BWX vs EBND: Grades, Fees and Holdings Compared

SPDR Bloomberg International Treasury Bond ETF

BWXBNYSE Arca

SPDR Bloomberg Emerging Markets Local Bond ETF

EBNDBNYSE Arca

Overlap

No data

Expense ratio

EBND −0.05pt a year

BWX0.35%EBND0.30%

Avg volume · 30D

BWX 1.8×the volume

BWX481KEBND272K

10Y return · a year

EBND +2.6pt

BWX−1.2%EBND+1.4%

BWX vs EBND Performance

Oct 29, 2021 – Oct 30, 2026

−18.0%BWX+7.9%EBND

Expense ratio: BWX 0.35%; EBND 0.30%, better
Fund size: BWX $1.33B; EBND $2.24B
1Y total return: BWX −3.5%; EBND +2.4%, better
Yield (12M): BWX 2.45%; EBND 6.05%, better
Holdings: BWX 1402; EBND 648
Avg volume (30D): BWX 481K sh, better; EBND 272K sh
NAV per share: BWX $21.32; EBND $20.51
52W range

ETF.net Grade

Pillar letters and Scores for BWX, EBND, with each pillar’s weight
Pillar	BWX	EBND
Cost30% weight	C49	A75Higher
Mission25% weight	A98Higher	A89
Risk15% weight	D27	B62Higher
Tradability15% weight	C53Higher	D36
Holdings10% weight	A79Higher	A71
Durability5% weight	B61	B62Higher

Rank among International Sovereign funds

How we build Categories ›

Same Category. BWX and EBND are both graded against the same 6 International Sovereign funds, so their Grades compare head to head.

International Sovereign⁠

Category · 6 funds

See all 6 ›

EBND ranks 1st and BWX 3rd of 6 funds in the International Sovereign Category.

Rank 1BEBNDSPDR Bloomberg Emerging Markets Local Bond ETFScore 69
Rank 2BIGOViShares International Treasury Bond ETFScore 65
Rank 3BBWXSPDR Bloomberg International Treasury Bond ETFScore 62
Rank 4BISHGiShares 1-3 Year International Treasury Bond ETFScore 59

Our read on each fund

ETF.net Research

BWXBSPDR Bloomberg International Treasury Bond ETF

EBNDBSPDR Bloomberg Emerging Markets Local Bond ETF

In short

BWX Government bonds from everywhere but here, in their own currencies. BWX has held developed-market sovereign debt since 2007, unhedged, so returns ride the bonds and the exchange rate together.

EBND Most international bond funds pay you in dollars. EBND owns emerging-market government debt in the local currency (rupiah, real, peso), so the exchange rate is part of the trade, not hedged away. And it costs less than its group's median.

Stated mandate

BWX The fund seeks to track the Bloomberg Global Treasury ex-US Capped Index, providing exposure to fixed-rate, local-currency sovereign bonds from investment-grade countries outside the United States.

EBND The fund seeks to track the Bloomberg EM Local Currency Government Diversified Index and provide exposure to fixed-rate, local-currency sovereign debt issued by emerging-market countries.

Why people hold it

BWX Broad by design: roughly 1,400 sovereign bonds tracking the Bloomberg Global Treasury ex-US Capped Index, where the cap keeps one government from swallowing the portfolio.ssga.com
Index tracking is tight, and the 0.35% fee is the going rate in this corner (IGOV and ISHG charge the same).
A 2007 launch, a billion-dollar-plus asset base and steady daily trading give it more history and depth than most funds in a thin category.
Income arrives monthly rather than quarterly.

EBND At 0.30% a year it undercuts the 0.35% median for international government bond funds, where IGOV, BWX and ISHG each charge 0.35% and WIP asks 0.50%.
Roughly 700 bonds across emerging-market sovereign issuers, so no single government's budget drama sets the tone for the whole portfolio.ssga.com
Running since 2011 and now a multibillion-dollar fund: a long-tenured version of the local-currency trade, not a launch-and-see experiment.
Pays monthly, and the holdings match the label: fixed-rate local-currency sovereign debt tracking the Bloomberg EM Local Currency Government Diversified Index.ssga.com

Worth knowing

BWX The bonds are priced in yen, euros and other local currencies with no hedge, so dollar moves show up in your return alongside the bond math.ssga.com
Broad global government indexes carry real interest-rate sensitivity: when yields move, prices move with them.
Investment-grade sovereigns only. Emerging-market local debt is a separate mandate (EBND).

EBND Unhedged by design. Moves in emerging-market currencies against the dollar land in your return before a single bond does anything.ssga.com
Emerging-market sovereign debt carries credit and policy risk, and local interest rates can shift quickly.
Moderately traded rather than a volume heavyweight, so spreads can run wider than on the busiest bond ETFs.

Full BWX profile⁠

Full EBND profile⁠

BWX vs EBND Holdings

How BWX and EBND differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile26.7%
Asset classFixed Income100%

Sector

No Sector split for BWX and EBND.

Country, concentration and asset class

Country by domicile

Country weights in BWX and EBND, widest gap first
Country	More in BWXMore in EBND	BWX	EBND
Japan	BWX +23.3 points	23.3%	0.0%
Czech Republic	EBND +14.9 points	3.7%	18.6%
China	EBND +8.3 points	4.6%	12.9%
India	EBND +7.4 points	0.0%	7.4%
South Korea	EBND +6.2 points	4.8%	11.0%
France	BWX +4.7 points	4.8%	0.1%
Canada	BWX +4.7 points	4.7%	0.0%
United Kingdom	BWX +4.7 points	5.2%	0.5%
Other countries (31)	EBND +0.7 points	48.8%	49.5%

Outside the US: BWX 73% developed, 27% emerging. EBND 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

BWX2.9%
EBND5.8%

Securities held

BWX1,371
EBND631

Asset class

BWX: Fixed Income
EBND: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BWX holds 1,371 securities, EBND 631.

All 1,443 BWX holdings⁠All 669 EBND holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BWX vs EBND Cost

Overpaying BWX vs EBND

$977

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BWX 0.35%
$7,126
EBND 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

BWX 0.35%
EBND 0.30%
Overpaying

Year by year

Year	BWX	EBND	Overpaying
10	$634	$545	$89
20	$2,454	$2,113	$341
30	$7,126	$6,149	$977

Expense ratio

0.35%BWX
0.30%EBND, cheaper

EBND0.30%BWX0.35%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

EBND cheapest of 6 funds

BWX 2nd cheapest of 6 funds

BWX vs EBND Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BWX 2.45%; EBND 6.05%, better
Payout (12M): BWX $0.53; EBND $1.24
Last payment: BWX $0.04; EBND $0.10
Ex-dividend: BWX Oct 1, 2026; EBND Oct 1, 2026
Paid on: BWX Oct 6, 2026; EBND Oct 6, 2026
Frequency: BWX Monthly; EBND Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BWXMonthly · 45 paymentsAll BWX payments⁠

EBNDMonthly · 45 paymentsAll EBND payments⁠

BWX vs EBND Risk

Fall from peak · 5 years

BWX
EBND

Risk facts

VolatilityStd dev, 3 years: BWX 9.3%EBND 7.8%, better
Return per unit of riskSharpe ratio, 3 years: BWX −0.12EBND 0.41, better
Worst fallMax drawdown, 5 years: BWX −28.7%EBND −23.3%, better
Market sensitivityBeta, 5 years: BWX 1.39EBND 1.23; Market = 1

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