PICB vs. UFIV
PICB (Invesco International Corporate Bond ETF) and UFIV (F/m US Treasury 5 Year Note ETF) are both exchange-traded funds - PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index, while UFIV is a Government Bonds fund tracking the ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, PICB returned 6.17%/yr vs 3.39%/yr for UFIV. A 0.60 correlation means they provide meaningful diversification when combined. PICB charges 0.50%/yr vs 0.15%/yr for UFIV.
Performance
PICB vs. UFIV - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -0.57% return, which is significantly lower than UFIV's -0.46% return.
PICB
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- -0.57%
- 6M
- 0.05%
- 1Y
- 1.63%
- 3Y*
- 6.17%
- 5Y*
- -2.27%
- 10Y*
- 0.82%
UFIV
- 1D
- -0.11%
- 1M
- 0.06%
- YTD
- -0.46%
- 6M
- -0.17%
- 1Y
- 2.84%
- 3Y*
- 3.39%
- 5Y*
- —
- 10Y*
- —
PICB vs. UFIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -0.57% | 14.33% | -3.45% | 8.91% |
UFIV F/m US Treasury 5 Year Note ETF | -0.46% | 6.89% | 1.09% | 1.80% |
Correlation
The correlation between PICB and UFIV is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023 | 0.60 |
The correlation between PICB and UFIV has been stable across timeframes, ranging from 0.60 to 0.60 - a consistent structural relationship.
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Return for Risk
PICB vs. UFIV — Risk / Return Rank
PICB
UFIV
PICB vs. UFIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and F/m US Treasury 5 Year Note ETF (UFIV). 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 | UFIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.15 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 0.99 | -0.81 |
| Martin ratioReturn relative to average drawdown | 0.47 | 2.76 | -2.29 |
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Drawdowns
PICB vs. UFIV - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than UFIV's maximum drawdown of -5.63%. Use the drawdown chart below to compare losses from any high point for PICB and UFIV.
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Drawdown Indicators
| PICB | UFIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -5.63% | -31.47% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.71% | -3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -4.03% | -5.73% |
Max Drawdown (5Y)Largest decline over 5 years | -36.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -11.78% | -1.94% | -9.84% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -1.56% | -8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 0.97% | +1.42% |
Volatility
PICB vs. UFIV - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.56% compared to F/m US Treasury 5 Year Note ETF (UFIV) at 1.06%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than UFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | UFIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 1.06% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 2.28% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.86% | 3.16% | +4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.20% | 4.37% | +5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 4.37% | +5.69% |
PICB vs. UFIV - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than UFIV's 0.15% expense ratio.
Dividends
PICB vs. UFIV - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.34%, less than UFIV's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UFIV F/m US Treasury 5 Year Note ETF | 3.57% | 3.66% | 4.00% | 2.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PICB and UFIV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.56%) compared to UFIV (1.06%). In terms of maximum drawdown, PICB dropped -37.10% vs UFIV's -5.63%.
On 3-year performance, PICB leads with 6.17% vs 3.39% for UFIV. On fees, UFIV is cheaper at 0.15% per year. On volatility, UFIV has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PICB has performed better with a 6.17% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UFIV is cheaper with a 0.15% expense ratio, compared with 0.50% for PICB.
UFIV has the higher dividend yield at 3.57%, compared with 3.34% for PICB.
PICB is categorized as Corporate Bonds, while UFIV is Government Bonds. PICB tracks S&P International Corporate Bond Index, while UFIV tracks ICE BofA Current 5-Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: Invesco and US Benchmark Series. Their fees differ too: 0.50% for PICB and 0.15% for UFIV.
UFIV currently has the higher Sharpe Ratio (0.85 vs 0.14), 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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