IBND vs. SPY
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IBND returned 0.56%/yr vs 15.08%/yr for SPY. At a 0.19 correlation, their price movements are largely independent. IBND charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
IBND vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly lower than SPY's 10.45% return. Over the past 10 years, IBND has underperformed SPY with an annualized return of 0.56%, while SPY has yielded a comparatively higher 15.08% annualized return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
SPY
- 1D
- -0.77%
- 1M
- 1.26%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.46%
- 3Y*
- 20.07%
- 5Y*
- 12.94%
- 10Y*
- 15.08%
IBND vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
SPY State Street SPDR S&P 500 ETF | 10.45% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between IBND and SPY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.19 |
Over the past year, IBND and SPY have become more correlated (0.40) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
IBND vs. SPY — Risk / Return Rank
IBND
SPY
IBND vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.31 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.43 | -2.63 |
| Martin ratioReturn relative to average drawdown | -0.48 | 10.57 | -11.06 |
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Drawdowns
IBND vs. SPY - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IBND and SPY.
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Drawdown Indicators
| IBND | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -55.19% | +19.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -8.88% | +2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -18.76% | +9.58% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -24.50% | -8.99% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -33.72% | -1.90% |
Current DrawdownCurrent decline from peak | -10.97% | -1.12% | -9.85% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -9.02% | -1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 2.03% | +0.81% |
Volatility
IBND vs. SPY - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) is 2.12%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.26%. This indicates that IBND experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBND | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 4.26% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 10.01% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 12.60% | -4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 17.17% | -7.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 17.93% | -9.01% |
IBND vs. SPY - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
IBND vs. SPY - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
IBND and SPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.26%) compared to IBND (2.12%). In terms of maximum drawdown, IBND dropped -35.62% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.08% vs 0.56% for IBND. On fees, SPY is cheaper at 0.09% per year. On volatility, IBND has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.08% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for IBND.
IBND has the higher dividend yield at 2.81%, compared with 1.00% for SPY.
IBND is categorized as Corporate Bonds, while SPY is S&P 500. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, while SPY tracks S&P 500 Index. Their fees differ too: 0.50% for IBND and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.71 vs -0.17), 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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