PICB vs. LQD
Compare and contrast key facts about Invesco International Corporate Bond ETF (PICB) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD).
PICB and LQD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PICB is a passively managed fund by Invesco that tracks the performance of the S&P International Corporate Bond Index. It was launched on Jun 3, 2010. LQD is a passively managed fund by iShares that tracks the performance of the iBoxx $ Liquid Investment Grade Index. It was launched on Jul 26, 2002. Both PICB and LQD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PICB vs. LQD - Performance Comparison
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PICB vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -2.51% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | -0.38% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
Returns By Period
In the year-to-date period, PICB achieves a -2.51% return, which is significantly lower than LQD's -0.38% return. Over the past 10 years, PICB has underperformed LQD with an annualized return of 0.71%, while LQD has yielded a comparatively higher 2.61% annualized return.
PICB
- 1D
- 1.14%
- 1M
- -4.69%
- YTD
- -2.51%
- 6M
- -1.41%
- 1Y
- 7.44%
- 3Y*
- 5.09%
- 5Y*
- -2.03%
- 10Y*
- 0.71%
LQD
- 1D
- 0.63%
- 1M
- -2.07%
- YTD
- -0.38%
- 6M
- -0.04%
- 1Y
- 4.88%
- 3Y*
- 4.26%
- 5Y*
- 0.09%
- 10Y*
- 2.61%
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PICB vs. LQD - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than LQD's 0.15% expense ratio.
Return for Risk
PICB vs. LQD — Risk / Return Rank
PICB
LQD
PICB vs. LQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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 | LQD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.88 | 0.74 | +0.14 |
Sortino ratioReturn per unit of downside risk | 1.33 | 1.04 | +0.29 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.14 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.11 | 1.50 | -0.39 |
Martin ratioReturn relative to average drawdown | 3.86 | 4.15 | -0.29 |
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 | LQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.74 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.20 | 0.01 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.30 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.54 | -0.34 |
Correlation
The correlation between PICB and LQD is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PICB vs. LQD - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.33%, less than LQD's 4.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.52% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
Drawdowns
PICB vs. LQD - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than LQD's maximum drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for PICB and LQD.
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Drawdown Indicators
| PICB | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -24.95% | -12.15% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -3.38% | -3.03% |
Max Drawdown (5Y)Largest decline over 5 years | -36.60% | -24.95% | -11.65% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -24.95% | -12.15% |
Current DrawdownCurrent decline from peak | -13.50% | -4.52% | -8.98% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -3.99% | -5.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 1.22% | +0.62% |
Volatility
PICB vs. LQD - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 3.35% compared to iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at 2.65%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 2.65% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 5.23% | 3.76% | +1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 6.60% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.11% | 8.66% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.04% | 8.67% | +1.37% |