PICB vs. VCEB
PICB (Invesco International Corporate Bond ETF) and VCEB (Vanguard ESG U.S. Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while VCEB tracks the Bloomberg Barclays MSCI US Corp SRI Select Index. Both are passively managed. Over the past 5 years, PICB returned -2.27%/yr vs 0.38%/yr for VCEB. A 0.59 correlation means they provide meaningful diversification when combined. PICB charges 0.50%/yr vs 0.12%/yr for VCEB.
Performance
PICB vs. VCEB - 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 VCEB's 0.56% 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%
VCEB
- 1D
- -0.07%
- 1M
- 0.67%
- YTD
- 0.56%
- 6M
- 1.06%
- 1Y
- 5.13%
- 3Y*
- 5.34%
- 5Y*
- 0.38%
- 10Y*
- —
PICB vs. VCEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -0.57% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 8.69% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.56% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
Correlation
The correlation between PICB and VCEB is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.59 |
The correlation between PICB and VCEB has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
PICB vs. VCEB — Risk / Return Rank
PICB
VCEB
PICB vs. VCEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Vanguard ESG U.S. Corporate Bond ETF (VCEB). 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 | VCEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.19 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 1.65 | -1.48 |
| Martin ratioReturn relative to average drawdown | 0.47 | 5.02 | -4.55 |
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Drawdowns
PICB vs. VCEB - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than VCEB's maximum drawdown of -21.60%. Use the drawdown chart below to compare losses from any high point for PICB and VCEB.
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Drawdown Indicators
| PICB | VCEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -21.60% | -15.50% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.82% | -3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -6.09% | -3.67% |
Max Drawdown (5Y)Largest decline over 5 years | -36.25% | -21.39% | -14.86% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -11.78% | -0.81% | -10.97% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -7.60% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 0.93% | +1.46% |
Volatility
PICB vs. VCEB - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.56% compared to Vanguard ESG U.S. Corporate Bond ETF (VCEB) at 1.43%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than VCEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | VCEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 1.43% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.08% | 3.21% | +2.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.86% | 4.22% | +3.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.20% | 6.84% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 6.65% | +3.41% |
PICB vs. VCEB - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than VCEB's 0.12% expense ratio.
Dividends
PICB vs. VCEB - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.34%, less than VCEB's 4.64% 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% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.64% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PICB and VCEB 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 (2.56%) compared to VCEB (1.43%). In terms of maximum drawdown, PICB dropped -37.10% vs VCEB's -21.60%.
On 5-year performance, VCEB leads with 0.38% vs -2.27% for PICB. On fees, VCEB is cheaper at 0.12% per year. On volatility, VCEB has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VCEB has performed better with a 0.38% return vs -2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.50% for PICB.
VCEB has the higher dividend yield at 4.64%, compared with 3.34% for PICB.
PICB tracks S&P International Corporate Bond Index, while VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for PICB and 0.12% for VCEB.
VCEB currently has the higher Sharpe Ratio (1.11 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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