SPBO vs. USIG
SPBO (SPDR Portfolio Corporate Bond ETF) and USIG (iShares Broad USD Investment Grade Corporate Bond ETF) are both Corporate Bonds funds - SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index while USIG tracks the ICE BofA US Corporate. Both are passively managed. Over the past 10 years, SPBO returned 2.73%/yr vs 2.57%/yr for USIG. A 0.73 correlation means they provide meaningful diversification when combined. SPBO charges 0.03%/yr vs 0.04%/yr for USIG.
Performance
SPBO vs. USIG - 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 USIG's 0.71% return. Over the past 10 years, SPBO has outperformed USIG with an annualized return of 2.73%, while USIG has yielded a comparatively lower 2.57% annualized return.
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%
USIG
- 1D
- -0.20%
- 1M
- 0.66%
- YTD
- 0.71%
- 6M
- 0.83%
- 1Y
- 5.29%
- 3Y*
- 5.41%
- 5Y*
- 0.59%
- 10Y*
- 2.57%
SPBO vs. USIG - 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% |
USIG iShares Broad USD Investment Grade Corporate Bond ETF | 0.71% | 7.86% | 2.56% | 8.71% | -15.30% | -1.34% | 9.44% | 13.99% | -2.21% | 5.75% |
Correlation
The correlation between SPBO and USIG is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.73 |
Over the past year, SPBO and USIG have become more correlated (0.99) than their long-term average of 0.73, meaning their price movements have been converging.
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Return for Risk
SPBO vs. USIG — Risk / Return Rank
SPBO
USIG
SPBO vs. USIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and iShares Broad USD Investment Grade Corporate Bond ETF (USIG). 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 | USIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.90 | +0.03 |
| Martin ratioReturn relative to average drawdown | 5.97 | 6.05 | -0.08 |
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Drawdowns
SPBO vs. USIG - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, roughly equal to the maximum USIG drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for SPBO and USIG.
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Drawdown Indicators
| SPBO | USIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -22.21% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.79% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -6.10% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | -21.45% | -0.78% |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | -21.45% | -0.78% |
Current DrawdownCurrent decline from peak | -0.80% | -0.81% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -3.41% | -0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.88% | +0.04% |
Volatility
SPBO vs. USIG - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) and iShares Broad USD Investment Grade Corporate Bond ETF (USIG) have volatilities of 1.17% and 1.14%, 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 | USIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.14% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 3.13% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 4.10% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 6.82% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 6.83% | +0.67% |
SPBO vs. USIG - Expense Ratio Comparison
SPBO has a 0.03% expense ratio, which is lower than USIG's 0.04% 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. USIG - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.11%, more than USIG's 4.73% 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% |
USIG iShares Broad USD Investment Grade Corporate Bond ETF | 4.73% | 4.62% | 4.51% | 3.94% | 3.14% | 2.33% | 2.82% | 3.37% | 3.44% | 3.03% | 2.87% | 3.24% |
Frequently Asked Questions
With a correlation of 0.99, SPBO and USIG 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 USIG (1.14%). In terms of maximum drawdown, SPBO dropped -22.23% vs USIG's -22.21%.
On 10-year performance, SPBO leads with 2.73% vs 2.57% for USIG. 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 10-year period, SPBO has performed better with a 2.73% return vs 2.57%. 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 0.04% for USIG.
SPBO has the higher dividend yield at 5.11%, compared with 4.73% for USIG.
SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while USIG tracks ICE BofA US Corporate. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPBO and 0.04% for USIG.
USIG currently has the higher Sharpe Ratio (1.30 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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