BWX — State Street SPDR Bloomberg International Treasury Bond ETF

BWX Price Performance — Growth of $10,000

Value of a $10,000 investment in BWX over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

BWX Drawdown

The "underwater" chart: BWX's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR Bloomberg International Treasury Bond ETF (BWX) is an international bonds fund managed by State Street Investment Management with $1.30 billion in assets. It holds a D grade and ranks 7 of 8 within its category, placing it at #396 overall among tracked ETFs. The fund carries an expense ratio of 0.35%, which is slightly below the category median of 0.37%. Its dividend yield of 2.45% trails the category median of 5.02%, indicating a lower income profile relative to peers. Top holdings represent only 2.7% of assets, with the largest position being Japan Government Five Year Bonds at 0.3%.

BWX has delivered a 1-year return of -4.36%, underperforming the category median of -1.56%. Short-term momentum shows a 1-month gain of +0.96% and a 3-month increase of +0.43%, contrasting with a 6-month decline of -2.64%. The fund’s price of $21.40 sits at 19.2% of its 52-week range, suggesting it is near the lower end of recent trading levels. The ETFValuer grade has remained unchanged at D over the last 35 tracked days. Price history is available for only 3.0 years, limiting the depth of historical context.

The fund exhibits a beta of 1.30, indicating higher sensitivity to market movements than the broader index. Annualized volatility is 7.43%, which is labeled as Very Low, while the maximum drawdown has reached -10.22%. A Sharpe ratio of -1.26 reflects poor risk-adjusted returns over the measured period. Liquidity is supported by an average daily volume of 455,443 shares. These metrics collectively describe a fund that has experienced significant downside pressure despite relatively low volatility.

AI-generated summary based on the data on this page.

BWX Top Holdings

Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 2.7% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how BWX's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

High-Yield Credit Spread: 3.40% (as of 2026-10-22) — The extra yield investors demand to hold high-yield corporate bonds over Treasuries — a real-time gauge of credit risk appetite relevant to this fund’s holdings.

Trade-Weighted US Dollar Index: 121.40 (as of 2026-10-16) — Measures the US dollar’s strength against major trading-partner currencies — dollar moves directly affect the US-dollar value of this fund’s international holdings.

BWX Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 455K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $1.30B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: BWX is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

BWX Performance History

How BWX Compares to Other International Bonds ETFs