PICB vs. IBND
PICB (Invesco International Corporate Bond ETF) and IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while IBND tracks the Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Both are passively managed. Over the past 10 years, PICB returned 0.92%/yr vs 0.70%/yr for IBND. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
PICB vs. IBND - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -1.94% return, which is significantly higher than IBND's -2.31% return. Over the past 10 years, PICB has outperformed IBND with an annualized return of 0.92%, while IBND has yielded a comparatively lower 0.70% annualized return.
PICB
- 1D
- -0.22%
- 1M
- -1.21%
- YTD
- -1.94%
- 6M
- -2.10%
- 1Y
- 0.28%
- 3Y*
- 5.45%
- 5Y*
- -2.25%
- 10Y*
- 0.92%
IBND
- 1D
- -0.32%
- 1M
- -1.13%
- YTD
- -2.31%
- 6M
- -2.34%
- 1Y
- 0.30%
- 3Y*
- 5.72%
- 5Y*
- -1.40%
- 10Y*
- 0.70%
PICB vs. IBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.94% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.31% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
Correlation
The correlation between PICB and IBND is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.77 |
The correlation between PICB and IBND shifts across timeframes, from 0.77 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PICB vs. IBND — Risk / Return Rank
PICB
IBND
PICB vs. IBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and SPDR Bloomberg Barclays International Corporate Bond ETF (IBND). 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 | IBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.01 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 0.04 | 0.00 |
| Martin ratioReturn relative to average drawdown | 0.11 | 0.11 | 0.00 |
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Drawdowns
PICB vs. IBND - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, roughly equal to the maximum IBND drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for PICB and IBND.
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Drawdown Indicators
| PICB | IBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -35.62% | -1.48% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -6.75% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -9.18% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -33.49% | -2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -35.62% | -1.48% |
Current DrawdownCurrent decline from peak | -12.99% | -10.57% | -2.42% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -10.63% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 2.64% | -0.17% |
Volatility
PICB vs. IBND - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.18% compared to SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) at 2.06%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than IBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | IBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 2.06% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 6.32% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 8.03% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 9.75% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.98% | 8.92% | +1.06% |
PICB vs. IBND - Expense Ratio Comparison
Both PICB and IBND have an expense ratio of 0.50%.
Dividends
PICB vs. IBND - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.42%, more than IBND's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.77% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
PICB Invesco International Corporate Bond ETF | 3.42% | 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
With a correlation of 0.92, PICB and IBND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PICB has higher volatility (2.18%) compared to IBND (2.06%). In terms of maximum drawdown, PICB dropped -37.10% vs IBND's -35.62%.
On 10-year performance, PICB leads with 0.92% vs 0.70% for IBND. Both ETFs have the same 0.50% expense ratio. On volatility, IBND has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICB has performed better with a 0.92% return vs 0.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICB and IBND have the same expense ratio: 0.50% per year.
PICB has the higher dividend yield at 3.42%, compared with 2.77% for IBND.
PICB tracks S&P International Corporate Bond Index, while IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond. They also come from different issuers: Invesco and State Street.
IBND currently has the higher Sharpe Ratio (0.04 vs 0.04), 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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