PICB vs. BNDX
Compare and contrast key facts about Invesco International Corporate Bond ETF (PICB) and Vanguard Total International Bond ETF (BNDX).
PICB and BNDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PICB is a passively managed fund by Invesco that tracks the performance of the S&P International Corporate Bond Index. It was launched on Jun 3, 2010. BNDX is a passively managed fund by Vanguard that tracks the performance of the Barclays Global Aggregate ex-USD Float-Adjusted Index (Hedged). It was launched on May 31, 2013. Both PICB and BNDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PICB or BNDX.
Key characteristics
| PICB | BNDX | |
|---|---|---|
| YTD Return | -0.41% | 3.09% |
| 1Y Return | 8.96% | 8.38% |
| 3Y Return (Ann) | -5.22% | -0.85% |
| 5Y Return (Ann) | -1.49% | 0.02% |
| 10Y Return (Ann) | -0.67% | 2.03% |
| Sharpe Ratio | 1.11 | 2.03 |
| Sortino Ratio | 1.64 | 3.10 |
| Omega Ratio | 1.20 | 1.36 |
| Calmar Ratio | 0.34 | 0.71 |
| Martin Ratio | 3.08 | 7.51 |
| Ulcer Index | 2.98% | 1.13% |
| Daily Std Dev | 8.27% | 4.19% |
| Max Drawdown | -37.24% | -16.23% |
| Current Drawdown | -20.12% | -4.51% |
Correlation
The correlation between PICB and BNDX is 0.36, 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.
Performance
PICB vs. BNDX - Performance Comparison
In the year-to-date period, PICB achieves a -0.41% return, which is significantly lower than BNDX's 3.09% return. Over the past 10 years, PICB has underperformed BNDX with an annualized return of -0.67%, while BNDX has yielded a comparatively higher 2.03% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PICB vs. BNDX - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Risk-Adjusted Performance
PICB vs. BNDX - Risk-Adjusted Performance 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.
Dividends
PICB vs. BNDX - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 2.98%, less than BNDX's 4.77% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | 2.98% | 2.25% | 1.64% | 1.33% | 1.21% | 1.43% | 1.70% | 1.47% | 2.20% | 2.38% | 2.65% | 2.73% |
BNDX Vanguard Total International Bond ETF | 4.77% | 4.42% | 1.52% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% | 1.54% | 0.86% |
Drawdowns
PICB vs. BNDX - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.24%, 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. For additional features, visit the drawdowns tool.
Volatility
PICB vs. BNDX - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.47% compared to Vanguard Total International Bond ETF (BNDX) at 0.97%. 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.