IMTB vs. SPY
IMTB (iShares Core 5-10 Year USD Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IMTB is a Intermediate Core-Plus Bond fund tracking the Bloomberg U.S. Universal 5-10 Years Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, IMTB returned 0.55%/yr vs 13.83%/yr for SPY. At a 0.11 correlation, their price movements are largely independent. IMTB charges 0.06%/yr vs 0.09%/yr for SPY.
Performance
IMTB vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, IMTB achieves a -0.02% return, which is significantly lower than SPY's 10.91% return.
IMTB
- 1D
- -0.31%
- 1M
- -0.07%
- YTD
- -0.02%
- 6M
- 0.07%
- 1Y
- 5.97%
- 3Y*
- 4.75%
- 5Y*
- 0.55%
- 10Y*
- —
SPY
- 1D
- -0.70%
- 1M
- 5.05%
- YTD
- 10.91%
- 6M
- 10.91%
- 1Y
- 27.98%
- 3Y*
- 22.35%
- 5Y*
- 13.83%
- 10Y*
- 15.49%
IMTB vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMTB iShares Core 5-10 Year USD Bond ETF | -0.02% | 8.88% | 1.94% | 6.10% | -12.75% | -1.41% | 6.25% | 8.62% | -0.45% | 4.88% |
SPY State Street SPDR S&P 500 ETF | 10.91% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between IMTB and SPY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2016 | 0.11 |
Over the past year, IMTB and SPY have become more correlated (0.32) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
IMTB vs. SPY — Risk / Return Rank
IMTB
SPY
IMTB vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 5-10 Year USD Bond ETF (IMTB) 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.
| IMTB | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.43 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 3.16 | -1.06 |
| Martin ratioReturn relative to average drawdown | 6.51 | 14.72 | -8.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IMTB | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 2.38 | -0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.82 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.59 | -0.22 |
Drawdowns
IMTB vs. SPY - Drawdown Comparison
The maximum IMTB drawdown since its inception was -18.15%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IMTB and SPY.
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Drawdown Indicators
| IMTB | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.15% | -55.19% | +37.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -8.88% | +6.02% |
Max Drawdown (3Y)Largest decline over 3 years | -6.80% | -18.76% | +11.96% |
Max Drawdown (5Y)Largest decline over 5 years | -18.11% | -24.50% | +6.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -1.74% | -0.70% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -9.05% | +4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.91% | -0.99% |
Volatility
IMTB vs. SPY - Volatility Comparison
The current volatility for iShares Core 5-10 Year USD Bond ETF (IMTB) is 1.45%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that IMTB 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
| IMTB | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 2.84% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 8.90% | -5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 11.83% | -7.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.28% | 17.05% | -10.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.18% | 17.94% | -12.76% |
IMTB vs. SPY - Expense Ratio Comparison
IMTB has a 0.06% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IMTB vs. SPY - Dividend Comparison
IMTB's dividend yield for the trailing twelve months is around 4.52%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMTB iShares Core 5-10 Year USD Bond ETF | 4.52% | 4.40% | 4.42% | 4.13% | 2.90% | 2.49% | 2.63% | 2.91% | 3.04% | 2.75% | 0.40% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 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
IMTB and SPY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (2.84%) compared to IMTB (1.45%). In terms of maximum drawdown, IMTB dropped -18.15% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.83% vs 0.55% for IMTB. On fees, IMTB is cheaper at 0.06% per year. On volatility, IMTB has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.83% return vs 0.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMTB is cheaper with a 0.06% expense ratio, compared with 0.09% for SPY.
IMTB has the higher dividend yield at 4.52%, compared with 0.98% for SPY.
IMTB is categorized as Intermediate Core-Plus Bond, while SPY is S&P 500. IMTB tracks Bloomberg U.S. Universal 5-10 Years Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.06% for IMTB and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.38 vs 1.48), 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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