IBND vs. MILK

Last updated Jun 4, 2026

IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - IBND tracks the Bloomberg Global Aggregate x USD >$1B: Corporate Bond while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, IBND returned 2.86% vs 9.79% for MILK. At a 0.43 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.49%/yr for MILK.

Performance

IBND vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBND achieves a -1.08% return, which is significantly lower than MILK's 2.43% return.

IBND

• 1D: -0.44%
• 1M: -0.01%
• YTD: -1.08%
• 6M: -0.51%
• 1Y: 2.86%
• 3Y*: 6.69%
• 5Y*: -1.50%
• 10Y*: 0.65%

MILK

• 1D: 0.03%
• 1M: 1.03%
• YTD: 2.43%
• 6M: 2.03%
• 1Y: 9.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBND vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	-1.08%	16.17%	-0.34%
MILK Pacer US Cash Cows Bond ETF	2.43%	7.49%	-0.35%

Correlation

The correlation between IBND and MILK 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 (All Time) Calculated using the full available price history since Dec 19, 2024	0.43

The correlation between IBND and MILK shifts across timeframes, from 0.43 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IBND vs. MILK — Risk / Return Rank

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

IBND

IBND Risk / Return Rank: 13
IBND Sharpe Ratio Rank: 14
IBND Sortino Ratio Rank: 13
IBND Omega Ratio Rank: 13
IBND Calmar Ratio Rank: 14
IBND Martin Ratio Rank: 14

MILK

MILK Risk / Return Rank: 54
MILK Sharpe Ratio Rank: 54
MILK Sortino Ratio Rank: 56
MILK Omega Ratio Rank: 54
MILK Calmar Ratio Rank: 51
MILK Martin Ratio Rank: 53

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.

IBND vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) and Pacer US Cash Cows Bond ETF (MILK). 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.

	IBND	MILK	Difference
Sharpe ratio Return per unit of total volatility	0.36	1.89	-1.53
Sortino ratio Return per unit of downside risk	0.58	2.74	-2.16
Omega ratio Gain probability vs. loss probability	1.07	1.34	-0.27
Calmar ratio Return relative to maximum drawdown	0.42	2.55	-2.13
Martin ratio Return relative to average drawdown	1.16	9.20	-8.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBND vs. MILK - Sharpe Ratio Comparison

The current IBND Sharpe Ratio is 0.36, which is lower than the MILK Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of IBND and MILK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBND	MILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	1.89	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	1.00	-0.85

Drawdowns

IBND vs. MILK - Drawdown Comparison

The maximum IBND drawdown since its inception was -35.62%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for IBND and MILK.

Drawdown Indicators

	IBND	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-35.62%	-6.16%	-29.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-3.75%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-9.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.62%	—	—
Current Drawdown Current decline from peak	-9.45%	0.00%	-9.45%
Average Drawdown Average peak-to-trough decline	-10.64%	-1.09%	-9.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.04%	+1.42%

Volatility

IBND vs. MILK - Volatility Comparison

SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a higher volatility of 2.04% compared to Pacer US Cash Cows Bond ETF (MILK) at 1.60%. This indicates that IBND's price experiences larger fluctuations and is considered to be riskier than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBND	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	1.60%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	3.81%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	7.97%	5.21%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.74%	6.69%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	6.69%	+2.25%

IBND vs. MILK - Expense Ratio Comparison

IBND has a 0.50% expense ratio, which is higher than MILK's 0.49% expense ratio.

Dividends

IBND vs. MILK - Dividend Comparison

IBND's dividend yield for the trailing twelve months is around 2.74%, less than MILK's 7.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	2.74%	2.49%	2.61%	2.08%	0.54%	0.38%	0.45%	0.67%	0.71%	0.34%	0.01%	0.01%
MILK Pacer US Cash Cows Bond ETF	7.02%	6.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBND and MILK in my portfolio?

IBND and MILK 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.

Which is riskier, IBND or MILK?

IBND has higher volatility (2.04%) compared to MILK (1.60%). In terms of maximum drawdown, IBND dropped -35.62% vs MILK's -6.16%.

Which ETF is better, IBND or MILK?

On 1-year performance, MILK leads with 9.79% vs 2.86% for IBND. On fees, MILK is cheaper at 0.49% per year. On volatility, MILK has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBND or MILK?

Over the 1-year period, MILK has performed better with a 9.79% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBND or MILK?

MILK is cheaper with a 0.49% expense ratio, compared with 0.50% for IBND.

Which ETF pays a higher dividend yield, IBND or MILK?

MILK has the higher dividend yield at 7.02%, compared with 2.74% for IBND.

What is the main difference between IBND and MILK?

IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: State Street and Pacer. Their fees differ too: 0.50% for IBND and 0.49% for MILK.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (1.89 vs 0.36), 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.