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 -0.27%/yr vs 0.94%/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 -1.37% return, which is significantly higher than PICB's -1.72% return. Over the past 10 years, ISHG has underperformed PICB with an annualized return of -0.27%, while PICB has yielded a comparatively higher 0.94% annualized return.
ISHG
- 1D
- -0.24%
- 1M
- -1.45%
- YTD
- -1.37%
- 6M
- -1.13%
- 1Y
- 0.54%
- 3Y*
- 3.63%
- 5Y*
- -1.07%
- 10Y*
- -0.27%
PICB
- 1D
- -0.10%
- 1M
- -0.99%
- YTD
- -1.72%
- 6M
- -1.39%
- 1Y
- 0.95%
- 3Y*
- 5.52%
- 5Y*
- -2.16%
- 10Y*
- 0.94%
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 | -1.37% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
PICB Invesco International Corporate Bond ETF | -1.72% | 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 0.91, 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 | 0.91 |
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 (0.91) 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 | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.03 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 0.15 | -0.04 |
| Martin ratioReturn relative to average drawdown | 0.26 | 0.39 | -0.13 |
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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 | -22.45% | -36.23% | +13.78% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -37.10% | +11.54% |
Current DrawdownCurrent decline from peak | -23.29% | -12.80% | -10.49% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -9.67% | -8.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 2.45% | -0.34% |
Volatility
ISHG vs. PICB - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.76%, while Invesco International Corporate Bond ETF (PICB) has a volatility of 2.19%. 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 | 1.76% | 2.19% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 6.20% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.56% | 7.89% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 10.18% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 10.07% | -3.14% |
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 3.68% 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 | 3.68% | 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 0.91, 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 (2.19%) compared to ISHG (1.76%). In terms of maximum drawdown, ISHG dropped -37.24% vs PICB's -37.10%.
On 10-year performance, PICB leads with 0.94% vs -0.27% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.76%. 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 0.94% return vs -0.27%. 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 3.68%, 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 (0.12 vs 0.08), 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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