PFIG vs. SPSB

Last updated Jun 4, 2026

PFIG (Invesco Fundamental Investment Grade Corporate Bond ETF) and SPSB (SPDR Portfolio Short Term Corporate Bond ETF) are both Corporate Bonds funds - PFIG tracks the RAFI Bonds US Investment Grade 1-10 Index while SPSB tracks the Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, PFIG returned 2.44%/yr vs 2.63%/yr for SPSB. At a 0.48 correlation, their price movements are largely independent. PFIG charges 0.22%/yr vs 0.07%/yr for SPSB.

Performance

PFIG vs. SPSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFIG achieves a 0.19% return, which is significantly lower than SPSB's 0.84% return. Over the past 10 years, PFIG has underperformed SPSB with an annualized return of 2.44%, while SPSB has yielded a comparatively higher 2.63% annualized return.

PFIG

• 1D: -0.19%
• 1M: 0.10%
• YTD: 0.19%
• 6M: 0.30%
• 1Y: 4.83%
• 3Y*: 5.21%
• 5Y*: 1.35%
• 10Y*: 2.44%

SPSB

• 1D: -0.07%
• 1M: 0.26%
• YTD: 0.84%
• 6M: 1.17%
• 1Y: 4.29%
• 3Y*: 5.29%
• 5Y*: 2.69%
• 10Y*: 2.63%

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

PFIG vs. SPSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFIG Invesco Fundamental Investment Grade Corporate Bond ETF	0.19%	7.87%	3.13%	6.93%	-9.96%	-1.43%	7.72%	9.69%	-0.82%	4.00%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	0.84%	5.86%	5.25%	5.60%	-3.31%	-0.20%	3.83%	5.21%	1.45%	1.58%

Correlation

The correlation between PFIG and SPSB is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011	0.48

Over the past year, PFIG and SPSB have become more correlated (0.80) than their long-term average of 0.48, meaning their price movements have been converging.

Return for Risk

PFIG vs. SPSB — Risk / Return Rank

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

PFIG

PFIG Risk / Return Rank: 48
PFIG Sharpe Ratio Rank: 46
PFIG Sortino Ratio Rank: 49
PFIG Omega Ratio Rank: 44
PFIG Calmar Ratio Rank: 50
PFIG Martin Ratio Rank: 49

SPSB

SPSB Risk / Return Rank: 92
SPSB Sharpe Ratio Rank: 91
SPSB Sortino Ratio Rank: 95
SPSB Omega Ratio Rank: 95
SPSB Calmar Ratio Rank: 86
SPSB Martin Ratio Rank: 91

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.

PFIG vs. SPSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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.

	PFIG	SPSB	Difference
Sharpe ratio Return per unit of total volatility	1.58	3.25	-1.68
Sortino ratio Return per unit of downside risk	2.38	5.36	-2.99
Omega ratio Gain probability vs. loss probability	1.28	1.72	-0.44
Calmar ratio Return relative to maximum drawdown	2.49	4.94	-2.45
Martin ratio Return relative to average drawdown	8.20	22.90	-14.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFIG vs. SPSB - Sharpe Ratio Comparison

The current PFIG Sharpe Ratio is 1.58, which is lower than the SPSB Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of PFIG and SPSB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFIG	SPSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	3.25	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.36	-1.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.86	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.87	-0.34

Drawdowns

PFIG vs. SPSB - Drawdown Comparison

The maximum PFIG drawdown since its inception was -15.58%, which is greater than SPSB's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for PFIG and SPSB.

Drawdown Indicators

	PFIG	SPSB	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-11.75%	-3.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.94%	-0.87%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-3.52%	-0.87%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	-5.96%	-9.62%
Max Drawdown (10Y) Largest decline over 10 years	-15.58%	-11.75%	-3.83%
Current Drawdown Current decline from peak	-0.98%	-0.14%	-0.84%
Average Drawdown Average peak-to-trough decline	-2.46%	-0.54%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.19%	+0.40%

Volatility

PFIG vs. SPSB - Volatility Comparison

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) has a higher volatility of 0.92% compared to SPDR Portfolio Short Term Corporate Bond ETF (SPSB) at 0.35%. This indicates that PFIG's price experiences larger fluctuations and is considered to be riskier than SPSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFIG	SPSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.35%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	0.94%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.07%	1.33%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	1.98%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	3.06%	+2.18%

PFIG vs. SPSB - Expense Ratio Comparison

PFIG has a 0.22% expense ratio, which is higher than SPSB'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

PFIG vs. SPSB - Dividend Comparison

PFIG's dividend yield for the trailing twelve months is around 4.40%, which matches SPSB's 4.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFIG Invesco Fundamental Investment Grade Corporate Bond ETF	4.40%	4.15%	4.12%	3.54%	2.58%	3.34%	2.81%	2.92%	2.88%	2.54%	2.58%	2.57%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	4.41%	4.55%	4.85%	4.05%	1.92%	1.19%	1.94%	2.77%	2.36%	1.94%	1.65%	1.43%

Frequently Asked Questions

Can I hold both PFIG and SPSB in my portfolio?

PFIG and SPSB have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFIG or SPSB?

PFIG has higher volatility (0.92%) compared to SPSB (0.35%). In terms of maximum drawdown, PFIG dropped -15.58% vs SPSB's -11.75%.

Which ETF is better, PFIG or SPSB?

On 10-year performance, SPSB leads with 2.63% vs 2.44% for PFIG. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFIG or SPSB?

Over the 10-year period, SPSB has performed better with a 2.63% return vs 2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFIG or SPSB?

SPSB is cheaper with a 0.07% expense ratio, compared with 0.22% for PFIG.

Which ETF pays a higher dividend yield, PFIG or SPSB?

SPSB has the higher dividend yield at 4.41%, compared with 4.40% for PFIG.

What is the main difference between PFIG and SPSB?

PFIG tracks RAFI Bonds US Investment Grade 1-10 Index, while SPSB tracks Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.22% for PFIG and 0.07% for SPSB.

Which has better risk-adjusted returns?

SPSB currently has the higher Sharpe Ratio (3.25 vs 1.58), 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.