SPAB vs. IBND

Last updated Jun 4, 2026

SPAB (SPDR Portfolio Aggregate Bond ETF) and IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) are both exchange-traded funds - SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Both are passively managed. Over the past 10 years, SPAB returned 1.54%/yr vs 0.65%/yr for IBND. At a 0.33 correlation, their price movements are largely independent. SPAB charges 0.03%/yr vs 0.50%/yr for IBND.

Performance

SPAB vs. IBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Aggregate Bond ETF (SPAB) and SPDR Bloomberg Barclays International Corporate Bond ETF (IBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAB achieves a 0.29% return, which is significantly higher than IBND's -1.08% return. Over the past 10 years, SPAB has outperformed IBND with an annualized return of 1.54%, while IBND has yielded a comparatively lower 0.65% annualized return.

SPAB

• 1D: -0.12%
• 1M: 0.31%
• YTD: 0.29%
• 6M: 0.14%
• 1Y: 5.24%
• 3Y*: 3.93%
• 5Y*: 0.07%
• 10Y*: 1.54%

IBND

• 1D: -0.44%
• 1M: -0.01%
• YTD: -1.08%
• 6M: -0.51%
• 1Y: 2.86%
• 3Y*: 6.69%
• 5Y*: -1.50%
• 10Y*: 0.65%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAB vs. IBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPAB SPDR Portfolio Aggregate Bond ETF	0.29%	7.25%	1.25%	5.56%	-13.04%	-1.77%	7.39%	8.67%	-0.18%	3.71%
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	-1.08%	16.17%	-2.81%	10.38%	-19.44%	-8.40%	11.50%	4.41%	-6.15%	14.84%

Correlation

The correlation between SPAB and IBND is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 21, 2010	0.33

Over the past year, SPAB and IBND have become more correlated (0.59) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

SPAB vs. IBND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPAB

SPAB Risk / Return Rank: 38
SPAB Sharpe Ratio Rank: 38
SPAB Sortino Ratio Rank: 41
SPAB Omega Ratio Rank: 37
SPAB Calmar Ratio Rank: 38
SPAB Martin Ratio Rank: 36

IBND

IBND Risk / Return Rank: 13
IBND Sharpe Ratio Rank: 14
IBND Sortino Ratio Rank: 13
IBND Omega Ratio Rank: 13
IBND Calmar Ratio Rank: 14
IBND Martin Ratio Rank: 14

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPAB vs. IBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) and SPDR Bloomberg Barclays International Corporate Bond ETF (IBND). 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.

	SPAB	IBND	Difference
Sharpe ratio: Return per unit of total volatility	1.40	0.36	+1.04
Sortino ratio: Return per unit of downside risk	2.11	0.58	+1.53
Omega ratio: Gain probability vs. loss probability	1.25	1.07	+0.18
Calmar ratio: Return relative to maximum drawdown	1.92	0.42	+1.50
Martin ratio: Return relative to average drawdown	5.72	1.16	+4.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAB vs. IBND - Sharpe Ratio Comparison

The current SPAB Sharpe Ratio is 1.40, which is higher than the IBND Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of SPAB and IBND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPAB	IBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	0.36	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.15	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.07	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.15	+0.35

Drawdowns

SPAB vs. IBND - Drawdown Comparison

The maximum SPAB drawdown since its inception was -18.56%, smaller than the maximum IBND drawdown of -35.62%. Use the drawdown chart below to compare losses from any high point for SPAB and IBND.

Drawdown Indicators

	SPAB	IBND	Difference
Max Drawdown Largest peak-to-trough decline	-18.56%	-35.62%	+17.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-6.75%	+4.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.08%	-9.18%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	-34.32%	+16.36%
Max Drawdown (10Y) Largest decline over 10 years	-18.56%	-35.62%	+17.06%
Current Drawdown Current decline from peak	-2.27%	-9.45%	+7.18%
Average Drawdown Average peak-to-trough decline	-3.08%	-10.64%	+7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.46%	-1.54%

Volatility

SPAB vs. IBND - Volatility Comparison

The current volatility for SPDR Portfolio Aggregate Bond ETF (SPAB) is 1.15%, while SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a volatility of 2.04%. This indicates that SPAB experiences smaller price fluctuations and is considered to be less risky than IBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAB	IBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	2.04%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	6.15%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	7.97%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	9.74%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	8.94%	-3.40%

SPAB vs. IBND - Expense Ratio Comparison

SPAB has a 0.03% expense ratio, which is lower than IBND's 0.50% expense ratio.

Dividends

SPAB vs. IBND - Dividend Comparison

SPAB's dividend yield for the trailing twelve months is around 4.05%, more than IBND's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBND SPDR Bloomberg Barclays International Corporate Bond ETF	2.74%	2.49%	2.61%	2.08%	0.54%	0.38%	0.45%	0.67%	0.71%	0.34%	0.01%	0.01%
SPAB SPDR Portfolio Aggregate Bond ETF	4.05%	3.97%	3.86%	3.34%	2.59%	2.11%	2.43%	2.92%	2.96%	2.67%	2.63%	2.59%

Frequently Asked Questions

Can I hold both SPAB and IBND in my portfolio?

SPAB and IBND have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAB or IBND?

IBND has higher volatility (2.04%) compared to SPAB (1.15%). In terms of maximum drawdown, SPAB dropped -18.56% vs IBND's -35.62%.

Which ETF is better, SPAB or IBND?

On 10-year performance, SPAB leads with 1.54% vs 0.65% for IBND. On fees, SPAB is cheaper at 0.03% per year. On volatility, SPAB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAB or IBND?

Over the 10-year period, SPAB has performed better with a 1.54% return vs 0.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAB or IBND?

SPAB is cheaper with a 0.03% expense ratio, compared with 0.50% for IBND.

Which ETF pays a higher dividend yield, SPAB or IBND?

SPAB has the higher dividend yield at 4.05%, compared with 2.74% for IBND.

What is the main difference between SPAB and IBND?

SPAB is categorized as Total Bond Market, while IBND is Corporate Bonds. SPAB tracks Bloomberg U.S. Aggregate Bond Index, while IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond. Their fees differ too: 0.03% for SPAB and 0.50% for IBND.

Which has better risk-adjusted returns?

SPAB currently has the higher Sharpe Ratio (1.40 vs 0.36), 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.