BWX vs SPY
State Street SPDR Bloomberg International Treasury Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. BWX offers more diversification with 1,400 holdings.
Side-by-Side Comparison
| Metric | BWX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $1.3B | $821.1B | |
| Dividend Yield | 2.40% | 1.01% | |
| Holdings | 1,400 | 505 | |
| YTD Return | -1.11% | +12.22% | |
| 1Y Return | -1.98% | +20.83% | |
| 3Y Return (annualized) | +2.12% | +21.70% | |
| 5Y Return (annualized) | -4.08% | +12.98% | |
| Volatility (annualized) | 9.0% | 15.3% | |
| Max Drawdown | -34.9% | -56.5% | |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Oct 2, 2007 | Jan 22, 1993 |
BWX vs SPY Performance
State Street SPDR Bloomberg International Treasury Bond ETF (BWX) is a ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BWX returned -1.98% while SPY returned +20.83%. Year to date, BWX is down 1.11% versus a gain of 12.22% for SPY.
Over three years, BWX compounded at +2.12% per year against +21.70% for SPY; over five years the annualized figures are -4.08% and +12.98% respectively. Across the full 19-year window we track, SPY has the edge at +8.79% annualized vs -0.42%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.0% for BWX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.9% for BWX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.44. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BWX charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, BWX currently yields 2.40% against 1.01% for SPY.
Holdings Overlap
BWX and SPY share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BWX or SPY?
BWX has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, BWX or SPY?
Over the past year BWX returned -1.98% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), BWX annualized -0.42% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, BWX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.0% for BWX. Worst drawdown: BWX -34.9% vs SPY -56.5%.
Should I hold both BWX and SPY?
BWX and SPY have a monthly-return correlation of 0.44, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BWX and SPY?
BWX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, BWX or SPY?
BWX yields 2.40% while SPY yields 1.01%, so BWX currently pays the higher dividend yield.
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