QLTA vs. SPBO
QLTA (iShares Aaa - A Rated Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds - QLTA tracks the Bloomberg U.S. Corporate Aaa - A Capped Index while SPBO tracks the Bloomberg U.S. Corporate Bond Index. Both are passively managed. Over the past 10 years, QLTA returned 1.71%/yr vs 2.45%/yr for SPBO. Their 0.75 correlation means they have sometimes moved together and sometimes differently. QLTA charges 0.15%/yr vs 0.03%/yr for SPBO.
Performance
QLTA vs. SPBO - Performance Comparison
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Returns By Period
In the year-to-date period, QLTA achieves a -0.81% return, which is significantly lower than SPBO's -0.30% return. Over the past 10 years, QLTA has underperformed SPBO with an annualized return of 1.71%, while SPBO has yielded a comparatively higher 2.45% annualized return.
QLTA
- 1D
- 0.24%
- 1M
- -1.48%
- 6M
- -0.94%
- YTD
- -0.81%
- 1Y
- 1.46%
- 3Y*
- 4.29%
- 5Y*
- -0.68%
- 10Y*
- 1.71%
- ALL TIME*
- 2.42%
SPBO
- 1D
- 0.29%
- 1M
- -1.37%
- 6M
- -0.58%
- YTD
- -0.30%
- 1Y
- 2.27%
- 3Y*
- 5.26%
- 5Y*
- -0.15%
- 10Y*
- 2.45%
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.45M | $12.51M | $17.34M | |
| $10.67M | $13.88M | $18.47M |
QLTA vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLTA iShares Aaa - A Rated Corporate Bond ETF | -0.81% | 7.36% | 1.23% | 7.60% | -15.14% | -2.32% | 9.62% | 12.54% | -2.27% | 5.69% |
SPBO SPDR Portfolio Corporate Bond ETF | -0.30% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
Correlation
The correlation between QLTA and SPBO is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2012 | 0.75 |
Over the past year, QLTA and SPBO have become more correlated (0.99) than their long-term average of 0.75, meaning their price movements have been converging.
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Return for Risk
QLTA vs. SPBO — Risk / Return Rank
QLTA
SPBO
QLTA vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Aaa - A Rated Corporate Bond ETF (QLTA) and SPDR Portfolio Corporate Bond ETF (SPBO). 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.
| QLTA | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.09 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 0.80 | -0.28 |
| Martin ratioReturn relative to average drawdown | 1.31 | 2.21 | -0.90 |
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Drawdowns
QLTA vs. SPBO - Drawdown Comparison
The maximum QLTA drawdown since its inception was -22.27%, roughly equal to the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for QLTA and SPBO.
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Drawdown Indicators
| QLTA | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.27% | -22.23% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -2.87% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -5.25% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | -22.23% | +0.95% |
Max Drawdown (10Y)Largest decline over 10 years | -22.27% | -22.23% | -0.04% |
Current DrawdownCurrent decline from peak | -4.49% | -1.88% | -2.61% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -4.01% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.03% | +0.08% |
Volatility
QLTA vs. SPBO - Volatility Comparison
iShares Aaa - A Rated Corporate Bond ETF (QLTA) and SPDR Portfolio Corporate Bond ETF (SPBO) have volatilities of 1.21% and 1.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLTA | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.25% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 3.45% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.26% | 4.29% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 7.18% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.02% | 7.49% | -0.47% |
QLTA vs. SPBO - Expense Ratio Comparison
QLTA has a 0.15% expense ratio, which is higher than SPBO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
QLTA vs. SPBO - Dividend Comparison
QLTA's dividend yield for the trailing twelve months is around 4.60%, less than SPBO's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLTA iShares Aaa - A Rated Corporate Bond ETF | 4.60% | 4.33% | 4.11% | 3.39% | 2.79% | 1.96% | 2.31% | 2.99% | 3.09% | 2.67% | 2.59% | 2.99% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.20% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
Frequently Asked Questions
With a correlation of 0.99, QLTA and SPBO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPBO has higher volatility (1.25%) compared to QLTA (1.21%). In terms of maximum drawdown, QLTA dropped -22.27% vs SPBO's -22.23%.
On 10-year performance, SPBO leads with 2.45% vs 1.71% for QLTA. On fees, SPBO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPBO has performed better with a 2.45% return vs 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO is cheaper with a 0.03% expense ratio, compared with 0.15% for QLTA.
SPBO has the higher dividend yield at 5.20%, compared with 4.60% for QLTA.
QLTA tracks Bloomberg U.S. Corporate Aaa - A Capped Index, while SPBO tracks Bloomberg U.S. Corporate Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for QLTA and 0.03% for SPBO.
SPBO currently has the higher Sharpe Ratio (0.53 vs 0.34), 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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