PICB vs. IBIC
PICB (Invesco International Corporate Bond ETF) and IBIC (iShares iBonds Oct 2026 Term TIPS ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index. Both are passively managed. Over the past year, PICB returned 0.18% vs 4.28% for IBIC. At a 0.22 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.10%/yr for IBIC.
Performance
PICB vs. IBIC - 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 IBIC's 2.55% 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%
IBIC
- 1D
- -0.02%
- 1M
- 0.19%
- 6M
- 2.44%
- YTD
- 2.55%
- 1Y
- 4.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PICB vs. IBIC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.64% | 14.33% | -3.45% | 8.93% |
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 2.55% | 4.96% | 5.25% | 2.17% |
Correlation
The correlation between PICB and IBIC is -0.21, 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 | -0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.22 |
The correlation between PICB and IBIC shifts across timeframes, from -0.21 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PICB vs. IBIC — Risk / Return Rank
PICB
IBIC
PICB vs. IBIC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC). 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 | IBIC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.87 | ||
| Sortino ratioReturn per unit of downside risk | -8.69 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 2.18 | -1.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 16.29 | -16.32 |
| Martin ratioReturn relative to average drawdown | -0.08 | 55.75 | -55.83 |
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Drawdowns
PICB vs. IBIC - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than IBIC's maximum drawdown of -0.90%. Use the drawdown chart below to compare losses from any high point for PICB and IBIC.
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Drawdown Indicators
| PICB | IBIC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -0.90% | -36.20% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -0.27% | -6.14% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -12.73% | -0.08% | -12.65% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -0.10% | -9.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 0.08% | +2.50% |
Volatility
PICB vs. IBIC - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.01% compared to iShares iBonds Oct 2026 Term TIPS ETF (IBIC) at 0.29%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than IBIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | IBIC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 0.29% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 0.68% | +5.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 0.90% | +6.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.17% | 1.56% | +8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 1.56% | +8.41% |
PICB vs. IBIC - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than IBIC's 0.10% expense ratio.
Dividends
PICB vs. IBIC - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.40%, less than IBIC's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIC iShares iBonds Oct 2026 Term TIPS ETF | 4.62% | 4.43% | 4.65% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 IBIC have a correlation of -0.21, 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 IBIC (0.29%). In terms of maximum drawdown, PICB dropped -37.10% vs IBIC's -0.90%.
On 1-year performance, IBIC leads with 4.28% vs 0.18% for PICB. On fees, IBIC is cheaper at 0.10% per year. On volatility, IBIC has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIC has performed better with a 4.28% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIC is cheaper with a 0.10% expense ratio, compared with 0.50% for PICB.
IBIC has the higher dividend yield at 4.62%, compared with 3.40% for PICB.
PICB is categorized as Corporate Bonds, while IBIC is Inflation-Protected Bonds. PICB tracks S&P International Corporate Bond Index, while IBIC tracks ICE 2026 Maturity US Inflation-Linked Treasury Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.10% for IBIC.
IBIC currently has the higher Sharpe Ratio (4.84 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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