BWX vs IGOV: Grades, Fees and Holdings Compared

SPDR Bloomberg International Treasury Bond ETF

BWXBNYSE Arca

iShares International Treasury Bond ETF

IGOVBNasdaq

Overlap

No data

Expense ratio

BWX0.35%IGOV0.35%

Avg volume · 30D

BWX 1.8×the volume

BWX481KIGOV267K

10Y return · a year

BWX +0.2pt

BWX−1.2%IGOV−1.4%

BWX vs IGOV Performance

Oct 29, 2021 – Oct 30, 2026

−18.0%BWX−19.3%IGOV

Expense ratio: BWX 0.35%; IGOV 0.35%
Fund size: BWX $1.33B; IGOV $1.03B
1Y total return: BWX −3.5%; IGOV −3.3%, better
Yield (12M): BWX 2.45%, better; IGOV 1.46%
Holdings: BWX 1402; IGOV 950
Avg volume (30D): BWX 481K sh, better; IGOV 267K sh
NAV per share: BWX $21.32; IGOV $40.24
52W range

ETF.net Grade

Pillar letters and Scores for BWX, IGOV, with each pillar’s weight
Pillar	BWX	IGOV
Cost30% weight	C49	C49
Mission25% weight	A98	A99Higher
Risk15% weight	D27	D34Higher
Tradability15% weight	C53	B65Higher
Holdings10% weight	A79	A81Higher
Durability5% weight	B61	B61

Rank among International Sovereign funds

How we build Categories ›

Same Category. BWX and IGOV 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 ›

IGOV ranks 2nd 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

IGOVBiShares International Treasury 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.

IGOV The world's other government bond market in one ticker. IGOV holds developed-market sovereign debt from outside the US, roughly a thousand bonds deep, and has been doing it since 2009.

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.

IGOV The fund seeks to track an index containing government bonds from developed markets outside the United States.

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.

IGOV A pure ex-US sovereign sleeve: developed-market government bonds only, no US Treasuries mixed in.
Roughly a thousand bonds tracking the FTSE World Government Bond Developed Markets Capped Select index, so no single issuer runs the show.
Live since 2009 and a multi-billion-dollar fund, which is real staying power in a niche this small.
One of the stronger builds in a six-fund cohort, and it does exactly what the label says rather than drifting off-mandate.

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).

IGOV The 0.35% fee sits right at the cohort median, matching BWX and ISHG. EBND undercuts it at 0.30%, though on emerging-market local debt instead.
Income arrives annually or semiannually, not monthly, so the cash flow is lumpy by design.
Moderately traded rather than a high-volume name, so order size and spreads matter more here than in mega-cap bond funds.

Full BWX profile⁠

Full IGOV profile⁠

BWX vs IGOV Holdings

How BWX and IGOV differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile68.0%
Asset classFixed Income100%

Sector

No Sector split for BWX and IGOV.

Country, concentration and asset class

Country by domicile

Country weights in BWX and IGOV, widest gap first
Country	More in BWXMore in IGOV	BWX	IGOV
Japan	BWX +11.4 points	23.3%	11.9%
China	BWX +4.6 points	4.6%	0.0%
France	IGOV +3.5 points	4.8%	8.3%
Italy	IGOV +3.1 points	4.5%	7.6%
Portugal	IGOV +2.8 points	1.4%	4.2%
Malaysia	BWX +2.5 points	2.5%	0.0%
Finland	IGOV +2.5 points	1.3%	3.8%
Israel	IGOV +2.3 points	1.1%	3.4%
Other countries (27)	IGOV +4.5 points	56.4%	60.9%

Outside the US: BWX 73% developed, 27% emerging. IGOV 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

BWX2.9%
IGOV3.9%

Securities held

BWX1,371
IGOV936

Asset class

BWX: Fixed Income
IGOV: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BWX holds 1,371 securities, IGOV 936.

All 1,443 BWX holdings⁠All 940 IGOV 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 IGOV Cost

Same expense ratio

$7,126

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

BWX 0.35%
$7,126
IGOV 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

BWX 0.35%
IGOV 0.35%

Year by year

Year	BWX	IGOV
10	$634	$634
20	$2,454	$2,454
30	$7,126	$7,126

Expense ratio

0.35%BWX
0.35%IGOV

BWX0.35%IGOV0.35%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

BWX 2nd cheapest of 6 funds

IGOV 2nd cheapest of 6 funds

BWX vs IGOV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BWX 2.45%, better; IGOV 1.46%
Payout (12M): BWX $0.53; IGOV $0.59
Last payment: BWX $0.04; IGOV $0.59
Ex-dividend: BWX Oct 1, 2026; IGOV Dec 19, 2025
Paid on: BWX Oct 6, 2026; IGOV Dec 24, 2025
Frequency: BWX Monthly; IGOV Annual

Distribution history

Per share, 2023 to 2026, same scale for both

BWXMonthly · 45 paymentsAll BWX payments⁠

IGOVAnnual · 2 paymentsAll IGOV payments⁠

BWX vs IGOV Risk

Fall from peak · 5 years

BWX
IGOV

Risk facts

VolatilityStd dev, 3 years: BWX 9.3%, betterIGOV 9.7%
Return per unit of riskSharpe ratio, 3 years: BWX −0.12IGOV −0.03, better
Worst fallMax drawdown, 5 years: BWX −28.7%, betterIGOV −30.9%
Market sensitivityBeta, 5 years: BWX 1.39IGOV 1.42; Market = 1

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