PICB vs. CBON
PICB (Invesco International Corporate Bond ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 10 years, PICB returned 0.92%/yr vs 2.99%/yr for CBON. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
PICB vs. CBON - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -1.94% return, which is significantly lower than CBON's 4.99% return. Over the past 10 years, PICB has underperformed CBON with an annualized return of 0.92%, while CBON has yielded a comparatively higher 2.99% annualized return.
PICB
- 1D
- -0.22%
- 1M
- -1.21%
- YTD
- -1.94%
- 6M
- -2.10%
- 1Y
- 0.28%
- 3Y*
- 5.45%
- 5Y*
- -2.25%
- 10Y*
- 0.92%
CBON
- 1D
- -0.03%
- 1M
- 0.28%
- YTD
- 4.99%
- 6M
- 5.50%
- 1Y
- 8.46%
- 3Y*
- 5.19%
- 5Y*
- 2.17%
- 10Y*
- 2.99%
PICB vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.94% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 4.99% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
Correlation
The correlation between PICB and CBON is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.30 |
The correlation between PICB and CBON shifts across timeframes, from 0.29 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PICB vs. CBON — Risk / Return Rank
PICB
CBON
PICB vs. CBON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and VanEck Vectors ChinaAMC China Bond ETF (CBON). 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 | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.49 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 6.34 | -6.30 |
| Martin ratioReturn relative to average drawdown | 0.11 | 23.59 | -23.47 |
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Drawdowns
PICB vs. CBON - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for PICB and CBON.
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Drawdown Indicators
| PICB | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -14.13% | -22.97% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -1.34% | -5.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -4.56% | -5.20% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -14.13% | -22.10% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -14.13% | -22.97% |
Current DrawdownCurrent decline from peak | -12.99% | -0.46% | -12.53% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -3.97% | -5.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 0.36% | +2.11% |
Volatility
PICB vs. CBON - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.18% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 0.64%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 0.64% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 2.61% | +3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 3.44% | +4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 4.92% | +5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.98% | 5.56% | +4.42% |
PICB vs. CBON - Expense Ratio Comparison
Both PICB and CBON have an expense ratio of 0.50%.
Dividends
PICB vs. CBON - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.42%, more than CBON's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.53% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
PICB Invesco International Corporate Bond ETF | 3.42% | 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 CBON have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.18%) compared to CBON (0.64%). In terms of maximum drawdown, PICB dropped -37.10% vs CBON's -14.13%.
On 10-year performance, CBON leads with 2.99% vs 0.92% for PICB. Both ETFs have the same 0.50% expense ratio. On volatility, CBON has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CBON has performed better with a 2.99% return vs 0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICB and CBON have the same expense ratio: 0.50% per year.
PICB has the higher dividend yield at 3.42%, compared with 1.53% for CBON.
PICB is categorized as Corporate Bonds, while CBON is Emerging Markets Bonds. PICB tracks S&P International Corporate Bond Index, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: Invesco and VanEck.
CBON currently has the higher Sharpe Ratio (2.47 vs 0.04), 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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