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 is an international bond fund managed by State Street Investment Management with $1.31 billion in assets. It holds a D grade and ranks seventh among eight peers in its category, placing it 408th out of 458 tracked ETFs overall. The fund’s 0.35% expense ratio is slightly below the category median of 0.37%, while its 2.40% dividend yield trails the median of 4.86%. Top holdings represent just 2.7% of assets, with the largest position being Japan Government Five Year Bonds at 0.3%.

The fund’s price sits at 34.1% of its 52-week range, reflecting a recent 1D gain of +0.36% and a 1W increase of +1.07%. Short-term momentum contrasts with longer-term weakness, as the 1Y return of -2.29% significantly underperforms the category median of +2.29%. Over the past three months, returns accelerated to +2.05%, though the 6M and YTD figures remain negative at -0.58% and -0.55% respectively. The D grade has remained unchanged across the last 35 tracked days, and price history is available for only 3.0 years.

With a beta of 1.35, the fund exhibits higher sensitivity to market movements than the broader index. Annualized volatility is labeled Very Low at 7.37%, yet the Sharpe ratio of -0.99 indicates poor risk-adjusted returns relative to the risk-free rate. The maximum drawdown of -10.22% highlights the extent of recent losses. Liquidity is moderate, with an average daily volume of 468,741 shares and a bid/ask spread of 6.54%.

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: 4.78% (as of 2026-09-04) — 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): 15.30 (as of 2026-09-07) — 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 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

High-Yield Credit Spread: 2.68% (as of 2026-09-07) — 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: 118.07 (as of 2026-09-04) — 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 6.54% and average daily volume is 469K/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 $1.31B 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