PICB vs. BNDX
PICB (Invesco International Corporate Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, PICB returned 0.66%/yr vs 1.52%/yr for BNDX. At a 0.38 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.07%/yr for BNDX.
Performance
PICB vs. BNDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PICB achieves a -2.40% return, which is significantly lower than BNDX's 0.48% return. Over the past 10 years, PICB has underperformed BNDX with an annualized return of 0.66%, while BNDX has yielded a comparatively higher 1.52% annualized return.
PICB
- 1D
- -0.78%
- 1M
- -1.85%
- 6M
- -2.37%
- YTD
- -2.40%
- 1Y
- -0.60%
- 3Y*
- 4.11%
- 5Y*
- -2.26%
- 10Y*
- 0.66%
BNDX
- 1D
- -0.40%
- 1M
- -0.54%
- 6M
- -0.06%
- YTD
- 0.48%
- 1Y
- 1.94%
- 3Y*
- 4.05%
- 5Y*
- 0.14%
- 10Y*
- 1.52%
PICB vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -2.40% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
BNDX Vanguard Total International Bond ETF | 0.48% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between PICB and BNDX is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.38 |
Over the past year, PICB and BNDX have become more correlated (0.63) than their long-term average of 0.38, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PICB vs. BNDX — Risk / Return Rank
PICB
BNDX
PICB vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Vanguard Total International Bond ETF (BNDX). 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 | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.10 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.66 | -0.76 |
| Martin ratioReturn relative to average drawdown | -0.23 | 1.80 | -2.03 |
Loading charts...
Drawdowns
PICB vs. BNDX - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for PICB and BNDX.
Loading charts...
Drawdown Indicators
| PICB | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -16.23% | -20.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.93% | -3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -2.93% | -6.83% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -15.86% | -20.37% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -16.23% | -20.87% |
Current DrawdownCurrent decline from peak | -13.41% | -1.55% | -11.86% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -3.09% | -6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 1.08% | +1.52% |
Volatility
PICB vs. BNDX - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.14% compared to Vanguard Total International Bond ETF (BNDX) at 1.14%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PICB | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.14% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 3.07% | +3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 3.53% | +4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 4.90% | +5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 4.09% | +5.88% |
PICB vs. BNDX - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
PICB vs. BNDX - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.43%, less than BNDX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.52% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
PICB Invesco International Corporate Bond ETF | 3.43% | 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 BNDX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.14%) compared to BNDX (1.14%). In terms of maximum drawdown, PICB dropped -37.10% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.52% vs 0.66% for PICB. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.52% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.50% for PICB.
BNDX has the higher dividend yield at 4.52%, compared with 3.43% for PICB.
PICB is categorized as Corporate Bonds, while BNDX is Global Bonds. PICB tracks S&P International Corporate Bond Index, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for PICB and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.55 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.
Find the right allocation for PICB and BNDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer