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SPBO vs. IBDO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPBO vs. IBDO

Last updated Jun 4, 2026

SPBO (SPDR Portfolio Corporate Bond ETF) and IBDO (iShares iBonds Dec 2023 Term Corporate ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while IBDO tracks the Bloomberg December 2023 Maturity Corporate Index. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. SPBO charges 0.03%/yr vs 0.10%/yr for IBDO.

Performance

SPBO vs. IBDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Corporate Bond ETF (SPBO) and iShares iBonds Dec 2023 Term Corporate ETF (IBDO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

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%

IBDO

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPBO vs. IBDO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IBDO
iShares iBonds Dec 2023 Term Corporate ETF		0.00%0.00%0.00%4.93%-0.68%-0.29%5.37%8.94%-0.49%4.45%

Correlation

The correlation between SPBO and IBDO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Mar 13, 2015

0.34

The correlation between SPBO and IBDO shifts across timeframes, from 0.05 (3 years) to 0.36 (10 years), reflecting how their relationship changes across market environments.

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SPDR Portfolio Corporate Bond ETF

iShares iBonds Dec 2023 Term Corporate ETF

Often compared with SPBO:
SPBO vs. SPIBSPBO vs. SPHYSPBO vs. USIGSPBO vs. USHYSPBO vs. GIGBSPBO vs. BNDSPBO vs. BSCS
Often compared with IBDO:
IBDO vs. IBHDIBDO vs. BILIBDO vs. IVVIBDO vs. USHYIBDO vs. AGGIBDO vs. VSCSXIBDO vs. QUAL

Return for Risk

SPBO vs. IBDO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPBO
SPBO Risk / Return Rank: 4141
Overall Rank
SPBO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
SPBO Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPBO Omega Ratio Rank: 3939
Omega Ratio Rank
SPBO Calmar Ratio Rank: 4444
Calmar Ratio Rank
SPBO Martin Ratio Rank: 4343
Martin Ratio Rank
IBDO
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.

SPBO vs. IBDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and iShares iBonds Dec 2023 Term Corporate ETF (IBDO). 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.

SPBOIBDODifference
Sharpe ratioReturn per unit of total volatility
1.45

—

—

Sortino ratioReturn per unit of downside risk
2.12

—

—

Omega ratioGain probability vs. loss probability

1.26

—

—

Calmar ratioReturn relative to maximum drawdown

2.20

—

—

Martin ratioReturn relative to average drawdown

6.94

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBO vs. IBDO - Sharpe Ratio Comparison

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Sharpe Ratios by Period

SPBOIBDODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.45

—

—

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

—

—

Drawdowns

SPBO vs. IBDO - Drawdown Comparison

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Drawdown Indicators

SPBOIBDODifference

Max Drawdown

Largest peak-to-trough decline

-22.23%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

—

—

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 Drawdown

Current decline from peak

-0.91%

—

—

Average Drawdown

Average peak-to-trough decline

-4.04%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.91%

—

—

Volatility

SPBO vs. IBDO - Volatility Comparison

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Volatility by Period

SPBOIBDODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.35%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

3.21%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

4.36%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.18%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.49%

—

—

SPBO vs. IBDO - Expense Ratio Comparison

SPBO has a 0.03% expense ratio, which is lower than IBDO'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. IBDO - Dividend Comparison

SPBO's dividend yield for the trailing twelve months is around 5.12%, while IBDO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IBDO
iShares iBonds Dec 2023 Term Corporate ETF		0.00%0.00%0.00%3.61%1.85%2.04%2.47%3.01%3.10%2.96%3.01%2.39%
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

SPBO and IBDO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPBO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPBO is cheaper with a 0.03% expense ratio, compared with 0.10% for IBDO.

SPBO has the higher dividend yield at 5.12%, compared with 0.00% for IBDO.

SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while IBDO tracks Bloomberg December 2023 Maturity Corporate Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPBO and 0.10% for IBDO.

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