PICB vs. ISHG
PICB (Invesco International Corporate Bond ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, PICB returned 0.71%/yr vs -0.16%/yr for ISHG. A 0.70 correlation means they provide meaningful diversification when combined. PICB charges 0.50%/yr vs 0.35%/yr for ISHG.
Performance
PICB vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -0.36% return, which is significantly lower than ISHG's 0.09% return. Over the past 10 years, PICB has outperformed ISHG with an annualized return of 0.71%, while ISHG has yielded a comparatively lower -0.16% annualized return.
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%
ISHG
- 1D
- 0.11%
- 1M
- -0.66%
- YTD
- 0.09%
- 6M
- 1.04%
- 1Y
- 2.28%
- 3Y*
- 4.51%
- 5Y*
- -1.16%
- 10Y*
- -0.16%
PICB vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -0.36% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 0.09% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between PICB and ISHG 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 | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2010 | 0.70 |
Over the past year, PICB and ISHG have become more correlated (0.92) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
PICB vs. ISHG — Risk / Return Rank
PICB
ISHG
PICB vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.07 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 0.46 | -0.04 |
| Martin ratioReturn relative to average drawdown | 1.16 | 1.15 | +0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PICB | ISHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 0.35 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | -0.15 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | -0.02 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | -0.08 | +0.28 |
Drawdowns
PICB vs. ISHG - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, roughly equal to the maximum ISHG drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for PICB and ISHG.
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Drawdown Indicators
| PICB | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -37.24% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -5.02% | -1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -8.21% | -1.55% |
Max Drawdown (5Y)Largest decline over 5 years | -36.51% | -23.96% | -12.55% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -25.56% | -11.54% |
Current DrawdownCurrent decline from peak | -11.59% | -22.16% | +10.57% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -18.43% | +8.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 1.98% | +0.33% |
Volatility
PICB vs. ISHG - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.57% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.64%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 1.64% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 6.00% | 4.71% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 6.47% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 7.58% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 6.93% | +3.13% |
PICB vs. ISHG - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than ISHG's 0.35% expense ratio.
Dividends
PICB vs. ISHG - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.33%, more than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
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
With a correlation of 0.92, PICB and ISHG 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 (2.57%) compared to ISHG (1.64%). In terms of maximum drawdown, PICB dropped -37.10% vs ISHG's -37.24%.
On 10-year performance, PICB leads with 0.71% vs -0.16% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.64%. 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 0.71% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG is cheaper with a 0.35% expense ratio, compared with 0.50% for PICB.
PICB has the higher dividend yield at 3.33%, compared with 1.45% for ISHG.
PICB is categorized as Corporate Bonds, while ISHG is International Government Bonds. PICB tracks S&P International Corporate Bond Index, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.35% for ISHG.
ISHG currently has the higher Sharpe Ratio (0.35 vs 0.35), 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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