PICB vs. LQDH
PICB (Invesco International Corporate Bond ETF) and LQDH (iShares Interest Rate Hedged Corporate Bond ETF) are both Corporate Bonds funds. PICB is passively managed, while LQDH is actively managed. Over the past 10 years, PICB returned 0.92%/yr vs 4.67%/yr for LQDH. At a 0.19 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.25%/yr for LQDH.
Performance
PICB vs. LQDH - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -1.94% return, which is significantly lower than LQDH's 2.45% return. Over the past 10 years, PICB has underperformed LQDH with an annualized return of 0.92%, while LQDH has yielded a comparatively higher 4.67% 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%
LQDH
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 2.45%
- 6M
- 2.61%
- 1Y
- 7.53%
- 3Y*
- 7.85%
- 5Y*
- 5.22%
- 10Y*
- 4.67%
PICB vs. LQDH - 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% |
LQDH iShares Interest Rate Hedged Corporate Bond ETF | 2.45% | 7.00% | 7.43% | 11.14% | -1.88% | 1.84% | 1.68% | 9.50% | -2.20% | 6.00% |
Correlation
The correlation between PICB and LQDH is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2014 | 0.19 |
The correlation between PICB and LQDH shifts across timeframes, from 0.19 (all time) to 0.30 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PICB vs. LQDH — Risk / Return Rank
PICB
LQDH
PICB vs. LQDH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares Interest Rate Hedged Corporate Bond ETF (LQDH). 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 | LQDH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -4.24 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.57 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 3.23 | -3.18 |
| Martin ratioReturn relative to average drawdown | 0.11 | 13.73 | -13.62 |
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Drawdowns
PICB vs. LQDH - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than LQDH's maximum drawdown of -24.63%. Use the drawdown chart below to compare losses from any high point for PICB and LQDH.
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Drawdown Indicators
| PICB | LQDH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -24.63% | -12.47% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.34% | -4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -4.86% | -4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -7.08% | -29.15% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -24.63% | -12.47% |
Current DrawdownCurrent decline from peak | -12.99% | -0.11% | -12.88% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -1.67% | -8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 0.55% | +1.92% |
Volatility
PICB vs. LQDH - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.18% compared to iShares Interest Rate Hedged Corporate Bond ETF (LQDH) at 0.43%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than LQDH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | LQDH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 0.43% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 2.02% | +4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 2.68% | +5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 4.41% | +5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.98% | 6.43% | +3.55% |
PICB vs. LQDH - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than LQDH's 0.25% expense ratio.
Dividends
PICB vs. LQDH - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.42%, less than LQDH's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQDH iShares Interest Rate Hedged Corporate Bond ETF | 5.94% | 6.06% | 7.57% | 7.69% | 3.73% | 1.65% | 2.22% | 3.09% | 5.08% | 2.37% | 2.33% | 2.98% |
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
PICB and LQDH have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.18%) compared to LQDH (0.43%). In terms of maximum drawdown, PICB dropped -37.10% vs LQDH's -24.63%.
On 10-year performance, LQDH leads with 4.67% vs 0.92% for PICB. On fees, LQDH is cheaper at 0.25% per year. On volatility, LQDH has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LQDH has performed better with a 4.67% return vs 0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDH is cheaper with a 0.25% expense ratio, compared with 0.50% for PICB.
LQDH has the higher dividend yield at 5.94%, compared with 3.42% for PICB.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.25% for LQDH.
LQDH currently has the higher Sharpe Ratio (2.83 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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