APCB vs. GTO

Last updated Jun 23, 2026

APCB (ActivePassive Core Bond ETF) and GTO (Invesco Total Return Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past 3 years, APCB returned 4.01%/yr vs 4.78%/yr for GTO. Their correlation of 0.95 suggests significant overlap in exposure. APCB charges 0.36%/yr vs 0.35%/yr for GTO.

Performance

APCB vs. GTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Core Bond ETF (APCB) and Invesco Total Return Bond ETF (GTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APCB achieves a 0.46% return, which is significantly lower than GTO's 0.74% return.

APCB

• 1D: -0.17%
• 1M: 0.68%
• YTD: 0.46%
• 6M: 0.76%
• 1Y: 4.35%
• 3Y*: 4.01%
• 5Y*: —
• 10Y*: —

GTO

• 1D: -0.21%
• 1M: 0.57%
• YTD: 0.74%
• 6M: 0.80%
• 1Y: 5.64%
• 3Y*: 4.78%
• 5Y*: 0.05%
• 10Y*: 2.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

APCB vs. GTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APCB ActivePassive Core Bond ETF	0.46%	6.87%	1.45%	1.57%
GTO Invesco Total Return Bond ETF	0.74%	7.17%	2.63%	2.87%

Correlation

The correlation between APCB and GTO is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.95

The correlation between APCB and GTO has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

APCB vs. GTO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APCB

APCB Risk / Return Rank: 36
APCB Sharpe Ratio Rank: 37
APCB Sortino Ratio Rank: 37
APCB Omega Ratio Rank: 35
APCB Calmar Ratio Rank: 35
APCB Martin Ratio Rank: 33

GTO

GTO Risk / Return Rank: 47
GTO Sharpe Ratio Rank: 50
GTO Sortino Ratio Rank: 53
GTO Omega Ratio Rank: 49
GTO Calmar Ratio Rank: 43
GTO Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APCB vs. GTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Core Bond ETF (APCB) and Invesco Total Return Bond ETF (GTO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APCB	GTO	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.67	-0.39
Sortino ratio: Return per unit of downside risk	1.89	2.49	-0.59
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	1.69	2.07	-0.38
Martin ratio: Return relative to average drawdown	4.84	6.33	-1.49

APCB vs. GTO - Sharpe Ratio Comparison

The current APCB Sharpe Ratio is 1.28, which is comparable to the GTO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of APCB and GTO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APCB vs. GTO - Drawdown Comparison

The maximum APCB drawdown since its inception was -6.42%, smaller than the maximum GTO drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for APCB and GTO.

Drawdown Indicators

	APCB	GTO	Difference
Max Drawdown Largest peak-to-trough decline	-6.42%	-20.61%	+14.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.73%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-5.98%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.61%	—
Current Drawdown Current decline from peak	-1.24%	-1.57%	+0.33%
Average Drawdown Average peak-to-trough decline	-1.51%	-4.79%	+3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.89%	+0.01%

Volatility

APCB vs. GTO - Volatility Comparison

ActivePassive Core Bond ETF (APCB) and Invesco Total Return Bond ETF (GTO) have volatilities of 1.01% and 0.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APCB	GTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	0.98%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	2.59%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	3.40%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.83%	5.68%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.83%	5.59%	-0.76%

APCB vs. GTO - Expense Ratio Comparison

APCB has a 0.36% expense ratio, which is higher than GTO's 0.35% expense ratio.

Dividends

APCB vs. GTO - Dividend Comparison

APCB's dividend yield for the trailing twelve months is around 4.34%, less than GTO's 5.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APCB ActivePassive Core Bond ETF	4.34%	4.35%	4.74%	2.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GTO Invesco Total Return Bond ETF	5.18%	4.70%	4.42%	4.05%	3.47%	1.93%	4.04%	2.97%	5.25%	2.81%	2.57%

Frequently Asked Questions

Can I hold both APCB and GTO in my portfolio?

With a correlation of 0.93, APCB and GTO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, APCB or GTO?

APCB has higher volatility (1.01%) compared to GTO (0.98%). In terms of maximum drawdown, APCB dropped -6.42% vs GTO's -20.61%.

Which ETF is better, APCB or GTO?

On 3-year performance, GTO leads with 4.78% vs 4.01% for APCB. On fees, GTO is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APCB or GTO?

Over the 3-year period, GTO has performed better with a 4.78% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APCB or GTO?

GTO is cheaper with a 0.35% expense ratio, compared with 0.36% for APCB.

Which ETF pays a higher dividend yield, APCB or GTO?

GTO has the higher dividend yield at 5.18%, compared with 4.34% for APCB.

What is the main difference between APCB and GTO?

They also come from different issuers: ActivePassive and Invesco. Their fees differ too: 0.36% for APCB and 0.35% for GTO.

Which has better risk-adjusted returns?

GTO currently has the higher Sharpe Ratio (1.67 vs 1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.