PICB vs. FAAR
PICB (Invesco International Corporate Bond ETF) and FAAR (First Trust Alternative Absolute Return Strategy ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while FAAR is a Commodities fund actively managed by First Trust. PICB is passively managed, while FAAR is actively managed. Over the past 10 years, PICB returned 0.59%/yr vs 4.74%/yr for FAAR. At a 0.05 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.95%/yr for FAAR.
Performance
PICB vs. FAAR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PICB achieves a -1.63% return, which is significantly lower than FAAR's 20.28% return. Over the past 10 years, PICB has underperformed FAAR with an annualized return of 0.59%, while FAAR has yielded a comparatively higher 4.74% annualized return.
PICB
- 1D
- -0.30%
- 1M
- -0.94%
- YTD
- -1.63%
- 6M
- -0.85%
- 1Y
- 1.05%
- 3Y*
- 5.19%
- 5Y*
- -2.00%
- 10Y*
- 0.59%
FAAR
- 1D
- 0.31%
- 1M
- -4.57%
- YTD
- 20.28%
- 6M
- 20.86%
- 1Y
- 26.92%
- 3Y*
- 10.85%
- 5Y*
- 8.03%
- 10Y*
- 4.74%
PICB vs. FAAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.63% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
FAAR First Trust Alternative Absolute Return Strategy ETF | 20.28% | 8.07% | 5.97% | -5.63% | 10.15% | 12.34% | 8.60% | -1.28% | -9.17% | 5.00% |
Correlation
The correlation between PICB and FAAR is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 23, 2016 | 0.05 |
The correlation between PICB and FAAR shifts across timeframes, from -0.17 (1 year) to 0.05 (10 years), reflecting how their relationship changes across market environments.
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. FAAR — Risk / Return Rank
PICB
FAAR
PICB vs. FAAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and First Trust Alternative Absolute Return Strategy ETF (FAAR). 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 | FAAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.34 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 4.72 | -4.53 |
| Martin ratioReturn relative to average drawdown | 0.48 | 14.40 | -13.91 |
Loading charts...
Drawdowns
PICB vs. FAAR - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than FAAR's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for PICB and FAAR.
Loading charts...
Drawdown Indicators
| PICB | FAAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -18.03% | -19.07% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -5.68% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -11.54% | +1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -18.03% | -18.20% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -18.03% | -19.07% |
Current DrawdownCurrent decline from peak | -12.72% | -5.39% | -7.33% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -7.83% | -1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 1.87% | +0.56% |
Volatility
PICB vs. FAAR - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) and First Trust Alternative Absolute Return Strategy ETF (FAAR) have volatilities of 2.38% and 2.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PICB | FAAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 2.50% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 9.71% | -3.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 13.36% | -5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 12.95% | -2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 11.53% | -1.47% |
PICB vs. FAAR - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is lower than FAAR's 0.95% expense ratio.
Dividends
PICB vs. FAAR - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.37%, less than FAAR's 9.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAAR First Trust Alternative Absolute Return Strategy ETF | 9.57% | 11.63% | 3.45% | 3.20% | 5.82% | 6.49% | 3.05% | 1.02% | 0.58% | 2.83% | 0.00% | 0.00% |
PICB Invesco International Corporate Bond ETF | 3.37% | 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 FAAR have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAAR has higher volatility (2.50%) compared to PICB (2.38%). In terms of maximum drawdown, PICB dropped -37.10% vs FAAR's -18.03%.
On 10-year performance, FAAR leads with 4.74% vs 0.59% for PICB. On fees, PICB is cheaper at 0.50% per year. On volatility, PICB has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAAR has performed better with a 4.74% return vs 0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICB is cheaper with a 0.50% expense ratio, compared with 0.95% for FAAR.
FAAR has the higher dividend yield at 9.57%, compared with 3.37% for PICB.
PICB is categorized as Corporate Bonds, while FAAR is Commodities. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.50% for PICB and 0.95% for FAAR.
FAAR currently has the higher Sharpe Ratio (2.01 vs 0.15), 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 FAAR
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