IBND vs. SPBO
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds from State Street - IBND tracks the Bloomberg Global Aggregate x USD >$1B: Corporate Bond while SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past 10 years, IBND returned 0.56%/yr vs 2.52%/yr for SPBO. At a 0.30 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.03%/yr for SPBO.
Performance
IBND vs. SPBO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBND achieves a -2.40% return, which is significantly lower than SPBO's 0.36% return. Over the past 10 years, IBND has underperformed SPBO with an annualized return of 0.56%, while SPBO has yielded a comparatively higher 2.52% annualized return.
IBND
- 1D
- -0.61%
- 1M
- -1.77%
- 6M
- -1.75%
- YTD
- -2.40%
- 1Y
- -0.83%
- 3Y*
- 4.55%
- 5Y*
- -1.37%
- 10Y*
- 0.56%
SPBO
- 1D
- -0.03%
- 1M
- -0.68%
- 6M
- -0.15%
- YTD
- 0.36%
- 1Y
- 4.82%
- 3Y*
- 5.18%
- 5Y*
- 0.17%
- 10Y*
- 2.52%
IBND vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.40% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
SPBO SPDR Portfolio Corporate Bond ETF | 0.36% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
Correlation
The correlation between IBND and SPBO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.30 |
Over the past year, IBND and SPBO have become more correlated (0.59) than their long-term average of 0.30, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBND vs. SPBO — Risk / Return Rank
IBND
SPBO
IBND vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
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 | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.20 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 1.69 | -1.81 |
| Martin ratioReturn relative to average drawdown | -0.29 | 5.12 | -5.41 |
Loading charts...
Drawdowns
IBND vs. SPBO - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, which is greater than SPBO's maximum drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for IBND and SPBO.
Loading charts...
Drawdown Indicators
| IBND | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -22.23% | -13.39% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -2.87% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -6.41% | -2.77% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -22.23% | -11.26% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -22.23% | -13.39% |
Current DrawdownCurrent decline from peak | -10.66% | -1.24% | -9.42% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -4.02% | -6.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 0.94% | +1.95% |
Volatility
IBND vs. SPBO - Volatility Comparison
SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a higher volatility of 2.17% compared to SPDR Portfolio Corporate Bond ETF (SPBO) at 1.24%. This indicates that IBND's price experiences larger fluctuations and is considered to be riskier than SPBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IBND | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 1.24% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 6.43% | 3.41% | +3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.02% | 4.33% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 7.18% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 7.49% | +1.43% |
IBND vs. SPBO - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than SPBO's 0.03% expense ratio.
Dividends
IBND vs. SPBO - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.80%, less than SPBO's 5.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.80% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.15% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
Frequently Asked Questions
IBND and SPBO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBND has higher volatility (2.17%) compared to SPBO (1.24%). In terms of maximum drawdown, IBND dropped -35.62% vs SPBO's -22.23%.
On 10-year performance, SPBO leads with 2.52% vs 0.56% for IBND. On fees, SPBO is cheaper at 0.03% per year. On volatility, SPBO has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPBO has performed better with a 2.52% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO is cheaper with a 0.03% expense ratio, compared with 0.50% for IBND.
SPBO has the higher dividend yield at 5.15%, compared with 2.80% for IBND.
IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index. Their fees differ too: 0.50% for IBND and 0.03% for SPBO.
SPBO currently has the higher Sharpe Ratio (1.12 vs -0.10), 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.
Find the right allocation for IBND and SPBO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer