IAGG vs. PICB
IAGG (iShares Core International Aggregate Bond ETF) and PICB (Invesco International Corporate Bond ETF) are both exchange-traded funds - IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index. Both are passively managed. Over the past 10 years, IAGG returned 2.02%/yr vs 0.79%/yr for PICB. At a 0.41 correlation, their price movements are largely independent. IAGG charges 0.07%/yr vs 0.50%/yr for PICB.
Performance
IAGG vs. PICB - Performance Comparison
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Returns By Period
In the year-to-date period, IAGG achieves a 1.39% return, which is significantly higher than PICB's -1.64% return. Over the past 10 years, IAGG has outperformed PICB with an annualized return of 2.02%, while PICB has yielded a comparatively lower 0.79% annualized return.
IAGG
- 1D
- 0.18%
- 1M
- 0.17%
- 6M
- 0.90%
- YTD
- 1.39%
- 1Y
- 2.72%
- 3Y*
- 5.00%
- 5Y*
- 1.05%
- 10Y*
- 2.02%
PICB
- 1D
- 0.00%
- 1M
- -1.08%
- 6M
- -1.22%
- YTD
- -1.64%
- 1Y
- 0.18%
- 3Y*
- 5.20%
- 5Y*
- -2.17%
- 10Y*
- 0.79%
IAGG vs. PICB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 1.39% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 4.63% | 7.99% | 3.38% | 2.09% |
PICB Invesco International Corporate Bond ETF | -1.64% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
Correlation
The correlation between IAGG and PICB is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2015 | 0.41 |
Over the past year, IAGG and PICB have become more correlated (0.65) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
IAGG vs. PICB — Risk / Return Rank
IAGG
PICB
IAGG vs. PICB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core International Aggregate Bond ETF (IAGG) 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.
| IAGG | PICB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.00 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | -0.03 | +1.16 |
| Martin ratioReturn relative to average drawdown | 3.30 | -0.08 | +3.38 |
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Drawdowns
IAGG vs. PICB - Drawdown Comparison
The maximum IAGG drawdown since its inception was -13.88%, smaller than the maximum PICB drawdown of -37.10%. Use the drawdown chart below to compare losses from any high point for IAGG and PICB.
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Drawdown Indicators
| IAGG | PICB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.88% | -37.10% | +23.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.32% | -6.41% | +4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -2.32% | -9.76% | +7.44% |
Max Drawdown (5Y)Largest decline over 5 years | -13.57% | -36.23% | +22.66% |
Max Drawdown (10Y)Largest decline over 10 years | -13.88% | -37.10% | +23.22% |
Current DrawdownCurrent decline from peak | -0.52% | -12.73% | +12.21% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -9.68% | +6.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.58% | -1.79% |
Volatility
IAGG vs. PICB - Volatility Comparison
The current volatility for iShares Core International Aggregate Bond ETF (IAGG) is 0.82%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.01%. This indicates that IAGG 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
| IAGG | PICB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 2.01% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 6.22% | -3.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 7.80% | -4.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 10.17% | -5.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.04% | 9.97% | -5.93% |
IAGG vs. PICB - Expense Ratio Comparison
IAGG has a 0.07% expense ratio, which is lower than PICB's 0.50% expense ratio.
Dividends
IAGG vs. PICB - Dividend Comparison
IAGG's dividend yield for the trailing twelve months is around 4.50%, more than PICB's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 4.50% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
PICB Invesco International Corporate Bond ETF | 3.40% | 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
IAGG and PICB have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.01%) compared to IAGG (0.82%). In terms of maximum drawdown, IAGG dropped -13.88% vs PICB's -37.10%.
On 10-year performance, IAGG leads with 2.02% vs 0.79% for PICB. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAGG has performed better with a 2.02% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.50% for PICB.
IAGG has the higher dividend yield at 4.50%, compared with 3.40% for PICB.
IAGG is categorized as Global Bonds, while PICB is Corporate Bonds. IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IAGG and 0.50% for PICB.
IAGG currently has the higher Sharpe Ratio (0.91 vs -0.03), 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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