PICB vs. HYXU

Last updated Jun 5, 2026

PICB (Invesco International Corporate Bond ETF) and HYXU (iShares Euro High Yield Corporate Bond USD Hedged ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while HYXU is a High Yield Bonds fund tracking the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Both are passively managed. PICB charges 0.50%/yr vs 0.35%/yr for HYXU.

Performance

PICB vs. HYXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Corporate Bond ETF (PICB) and iShares Euro High Yield Corporate Bond USD Hedged ETF (HYXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PICB

• 1D: 0.26%
• 1M: 0.37%
• YTD: -0.36%
• 6M: 0.44%
• 1Y: 2.68%
• 3Y*: 6.41%
• 5Y*: -2.22%
• 10Y*: 0.71%

HYXU

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PICB vs. HYXU - Yearly Performance Comparison

	2026 (YTD)
PICB Invesco International Corporate Bond ETF	-0.42%
HYXU iShares Euro High Yield Corporate Bond USD Hedged ETF	0.00%

PICB vs. HYXU - Sectors Allocation Comparison

Sectors	PICB	HYXU
Financial Services	29.9%	-
Communication Services	5.4%	100.0%
Industrials	4.7%	-
Utilities	4.6%	-
Healthcare	3.3%	-
Consumer Cyclical	3.2%	-
Energy	2.8%	-
Consumer Defensive	2.2%	-
Technology	1.0%	-
Real Estate	0.8%	-
Basic Materials	0.1%	-

Return for Risk

PICB vs. HYXU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PICB

PICB Risk / Return Rank: 14
PICB Sharpe Ratio Rank: 15
PICB Sortino Ratio Rank: 14
PICB Omega Ratio Rank: 14
PICB Calmar Ratio Rank: 14
PICB Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PICB vs. HYXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares Euro High Yield Corporate Bond USD Hedged ETF (HYXU). 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.

	PICB	HYXU	Difference
Sharpe ratio: Return per unit of total volatility	0.35	—	—
Sortino ratio: Return per unit of downside risk	0.55	—	—
Omega ratio: Gain probability vs. loss probability	1.06	—	—
Calmar ratio: Return relative to maximum drawdown	0.42	—	—
Martin ratio: Return relative to average drawdown	1.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PICB	HYXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	—	—

Drawdowns

PICB vs. HYXU - Drawdown Comparison

The maximum PICB drawdown since its inception was -37.10%, which is greater than HYXU's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PICB and HYXU.

Drawdown Indicators

	PICB	HYXU	Difference
Max Drawdown Largest peak-to-trough decline	-37.10%	0.00%	-37.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.10%	—	—
Current Drawdown Current decline from peak	-11.59%	0.00%	-11.59%
Average Drawdown Average peak-to-trough decline	-9.67%	0.00%	-9.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	—	—

Volatility

Volatility by Period

	PICB	HYXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	0.00%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	0.00%	+10.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	0.00%	+10.06%

PICB vs. HYXU - Expense Ratio Comparison

PICB has a 0.50% expense ratio, which is higher than HYXU's 0.35% expense ratio.

Dividends

PICB vs. HYXU - Dividend Comparison

PICB's dividend yield for the trailing twelve months is around 3.33%, while HYXU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYXU iShares Euro High Yield Corporate Bond USD Hedged ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PICB Invesco International Corporate Bond ETF	3.33%	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

Which ETF is better, PICB or HYXU?

On fees, HYXU is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PICB or HYXU?

HYXU is cheaper with a 0.35% expense ratio, compared with 0.50% for PICB.

Which ETF pays a higher dividend yield, PICB or HYXU?

PICB has the higher dividend yield at 3.33%, compared with 0.00% for HYXU.

What is the main difference between PICB and HYXU?

PICB is categorized as Corporate Bonds, while HYXU is High Yield Bonds. PICB tracks S&P International Corporate Bond Index, while HYXU tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.35% for HYXU.