SPBO vs. IGCB

Last updated Jun 4, 2026

SPBO (SPDR Portfolio Corporate Bond ETF) and IGCB (TCW Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while IGCB tracks the Actively Managed. Both are passively managed. Over the past year, SPBO returned 6.29% vs 5.37% for IGCB. Their correlation of 0.84 suggests significant overlap in exposure. SPBO charges 0.03%/yr vs 0.35%/yr for IGCB.

Performance

SPBO vs. IGCB - Performance Comparison

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

Returns By Period

In the year-to-date period, SPBO achieves a 0.70% return, which is significantly higher than IGCB's 0.08% 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%

IGCB

• 1D: -0.30%
• 1M: 0.37%
• YTD: 0.08%
• 6M: -0.02%
• 1Y: 5.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBO vs. IGCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPBO SPDR Portfolio Corporate Bond ETF	0.70%	7.83%	-0.42%
IGCB TCW Corporate Bond ETF	0.08%	8.42%	-0.39%

Correlation

The correlation between SPBO and IGCB is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.84

The correlation between SPBO and IGCB has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

SPBO vs. IGCB — Risk / Return Rank

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

SPBO

SPBO Risk / Return Rank: 41
SPBO Sharpe Ratio Rank: 40
SPBO Sortino Ratio Rank: 41
SPBO Omega Ratio Rank: 39
SPBO Calmar Ratio Rank: 44
SPBO Martin Ratio Rank: 43

IGCB

IGCB Risk / Return Rank: 38
IGCB Sharpe Ratio Rank: 39
IGCB Sortino Ratio Rank: 38
IGCB Omega Ratio Rank: 38
IGCB Calmar Ratio Rank: 38
IGCB Martin Ratio Rank: 37

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. IGCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and TCW Corporate Bond ETF (IGCB). 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	IGCB	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.38	+0.07
Sortino ratio: Return per unit of downside risk	2.12	1.96	+0.16
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.20	1.85	+0.35
Martin ratio: Return relative to average drawdown	6.94	5.69	+1.25
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. IGCB - Sharpe Ratio Comparison

The current SPBO Sharpe Ratio is 1.45, which is comparable to the IGCB Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SPBO and IGCB, 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

	SPBO	IGCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.38	+0.07
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	1.09	-0.61

Drawdowns

SPBO vs. IGCB - Drawdown Comparison

The maximum SPBO drawdown since its inception was -22.23%, which is greater than IGCB's maximum drawdown of -4.20%. Use the drawdown chart below to compare losses from any high point for SPBO and IGCB.

Drawdown Indicators

	SPBO	IGCB	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-4.20%	-18.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-2.91%	+0.04%
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%	-1.31%	+0.40%
Average Drawdown Average peak-to-trough decline	-4.04%	-0.93%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.95%	-0.04%

Volatility

SPBO vs. IGCB - Volatility Comparison

SPDR Portfolio Corporate Bond ETF (SPBO) and TCW Corporate Bond ETF (IGCB) have volatilities of 1.35% and 1.35%, 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.

Volatility by Period

	SPBO	IGCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.35%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.21%	2.78%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	3.92%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	4.82%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.49%	4.82%	+2.67%

SPBO vs. IGCB - Expense Ratio Comparison

SPBO has a 0.03% expense ratio, which is lower than IGCB's 0.35% expense ratio.

Dividends

SPBO vs. IGCB - Dividend Comparison

SPBO's dividend yield for the trailing twelve months is around 5.12%, more than IGCB's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGCB TCW Corporate Bond ETF	4.75%	4.52%	0.66%	0.00%	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

Can I hold both SPBO and IGCB in my portfolio?

SPBO and IGCB have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBO or IGCB?

IGCB has higher volatility (1.35%) compared to SPBO (1.35%). In terms of maximum drawdown, SPBO dropped -22.23% vs IGCB's -4.20%.

Which ETF is better, SPBO or IGCB?

On 1-year performance, SPBO leads with 6.29% vs 5.37% for IGCB. 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.

Which ETF has performed better, SPBO or IGCB?

Over the 1-year period, SPBO has performed better with a 6.29% return vs 5.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBO or IGCB?

SPBO is cheaper with a 0.03% expense ratio, compared with 0.35% for IGCB.

Which ETF pays a higher dividend yield, SPBO or IGCB?

SPBO has the higher dividend yield at 5.12%, compared with 4.75% for IGCB.

What is the main difference between SPBO and IGCB?

SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while IGCB tracks Actively Managed. They also come from different issuers: State Street and TCW. Their fees differ too: 0.03% for SPBO and 0.35% for IGCB.

Which has better risk-adjusted returns?

SPBO currently has the higher Sharpe Ratio (1.45 vs 1.38), 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.