INVG vs. SPBO
INVG (GMO Systematic Investment Grade Credit ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds. INVG is actively managed, while SPBO is passively managed. Over the past year, INVG returned 2.61% vs 2.63% for SPBO. Their 0.98 correlation means they have historically moved very closely together. INVG charges 0.25%/yr vs 0.03%/yr for SPBO.
Performance
INVG vs. SPBO - Performance Comparison
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Returns By Period
In the year-to-date period, INVG achieves a 0.30% return, which is significantly higher than SPBO's 0.20% return.
INVG
- 1D
- 0.53%
- 1M
- -0.81%
- 6M
- -0.07%
- YTD
- 0.30%
- 1Y
- 2.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.56%
SPBO
- 1D
- 0.49%
- 1M
- -0.88%
- 6M
- -0.09%
- YTD
- 0.20%
- 1Y
- 2.63%
- 3Y*
- 5.43%
- 5Y*
- 0.01%
- 10Y*
- 2.50%
- ALL TIME*
- 3.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.15K | $47.67K | $107.50K | |
| $10.14M | $13.62M | $18.46M |
INVG vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
INVG GMO Systematic Investment Grade Credit ETF | 0.30% | 5.03% |
SPBO SPDR Portfolio Corporate Bond ETF | 0.20% | 5.55% |
Correlation
The correlation between INVG and SPBO is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025 | 0.98 |
The correlation between INVG and SPBO has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
INVG vs. SPBO — Risk / Return Rank
INVG
SPBO
INVG vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) 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.
| INVG | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.11 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 0.92 | -0.09 |
| Martin ratioReturn relative to average drawdown | 2.45 | 2.56 | -0.11 |
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Drawdowns
INVG vs. SPBO - Drawdown Comparison
The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for INVG and SPBO.
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Drawdown Indicators
| INVG | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.15% | -22.23% | +19.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.15% | -2.87% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.25% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.23% | — |
Current DrawdownCurrent decline from peak | -1.26% | -1.40% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -0.75% | -4.01% | +3.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.03% | +0.04% |
Volatility
INVG vs. SPBO - Volatility Comparison
GMO Systematic Investment Grade Credit ETF (INVG) and SPDR Portfolio Corporate Bond ETF (SPBO) have volatilities of 1.37% and 1.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INVG | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.36% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.56% | 3.48% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 4.31% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 7.18% | -2.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 7.49% | -3.04% |
INVG vs. SPBO - Expense Ratio Comparison
INVG has a 0.25% expense ratio, which is higher than SPBO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
INVG vs. SPBO - Dividend Comparison
INVG's dividend yield for the trailing twelve months is around 4.87%, less than SPBO's 5.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVG GMO Systematic Investment Grade Credit ETF | 4.87% | 2.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.18% | 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
With a correlation of 0.98, INVG and SPBO 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.
INVG has higher volatility (1.37%) compared to SPBO (1.36%). In terms of maximum drawdown, INVG dropped -3.15% vs SPBO's -22.23%.
On 1-year performance, SPBO leads with 2.63% vs 2.61% for INVG. On fees, SPBO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPBO has performed better with a 2.63% return vs 2.61%. 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 0.25% for INVG.
SPBO has the higher dividend yield at 5.18%, compared with 4.87% for INVG.
They also come from different issuers: GMO and State Street. Their fees differ too: 0.25% for INVG and 0.03% for SPBO.
SPBO currently has the higher Sharpe Ratio (0.61 vs 0.59), 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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