SPBO vs. PTY

Last updated Jun 4, 2026

SPBO (SPDR Portfolio Corporate Bond ETF) and PTY (PIMCO Corporate & Income Opportunity Fund) are both Corporate Bonds funds. Over the past 10 years, SPBO returned 2.77%/yr vs 8.25%/yr for PTY. At a 0.12 correlation, their price movements are largely independent. SPBO charges 0.03%/yr vs 1.19%/yr for PTY.

Performance

SPBO vs. PTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Corporate Bond ETF (SPBO) and PIMCO Corporate & Income Opportunity Fund (PTY). 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 PTY's -3.77% return. Over the past 10 years, SPBO has underperformed PTY with an annualized return of 2.77%, while PTY has yielded a comparatively higher 8.25% 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%

PTY

• 1D: -0.42%
• 1M: -2.48%
• YTD: -3.77%
• 6M: -5.18%
• 1Y: -4.95%
• 3Y*: 7.52%
• 5Y*: -0.40%
• 10Y*: 8.25%

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

SPBO vs. PTY - 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%
PTY PIMCO Corporate & Income Opportunity Fund	-3.77%	-0.51%	19.87%	22.56%	-18.71%	0.40%	3.24%	35.36%	2.49%	26.63%

Correlation

The correlation between SPBO and PTY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011	0.12

The correlation between SPBO and PTY shifts across timeframes, from 0.12 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPBO vs. PTY — 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

PTY

PTY Risk / Return Rank: 1
PTY Sharpe Ratio Rank: 1
PTY Sortino Ratio Rank: 1
PTY Omega Ratio Rank: 1
PTY Calmar Ratio Rank: 1
PTY Martin Ratio Rank: 1

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. PTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and PIMCO Corporate & Income Opportunity Fund (PTY). 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	PTY	Difference
Sharpe ratio: Return per unit of total volatility	1.45	-0.46	+1.91
Sortino ratio: Return per unit of downside risk	2.12	-0.55	+2.67
Omega ratio: Gain probability vs. loss probability	1.26	0.92	+0.34
Calmar ratio: Return relative to maximum drawdown	2.20	-0.32	+2.52
Martin ratio: Return relative to average drawdown	6.94	-0.65	+7.60
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. PTY - Sharpe Ratio Comparison

The current SPBO Sharpe Ratio is 1.45, which is higher than the PTY Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of SPBO and PTY, 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	PTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	-0.46	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	-0.02	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.39	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.46	+0.01

Drawdowns

SPBO vs. PTY - Drawdown Comparison

The maximum SPBO drawdown since its inception was -22.23%, smaller than the maximum PTY drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for SPBO and PTY.

Drawdown Indicators

	SPBO	PTY	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-60.86%	+38.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-15.44%	+12.57%
Max Drawdown (3Y) Largest decline over 3 years	-6.41%	-16.04%	+9.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.23%	-41.38%	+19.15%
Max Drawdown (10Y) Largest decline over 10 years	-22.23%	-46.55%	+24.32%
Current Drawdown Current decline from peak	-0.91%	-12.67%	+11.76%
Average Drawdown Average peak-to-trough decline	-4.04%	-8.61%	+4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	7.60%	-6.69%

Volatility

SPBO vs. PTY - Volatility Comparison

The current volatility for SPDR Portfolio Corporate Bond ETF (SPBO) is 1.35%, while PIMCO Corporate & Income Opportunity Fund (PTY) has a volatility of 2.82%. This indicates that SPBO experiences smaller price fluctuations and is considered to be less risky than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBO	PTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	2.82%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	3.21%	7.52%	-4.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	10.82%	-6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	17.40%	-10.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.49%	21.20%	-13.71%

SPBO vs. PTY - Expense Ratio Comparison

SPBO has a 0.03% expense ratio, which is lower than PTY's 1.19% expense ratio.

Dividends

SPBO vs. PTY - Dividend Comparison

SPBO's dividend yield for the trailing twelve months is around 5.12%, less than PTY's 12.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTY PIMCO Corporate & Income Opportunity Fund	12.04%	11.05%	9.92%	10.77%	13.12%	9.16%	8.74%	8.37%	10.63%	9.48%	12.09%	11.92%
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 PTY in my portfolio?

SPBO and PTY have a correlation of 0.28, 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 PTY?

PTY has higher volatility (2.82%) compared to SPBO (1.35%). In terms of maximum drawdown, SPBO dropped -22.23% vs PTY's -60.86%.

Which has better risk-adjusted returns?

SPBO currently has the higher Sharpe Ratio (1.45 vs -0.46), 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.