 0.22%
- 10Y*
- —
WIP vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | 1.53% |
BNDW Vanguard Total World Bond ETF | 0.42% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.21% |
Correlation
The correlation between WIP and BNDW is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.49 |
The correlation between WIP and BNDW has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
WIP vs. BNDW — Risk / Return Rank
WIP
BNDW
WIP vs. BNDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) and Vanguard Total World Bond ETF (BNDW). 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.
| WIP | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.31 | +0.69 |
| Martin ratioReturn relative to average drawdown | 5.98 | 3.70 | +2.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WIP | BNDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 1.05 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | 0.04 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.37 | -0.25 |
Drawdowns
WIP vs. BNDW - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for WIP and BNDW.
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Drawdown Indicators
| WIP | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -17.22% | -12.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -2.70% | -2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -4.27% | -6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -16.93% | -11.91% |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -1.53% | -2.34% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -4.98% | -3.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.95% | +0.77% |
Volatility
WIP vs. BNDW - Volatility Comparison
SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 2.95% compared to Vanguard Total World Bond ETF (BNDW) at 1.31%. This indicates that WIP's price experiences larger fluctuations and is considered to be riskier than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WIP | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 1.31% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 2.62% | +4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.72% | 3.36% | +5.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.45% | 5.21% | +6.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 4.90% | +5.26% |
WIP vs. BNDW - Expense Ratio Comparison
WIP has a 0.50% expense ratio, which is higher than BNDW's 0.05% expense ratio.
Dividends
WIP vs. BNDW - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, more than BNDW's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.21% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
WIP and BNDW have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to BNDW (1.31%). In terms of maximum drawdown, WIP dropped -29.60% vs BNDW's -17.22%.
On 5-year performance, BNDW leads with 0.22% vs -0.70% for WIP. On fees, BNDW is cheaper at 0.05% per year. On volatility, BNDW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNDW has performed better with a 0.22% return vs -0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.50% for WIP.
WIP has the higher dividend yield at 5.79%, compared with 4.21% for BNDW.
WIP is categorized as Inflation-Protected Bonds, while BNDW is Global Bonds. WIP tracks FTSE International Inflation-Linked Securities Select (USD), while BNDW tracks Bloomberg Global Aggregate Float Adjusted Composite Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.50% for WIP and 0.05% for BNDW.
WIP currently has the higher Sharpe Ratio (1.18 vs 1.05), 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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