PICB vs. IAGG
PICB (Invesco International Corporate Bond ETF) and IAGG (iShares Core International Aggregate Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Both are passively managed. Over the past 10 years, PICB returned 0.79%/yr vs 2.02%/yr for IAGG. At a 0.41 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.07%/yr for IAGG.
Performance
PICB vs. IAGG - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -1.64% return, which is significantly lower than IAGG's 1.39% return. Over the past 10 years, PICB has underperformed IAGG with an annualized return of 0.79%, while IAGG has yielded a comparatively higher 2.02% annualized return.
PICB
- 1D
- 0.00%
- 1M
- -1.08%
- 6M
- -1.22%
- YTD
- -1.64%
- 1Y
- 0.18%
- 3Y*
- 5.20%
- 5Y*
- -2.17%
- 10Y*
- 0.79%
IAGG
- 1D
- 0.18%
- 1M
- 0.17%
- 6M
- 0.90%
- YTD
- 1.39%
- 1Y
- 2.72%
- 3Y*
- 5.00%
- 5Y*
- 1.05%
- 10Y*
- 2.02%
PICB vs. IAGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.64% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
IAGG iShares Core International Aggregate Bond ETF | 1.39% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 4.63% | 7.99% | 3.38% | 2.09% |
Correlation
The correlation between PICB and IAGG is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2015 | 0.41 |
Over the past year, PICB and IAGG have become more correlated (0.65) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
PICB vs. IAGG — Risk / Return Rank
PICB
IAGG
PICB vs. IAGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares Core International Aggregate Bond ETF (IAGG). 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 | IAGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.16 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 1.12 | -1.16 |
| Martin ratioReturn relative to average drawdown | -0.08 | 3.30 | -3.38 |
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Drawdowns
PICB vs. IAGG - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than IAGG's maximum drawdown of -13.88%. Use the drawdown chart below to compare losses from any high point for PICB and IAGG.
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Drawdown Indicators
| PICB | IAGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -13.88% | -23.22% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.32% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -2.32% | -7.44% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -13.57% | -22.66% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -13.88% | -23.22% |
Current DrawdownCurrent decline from peak | -12.73% | -0.52% | -12.21% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -2.82% | -6.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 0.79% | +1.79% |
Volatility
PICB vs. IAGG - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.01% compared to iShares Core International Aggregate Bond ETF (IAGG) at 0.82%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than IAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | IAGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 0.82% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 2.48% | +3.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 2.88% | +4.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.17% | 4.51% | +5.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 4.04% | +5.93% |
PICB vs. IAGG - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than IAGG's 0.07% expense ratio.
Dividends
PICB vs. IAGG - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.40%, less than IAGG's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 4.50% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
PICB Invesco International Corporate Bond ETF | 3.40% | 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 IAGG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.01%) compared to IAGG (0.82%). In terms of maximum drawdown, PICB dropped -37.10% vs IAGG's -13.88%.
On 10-year performance, IAGG leads with 2.02% vs 0.79% for PICB. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAGG has performed better with a 2.02% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.50% for PICB.
IAGG has the higher dividend yield at 4.50%, compared with 3.40% for PICB.
PICB is categorized as Corporate Bonds, while IAGG is Global Bonds. PICB tracks S&P International Corporate Bond Index, while IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.07% for IAGG.
IAGG currently has the higher Sharpe Ratio (0.91 vs -0.03), 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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