BWX vs WIP: Grades, Fees and Holdings Compared

SPDR Bloomberg International Treasury Bond ETF

BWXBNYSE Arca

SPDR FTSE International Government Inflation-Protected Bond ETF

WIPDNYSE Arca

Overlap

No data

Expense ratio

BWX −0.15pt a year

BWX0.35%WIP0.50%

Avg volume · 30D

BWX 9.7×the volume

BWX481KWIP49.4K

10Y return · a year

WIP +2.2pt

BWX−1.2%WIP+1.0%

BWX vs WIP Performance

Oct 29, 2021 – Oct 30, 2026

−18.0%BWX−3.3%WIP

Expense ratio: BWX 0.35%, better; WIP 0.50%
Fund size: BWX $1.33B; WIP $464M
1Y total return: BWX −3.5%; WIP +3.3%, better
Yield (12M): BWX 2.45%; WIP 6.33%, better
Holdings: BWX 1402; WIP 195
Avg volume (30D): BWX 481K sh, better; WIP 49.4K sh
NAV per share: BWX $21.32; WIP $38.01
52W range

ETF.net Grade

Pillar letters and Scores for BWX, WIP, with each pillar’s weight
Pillar	BWX	WIP
Cost30% weight	C49Higher	F10
Mission25% weight	A98Higher	A83
Risk15% weight	D27	C41Higher
Tradability15% weight	C53Higher	F13
Holdings10% weight	A79Higher	C51
Durability5% weight	B61Higher	D36

Rank among International Sovereign funds

How we build Categories ›

Same Category. BWX and WIP 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 WIP 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

WIPDSPDR FTSE International Government Inflation-Protected 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.

WIP The ex-US inflation hedge that outlasted its rivals. WIP holds inflation-linked government bonds from developed and emerging markets outside the United States, in local currency, and has done it since 2008.

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.

WIP The fund seeks to track the FTSE International Inflation-Linked Securities Select Index, investing in inflation-linked government bonds from developed and emerging 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.

WIP Fills a real gap: inflation-linked government debt issued outside the US, developed and emerging markets alike. iShares retired its versions in 2016. WIP has run since 2008.sec.gov
Its cohort (IGOV, BWX, ISHG, EBND) buys plain nominal government bonds. WIP buys the inflation-linked kind, where the coupon is tied to an inflation index.ssga.com
Spread across a couple hundred government issues, with cash paid out monthly rather than quarterly.
Sticks to its stated job: it follows the FTSE International Inflation-Linked Securities Select Index closely rather than freelancing around it.

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).

WIP At 0.50% a year, the priciest ticket in its peer group, where 0.35% is the going rate.
The bonds sit in local currencies, so exchange-rate moves ride along with the inflation link, in both directions.ssga.com
A mid-size fund with moderate volume, so the bid-ask spread is worth checking before trading in size.

Full BWX profile⁠

Full WIP profile⁠

BWX vs WIP Holdings

How BWX and WIP differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile48.2%
Asset classFixed Income100%

Sector

No Sector split for BWX.

Country, concentration and asset class

Country by domicile

Country weights in BWX and WIP, widest gap first
Country	More in BWXMore in WIP	BWX	WIP
Japan	BWX +18.6 points	23.3%	4.7%
United Kingdom	WIP +13.7 points	5.2%	18.9%
Brazil	WIP +7.6 points	0.0%	7.6%
Czech Republic	WIP +5.3 points	3.7%	9.0%
China	BWX +4.6 points	4.6%	0.0%
Colombia	WIP +4.5 points	0.0%	4.5%
Chile	WIP +4.3 points	0.4%	4.7%
South Korea	BWX +4.0 points	4.8%	0.8%
Other countries (29)	BWX +8.2 points	58.0%	49.8%

Outside the US: BWX 73% developed, 27% emerging. WIP 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

BWX2.9%
WIP14.6%

Securities held

BWX1,371
WIP181

Asset class

BWX: Fixed Income
WIP: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BWX holds 1,371 securities, WIP 181.

All 1,443 BWX holdings⁠All 233 WIP 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 WIP Cost

Overpaying WIP vs BWX

$2,853

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

BWX 0.35%
$7,126
WIP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BWX 0.35%
WIP 0.50%
Overpaying

Year by year

Year	BWX	WIP	Overpaying
10	$634	$900	$266
20	$2,454	$3,460	$1,006
30	$7,126	$9,979	$2,853

Expense ratio

0.35%BWX, cheaper
0.50%WIP

BWX0.35%WIP0.50%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

BWX 2nd cheapest of 6 funds

WIP 6th cheapest of 6 funds

BWX vs WIP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BWX 2.45%; WIP 6.33%, better
Payout (12M): BWX $0.53; WIP $2.40
Last payment: BWX $0.04; WIP $0.24
Ex-dividend: BWX Oct 1, 2026; WIP Oct 1, 2026
Paid on: BWX Oct 6, 2026; WIP Oct 6, 2026
Frequency: BWX Monthly; WIP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BWXMonthly · 45 paymentsAll BWX payments⁠

WIPMonthly · 45 paymentsAll WIP payments⁠

BWX vs WIP Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: BWX 9.3%WIP 9.3%
Return per unit of riskSharpe ratio, 3 years: BWX −0.12WIP 0.20, better
Worst fallMax drawdown, 5 years: BWX −28.7%WIP −27.9%, better
Market sensitivityBeta, 5 years: BWX 1.39WIP 1.44; Market = 1

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