SPBO vs. XHLF
SPBO (SPDR Portfolio Corporate Bond ETF) and XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) are both exchange-traded funds - SPBO is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. Corporate Bond Index, while XHLF is a Government Bonds fund tracking the Bloomberg US Treasury 6 Month Duration Index. Both are passively managed. Over the past 3 years, SPBO returned 5.54%/yr vs 4.62%/yr for XHLF. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.03% expense ratio.
Performance
SPBO vs. XHLF - Performance Comparison
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Returns By Period
In the year-to-date period, SPBO achieves a 0.70% return, which is significantly lower than XHLF's 1.39% 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%
XHLF
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.39%
- 6M
- 1.71%
- 1Y
- 3.92%
- 3Y*
- 4.62%
- 5Y*
- —
- 10Y*
- —
SPBO vs. XHLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 0.70% | 7.83% | 2.59% | 8.80% | -0.38% |
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 1.39% | 4.21% | 5.04% | 4.90% | 0.96% |
Correlation
The correlation between SPBO and XHLF is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022 | 0.22 |
The correlation between SPBO and XHLF shifts across timeframes, from 0.05 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPBO vs. XHLF — Risk / Return Rank
SPBO
XHLF
SPBO vs. XHLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Corporate Bond ETF (SPBO) and BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF). 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 | XHLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.98 | ||
| Sortino ratioReturn per unit of downside risk | -43.73 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 11.75 | -10.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 98.81 | -96.60 |
| Martin ratioReturn relative to average drawdown | 6.94 | 670.31 | -663.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPBO | XHLF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 12.43 | -10.98 |
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 | 10.75 | -10.27 |
Drawdowns
SPBO vs. XHLF - Drawdown Comparison
The maximum SPBO drawdown since its inception was -22.23%, which is greater than XHLF's maximum drawdown of -0.11%. Use the drawdown chart below to compare losses from any high point for SPBO and XHLF.
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Drawdown Indicators
| SPBO | XHLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.23% | -0.11% | -22.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -0.04% | -2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -0.06% | -6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -22.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.23% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | 0.00% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -0.00% | -4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.01% | +0.90% |
Volatility
SPBO vs. XHLF - Volatility Comparison
SPDR Portfolio Corporate Bond ETF (SPBO) has a higher volatility of 1.35% compared to BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) at 0.08%. This indicates that SPBO's price experiences larger fluctuations and is considered to be riskier than XHLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPBO | XHLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 0.08% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 0.22% | +2.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 0.32% | +4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 0.42% | +6.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.49% | 0.42% | +7.07% |
SPBO vs. XHLF - Expense Ratio Comparison
Both SPBO and XHLF have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPBO vs. XHLF - Dividend Comparison
SPBO's dividend yield for the trailing twelve months is around 5.12%, more than XHLF's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 3.85% | 3.98% | 4.96% | 4.50% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPBO and XHLF have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPBO has higher volatility (1.35%) compared to XHLF (0.08%). In terms of maximum drawdown, SPBO dropped -22.23% vs XHLF's -0.11%.
On 3-year performance, SPBO leads with 5.54% vs 4.62% for XHLF. Both ETFs have the same 0.03% expense ratio. On volatility, XHLF has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPBO has performed better with a 5.54% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO and XHLF have the same expense ratio: 0.03% per year.
SPBO has the higher dividend yield at 5.12%, compared with 3.85% for XHLF.
SPBO is categorized as Corporate Bonds, while XHLF is Government Bonds. SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index, while XHLF tracks Bloomberg US Treasury 6 Month Duration Index. They also come from different issuers: State Street and BondBloxx.
XHLF currently has the higher Sharpe Ratio (12.43 vs 1.45), 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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