SPBO vs. AGG
SPBO (SPDR Portfolio Corporate Bond ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - SPBO is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. Corporate Bond Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, SPBO returned 2.77%/yr vs 1.57%/yr for AGG. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
SPBO vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.70% return, which is significantly higher than AGG's 0.25% return. Over the past 10 years, SPBO has outperformed AGG with an annualized return of 2.77%, while AGG has yielded a comparatively lower 1.57% annualized return.
SPBO
- 1D
- -0.21%
- 1M
- 0.67%
- YTD
- 0.70%
- 6M
- 0.47%
- 1Y
- 6.29%
- 3Y*
- 5.54%
- 5Y*
- 0.66%
- 10Y*
- 2.77%
AGG
- 1D
- -0.21%
- 1M
- 0.24%
- YTD
- 0.25%
- 6M
- 0.09%
- 1Y
- 5.14%
- 3Y*
- 3.95%
- 5Y*
- 0.10%
- 10Y*
- 1.57%
SPBO vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 0.70% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.25% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between SPBO and AGG is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011 | 0.71 |
Over the past year, SPBO and AGG have become more correlated (0.96) than their long-term average of 0.71, meaning their price movements have been converging.
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Return for Risk
SPBO vs. AGG — Risk / Return Rank
SPBO
AGG
SPBO vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| SPBO | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 1.87 | +0.33 |
| Martin ratioReturn relative to average drawdown | 6.94 | 5.73 | +1.21 |
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
| SPBO | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.34 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.02 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.29 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.59 | -0.12 |
Drawdowns
SPBO vs. AGG - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for SPBO and AGG.
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Drawdown Indicators
| SPBO | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -18.43% | -3.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.76% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -6.11% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -17.82% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | -18.43% | -3.80% |
Current DrawdownCurrent decline from peak | -0.91% | -2.14% | +1.23% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -2.71% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.90% | +0.01% |
Volatility
SPBO vs. AGG - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) and iShares Core U.S. Aggregate Bond ETF (AGG) have volatilities of 1.35% and 1.30%, 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
| SPBO | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.30% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 2.74% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 3.85% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 6.09% | +1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.49% | 5.40% | +2.09% |
SPBO vs. AGG - Expense Ratio Comparison
Both SPBO and AGG have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPBO vs. AGG - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.12%, more than AGG's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.99% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.12% | 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 0.96, SPBO and AGG 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 (1.35%) compared to AGG (1.30%). In terms of maximum drawdown, SPBO dropped -22.23% vs AGG's -18.43%.
On 10-year performance, SPBO leads with 2.77% vs 1.57% for AGG. Both ETFs have the same 0.03% expense ratio. 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 2.77% return vs 1.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO and AGG have the same expense ratio: 0.03% per year.
SPBO has the higher dividend yield at 5.12%, compared with 3.99% for AGG.
SPBO is categorized as Corporate Bonds, while AGG is Total Bond Market. SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: State Street and iShares.
SPBO currently has the higher Sharpe Ratio (1.45 vs 1.34), 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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