PICB vs. GIGB
PICB (Invesco International Corporate Bond ETF) and GIGB (Goldman Sachs Access Investment Grade Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while GIGB tracks the FTSE Goldman Sachs Investment Grade Corporate Bond Index. Both are passively managed. Over the past 5 years, PICB returned -2.27%/yr vs 0.31%/yr for GIGB. A 0.51 correlation means they provide meaningful diversification when combined. PICB charges 0.50%/yr vs 0.14%/yr for GIGB.
Performance
PICB vs. GIGB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PICB achieves a -0.57% return, which is significantly lower than GIGB's 0.99% return.
PICB
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- -0.57%
- 6M
- 0.05%
- 1Y
- 1.63%
- 3Y*
- 6.17%
- 5Y*
- -2.27%
- 10Y*
- 0.82%
GIGB
- 1D
- -0.02%
- 1M
- 0.70%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- 5.80%
- 3Y*
- 5.40%
- 5Y*
- 0.31%
- 10Y*
- —
PICB vs. GIGB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -0.57% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 5.91% |
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF | 0.99% | 7.58% | 1.68% | 8.80% | -15.80% | -1.64% | 9.86% | 15.05% | -2.76% | 2.45% |
Correlation
The correlation between PICB and GIGB is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2017 | 0.51 |
The correlation between PICB and GIGB shifts across timeframes, from 0.51 (all time) to 0.64 (1 year), 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. GIGB — Risk / Return Rank
PICB
GIGB
PICB vs. GIGB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB). 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 | GIGB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.22 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 1.84 | -1.67 |
| Martin ratioReturn relative to average drawdown | 0.47 | 5.74 | -5.27 |
Loading charts...
Drawdowns
PICB vs. GIGB - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than GIGB's maximum drawdown of -22.25%. Use the drawdown chart below to compare losses from any high point for PICB and GIGB.
Loading charts...
Drawdown Indicators
| PICB | GIGB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -22.25% | -14.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.87% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -6.69% | -3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -36.25% | -22.25% | -14.00% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -11.78% | -0.64% | -11.14% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -5.60% | -4.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 0.92% | +1.47% |
Volatility
PICB vs. GIGB - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.56% compared to Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) at 1.43%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than GIGB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PICB | GIGB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 1.43% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 3.23% | +2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.86% | 4.31% | +3.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.20% | 7.25% | +2.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 7.66% | +2.40% |
PICB vs. GIGB - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than GIGB's 0.14% expense ratio.
Dividends
PICB vs. GIGB - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.34%, less than GIGB's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF | 4.60% | 4.69% | 4.45% | 3.67% | 3.12% | 2.25% | 2.62% | 3.22% | 3.31% | 1.55% | 0.00% | 0.00% |
PICB Invesco International Corporate Bond ETF | 3.34% | 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 GIGB have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.56%) compared to GIGB (1.43%). In terms of maximum drawdown, PICB dropped -37.10% vs GIGB's -22.25%.
On 5-year performance, GIGB leads with 0.31% vs -2.27% for PICB. On fees, GIGB is cheaper at 0.14% per year. On volatility, GIGB has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GIGB has performed better with a 0.31% return vs -2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GIGB is cheaper with a 0.14% expense ratio, compared with 0.50% for PICB.
GIGB has the higher dividend yield at 4.60%, compared with 3.34% for PICB.
PICB tracks S&P International Corporate Bond Index, while GIGB tracks FTSE Goldman Sachs Investment Grade Corporate Bond Index. They also come from different issuers: Invesco and Goldman Sachs. Their fees differ too: 0.50% for PICB and 0.14% for GIGB.
GIGB currently has the higher Sharpe Ratio (1.23 vs 0.14), 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 GIGB
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