SPBO vs. BSCQ
SPBO (SPDR Portfolio Corporate Bond ETF) and BSCQ (Invesco BulletShares 2026 Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while BSCQ tracks the NASDAQ BulletShares USD Corporate Bond 2026 Index. Both are passively managed. Over the past 5 years, SPBO returned 0.50%/yr vs 1.53%/yr for BSCQ. A 0.64 correlation means they provide meaningful diversification when combined. SPBO charges 0.03%/yr vs 0.10%/yr for BSCQ.
Performance
SPBO vs. BSCQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.80% return, which is significantly lower than BSCQ's 1.68% return.
SPBO
- 1D
- -0.24%
- 1M
- 0.63%
- YTD
- 0.80%
- 6M
- 0.97%
- 1Y
- 5.51%
- 3Y*
- 5.45%
- 5Y*
- 0.50%
- 10Y*
- 2.73%
BSCQ
- 1D
- -0.03%
- 1M
- 0.25%
- YTD
- 1.68%
- 6M
- 1.81%
- 1Y
- 4.25%
- 3Y*
- 5.17%
- 5Y*
- 1.53%
- 10Y*
- —
SPBO vs. BSCQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 0.80% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
BSCQ Invesco BulletShares 2026 Corporate Bond ETF | 1.68% | 5.02% | 4.86% | 5.71% | -8.31% | -1.68% | 9.41% | 13.94% | -2.40% | 5.93% |
Correlation
The correlation between SPBO and BSCQ is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016 | 0.64 |
Over the past year, the correlation between SPBO and BSCQ has dropped to 0.05 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
SPBO vs. BSCQ — Risk / Return Rank
SPBO
BSCQ
SPBO vs. BSCQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and Invesco BulletShares 2026 Corporate Bond ETF (BSCQ). 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.
| SPBO | BSCQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.76 | ||
| Sortino ratioReturn per unit of downside risk | -13.71 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 3.43 | -2.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 41.77 | -39.84 |
| Martin ratioReturn relative to average drawdown | 5.97 | 181.80 | -175.83 |
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Drawdowns
SPBO vs. BSCQ - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than BSCQ's maximum drawdown of -16.50%. Use the drawdown chart below to compare losses from any high point for SPBO and BSCQ.
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Drawdown Indicators
| SPBO | BSCQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -16.50% | -5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -0.10% | -2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -1.13% | -5.28% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -13.02% | -9.21% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | — | — |
Current DrawdownCurrent decline from peak | -0.80% | -0.03% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -2.84% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.02% | +0.90% |
Volatility
SPBO vs. BSCQ - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) has a higher volatility of 1.17% compared to Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) at 0.13%. This indicates that SPBO's price experiences larger fluctuations and is considered to be riskier than BSCQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBO | BSCQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.13% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 0.43% | +2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 0.61% | +3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 3.29% | +3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 4.75% | +2.75% |
SPBO vs. BSCQ - Expense Ratio Comparison
SPBO has a 0.03% expense ratio, which is lower than BSCQ's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPBO vs. BSCQ - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.11%, more than BSCQ's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSCQ Invesco BulletShares 2026 Corporate Bond ETF | 4.46% | 4.14% | 4.05% | 3.53% | 2.54% | 1.91% | 2.42% | 2.96% | 3.32% | 2.92% | 0.51% | 0.00% |
SPBO SPDR Portfolio Corporate Bond ETF | 5.11% | 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
SPBO and BSCQ have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPBO has higher volatility (1.17%) compared to BSCQ (0.13%). In terms of maximum drawdown, SPBO dropped -22.23% vs BSCQ's -16.50%.
On 5-year performance, BSCQ leads with 1.53% vs 0.50% for SPBO. On fees, SPBO is cheaper at 0.03% per year. On volatility, BSCQ has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BSCQ has performed better with a 1.53% return vs 0.50%. 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 0.10% for BSCQ.
SPBO has the higher dividend yield at 5.11%, compared with 4.46% for BSCQ.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while BSCQ tracks NASDAQ BulletShares USD Corporate Bond 2026 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.03% for SPBO and 0.10% for BSCQ.
BSCQ currently has the higher Sharpe Ratio (7.04 vs 1.27), 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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