PICB vs. SCHI
PICB (Invesco International Corporate Bond ETF) and SCHI (Schwab 5-10 Year Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while SCHI tracks the Bloomberg US 5-10 Year Corporate Bond Index. Both are passively managed. Over the past 5 years, PICB returned -2.26%/yr vs 0.87%/yr for SCHI. A 0.57 correlation means they provide meaningful diversification when combined. PICB charges 0.50%/yr vs 0.03%/yr for SCHI.
Performance
PICB vs. SCHI - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -2.40% return, which is significantly lower than SCHI's -0.37% return.
PICB
- 1D
- -0.78%
- 1M
- -1.85%
- 6M
- -2.37%
- YTD
- -2.40%
- 1Y
- -0.60%
- 3Y*
- 4.11%
- 5Y*
- -2.26%
- 10Y*
- 0.66%
SCHI
- 1D
- -0.36%
- 1M
- -0.74%
- 6M
- -0.43%
- YTD
- -0.37%
- 1Y
- 4.22%
- 3Y*
- 5.75%
- 5Y*
- 0.87%
- 10Y*
- —
PICB vs. SCHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -2.40% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 4.29% |
SCHI Schwab 5-10 Year Corporate Bond ETF | -0.37% | 9.47% | 3.32% | 8.97% | -14.06% | -1.85% | 9.74% | 0.83% |
Correlation
The correlation between PICB and SCHI is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.57 |
The correlation between PICB and SCHI has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
PICB vs. SCHI — Risk / Return Rank
PICB
SCHI
PICB vs. SCHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Schwab 5-10 Year Corporate Bond ETF (SCHI). 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 | SCHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.18 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.41 | -1.50 |
| Martin ratioReturn relative to average drawdown | -0.23 | 4.39 | -4.63 |
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Drawdowns
PICB vs. SCHI - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than SCHI's maximum drawdown of -20.67%. Use the drawdown chart below to compare losses from any high point for PICB and SCHI.
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Drawdown Indicators
| PICB | SCHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -20.67% | -16.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -3.01% | -3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -6.14% | -3.62% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -20.67% | -15.56% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -13.41% | -1.92% | -11.49% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -5.64% | -4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 0.96% | +1.64% |
Volatility
PICB vs. SCHI - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.14% compared to Schwab 5-10 Year Corporate Bond ETF (SCHI) at 1.32%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than SCHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | SCHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.32% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 3.28% | +2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 4.12% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 6.67% | +3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 7.36% | +2.61% |
PICB vs. SCHI - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than SCHI's 0.03% expense ratio.
Dividends
PICB vs. SCHI - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.43%, less than SCHI's 5.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | 3.43% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
SCHI Schwab 5-10 Year Corporate Bond ETF | 5.10% | 4.99% | 5.11% | 4.27% | 3.10% | 1.93% | 2.31% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PICB and SCHI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.14%) compared to SCHI (1.32%). In terms of maximum drawdown, PICB dropped -37.10% vs SCHI's -20.67%.
On 5-year performance, SCHI leads with 0.87% vs -2.26% for PICB. On fees, SCHI is cheaper at 0.03% per year. On volatility, SCHI has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHI has performed better with a 0.87% return vs -2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHI is cheaper with a 0.03% expense ratio, compared with 0.50% for PICB.
SCHI has the higher dividend yield at 5.10%, compared with 3.43% for PICB.
PICB tracks S&P International Corporate Bond Index, while SCHI tracks Bloomberg US 5-10 Year Corporate Bond Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.50% for PICB and 0.03% for SCHI.
SCHI currently has the higher Sharpe Ratio (1.03 vs -0.08), 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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