IGCB vs. SPBO

Last updated Jun 23, 2026

IGCB (TCW Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds - IGCB tracks the Actively Managed while SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past year, IGCB returned 4.61% vs 5.51% for SPBO. Their correlation of 0.85 suggests significant overlap in exposure. IGCB charges 0.35%/yr vs 0.03%/yr for SPBO.

Performance

IGCB vs. SPBO - Performance Comparison

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

Returns By Period

In the year-to-date period, IGCB achieves a 0.16% return, which is significantly lower than SPBO's 0.80% return.

IGCB

• 1D: -0.25%
• 1M: 0.59%
• YTD: 0.16%
• 6M: 0.45%
• 1Y: 4.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPBO

• 1D: -0.24%
• 1M: 0.63%
• YTD: 0.80%
• 6M: 0.97%
• 1Y: 5.51%
• 3Y*: 5.45%
• 5Y*: 0.50%
• 10Y*: 2.73%

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

IGCB vs. SPBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IGCB TCW Corporate Bond ETF	0.16%	8.42%	-0.26%
SPBO SPDR Portfolio Corporate Bond ETF	0.80%	7.83%	-0.28%

Correlation

The correlation between IGCB and SPBO is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.85

The correlation between IGCB and SPBO has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

IGCB vs. SPBO — Risk / Return Rank

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

IGCB

IGCB Risk / Return Rank: 33
IGCB Sharpe Ratio Rank: 35
IGCB Sortino Ratio Rank: 33
IGCB Omega Ratio Rank: 33
IGCB Calmar Ratio Rank: 33
IGCB Martin Ratio Rank: 33

SPBO

SPBO Risk / Return Rank: 37
SPBO Sharpe Ratio Rank: 37
SPBO Sortino Ratio Rank: 37
SPBO Omega Ratio Rank: 34
SPBO Calmar Ratio Rank: 40
SPBO Martin Ratio Rank: 39

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.

IGCB vs. SPBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Corporate Bond ETF (IGCB) 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.

	IGCB	SPBO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.27	-0.07
Sortino ratio: Return per unit of downside risk	1.72	1.87	-0.15
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.59	1.93	-0.34
Martin ratio: Return relative to average drawdown	4.70	5.97	-1.27

IGCB vs. SPBO - Sharpe Ratio Comparison

The current IGCB Sharpe Ratio is 1.20, which is comparable to the SPBO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IGCB and SPBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IGCB vs. SPBO - Drawdown Comparison

The maximum IGCB drawdown since its inception was -4.20%, smaller than the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for IGCB and SPBO.

Drawdown Indicators

	IGCB	SPBO	Difference
Max Drawdown Largest peak-to-trough decline	-4.20%	-22.23%	+18.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-2.87%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.23%	—
Current Drawdown Current decline from peak	-1.23%	-0.80%	-0.43%
Average Drawdown Average peak-to-trough decline	-0.93%	-4.03%	+3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.92%	+0.06%

Volatility

IGCB vs. SPBO - Volatility Comparison

The current volatility for TCW Corporate Bond ETF (IGCB) is 1.07%, while SPDR Portfolio Corporate Bond ETF (SPBO) has a volatility of 1.17%. This indicates that IGCB 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

	IGCB	SPBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.17%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	3.29%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	4.35%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.79%	7.18%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	7.50%	-2.71%

IGCB vs. SPBO - Expense Ratio Comparison

IGCB has a 0.35% expense ratio, which is higher than SPBO's 0.03% expense ratio.

Dividends

IGCB vs. SPBO - Dividend Comparison

IGCB's dividend yield for the trailing twelve months is around 4.75%, less than SPBO's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGCB TCW Corporate Bond ETF	4.75%	4.52%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPBO SPDR Portfolio Corporate Bond ETF	5.11%	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

Can I hold both IGCB and SPBO in my portfolio?

IGCB and SPBO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGCB or SPBO?

SPBO has higher volatility (1.17%) compared to IGCB (1.07%). In terms of maximum drawdown, IGCB dropped -4.20% vs SPBO's -22.23%.

Which ETF is better, IGCB or SPBO?

On 1-year performance, SPBO leads with 5.51% vs 4.61% for IGCB. On fees, SPBO is cheaper at 0.03% per year. On volatility, IGCB has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGCB or SPBO?

Over the 1-year period, SPBO has performed better with a 5.51% return vs 4.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGCB or SPBO?

SPBO is cheaper with a 0.03% expense ratio, compared with 0.35% for IGCB.

Which ETF pays a higher dividend yield, IGCB or SPBO?

SPBO has the higher dividend yield at 5.11%, compared with 4.75% for IGCB.

What is the main difference between IGCB and SPBO?

IGCB tracks Actively Managed, while SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index. They also come from different issuers: TCW and State Street. Their fees differ too: 0.35% for IGCB and 0.03% for SPBO.

Which has better risk-adjusted returns?

SPBO currently has the higher Sharpe Ratio (1.27 vs 1.20), 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.