BAB vs. SPLB
BAB (Invesco Taxable Municipal Bond ETF) and SPLB (SPDR Portfolio Long Term Corporate Bond ETF) are both exchange-traded funds - BAB is a Municipal Bonds fund tracking the BofA Merrill Lynch Build America Bond Index, while SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate Index. Both are passively managed. Over the past 10 years, BAB returned 2.24%/yr vs 2.23%/yr for SPLB. A 0.73 correlation means they provide meaningful diversification when combined. BAB charges 0.28%/yr vs 0.07%/yr for SPLB.
Performance
BAB vs. SPLB - Performance Comparison
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Returns By Period
In the year-to-date period, BAB achieves a 0.12% return, which is significantly lower than SPLB's 0.92% return. Both investments have delivered pretty close results over the past 10 years, with BAB having a 2.24% annualized return and SPLB not far behind at 2.23%.
BAB
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 0.12%
- 6M
- -0.01%
- 1Y
- 7.16%
- 3Y*
- 4.42%
- 5Y*
- -0.38%
- 10Y*
- 2.24%
SPLB
- 1D
- -0.36%
- 1M
- 1.50%
- YTD
- 0.92%
- 6M
- -0.06%
- 1Y
- 7.56%
- 3Y*
- 4.35%
- 5Y*
- -1.84%
- 10Y*
- 2.23%
BAB vs. SPLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 0.12% | 8.30% | 1.03% | 8.67% | -19.50% | 1.00% | 9.11% | 10.85% | 0.93% | 9.87% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 0.92% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
Correlation
The correlation between BAB and SPLB is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2009 | 0.73 |
The correlation between BAB and SPLB shifts across timeframes, from 0.73 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BAB vs. SPLB — Risk / Return Rank
BAB
SPLB
BAB vs. SPLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Taxable Municipal Bond ETF (BAB) and SPDR Portfolio Long Term Corporate Bond ETF (SPLB). 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.
| BAB | SPLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.40 | +0.33 |
| Martin ratioReturn relative to average drawdown | 4.93 | 3.48 | +1.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BAB | SPLB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 0.94 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | -0.15 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.17 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.45 | +0.07 |
Drawdowns
BAB vs. SPLB - Drawdown Comparison
The maximum BAB drawdown since its inception was -27.80%, smaller than the maximum SPLB drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for BAB and SPLB.
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Drawdown Indicators
| BAB | SPLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -34.46% | +6.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -5.42% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -12.91% | +5.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -34.46% | +9.51% |
Max Drawdown (10Y)Largest decline over 10 years | -27.80% | -34.46% | +6.66% |
Current DrawdownCurrent decline from peak | -5.64% | -14.53% | +8.89% |
Average DrawdownAverage peak-to-trough decline | -5.31% | -8.01% | +2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 2.18% | -0.72% |
Volatility
BAB vs. SPLB - Volatility Comparison
The current volatility for Invesco Taxable Municipal Bond ETF (BAB) is 1.72%, while SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a volatility of 2.36%. This indicates that BAB experiences smaller price fluctuations and is considered to be less risky than SPLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BAB | SPLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 2.36% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.78% | 5.81% | -2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 8.05% | -2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 12.71% | -4.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 12.95% | -3.26% |
BAB vs. SPLB - Expense Ratio Comparison
BAB has a 0.28% expense ratio, which is higher than SPLB's 0.07% expense ratio.
Dividends
BAB vs. SPLB - Dividend Comparison
BAB's dividend yield for the trailing twelve months is around 4.10%, less than SPLB's 5.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 4.10% | 3.96% | 3.97% | 3.65% | 3.40% | 2.63% | 2.96% | 3.77% | 4.20% | 3.96% | 4.26% | 4.71% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.38% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
Frequently Asked Questions
BAB and SPLB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLB has higher volatility (2.36%) compared to BAB (1.72%). In terms of maximum drawdown, BAB dropped -27.80% vs SPLB's -34.46%.
On 10-year performance, BAB leads with 2.24% vs 2.23% for SPLB. On fees, SPLB is cheaper at 0.07% per year. On volatility, BAB has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BAB has performed better with a 2.24% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLB is cheaper with a 0.07% expense ratio, compared with 0.28% for BAB.
SPLB has the higher dividend yield at 5.38%, compared with 4.10% for BAB.
BAB is categorized as Municipal Bonds, while SPLB is Corporate Bonds. BAB tracks BofA Merrill Lynch Build America Bond Index, while SPLB tracks Bloomberg Barclays Long U.S. Corporate Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.28% for BAB and 0.07% for SPLB.
BAB currently has the higher Sharpe Ratio (1.24 vs 0.94), 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.
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