PICB vs. BLV
PICB (Invesco International Corporate Bond ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, PICB returned 0.79%/yr vs 0.43%/yr for BLV. At a 0.31 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.03%/yr for BLV.
Performance
PICB vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -1.64% return, which is significantly lower than BLV's -0.61% return. Over the past 10 years, PICB has outperformed BLV with an annualized return of 0.79%, while BLV has yielded a comparatively lower 0.43% annualized return.
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%
BLV
- 1D
- -0.09%
- 1M
- -1.29%
- 6M
- -1.27%
- YTD
- -0.61%
- 1Y
- 4.11%
- 3Y*
- 2.11%
- 5Y*
- -4.30%
- 10Y*
- 0.43%
PICB vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BLV Vanguard Long-Term Bond ETF | -0.61% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
Correlation
The correlation between PICB and BLV is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.31 |
Over the past year, PICB and BLV have become more correlated (0.59) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
PICB vs. BLV — Risk / Return Rank
PICB
BLV
PICB vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Vanguard Long-Term Bond ETF (BLV). 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.
| PICB | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.07 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 0.51 | -0.55 |
| Martin ratioReturn relative to average drawdown | -0.08 | 1.24 | -1.32 |
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Drawdowns
PICB vs. BLV - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, roughly equal to the maximum BLV drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for PICB and BLV.
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Drawdown Indicators
| PICB | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -38.29% | +1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -5.73% | -0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -15.16% | +5.40% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -36.27% | +0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -38.29% | +1.19% |
Current DrawdownCurrent decline from peak | -12.73% | -24.81% | +12.08% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -9.58% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 2.38% | +0.20% |
Volatility
PICB vs. BLV - Volatility Comparison
The current volatility for Invesco International Corporate Bond ETF (PICB) is 2.01%, while Vanguard Long-Term Bond ETF (BLV) has a volatility of 2.40%. This indicates that PICB experiences smaller price fluctuations and is considered to be less risky than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 2.40% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 5.93% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 7.92% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.17% | 12.93% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 11.96% | -1.99% |
PICB vs. BLV - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than BLV's 0.03% expense ratio.
Dividends
PICB vs. BLV - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.40%, less than BLV's 4.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.86% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
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
PICB and BLV have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BLV has higher volatility (2.40%) compared to PICB (2.01%). In terms of maximum drawdown, PICB dropped -37.10% vs BLV's -38.29%.
On 10-year performance, PICB leads with 0.79% vs 0.43% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, PICB has been the lower-risk option at 2.01%. 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 0.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.50% for PICB.
BLV has the higher dividend yield at 4.86%, compared with 3.40% for PICB.
PICB is categorized as Corporate Bonds, while BLV is Long-Term Bond. PICB tracks S&P International Corporate Bond Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for PICB and 0.03% for BLV.
BLV currently has the higher Sharpe Ratio (0.37 vs -0.03), 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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