IBDR vs. SPBO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2026 Term Corporate ETF (IBDR) and SPDR Portfolio Corporate Bond ETF (SPBO).

IBDR and SPBO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBDR is a passively managed fund by iShares that tracks the performance of the Barclays December 2026 Maturity Corporate Index. It was launched on Sep 13, 2016. SPBO is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays U.S. Corporate Bond Index. It was launched on Apr 6, 2011. Both IBDR and SPBO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IBDR vs. SPBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2026 Term Corporate ETF (IBDR) and SPDR Portfolio Corporate Bond ETF (SPBO). The values are adjusted to include any dividend payments, if applicable.

IBDR vs. SPBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBDR iShares iBonds Dec 2026 Term Corporate ETF	0.72%	4.99%	4.98%	5.96%	-8.28%	-1.79%	8.88%	14.81%	-2.80%	5.96%
SPBO SPDR Portfolio Corporate Bond ETF	-0.23%	7.83%	2.59%	8.80%	-15.68%	-1.57%	10.17%	14.70%	-1.79%	5.47%

Returns By Period

In the year-to-date period, IBDR achieves a 0.72% return, which is significantly higher than SPBO's -0.23% return.

IBDR

• 1D: 0.04%
• 1M: 0.21%
• YTD: 0.72%
• 6M: 1.84%
• 1Y: 4.40%
• 3Y*: 4.81%
• 5Y*: 1.63%
• 10Y*: —

SPBO

• 1D: 0.57%
• 1M: -1.82%
• YTD: -0.23%
• 6M: 0.46%
• 1Y: 5.22%
• 3Y*: 4.96%
• 5Y*: 0.76%
• 10Y*: 2.90%

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

IBDR vs. SPBO - Expense Ratio Comparison

IBDR has a 0.10% expense ratio, which is higher than SPBO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

IBDR

iShares iBonds Dec 2026 Term Corporate ETF

SPBO

SPDR Portfolio Corporate Bond ETF

Return for Risk

IBDR vs. SPBO — Risk / Return Rank

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

IBDR

IBDR Risk / Return Rank: 99
IBDR Sharpe Ratio Rank: 99
IBDR Sortino Ratio Rank: 99
IBDR Omega Ratio Rank: 99
IBDR Calmar Ratio Rank: 99
IBDR Martin Ratio Rank: 99

SPBO

SPBO Risk / Return Rank: 58
SPBO Sharpe Ratio Rank: 57
SPBO Sortino Ratio Rank: 52
SPBO Omega Ratio Rank: 50
SPBO Calmar Ratio Rank: 73
SPBO Martin Ratio Rank: 60

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.

IBDR vs. SPBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Corporate ETF (IBDR) and SPDR Portfolio Corporate Bond ETF (SPBO). 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.

	IBDR	SPBO	Difference
Sharpe ratio Return per unit of total volatility	5.39	0.96	+4.43
Sortino ratio Return per unit of downside risk	9.54	1.32	+8.22
Omega ratio Gain probability vs. loss probability	2.66	1.18	+1.48
Calmar ratio Return relative to maximum drawdown	11.93	1.82	+10.11
Martin ratio Return relative to average drawdown	82.60	5.60	+77.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBDR vs. SPBO - Sharpe Ratio Comparison

The current IBDR Sharpe Ratio is 5.39, which is higher than the SPBO Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of IBDR and SPBO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBDR	SPBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.39	0.96	+4.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.11	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.47	+0.13

Correlation

The correlation between IBDR and SPBO is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IBDR vs. SPBO - Dividend Comparison

IBDR's dividend yield for the trailing twelve months is around 4.18%, less than SPBO's 5.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBDR iShares iBonds Dec 2026 Term Corporate ETF	4.18%	4.20%	4.13%	3.41%	2.44%	2.11%	2.61%	3.25%	3.56%	3.22%	0.86%	0.00%
SPBO SPDR Portfolio Corporate Bond ETF	5.12%	5.09%	5.28%	4.73%	3.54%	2.42%	2.75%	3.46%	3.60%	3.15%	3.35%	3.07%

Drawdowns

IBDR vs. SPBO - Drawdown Comparison

The maximum IBDR drawdown since its inception was -16.06%, smaller than the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for IBDR and SPBO.

Drawdown Indicators

	IBDR	SPBO	Difference
Max Drawdown Largest peak-to-trough decline	-16.06%	-22.23%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-2.96%	+2.59%
Max Drawdown (5Y) Largest decline over 5 years	-13.13%	-22.23%	+9.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.23%	—
Current Drawdown Current decline from peak	0.00%	-1.82%	+1.82%
Average Drawdown Average peak-to-trough decline	-2.89%	-4.07%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.96%	-0.91%

Volatility

IBDR vs. SPBO - Volatility Comparison

The current volatility for iShares iBonds Dec 2026 Term Corporate ETF (IBDR) is 0.15%, while SPDR Portfolio Corporate Bond ETF (SPBO) has a volatility of 2.23%. This indicates that IBDR experiences smaller price fluctuations and is considered to be less risky than SPBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBDR	SPBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	2.23%	-2.08%
Volatility (6M) Calculated over the trailing 6-month period	0.38%	3.07%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	0.82%	5.44%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.43%	7.19%	-3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	7.49%	-2.58%