BWX: State Street SPDR Bloomberg International Treasury Bond ETF

What does BWX hold?#

This fund owns government bonds from countries outside the US with good credit ratings. The bonds are in local currencies, so exchange rates affect its value. Bond prices also fall when interest rates rise.

It tracks the Bloomberg Global Treasury ex-US Capped Index. It had 1,440 holdings as of October 15, 2026, according to SPDR (State Street).

What is the BWX expense ratio?#

BWX charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

How has BWX done since 2007?#

From October 2007 to October 2026, BWX returned about 0.4% a year. Say you put in $10,000 at the start. It would have been worth about $10,794 at the end, with every dividend reinvested.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

BWX returns by year#

What was BWX’s worst drop?#

A drawdown is how far a fund falls from its last high point. BWX’s worst fall was −34.0%, from January 5, 2021 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high.

The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

Which Tactfolio strategies hold BWX?#

5 classic strategies hold BWX at least some of the time. Each is a set of written rules you can open, test and copy.

• GTAA 13: Faber’s 13-asset tactical allocation, by Mebane Faber, 2013
• GTAA Aggressive 3 (Faber GTAA AGG3), by Mebane Faber, 2013
• GTAA Aggressive 6 (Faber GTAA AGG6), by Mebane Faber, 2013
• Trinity Portfolio (Meb Faber), by Mebane Faber, 2016
• Global Risk Parity Trend-Following (Clare et al.), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016

How does BWX compare with similar ETFs?#

Funds that can stand in for BWX:

• BNDX: Vanguard Total International Bond ETF, 0.07% a year
• IGOV: iShares International Treasury Bond ETF, 0.35% a year
• EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF, 0.39% a year
• AGG: iShares Core U.S. Aggregate Bond ETF, 0.03% a year

See all 7 BWX alternatives, compared on the same dates as BWX.

Test BWX in your own rules#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add BWX, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.

The details#

Prices come from Tactfolio’s stored daily prices for BWX. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns.

Fund facts come from SPDR (State Street). We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.