SKOR vs. SPIB
SKOR (FlexShares Credit-Scored US Corporate Bond Index Fund) and SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) are both Corporate Bonds funds - SKOR tracks the NorthernTrustUS Corporate Bond Quality Value Index while SPIB tracks the Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate. Both are passively managed. Over the past 10 years, SKOR returned 2.81%/yr vs 2.79%/yr for SPIB. A 0.78 correlation means they provide meaningful diversification when combined. SKOR charges 0.22%/yr vs 0.07%/yr for SPIB.
Performance
SKOR vs. SPIB - Performance Comparison
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Returns By Period
In the year-to-date period, SKOR achieves a 0.35% return, which is significantly lower than SPIB's 0.46% return. Both investments have delivered pretty close results over the past 10 years, with SKOR having a 2.81% annualized return and SPIB not far behind at 2.79%.
SKOR
- 1D
- -0.13%
- 1M
- 0.39%
- YTD
- 0.35%
- 6M
- 0.57%
- 1Y
- 4.66%
- 3Y*
- 5.95%
- 5Y*
- 1.77%
- 10Y*
- 2.81%
SPIB
- 1D
- -0.12%
- 1M
- 0.37%
- YTD
- 0.46%
- 6M
- 0.64%
- 1Y
- 4.70%
- 3Y*
- 5.83%
- 5Y*
- 1.77%
- 10Y*
- 2.79%
SKOR vs. SPIB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 0.35% | 7.99% | 4.42% | 7.64% | -9.88% | -1.40% | 8.84% | 10.69% | -1.25% | 4.38% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.46% | 7.91% | 4.28% | 7.27% | -9.65% | -1.24% | 7.69% | 10.23% | -0.49% | 3.76% |
Correlation
The correlation between SKOR and SPIB is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014 | 0.78 |
The correlation between SKOR and SPIB shifts across timeframes, from 0.78 (all time) to 0.97 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SKOR vs. SPIB — Risk / Return Rank
SKOR
SPIB
SKOR vs. SPIB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) and SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB). 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.
| SKOR | SPIB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 2.34 | -0.10 |
| Martin ratioReturn relative to average drawdown | 7.73 | 7.83 | -0.10 |
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Drawdowns
SKOR vs. SPIB - Drawdown Comparison
The maximum SKOR drawdown since its inception was -15.98%, which is greater than SPIB's maximum drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for SKOR and SPIB.
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Drawdown Indicators
| SKOR | SPIB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.98% | -14.94% | -1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.09% | -2.02% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -3.11% | -3.18% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.13% | -14.80% | -0.33% |
Max Drawdown (10Y)Largest decline over 10 years | -15.98% | -14.94% | -1.04% |
Current DrawdownCurrent decline from peak | -0.76% | -0.78% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -2.64% | -1.90% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.60% | 0.00% |
Volatility
SKOR vs. SPIB - Volatility Comparison
The current volatility for FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) is 0.83%, while SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) has a volatility of 0.91%. This indicates that SKOR experiences smaller price fluctuations and is considered to be less risky than SPIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SKOR | SPIB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.91% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 2.19% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 2.86% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.43% | 4.48% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 4.60% | +0.31% |
SKOR vs. SPIB - Expense Ratio Comparison
SKOR has a 0.22% expense ratio, which is higher than SPIB's 0.07% 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
SKOR vs. SPIB - Dividend Comparison
SKOR's dividend yield for the trailing twelve months is around 4.67%, more than SPIB's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 4.67% | 4.70% | 4.90% | 3.90% | 2.57% | 2.55% | 3.38% | 3.53% | 2.85% | 2.46% | 2.74% | 2.25% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 4.46% | 4.42% | 4.41% | 3.84% | 2.65% | 1.58% | 2.18% | 3.03% | 3.04% | 2.79% | 2.68% | 2.69% |
Frequently Asked Questions
With a correlation of 0.97, SKOR and SPIB 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.
SPIB has higher volatility (0.91%) compared to SKOR (0.83%). In terms of maximum drawdown, SKOR dropped -15.98% vs SPIB's -14.94%.
On 10-year performance, SKOR leads with 2.81% vs 2.79% for SPIB. On fees, SPIB is cheaper at 0.07% 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, SKOR has performed better with a 2.81% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIB is cheaper with a 0.07% expense ratio, compared with 0.22% for SKOR.
SKOR has the higher dividend yield at 4.67%, compared with 4.46% for SPIB.
SKOR tracks NorthernTrustUS Corporate Bond Quality Value Index, while SPIB tracks Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.22% for SKOR and 0.07% for SPIB.
SKOR currently has the higher Sharpe Ratio (1.72 vs 1.66), 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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