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PICB vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PICB vs. TLT

Last updated Jun 4, 2026

PICB (Invesco International Corporate Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, PICB returned 0.71%/yr vs -1.66%/yr for TLT. At a 0.25 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.15%/yr for TLT.

Performance

PICB vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Corporate Bond ETF (PICB) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PICB achieves a -0.61% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, PICB has outperformed TLT with an annualized return of 0.71%, while TLT has yielded a comparatively lower -1.66% annualized return.

PICB

1D
-0.64%
1M
0.07%
YTD
-0.61%
6M
0.09%
1Y
2.99%
3Y*
6.15%
5Y*
-2.27%
10Y*
0.71%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PICB vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PICB
Invesco International Corporate Bond ETF		-0.61%14.33%-3.45%11.56%-22.64%-6.87%12.87%9.40%-7.27%14.43%
TLT
iShares 20+ Year Treasury Bond ETF		-0.27%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between PICB and TLT is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.53

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2010

0.25

Over the past year, PICB and TLT have become more correlated (0.55) than their long-term average of 0.25, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco International Corporate Bond ETF

iShares 20+ Year Treasury Bond ETF

Often compared with PICB:
PICB vs. PGHYPICB vs. CBONPICB vs. VAGU.LPICB vs. IAGGPICB vs. BNDXPICB vs. BLVPICB vs. FBND
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

PICB vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PICB
PICB Risk / Return Rank: 1414
Overall Rank
PICB Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
PICB Sortino Ratio Rank: 1313
Sortino Ratio Rank
PICB Omega Ratio Rank: 1313
Omega Ratio Rank
PICB Calmar Ratio Rank: 1515
Calmar Ratio Rank
PICB Martin Ratio Rank: 1515
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PICB vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

PICBTLTDifference
Sharpe ratioReturn per unit of total volatility
0.38
0.51

-0.12

Sortino ratioReturn per unit of downside risk
0.61
0.80

-0.19

Omega ratioGain probability vs. loss probability

1.07

1.09

-0.02

Calmar ratioReturn relative to maximum drawdown

0.47

0.65

-0.19

Martin ratioReturn relative to average drawdown

1.30

1.63

-0.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PICB vs. TLT - Sharpe Ratio Comparison

The current PICB Sharpe Ratio is 0.38, which is comparable to the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of PICB and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PICBTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.38

0.51

-0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.22

-0.40

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.07

-0.11

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.26

-0.05

Drawdowns

PICB vs. TLT - Drawdown Comparison

The maximum PICB drawdown since its inception was -37.10%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PICB and TLT.

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Drawdown Indicators

PICBTLTDifference

Max Drawdown

Largest peak-to-trough decline

-37.10%

-48.35%

+11.25%

Max Drawdown (1Y)

Largest decline over 1 year

-6.41%

-7.58%

+1.17%

Max Drawdown (3Y)

Largest decline over 3 years

-9.76%

-19.18%

+9.42%

Max Drawdown (5Y)

Largest decline over 5 years

-36.51%

-43.70%

+7.19%

Max Drawdown (10Y)

Largest decline over 10 years

-37.10%

-48.35%

+11.25%

Current Drawdown

Current decline from peak

-11.81%

-40.44%

+28.63%

Average Drawdown

Average peak-to-trough decline

-9.67%

-13.82%

+4.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

3.04%

-0.74%

Volatility

PICB vs. TLT - Volatility Comparison

The current volatility for Invesco International Corporate Bond ETF (PICB) is 2.56%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that PICB experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PICBTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.56%

2.76%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

6.00%

6.50%

-0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

7.81%

9.77%

-1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.19%

15.87%

-5.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.06%

14.91%

-4.85%

PICB vs. TLT - Expense Ratio Comparison

PICB has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

PICB vs. TLT - Dividend Comparison

PICB's dividend yield for the trailing twelve months is around 3.34%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
PICB
Invesco International Corporate Bond ETF		3.34%3.17%3.19%2.24%1.64%1.34%1.22%1.42%1.70%1.47%2.20%2.39%
TLT
iShares 20+ Year Treasury Bond ETF		4.59%4.43%4.30%3.38%2.67%1.50%1.50%2.27%2.63%2.43%2.60%2.61%

Frequently Asked Questions

PICB and TLT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.76%) compared to PICB (2.56%). In terms of maximum drawdown, PICB dropped -37.10% vs TLT's -48.35%.

On 10-year performance, PICB leads with 0.71% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, PICB has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PICB has performed better with a 0.71% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.50% for PICB.

TLT has the higher dividend yield at 4.59%, compared with 3.34% for PICB.

PICB is categorized as Corporate Bonds, while TLT is Government Bonds. PICB tracks S&P International Corporate Bond Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PICB and 0.15% for TLT.

TLT currently has the higher Sharpe Ratio (0.51 vs 0.38), 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.

Portfolio Optimizer

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