PICB vs. SPHD
PICB (Invesco International Corporate Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PICB returned 0.92%/yr vs 7.55%/yr for SPHD. At a 0.21 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.30%/yr for SPHD.
Performance
PICB vs. SPHD - 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 SPHD's 8.20% return. Over the past 10 years, PICB has underperformed SPHD with an annualized return of 0.92%, while SPHD has yielded a comparatively higher 7.55% 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%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
PICB vs. SPHD - 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PICB and SPHD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.21 |
The correlation between PICB and SPHD shifts across timeframes, from 0.21 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PICB vs. SPHD — Risk / Return Rank
PICB
SPHD
PICB vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.18 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 1.66 | -1.61 |
| Martin ratioReturn relative to average drawdown | 0.11 | 4.06 | -3.95 |
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Drawdowns
PICB vs. SPHD - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PICB and SPHD.
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Drawdown Indicators
| PICB | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -41.39% | +4.29% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -7.33% | +0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -13.29% | +3.53% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -19.50% | -16.73% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -41.39% | +4.29% |
Current DrawdownCurrent decline from peak | -12.99% | -1.91% | -11.08% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -4.69% | -4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 2.98% | -0.51% |
Volatility
PICB vs. SPHD - Volatility Comparison
The current volatility for Invesco International Corporate Bond ETF (PICB) is 2.18%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that PICB experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 4.26% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 8.13% | -1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 11.48% | -3.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 14.16% | -3.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.98% | 17.65% | -7.67% |
PICB vs. SPHD - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PICB vs. SPHD - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.42%, less than SPHD's 4.60% 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
PICB and SPHD have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.26%) compared to PICB (2.18%). In terms of maximum drawdown, PICB dropped -37.10% vs SPHD's -41.39%.
On 10-year performance, SPHD leads with 7.55% vs 0.92% for PICB. On fees, SPHD is cheaper at 0.30% per year. On volatility, PICB has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHD has performed better with a 7.55% return vs 0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.50% for PICB.
SPHD has the higher dividend yield at 4.60%, compared with 3.42% for PICB.
PICB is categorized as Corporate Bonds, while SPHD is Dividend. PICB tracks S&P International Corporate Bond Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.50% for PICB and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.06 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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