SPBO vs. BSCX
SPBO (SPDR Portfolio Corporate Bond ETF) and BSCX (Invesco BulletShares 2033 Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while BSCX tracks the Invesco BulletShares USD Corporate Bond 2033 Index. Both are passively managed. Over the past year, SPBO returned 6.29% vs 6.09% for BSCX. With a 0.97 correlation, they move nearly in lockstep. SPBO charges 0.03%/yr vs 0.10%/yr for BSCX.
Performance
SPBO vs. BSCX - 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 BSCX's 0.17% 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%
BSCX
- 1D
- -0.19%
- 1M
- 0.27%
- YTD
- 0.17%
- 6M
- 0.21%
- 1Y
- 6.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPBO vs. BSCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 0.70% | 7.83% | 2.59% | 6.73% |
BSCX Invesco BulletShares 2033 Corporate Bond ETF | 0.17% | 9.31% | 1.73% | 7.88% |
Correlation
The correlation between SPBO and BSCX 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 (All Time) Calculated using the full available price history since Sep 21, 2023 | 0.97 |
The correlation between SPBO and BSCX has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
SPBO vs. BSCX — Risk / Return Rank
SPBO
BSCX
SPBO vs. BSCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and Invesco BulletShares 2033 Corporate Bond ETF (BSCX). 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 | BSCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.26 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.11 | +0.09 |
| Martin ratioReturn relative to average drawdown | 6.94 | 6.83 | +0.12 |
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 | BSCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.49 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 1.16 | -0.69 |
Drawdowns
SPBO vs. BSCX - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than BSCX's maximum drawdown of -5.13%. Use the drawdown chart below to compare losses from any high point for SPBO and BSCX.
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Drawdown Indicators
| SPBO | BSCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -5.13% | -17.10% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.90% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.40% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -1.37% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.89% | +0.02% |
Volatility
SPBO vs. BSCX - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) and Invesco BulletShares 2033 Corporate Bond ETF (BSCX) have volatilities of 1.35% and 1.32%, 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 | BSCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.32% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 2.97% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 4.11% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 6.08% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.49% | 6.08% | +1.41% |
SPBO vs. BSCX - Expense Ratio Comparison
SPBO has a 0.03% expense ratio, which is lower than BSCX'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. BSCX - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.12%, more than BSCX's 4.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSCX Invesco BulletShares 2033 Corporate Bond ETF | 4.89% | 4.82% | 5.00% | 1.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 0.97, SPBO and BSCX 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 BSCX (1.32%). In terms of maximum drawdown, SPBO dropped -22.23% vs BSCX's -5.13%.
On 1-year performance, SPBO leads with 6.29% vs 6.09% for BSCX. 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 1-year period, SPBO has performed better with a 6.29% return vs 6.09%. 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 BSCX.
SPBO has the higher dividend yield at 5.12%, compared with 4.89% for BSCX.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while BSCX tracks Invesco BulletShares USD Corporate Bond 2033 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.03% for SPBO and 0.10% for BSCX.
BSCX currently has the higher Sharpe Ratio (1.49 vs 1.45), 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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