PICB vs. VCIT
PICB (Invesco International Corporate Bond ETF) and VCIT (Vanguard Intermediate-Term Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while VCIT tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, PICB returned 0.66%/yr vs 2.72%/yr for VCIT. At a 0.42 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.03%/yr for VCIT.
Performance
PICB vs. VCIT - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -2.40% return, which is significantly lower than VCIT's -0.41% return. Over the past 10 years, PICB has underperformed VCIT with an annualized return of 0.66%, while VCIT has yielded a comparatively higher 2.72% annualized return.
PICB
- 1D
- -0.78%
- 1M
- -1.85%
- 6M
- -2.37%
- YTD
- -2.40%
- 1Y
- -0.60%
- 3Y*
- 4.11%
- 5Y*
- -2.26%
- 10Y*
- 0.66%
VCIT
- 1D
- -0.44%
- 1M
- -0.81%
- 6M
- -0.50%
- YTD
- -0.41%
- 1Y
- 4.14%
- 3Y*
- 5.73%
- 5Y*
- 0.83%
- 10Y*
- 2.72%
PICB vs. VCIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -2.40% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 14.43% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | -0.41% | 9.34% | 3.20% | 8.98% | -13.98% | -1.77% | 9.46% | 14.10% | -1.74% | 5.31% |
Correlation
The correlation between PICB and VCIT is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010 | 0.42 |
Over the past year, PICB and VCIT have become more correlated (0.66) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
PICB vs. VCIT — Risk / Return Rank
PICB
VCIT
PICB vs. VCIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Vanguard Intermediate-Term Corporate Bond ETF (VCIT). 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 | VCIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.18 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.41 | -1.50 |
| Martin ratioReturn relative to average drawdown | -0.23 | 4.33 | -4.56 |
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Drawdowns
PICB vs. VCIT - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than VCIT's maximum drawdown of -20.56%. Use the drawdown chart below to compare losses from any high point for PICB and VCIT.
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Drawdown Indicators
| PICB | VCIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -20.56% | -16.54% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.96% | -3.45% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -6.11% | -3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -20.56% | -15.67% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | -20.56% | -16.54% |
Current DrawdownCurrent decline from peak | -13.41% | -1.93% | -11.48% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -3.15% | -6.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 0.96% | +1.64% |
Volatility
PICB vs. VCIT - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.14% compared to Vanguard Intermediate-Term Corporate Bond ETF (VCIT) at 1.35%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than VCIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | VCIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.35% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 3.26% | +3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 4.10% | +3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.18% | 6.63% | +3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.97% | 6.29% | +3.68% |
PICB vs. VCIT - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than VCIT's 0.03% expense ratio.
Dividends
PICB vs. VCIT - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.43%, less than VCIT's 4.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | 3.43% | 3.17% | 3.19% | 2.24% | 1.64% | 1.34% | 1.22% | 1.42% | 1.70% | 1.47% | 2.20% | 2.39% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | 4.86% | 4.62% | 4.43% | 3.72% | 3.03% | 2.87% | 2.78% | 3.37% | 3.61% | 3.21% | 3.29% | 3.34% |
Frequently Asked Questions
PICB and VCIT have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PICB has higher volatility (2.14%) compared to VCIT (1.35%). In terms of maximum drawdown, PICB dropped -37.10% vs VCIT's -20.56%.
On 10-year performance, VCIT leads with 2.72% vs 0.66% for PICB. On fees, VCIT is cheaper at 0.03% per year. On volatility, VCIT has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCIT has performed better with a 2.72% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCIT is cheaper with a 0.03% expense ratio, compared with 0.50% for PICB.
VCIT has the higher dividend yield at 4.86%, compared with 3.43% for PICB.
PICB tracks S&P International Corporate Bond Index, while VCIT tracks Bloomberg U.S. 5-10 Year Corporate Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for PICB and 0.03% for VCIT.
VCIT currently has the higher Sharpe Ratio (1.02 vs -0.08), 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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