PICB vs. VTC
PICB (Invesco International Corporate Bond ETF) and VTC (Vanguard Total Corporate Bond ETF) are both Corporate Bonds funds - PICB tracks the S&P International Corporate Bond Index while VTC tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past 5 years, PICB returned -2.27%/yr vs 0.51%/yr for VTC. At a 0.50 correlation, their price movements are largely independent. PICB charges 0.50%/yr vs 0.04%/yr for VTC.
Performance
PICB vs. VTC - Performance Comparison
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Returns By Period
In the year-to-date period, PICB achieves a -0.61% return, which is significantly lower than VTC's 0.60% 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%
VTC
- 1D
- -0.22%
- 1M
- 0.63%
- YTD
- 0.60%
- 6M
- 0.33%
- 1Y
- 5.99%
- 3Y*
- 5.22%
- 5Y*
- 0.51%
- 10Y*
- —
PICB vs. VTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICB Invesco International Corporate Bond ETF | -0.61% | 14.33% | -3.45% | 11.56% | -22.64% | -6.87% | 12.87% | 9.40% | -7.27% | 2.91% |
VTC Vanguard Total Corporate Bond ETF | 0.60% | 7.58% | 2.15% | 8.58% | -15.68% | -1.41% | 9.30% | 14.60% | -2.55% | 0.84% |
Correlation
The correlation between PICB and VTC is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2017 | 0.50 |
The correlation between PICB and VTC shifts across timeframes, from 0.50 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PICB vs. VTC — Risk / Return Rank
PICB
VTC
PICB vs. VTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Corporate Bond ETF (PICB) and Vanguard Total Corporate Bond ETF (VTC). 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.
| PICB | VTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.24 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 2.09 | -1.62 |
| Martin ratioReturn relative to average drawdown | 1.30 | 6.63 | -5.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PICB | VTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.38 | 1.38 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.07 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.32 | -0.11 |
Drawdowns
PICB vs. VTC - Drawdown Comparison
The maximum PICB drawdown since its inception was -37.10%, which is greater than VTC's maximum drawdown of -22.05%. Use the drawdown chart below to compare losses from any high point for PICB and VTC.
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Drawdown Indicators
| PICB | VTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.10% | -22.05% | -15.05% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -2.88% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -9.76% | -6.46% | -3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -36.51% | -22.05% | -14.46% |
Max Drawdown (10Y)Largest decline over 10 years | -37.10% | — | — |
Current DrawdownCurrent decline from peak | -11.81% | -0.99% | -10.82% |
Average DrawdownAverage peak-to-trough decline | -9.67% | -5.84% | -3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.30% | 0.90% | +1.40% |
Volatility
PICB vs. VTC - Volatility Comparison
Invesco International Corporate Bond ETF (PICB) has a higher volatility of 2.56% compared to Vanguard Total Corporate Bond ETF (VTC) at 1.43%. This indicates that PICB's price experiences larger fluctuations and is considered to be riskier than VTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PICB | VTC | 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 | 6.00% | 3.22% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.81% | 4.37% | +3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.19% | 7.08% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.06% | 7.68% | +2.38% |
PICB vs. VTC - Expense Ratio Comparison
PICB has a 0.50% expense ratio, which is higher than VTC's 0.04% expense ratio.
Dividends
PICB vs. VTC - Dividend Comparison
PICB's dividend yield for the trailing twelve months is around 3.34%, less than VTC's 4.93% 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% |
VTC Vanguard Total Corporate Bond ETF | 4.93% | 4.76% | 4.50% | 3.80% | 3.13% | 2.36% | 2.69% | 3.34% | 3.53% | 0.55% | 0.00% | 0.00% |
Frequently Asked Questions
PICB and VTC have a correlation of 0.63, 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 VTC (1.43%). In terms of maximum drawdown, PICB dropped -37.10% vs VTC's -22.05%.
On 5-year performance, VTC leads with 0.51% vs -2.27% for PICB. On fees, VTC is cheaper at 0.04% per year. On volatility, VTC 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, VTC has performed better with a 0.51% return vs -2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTC is cheaper with a 0.04% expense ratio, compared with 0.50% for PICB.
VTC has the higher dividend yield at 4.93%, compared with 3.34% for PICB.
PICB tracks S&P International Corporate Bond Index, while VTC tracks Bloomberg Barclays U.S. Corporate Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for PICB and 0.04% for VTC.
VTC currently has the higher Sharpe Ratio (1.38 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.
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