PICB vs. HYG
PICB (Invesco International Corporate Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, PICB returned 0.66%/yr vs 4.65%/yr for HYG. At a 0.35 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.49%/yr for HYG.
Performance
PICB vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -2.40% return, which is significantly lower than HYG's 1.59% return. Over the past 10 years, PICB has underperformed HYG with an annualized return of 0.66%, while HYG has yielded a comparatively higher 4.65% 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%
HYG
- 1D
- -0.24%
- 1M
- -0.06%
- 6M
- 1.07%
- YTD
- 1.59%
- 1Y
- 5.35%
- 3Y*
- 8.13%
- 5Y*
- 3.62%
- 10Y*
- 4.65%
PICB vs. HYG - 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% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.59% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between PICB and HYG is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.35 |
Over the past year, PICB and HYG have become more correlated (0.61) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
PICB vs. HYG — Risk / Return Rank
PICB
HYG
PICB vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 2.30 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.23 | 10.14 | -10.37 |
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Drawdowns
PICB vs. HYG - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for PICB and HYG.
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Drawdown Indicators
| PICB | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -34.25% | -2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.34% | -4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -4.56% | -5.20% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -15.79% | -20.44% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -22.03% | -15.07% |
Current DrawdownCurrent decline from peak | -13.41% | -0.44% | -12.97% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -3.23% | -6.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 0.53% | +2.07% |
Volatility
PICB vs. HYG - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.14% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.95%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 0.95% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 3.13% | +3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 3.84% | +4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 7.54% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 8.22% | +1.75% |
PICB vs. HYG - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
PICB vs. HYG - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.43%, less than HYG's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.92% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
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 HYG have a correlation of 0.61, 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 HYG (0.95%). In terms of maximum drawdown, PICB dropped -37.10% vs HYG's -34.25%.
On 10-year performance, HYG leads with 4.65% vs 0.66% for PICB. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 4.65% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.50% for PICB.
HYG has the higher dividend yield at 5.92%, compared with 3.43% for PICB.
PICB is categorized as Corporate Bonds, while HYG is High Yield Bonds. PICB tracks S&P International Corporate Bond Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.40 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.
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