SPBO vs. SPIB
SPBO (SPDR Portfolio Corporate Bond ETF) and SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) are both Corporate Bonds funds from State Street - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while SPIB tracks the Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate. Both are passively managed. Over the past 10 years, SPBO returned 2.73%/yr vs 2.79%/yr for SPIB. A 0.66 correlation means they provide meaningful diversification when combined. SPBO charges 0.03%/yr vs 0.07%/yr for SPIB.
Performance
SPBO vs. SPIB - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.80% return, which is significantly higher than SPIB's 0.46% return. Both investments have delivered pretty close results over the past 10 years, with SPBO having a 2.73% annualized return and SPIB not far ahead at 2.79%.
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%
SPIB
- 1D
- -0.12%
- 1M
- 0.37%
- YTD
- 0.46%
- 6M
- 0.64%
- 1Y
- 4.70%
- 3Y*
- 5.83%
- 5Y*
- 1.77%
- 10Y*
- 2.79%
SPBO vs. SPIB - 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% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.46% | 7.91% | 4.28% | 7.27% | -9.65% | -1.24% | 7.69% | 10.23% | -0.49% | 3.76% |
Correlation
The correlation between SPBO and SPIB is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.66 |
Over the past year, SPBO and SPIB have become more correlated (0.94) than their long-term average of 0.66, meaning their price movements have been converging.
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Return for Risk
SPBO vs. SPIB — Risk / Return Rank
SPBO
SPIB
SPBO vs. SPIB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB). 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 | SPIB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.34 | -0.41 |
| Martin ratioReturn relative to average drawdown | 5.97 | 7.83 | -1.86 |
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Drawdowns
SPBO vs. SPIB - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than SPIB's maximum drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for SPBO and SPIB.
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Drawdown Indicators
| SPBO | SPIB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -14.94% | -7.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.02% | -0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -3.18% | -3.23% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -14.80% | -7.43% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | -14.94% | -7.29% |
Current DrawdownCurrent decline from peak | -0.80% | -0.78% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -1.90% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.60% | +0.32% |
Volatility
SPBO vs. SPIB - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) has a higher volatility of 1.17% compared to SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) at 0.91%. This indicates that SPBO's price experiences larger fluctuations and is considered to be riskier than SPIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBO | SPIB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.91% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 2.19% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 2.86% | +1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 4.48% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 4.60% | +2.90% |
SPBO vs. SPIB - Expense Ratio Comparison
SPBO has a 0.03% expense ratio, which is lower than SPIB's 0.07% 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. SPIB - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.11%, more than SPIB's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 4.46% | 4.42% | 4.41% | 3.84% | 2.65% | 1.58% | 2.18% | 3.03% | 3.04% | 2.79% | 2.68% | 2.69% |
Frequently Asked Questions
With a correlation of 0.94, SPBO and SPIB 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 (1.17%) compared to SPIB (0.91%). In terms of maximum drawdown, SPBO dropped -22.23% vs SPIB's -14.94%.
On 10-year performance, SPIB leads with 2.79% vs 2.73% for SPBO. On fees, SPBO is cheaper at 0.03% per year. On volatility, SPIB has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPIB has performed better with a 2.79% return vs 2.73%. 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 0.07% for SPIB.
SPBO has the higher dividend yield at 5.11%, compared with 4.46% for SPIB.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while SPIB tracks Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate. Their fees differ too: 0.03% for SPBO and 0.07% for SPIB.
SPIB currently has the higher Sharpe Ratio (1.66 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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