ISHG vs. PICB
ISHG (iShares 1-3 Year International Treasury Bond ETF) and PICB (Invesco International Corporate Bond ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index. Both are passively managed. Over the past 10 years, ISHG returned -0.18%/yr vs 0.79%/yr for PICB. A 0.70 correlation means they provide meaningful diversification when combined. ISHG charges 0.35%/yr vs 0.50%/yr for PICB.
Performance
ISHG vs. PICB - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.21% return, which is significantly higher than PICB's -1.64% return. Over the past 10 years, ISHG has underperformed PICB with an annualized return of -0.18%, while PICB has yielded a comparatively higher 0.79% annualized return.
ISHG
- 1D
- 0.06%
- 1M
- -1.04%
- 6M
- -0.60%
- YTD
- -1.21%
- 1Y
- -0.54%
- 3Y*
- 3.44%
- 5Y*
- -0.95%
- 10Y*
- -0.18%
PICB
- 1D
- 0.00%
- 1M
- -1.08%
- 6M
- -1.22%
- YTD
- -1.64%
- 1Y
- 0.18%
- 3Y*
- 5.20%
- 5Y*
- -2.17%
- 10Y*
- 0.79%
ISHG vs. PICB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.21% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
PICB Invesco International Corporate Bond ETF | -1.64% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
Correlation
The correlation between ISHG and PICB is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.70 |
Over the past year, ISHG and PICB have become more correlated (0.92) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
ISHG vs. PICB — Risk / Return Rank
ISHG
PICB
ISHG vs. PICB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) and Invesco International Corporate Bond ETF (PICB). 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.
| ISHG | PICB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.00 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | -0.03 | -0.14 |
| Martin ratioReturn relative to average drawdown | -0.37 | -0.08 | -0.29 |
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Drawdowns
ISHG vs. PICB - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, roughly equal to the maximum PICB drawdown of -37.10%. Use the drawdown chart below to compare losses from any high point for ISHG and PICB.
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Drawdown Indicators
| ISHG | PICB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -37.10% | -0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -6.41% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -9.76% | +1.55% |
Max Drawdown (5Y)Largest decline over 5 years | -22.29% | -36.23% | +13.94% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -37.10% | +11.54% |
Current DrawdownCurrent decline from peak | -23.17% | -12.73% | -10.44% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -9.68% | -8.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 2.58% | -0.29% |
Volatility
ISHG vs. PICB - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.58%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.01%. This indicates that ISHG experiences smaller price fluctuations and is considered to be less risky than PICB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISHG | PICB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 2.01% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 6.22% | -1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 7.80% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 10.17% | -2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.91% | 9.97% | -3.06% |
ISHG vs. PICB - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is lower than PICB's 0.50% expense ratio.
Dividends
ISHG vs. PICB - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, less than PICB's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
PICB Invesco International Corporate Bond ETF | 3.40% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
Frequently Asked Questions
With a correlation of 0.92, ISHG and PICB 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.
PICB has higher volatility (2.01%) compared to ISHG (1.58%). In terms of maximum drawdown, ISHG dropped -37.24% vs PICB's -37.10%.
On 10-year performance, PICB leads with 0.79% vs -0.18% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICB has performed better with a 0.79% return vs -0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG is cheaper with a 0.35% expense ratio, compared with 0.50% for PICB.
PICB has the higher dividend yield at 3.40%, compared with 1.47% for ISHG.
ISHG is categorized as International Government Bonds, while PICB is Corporate Bonds. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.35% for ISHG and 0.50% for PICB.
PICB currently has the higher Sharpe Ratio (-0.03 vs -0.13), 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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