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 U.S. Corporate Bond Index. Both are passively managed. Over the past 10 years, PICB returned 0.63%/yr vs 2.45%/yr for SPBO. Their 0.34 correlation means their historical movements had little consistent relationship. 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 -1.27% return, which is significantly lower than SPBO's -0.30% return. Over the past 10 years, PICB has underperformed SPBO with an annualized return of 0.63%, while SPBO has yielded a comparatively higher 2.45% annualized return.
PICB
- 1D
- 0.26%
- 1M
- 0.03%
- 6M
- -2.75%
- YTD
- -1.27%
- 1Y
- 1.31%
- 3Y*
- 5.09%
- 5Y*
- -2.30%
- 10Y*
- 0.63%
- ALL TIME*
- 1.89%
SPBO
- 1D
- 0.29%
- 1M
- -1.37%
- 6M
- -0.58%
- YTD
- -0.30%
- 1Y
- 2.27%
- 3Y*
- 5.26%
- 5Y*
- -0.15%
- 10Y*
- 2.45%
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.48M | $2.18M | $2.21M | |
| $10.67M | $13.88M | $18.47M |
PICB vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -1.27% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
SPBO SPDR Portfolio Corporate Bond ETF | -0.30% | 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 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 (0.64) 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 | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.09 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 0.80 | -0.59 |
| Martin ratioReturn relative to average drawdown | 0.47 | 2.21 | -1.75 |
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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% | -5.25% | -4.51% |
Max Drawdown (5Y)Largest decline over 5 years | -36.08% | -22.23% | -13.85% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -22.23% | -14.87% |
Current DrawdownCurrent decline from peak | -12.40% | -1.88% | -10.52% |
Average DrawdownAverage peak-to-trough decline | -9.70% | -4.01% | -5.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 1.03% | +1.80% |
Volatility
PICB vs. SPBO - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.01% compared to SPDR Portfolio Corporate Bond ETF (SPBO) at 1.25%. 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 | 2.01% | 1.25% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 6.14% | 3.45% | +2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.72% | 4.29% | +3.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 7.18% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 7.49% | +2.47% |
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 3.42%, less than SPBO's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.20% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.01%) compared to SPBO (1.25%). In terms of maximum drawdown, PICB dropped -37.10% vs SPBO's -22.23%.
On 10-year performance, SPBO leads with 2.45% vs 0.63% for PICB. On fees, SPBO is cheaper at 0.03% per year. On volatility, SPBO has been the lower-risk option at 1.25%. 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 2.45% return vs 0.63%. 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 5.20%, compared with 3.42% for PICB.
PICB tracks S&P International Corporate Bond Index, while SPBO tracks Bloomberg 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 (0.53 vs 0.17), 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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