SPIB vs. MILK

Last updated Jun 4, 2026

SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - SPIB tracks the Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, SPIB returned 5.27% vs 9.23% for MILK. Their correlation of 0.86 suggests significant overlap in exposure. SPIB charges 0.07%/yr vs 0.49%/yr for MILK.

Performance

SPIB vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIB achieves a 0.46% return, which is significantly lower than MILK's 2.18% return.

SPIB

• 1D: -0.09%
• 1M: 0.25%
• YTD: 0.46%
• 6M: 0.59%
• 1Y: 5.27%
• 3Y*: 5.79%
• 5Y*: 1.79%
• 10Y*: 2.86%

MILK

• 1D: -0.24%
• 1M: 1.10%
• YTD: 2.18%
• 6M: 1.55%
• 1Y: 9.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIB vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF	0.46%	7.91%	0.18%
MILK Pacer US Cash Cows Bond ETF	2.18%	7.49%	-0.35%

Correlation

The correlation between SPIB and MILK is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.86

The correlation between SPIB and MILK has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

SPIB vs. MILK — Risk / Return Rank

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

SPIB

SPIB Risk / Return Rank: 55
SPIB Sharpe Ratio Rank: 54
SPIB Sortino Ratio Rank: 59
SPIB Omega Ratio Rank: 55
SPIB Calmar Ratio Rank: 52
SPIB Martin Ratio Rank: 53

MILK

MILK Risk / Return Rank: 52
MILK Sharpe Ratio Rank: 53
MILK Sortino Ratio Rank: 55
MILK Omega Ratio Rank: 51
MILK Calmar Ratio Rank: 50
MILK Martin Ratio Rank: 53

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.

SPIB vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) and Pacer US Cash Cows Bond ETF (MILK). 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.

	SPIB	MILK	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.78	+0.09
Sortino ratio: Return per unit of downside risk	2.86	2.59	+0.28
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	2.62	2.47	+0.15
Martin ratio: Return relative to average drawdown	9.13	8.90	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIB vs. MILK - Sharpe Ratio Comparison

The current SPIB Sharpe Ratio is 1.87, which is comparable to the MILK Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SPIB and MILK, 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

	SPIB	MILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.78	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.97	-0.09

Drawdowns

SPIB vs. MILK - Drawdown Comparison

The maximum SPIB drawdown since its inception was -14.94%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for SPIB and MILK.

Drawdown Indicators

	SPIB	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-14.94%	-6.16%	-8.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-3.75%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-3.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	—	—
Current Drawdown Current decline from peak	-0.78%	-0.24%	-0.54%
Average Drawdown Average peak-to-trough decline	-1.89%	-1.09%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	1.04%	-0.46%

Volatility

SPIB vs. MILK - Volatility Comparison

The current volatility for SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) is 0.93%, while Pacer US Cash Cows Bond ETF (MILK) has a volatility of 1.58%. This indicates that SPIB experiences smaller price fluctuations and is considered to be less risky than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIB	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.58%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	3.78%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	5.21%	-2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.47%	6.69%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.60%	6.69%	-2.09%

SPIB vs. MILK - Expense Ratio Comparison

SPIB has a 0.07% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

SPIB vs. MILK - Dividend Comparison

SPIB's dividend yield for the trailing twelve months is around 4.46%, less than MILK's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MILK Pacer US Cash Cows Bond ETF	7.04%	6.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SPIB and MILK in my portfolio?

SPIB and MILK have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIB or MILK?

MILK has higher volatility (1.58%) compared to SPIB (0.93%). In terms of maximum drawdown, SPIB dropped -14.94% vs MILK's -6.16%.

Which ETF is better, SPIB or MILK?

On 1-year performance, MILK leads with 9.23% vs 5.27% for SPIB. On fees, SPIB is cheaper at 0.07% per year. On volatility, SPIB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIB or MILK?

Over the 1-year period, MILK has performed better with a 9.23% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIB or MILK?

SPIB is cheaper with a 0.07% expense ratio, compared with 0.49% for MILK.

Which ETF pays a higher dividend yield, SPIB or MILK?

MILK has the higher dividend yield at 7.04%, compared with 4.46% for SPIB.

What is the main difference between SPIB and MILK?

SPIB tracks Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: State Street and Pacer. Their fees differ too: 0.07% for SPIB and 0.49% for MILK.

Which has better risk-adjusted returns?

SPIB currently has the higher Sharpe Ratio (1.87 vs 1.78), 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.