GRNB vs. PICB
GRNB (VanEck Green Bond ETF) and PICB (Invesco International Corporate Bond ETF) are both exchange-traded funds - GRNB is a Global Bonds fund tracking the S&P Green Bond U.S. Dollar Select Index, while PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index. Both are passively managed. Over the past 5 years, GRNB returned 0.58%/yr vs -2.26%/yr for PICB. A 0.57 correlation means they provide meaningful diversification when combined. GRNB charges 0.20%/yr vs 0.50%/yr for PICB.
Performance
GRNB vs. PICB - Performance Comparison
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Returns By Period
In the year-to-date period, GRNB achieves a 0.30% return, which is significantly higher than PICB's -2.40% return.
GRNB
- 1D
- -0.21%
- 1M
- -0.25%
- 6M
- 0.24%
- YTD
- 0.30%
- 1Y
- 3.71%
- 3Y*
- 4.94%
- 5Y*
- 0.58%
- 10Y*
- —
PICB
- 1D
- -0.78%
- 1M
- -1.85%
- 6M
- -2.37%
- YTD
- -2.40%
- 1Y
- -0.60%
- 3Y*
- 4.11%
- 5Y*
- -2.26%
- 10Y*
- 0.66%
GRNB vs. PICB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GRNB VanEck Green Bond ETF | 0.30% | 7.09% | 3.31% | 7.08% | -11.93% | -2.36% | 7.98% | 5.40% | -4.07% | 9.87% |
PICB Invesco International Corporate Bond ETF | -2.40% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 13.54% |
Correlation
The correlation between GRNB and PICB is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2017 | 0.57 |
The correlation between GRNB and PICB has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
GRNB vs. PICB — Risk / Return Rank
GRNB
PICB
GRNB vs. PICB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Green Bond ETF (GRNB) and Invesco International Corporate Bond ETF (PICB). 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.
| GRNB | PICB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.99 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | -0.09 | +1.58 |
| Martin ratioReturn relative to average drawdown | 5.71 | -0.23 | +5.94 |
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Drawdowns
GRNB vs. PICB - Drawdown Comparison
The maximum GRNB drawdown since its inception was -18.08%, smaller than the maximum PICB drawdown of -37.10%. Use the drawdown chart below to compare losses from any high point for GRNB and PICB.
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Drawdown Indicators
| GRNB | PICB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.08% | -37.10% | +19.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -6.41% | +3.90% |
Max Drawdown (3Y)Largest decline over 3 years | -4.24% | -9.76% | +5.52% |
Max Drawdown (5Y)Largest decline over 5 years | -17.94% | -36.23% | +18.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.10% | — |
Current DrawdownCurrent decline from peak | -0.74% | -13.41% | +12.67% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -9.68% | +5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 2.60% | -1.95% |
Volatility
GRNB vs. PICB - Volatility Comparison
The current volatility for VanEck Green Bond ETF (GRNB) is 0.90%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.14%. This indicates that GRNB experiences smaller price fluctuations and is considered to be less risky than PICB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRNB | PICB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 2.14% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 6.26% | -3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 7.84% | -4.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 10.18% | -5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.86% | 9.97% | -5.11% |
GRNB vs. PICB - Expense Ratio Comparison
GRNB has a 0.20% expense ratio, which is lower than PICB's 0.50% expense ratio.
Dividends
GRNB vs. PICB - Dividend Comparison
GRNB's dividend yield for the trailing twelve months is around 4.39%, more than PICB's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GRNB VanEck Green Bond ETF | 4.39% | 4.18% | 3.83% | 3.17% | 2.60% | 1.97% | 2.24% | 1.79% | 1.21% | 1.09% | 0.00% | 0.00% |
PICB Invesco International Corporate Bond ETF | 3.43% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
Frequently Asked Questions
GRNB and PICB have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.14%) compared to GRNB (0.90%). In terms of maximum drawdown, GRNB dropped -18.08% vs PICB's -37.10%.
On 5-year performance, GRNB leads with 0.58% vs -2.26% for PICB. On fees, GRNB is cheaper at 0.20% per year. On volatility, GRNB has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRNB has performed better with a 0.58% return vs -2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRNB is cheaper with a 0.20% expense ratio, compared with 0.50% for PICB.
GRNB has the higher dividend yield at 4.39%, compared with 3.43% for PICB.
GRNB is categorized as Global Bonds, while PICB is Corporate Bonds. GRNB tracks S&P Green Bond U.S. Dollar Select Index, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.20% for GRNB and 0.50% for PICB.
GRNB currently has the higher Sharpe Ratio (1.25 vs -0.08), 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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