LQD vs. SPLB
LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) and SPLB (SPDR Portfolio Long Term Corporate Bond ETF) are both Corporate Bonds funds - LQD tracks the iBoxx $ Liquid Investment Grade Index while SPLB tracks the Bloomberg Barclays Long U.S. Corporate Index. Both are passively managed. Over the past 10 years, LQD returned 2.49%/yr vs 2.17%/yr for SPLB. Their correlation of 0.85 suggests significant overlap in exposure. LQD charges 0.15%/yr vs 0.07%/yr for SPLB.
Performance
LQD vs. SPLB - Performance Comparison
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Returns By Period
In the year-to-date period, LQD achieves a 1.27% return, which is significantly lower than SPLB's 2.28% return. Over the past 10 years, LQD has outperformed SPLB with an annualized return of 2.49%, while SPLB has yielded a comparatively lower 2.17% annualized return.
LQD
- 1D
- 0.08%
- 1M
- 1.04%
- YTD
- 1.27%
- 6M
- 0.85%
- 1Y
- 5.30%
- 3Y*
- 5.07%
- 5Y*
- -0.09%
- 10Y*
- 2.49%
SPLB
- 1D
- 0.04%
- 1M
- 1.85%
- YTD
- 2.28%
- 6M
- 1.56%
- 1Y
- 6.62%
- 3Y*
- 4.44%
- 5Y*
- -1.98%
- 10Y*
- 2.17%
LQD vs. SPLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.27% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 2.28% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
Correlation
The correlation between LQD and SPLB is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2009 | 0.85 |
The correlation between LQD and SPLB shifts across timeframes, from 0.85 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
LQD vs. SPLB — Risk / Return Rank
LQD
SPLB
LQD vs. SPLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and SPDR Portfolio Long Term Corporate Bond ETF (SPLB). 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.
| LQD | SPLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.23 | +0.37 |
| Martin ratioReturn relative to average drawdown | 4.44 | 2.98 | +1.46 |
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Drawdowns
LQD vs. SPLB - Drawdown Comparison
The maximum LQD drawdown since its inception was -24.95%, smaller than the maximum SPLB drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for LQD and SPLB.
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Drawdown Indicators
| LQD | SPLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.95% | -34.46% | +9.51% |
Max Drawdown (1Y)Largest decline over 1 year | -3.34% | -5.42% | +2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -8.43% | -12.91% | +4.48% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -34.46% | +9.51% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -34.46% | +9.51% |
Current DrawdownCurrent decline from peak | -2.94% | -13.38% | +10.44% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -8.03% | +4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 2.22% | -1.02% |
Volatility
LQD vs. SPLB - Volatility Comparison
The current volatility for iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) is 1.44%, while SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a volatility of 1.96%. This indicates that LQD experiences smaller price fluctuations and is considered to be less risky than SPLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LQD | SPLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 1.96% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.00% | 5.93% | -1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 7.94% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.65% | 12.69% | -4.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.69% | 12.95% | -4.26% |
LQD vs. SPLB - Expense Ratio Comparison
LQD has a 0.15% expense ratio, which is higher than SPLB's 0.07% 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
LQD vs. SPLB - Dividend Comparison
LQD's dividend yield for the trailing twelve months is around 4.53%, less than SPLB's 5.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.53% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.30% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
Frequently Asked Questions
With a correlation of 0.98, LQD and SPLB 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.
SPLB has higher volatility (1.96%) compared to LQD (1.44%). In terms of maximum drawdown, LQD dropped -24.95% vs SPLB's -34.46%.
On 10-year performance, LQD leads with 2.49% vs 2.17% for SPLB. On fees, SPLB is cheaper at 0.07% per year. On volatility, LQD has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LQD has performed better with a 2.49% return vs 2.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLB is cheaper with a 0.07% expense ratio, compared with 0.15% for LQD.
SPLB has the higher dividend yield at 5.30%, compared with 4.53% for LQD.
LQD tracks iBoxx $ Liquid Investment Grade Index, while SPLB tracks Bloomberg Barclays Long U.S. Corporate Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for LQD and 0.07% for SPLB.
LQD currently has the higher Sharpe Ratio (1.00 vs 0.84), 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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