IBND vs. PICB
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and PICB (Invesco International Corporate Bond ETF) are both Corporate Bonds funds - IBND tracks the Bloomberg Global Aggregate x USD >$1B: Corporate Bond while PICB tracks the S&P International Corporate Bond Index. Both are passively managed. Over the past 10 years, IBND returned 0.70%/yr vs 0.92%/yr for PICB. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
IBND vs. PICB - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.31% return, which is significantly lower than PICB's -1.94% return. Over the past 10 years, IBND has underperformed PICB with an annualized return of 0.70%, while PICB has yielded a comparatively higher 0.92% annualized return.
IBND
- 1D
- -0.32%
- 1M
- -1.13%
- YTD
- -2.31%
- 6M
- -2.34%
- 1Y
- 0.30%
- 3Y*
- 5.72%
- 5Y*
- -1.40%
- 10Y*
- 0.70%
PICB
- 1D
- -0.22%
- 1M
- -1.21%
- YTD
- -1.94%
- 6M
- -2.10%
- 1Y
- 0.28%
- 3Y*
- 5.45%
- 5Y*
- -2.25%
- 10Y*
- 0.92%
IBND vs. PICB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.31% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
PICB Invesco International Corporate Bond ETF | -1.94% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
Correlation
The correlation between IBND and PICB is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.77 |
The correlation between IBND and PICB shifts across timeframes, from 0.77 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBND vs. PICB — Risk / Return Rank
IBND
PICB
IBND vs. PICB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
| IBND | PICB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.01 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 0.04 | 0.00 |
| Martin ratioReturn relative to average drawdown | 0.11 | 0.11 | 0.00 |
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Drawdowns
IBND vs. PICB - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, roughly equal to the maximum PICB drawdown of -37.10%. Use the drawdown chart below to compare losses from any high point for IBND and PICB.
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Drawdown Indicators
| IBND | PICB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -37.10% | +1.48% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -6.41% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -9.76% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -36.23% | +2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -37.10% | +1.48% |
Current DrawdownCurrent decline from peak | -10.57% | -12.99% | +2.42% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -9.67% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.47% | +0.17% |
Volatility
IBND vs. PICB - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) is 2.06%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.18%. This indicates that IBND 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
| IBND | PICB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 2.18% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.32% | 6.20% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.03% | 7.87% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 10.18% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 9.98% | -1.06% |
IBND vs. PICB - Expense Ratio Comparison
Both IBND and PICB have an expense ratio of 0.50%.
Dividends
IBND vs. PICB - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.77%, less than PICB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.77% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
PICB Invesco International Corporate Bond ETF | 3.42% | 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
With a correlation of 0.92, IBND and PICB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PICB has higher volatility (2.18%) compared to IBND (2.06%). In terms of maximum drawdown, IBND dropped -35.62% vs PICB's -37.10%.
On 10-year performance, PICB leads with 0.92% vs 0.70% for IBND. Both ETFs have the same 0.50% expense ratio. On volatility, IBND has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICB has performed better with a 0.92% return vs 0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBND and PICB have the same expense ratio: 0.50% per year.
PICB has the higher dividend yield at 3.42%, compared with 2.77% for IBND.
IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: State Street and Invesco.
IBND currently has the higher Sharpe Ratio (0.04 vs 0.04), 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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