ETF Evaluator:
State Street® SPDR® BlmbgSTIntrnTrsBdETF (BWZ)
Follow This ETF
(as of Jul 31)
Best Performing in Global Bond Over the Last Year
| 6.0% | StateStreet®SPDR®FTSEIntGovInfProtdBdETF (WIP) |
| 3.9% | VanEck Green Bond ETF (GRNB) |
| 3.5% | SP Funds Dow Jones Global Sukuk ETF (SPSK) |
| 0.0% | Global Bond () |
| -0.4% | Invesco International Corporate Bond ETF (PICB) |
Risk
Index
Risk
Index
ETF Details
State Street® SPDR® BlmbgSTIntrnTrsBdETF Overview
State Street® SPDR® BlmbgSTIntrnTrsBdETF (BWZ) is a passively managed Taxable Bond Global Bond exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2009.
The investment seeks to provide investment results that correspond generally to the Bloomberg 1-3 Year Global Treasury ex-US Capped Index.
The fund invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to measure the performance of fixed-rate local currency sovereign debt of investment grade countries outside the United States that have remaining maturities of one to three years. The fund is non-diversified.
About State Street® SPDR® BlmbgSTIntrnTrsBdETF (BWZ)
There are 3 members of the management team with an average tenure of 8.17 years: Cynthia Moy (2023), Joanna Madden (2014) and James Kramer (2016). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg 1-3Y Gbl Trsy ex-US Cap NR USD index with a weighting of 100%. State Street® SPDR® BlmbgSTIntrnTrsBdETF has 277 securities in its portfolio. The top 10 holdings constitute 11.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
State Street® SPDR® BlmbgSTIntrnTrsBdETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. State Street® SPDR® BlmbgSTIntrnTrsBdETF has 99.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.7% (0.0% domestic bond, 99.7% foreign bond and 0.0% convertible bond). State Street® SPDR® BlmbgSTIntrnTrsBdETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $294 million in total assets, which is below the $665 million average for the Global Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BWZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street® SPDR® BlmbgSTIntrnTrsBdETF expense ratio is below average compared to funds in the Global Bond category. State Street® SPDR® BlmbgSTIntrnTrsBdETF has an expense ratio of 0.35%, which is 13% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street® SPDR® BlmbgSTIntrnTrsBdETF has a portfolio turnover rate of 61%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 37% for the Global Bond category.
Recently, in the month of June 2026, State Street® SPDR® BlmbgSTIntrnTrsBdETF returned -1.9%, which earned it a grade of D, as the Global Bond category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
State Street® SPDR® BlmbgSTIntrnTrsBdETF has a trailing yield of 2.11%, which is below the 3.11% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
State Street® SPDR® BlmbgSTIntrnTrsBdETF Grades
Year to date, the ETF has returned -1.5%, 0.9 percentage points worse than the category, which translates into a grade of F. The fund has returned -2.4% over the past year (grade of D), 2.3% over the past three years (grade of D) and -1.8% per year over the past five years (grade of D) and -0.6% per year over the past 10 years (grade of D).
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BWZ Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BWZ Return (NAV) | -1.9% | 0.2% | -2.4% | 2.3% | -1.8% | -0.6% |
| BWZ Return (Price) | -1.8% | -0.1% | -2.7% | 2.2% | -1.8% | -0.6% |
| NAV +/- Price Return | -0.174% | 0.293% | 0.278% | 0.083% | 0.043% | -0.013% |
| Global Bond Avg | -1.4% | 1.1% | 0.0% | 3.8% | -1.4% | -0.1% |
| BWZ Grade (NAV) | D | F | D | D | D | D |
| +/- Category (NAV) | -0.5% | -0.9% | -2.5% | -1.5% | -0.3% | -0.5% |
| BWZ Tax-Cost Ratio | na | na | 0.8% | 0.7% | 0.5% | 0.4% |
BWZ Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BWZ Return (NAV) | -1.5% | 10.4% | -5.2% | 3.5% | -11.1% | -6.9% | 6.5% | 0.9% | -3.2% | 10.0% | -1.4% |
| BWZ Return (Price) | -1.6% | 10.5% | -5.3% | 3.0% | -10.6% | -6.8% | 6.5% | 1.0% | -3.4% | 10.2% | -1.5% |
| NAV +/- Price Ret | 0.033% | 0.003% | 0.023% | -0.150% | -0.047% | -0.010% | -0.001% | 10.0% | 6.4% | 2.3% | 7.0% |
| Global Bond Avg | -0.6% | 11.1% | -3.3% | 6.9% | -15.8% | -6.0% | 8.7% | 4.8% | -4.4% | 11.7% | 0.6% |
| BWZ Grade (NAV) | F | C | D | F | A | C | F | F | B | F | F |
| +/- Category | -0.9% | -0.7% | -1.8% | -3.4% | 4.8% | -0.9% | -2.2% | -3.9% | 1.3% | -1.7% | -2.0% |
| Risk Measures | |
| Beta: | 0.94 |
| R-Squared: | 49% |
| Standard Deviation: | 7.5% |
| Category Risk Index: | 0.97 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.61 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.1% |
| Total Assets: | $ 294 Mil |
| Share Class Assets: | $ 294 Mil |
| Turnover: | 61.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg Global Aggregate TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.7 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Madden Joanna (2014), Kramer James (2016), Moy Cynthia (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 277 |
| % in Top 10 Holdings: | 11.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 99.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 99.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | State Street Investment Management |
| Phone Number: | 866-787-2257 |
| Website: | www.spdrs.com |
| Inception Date: | January 15, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.40% |
