PICB vs. SPBO
PICB (Invesco International Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past 10 years, PICB returned 0.66%/yr vs 2.49%/yr for SPBO. At a 0.34 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.03%/yr for SPBO.
Performance
PICB vs. SPBO - 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 SPBO's -0.10% return. Over the past 10 years, PICB has underperformed SPBO with an annualized return of 0.66%, while SPBO has yielded a comparatively higher 2.49% annualized 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%
SPBO
- 1D
- -0.42%
- 1M
- -1.05%
- 6M
- -0.30%
- YTD
- -0.10%
- 1Y
- 4.12%
- 3Y*
- 5.09%
- 5Y*
- 0.10%
- 10Y*
- 2.49%
PICB vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -2.40% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
SPBO SPDR Portfolio Corporate Bond ETF | -0.10% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
Correlation
The correlation between PICB and SPBO is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.34 |
Over the past year, PICB and SPBO have become more correlated (0.63) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
PICB vs. SPBO — Risk / Return Rank
PICB
SPBO
PICB vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and SPDR Portfolio Corporate Bond ETF (SPBO). 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 | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.17 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.44 | -1.54 |
| Martin ratioReturn relative to average drawdown | -0.23 | 4.44 | -4.67 |
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Drawdowns
PICB vs. SPBO - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than SPBO's maximum drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for PICB and SPBO.
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Drawdown Indicators
| PICB | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -22.23% | -14.87% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.87% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -6.41% | -3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -22.23% | -14.00% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -22.23% | -14.87% |
Current DrawdownCurrent decline from peak | -13.41% | -1.69% | -11.72% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -4.02% | -5.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 0.93% | +1.67% |
Volatility
PICB vs. SPBO - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.14% compared to SPDR Portfolio Corporate Bond ETF (SPBO) at 1.38%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than SPBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.38% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 3.41% | +2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 4.34% | +3.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 7.18% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 7.49% | +2.48% |
PICB vs. SPBO - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than SPBO's 0.03% expense ratio.
Dividends
PICB vs. SPBO - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.43%, less than SPBO's 5.17% 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% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.17% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
Frequently Asked Questions
PICB and SPBO have a correlation of 0.63, 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 SPBO (1.38%). In terms of maximum drawdown, PICB dropped -37.10% vs SPBO's -22.23%.
On 10-year performance, SPBO leads with 2.49% vs 0.66% for PICB. On fees, SPBO is cheaper at 0.03% per year. On volatility, SPBO has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPBO has performed better with a 2.49% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO is cheaper with a 0.03% expense ratio, compared with 0.50% for PICB.
SPBO has the higher dividend yield at 5.17%, compared with 3.43% for PICB.
PICB tracks S&P International Corporate Bond Index, while SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for PICB and 0.03% for SPBO.
SPBO currently has the higher Sharpe Ratio (0.96 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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