BWX vs GGOV: Grades, Fees and Holdings Compared

SPDR Bloomberg International Treasury Bond ETF

BWXBNYSE Arca

iShares Global Government Bond USD Hedged Active ETF

GGOVDNYSE Arca

Overlap

No data

Expense ratio

BWX −0.04pt a year

BWX0.35%GGOV0.39%

Avg volume · 30D

GGOV 1.9×the volume

BWX481KGGOV903K

BWX vs GGOV Performance

Oct 31, 2025 – Oct 30, 2026

−3.5%BWX+4.7%GGOV

Expense ratio: BWX 0.35%, better; GGOV 0.39%
Fund size: BWX $1.33B; GGOV $4.32B
1Y total return: BWX −3.5%; GGOV +4.7%, better
Yield (12M): BWX 2.45%; GGOV No data
Holdings: BWX 1402; GGOV 914
Avg volume (30D): BWX 481K sh; GGOV 903K sh, better
NAV per share: BWX $21.32; GGOV $50.79
52W range

ETF.net Grade

Pillar letters and Scores for BWX, GGOV, with each pillar’s weight
Pillar	BWX	GGOV
Cost30% weight	C49Higher	F23
Mission25% weight	A98Higher	F0
Risk15% weight	D27	A80Higher
Tradability15% weight	C53	A72Higher
Holdings10% weight	A79Higher	C52
Durability5% weight	B61	B62Higher

Rank among International Sovereign funds

How we build Categories ›

Same Category. BWX and GGOV 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 ›

BWX ranks 3rd and GGOV 5th 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
Rank 5DGGOViShares Global Government Bond USD Hedged Active ETFScore 38
Rank 5DWIPSPDR FTSE International Government Inflation-Protected Bond ETFScore 38

Our read on each fund

ETF.net Research

BWXBSPDR Bloomberg International Treasury Bond ETF

GGOVDiShares Global Government Bond USD Hedged Active 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.

GGOV Government bonds from around the world, with the currency swings hedged back to dollars and an active manager at the wheel. A 2025 iShares launch that showed up at multi-billion-dollar scale on day one.

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.

GGOV The fund provides exposure to a diversified portfolio of government bonds from around the world with USD hedging and active management.

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.

GGOV Currency exposure is hedged into US dollars, so the ride leans on global sovereign yields rather than on the euro or yen moving against the greenback.ishares.com
About 700 government bonds spread across countries, run actively against the Bloomberg Global Treasury USD Hedged Index instead of copied bond for bond.
Unusual for a fund this new: multi-billion-dollar size and steady daily trading, which tends to keep the gap between buy and sell prices tight.

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).

GGOV 0.39% a year sits above the index-tracking neighbors: IGOV and BWX at 0.35%, EBND at 0.30%.
It opened in June 2025, so the track record is thin, and an active mandate means the portfolio can sit well away from its stated benchmark.
Hedging cuts both ways. It mutes the hit when the dollar rallies and the lift when it slides, and the hedge itself carries an ongoing cost.ishares.com

Full BWX profile⁠

Full GGOV profile⁠

BWX vs GGOV Holdings

How BWX and GGOV differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile48.9%
Asset classFixed Income100%

Sector

No Sector split for BWX.

Country, concentration and asset class

Country by domicile

Country weights in BWX and GGOV, widest gap first
Country	More in BWXMore in GGOV	BWX	GGOV
United States	GGOV +39.5 points	0.1%	39.6%
China	GGOV +8.1 points	4.6%	12.7%
Japan	BWX +7.4 points	23.3%	15.9%
Czech Republic	BWX +3.7 points	3.7%	0.0%
Netherlands	BWX +2.9 points	2.9%	0.0%
Australia	BWX +2.8 points	4.3%	1.5%
South Korea	BWX +2.7 points	4.8%	2.1%
Canada	BWX +2.6 points	4.7%	2.1%
Other countries (27)	BWX +25.4 points	51.5%	26.1%

Outside the US: BWX 73% developed, 27% emerging. GGOV 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

BWX2.9%
GGOV14.1%

Securities held

BWX1,371
GGOV892

Asset class

BWX: Fixed Income
GGOV: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BWX holds 1,371 securities, GGOV 892.

All 1,443 BWX holdings⁠All 709 GGOV 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 GGOV Cost

Overpaying GGOV vs BWX

$772

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

BWX 0.35%
$7,126
GGOV 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

BWX 0.35%
GGOV 0.39%
Overpaying

Year by year

Year	BWX	GGOV	Overpaying
10	$634	$705	$71
20	$2,454	$2,725	$271
30	$7,126	$7,898	$772

Expense ratio

0.35%BWX, cheaper
0.39%GGOV

BWX0.35%GGOV0.39%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

BWX 2nd cheapest of 6 funds

GGOV 5th cheapest of 6 funds

BWX vs GGOV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BWX 2.45%; GGOV No data
Payout (12M): BWX $0.53; GGOV No data
Last payment: BWX $0.04; GGOV $0.41
Ex-dividend: BWX Oct 1, 2026; GGOV Oct 1, 2026
Paid on: BWX Oct 6, 2026; GGOV Oct 6, 2026
Frequency: BWX Monthly; GGOV Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

BWXMonthly · 45 paymentsAll BWX payments⁠

GGOVIrregular · 2 paymentsAll GGOV payments⁠

BWX vs GGOV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BWX 9.3%GGOV 2.5%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: BWX −0.12GGOV 0.07since Jul 2025
Worst fallMax drawdown, 5 years: BWX −28.7%GGOV −1.5%since Jun 2025
Market sensitivityBeta, 5 years: BWX 1.39GGOV 0.06; Market = 1

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