LQDH vs. SPBO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Interest Rate Hedged Corporate Bond ETF (LQDH) and SPDR Portfolio Corporate Bond ETF (SPBO).

LQDH and SPBO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LQDH is an actively managed fund by iShares. It was launched on May 27, 2014. SPBO is a passively managed fund by State Street that tracks the performance of the Bloomberg Barclays U.S. Corporate Bond Index. It was launched on Apr 6, 2011.

Performance

LQDH vs. SPBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged Corporate Bond ETF (LQDH) and SPDR Portfolio Corporate Bond ETF (SPBO). The values are adjusted to include any dividend payments, if applicable.

LQDH vs. SPBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LQDH iShares Interest Rate Hedged Corporate Bond ETF	-0.16%	7.00%	7.43%	11.14%	-1.88%	1.84%	1.68%	9.50%	-2.20%	6.00%
SPBO SPDR Portfolio Corporate Bond ETF	-0.23%	7.83%	2.59%	8.80%	-15.68%	-1.57%	10.17%	14.70%	-1.79%	5.47%

Returns By Period

In the year-to-date period, LQDH achieves a -0.16% return, which is significantly higher than SPBO's -0.23% return. Over the past 10 years, LQDH has outperformed SPBO with an annualized return of 4.52%, while SPBO has yielded a comparatively lower 2.90% annualized return.

LQDH

• 1D: 0.56%
• 1M: 0.29%
• YTD: -0.16%
• 6M: 1.60%
• 1Y: 6.38%
• 3Y*: 7.61%
• 5Y*: 4.67%
• 10Y*: 4.52%

SPBO

• 1D: 0.57%
• 1M: -1.82%
• YTD: -0.23%
• 6M: 0.46%
• 1Y: 5.22%
• 3Y*: 4.96%
• 5Y*: 0.76%
• 10Y*: 2.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LQDH vs. SPBO - Expense Ratio Comparison

LQDH 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%.

LQDH

iShares Interest Rate Hedged Corporate Bond ETF

SPBO

SPDR Portfolio Corporate Bond ETF

Return for Risk

LQDH vs. SPBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LQDH

LQDH Risk / Return Rank: 80
LQDH Sharpe Ratio Rank: 83
LQDH Sortino Ratio Rank: 86
LQDH Omega Ratio Rank: 87
LQDH Calmar Ratio Rank: 67
LQDH Martin Ratio Rank: 79

SPBO

SPBO Risk / Return Rank: 58
SPBO Sharpe Ratio Rank: 57
SPBO Sortino Ratio Rank: 52
SPBO Omega Ratio Rank: 50
SPBO Calmar Ratio Rank: 73
SPBO Martin Ratio Rank: 60

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LQDH vs. SPBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) 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.

	LQDH	SPBO	Difference
Sharpe ratio Return per unit of total volatility	1.56	0.96	+0.60
Sortino ratio Return per unit of downside risk	2.27	1.32	+0.95
Omega ratio Gain probability vs. loss probability	1.34	1.18	+0.16
Calmar ratio Return relative to maximum drawdown	1.63	1.82	-0.20
Martin ratio Return relative to average drawdown	8.22	5.60	+2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LQDH vs. SPBO - Sharpe Ratio Comparison

The current LQDH Sharpe Ratio is 1.56, which is higher than the SPBO Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of LQDH and SPBO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LQDH	SPBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	0.96	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.11	+0.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.39	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.47	+0.09

Correlation

The correlation between LQDH and SPBO is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

LQDH vs. SPBO - Dividend Comparison

LQDH's dividend yield for the trailing twelve months is around 6.13%, more than SPBO's 5.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LQDH iShares Interest Rate Hedged Corporate Bond ETF	6.13%	6.06%	7.57%	7.69%	3.73%	1.65%	2.22%	3.09%	5.08%	2.37%	2.33%	2.98%
SPBO SPDR Portfolio Corporate Bond ETF	5.12%	5.09%	5.28%	4.73%	3.54%	2.42%	2.75%	3.46%	3.60%	3.15%	3.35%	3.07%

Drawdowns

LQDH vs. SPBO - Drawdown Comparison

The maximum LQDH drawdown since its inception was -24.63%, which is greater than SPBO's maximum drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for LQDH and SPBO.

Drawdown Indicators

	LQDH	SPBO	Difference
Max Drawdown Largest peak-to-trough decline	-24.63%	-22.23%	-2.40%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-2.96%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-7.08%	-22.23%	+15.15%
Max Drawdown (10Y) Largest decline over 10 years	-24.63%	-22.23%	-2.40%
Current Drawdown Current decline from peak	-1.10%	-1.82%	+0.72%
Average Drawdown Average peak-to-trough decline	-1.70%	-4.07%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.96%	-0.20%

Volatility

LQDH vs. SPBO - Volatility Comparison

The current volatility for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is 1.51%, while SPDR Portfolio Corporate Bond ETF (SPBO) has a volatility of 2.23%. This indicates that LQDH experiences smaller price fluctuations and is considered to be less risky than SPBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LQDH	SPBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	2.23%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	3.07%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	5.44%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	7.19%	-2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.45%	7.49%	-1.04%