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 assets under management totaling $1.35 billion and a share price of $21.36, the fund reflects a moderate level of investor adoption within its sector. It currently holds an overall rank of #407 out of 458 tracked ETFs across all categories, earning an ETFValuer grade of D with a score of 43.2 out of 100. The fund charges an expense ratio of 0.35% and offers a dividend yield of 2.39%. This ranking places it below the median among the 8 ETFs ETFValuer tracks in the International Bonds category. The combination of its AUM and price suggests it is a established vehicle, though its lower grade indicates challenges relative to its peers.

Recent performance data shows a consistent negative trend across short-term and medium-term horizons, with the fund down -0.47% over one day and -1.07% over one week. This decline extended to -1.23% in one month and -3.42% over three months, indicating sustained downward pressure. The six-month return of -3.19% and year-to-date figure of -3.88% suggest the fund has struggled to recover from earlier losses. Over the past year, the fund posted a return of -5.81%, while the three-year return stands at -0.32%. The data reveals a pattern where short-term losses have accumulated into significant annual underperformance, with the three-year figure barely offsetting the recent one-year decline.

BWX carries a volatility label of Very Low, yet it exhibits a beta of 1.39, indicating higher sensitivity to market movements than the broader benchmark. This combination suggests the fund may experience amplified price swings despite its classification. The Sharpe ratio of -1.43 reflects poor risk-adjusted returns, implying that the returns generated do not adequately compensate for the risk taken. Furthermore, the fund has experienced a maximum drawdown of -10.22%, highlighting the potential for significant capital erosion during market stress. These metrics collectively describe a fund that has delivered negative returns while exposing investors to substantial downside risk relative to its volatility profile.

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

BWX Top Holdings

Holdings as of 2026-03-31 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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

High-Yield Credit Spread: 2.77% (as of 2026-07-23) — 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: 120.53 (as of 2026-07-17) — 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: Quoted bid/ask spread is 4.65% and average daily volume is 572K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.35B 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