SPLB vs. IGBH
SPLB (SPDR Portfolio Long Term Corporate Bond ETF) and IGBH (iShares Interest Rate Hedged Long-Term Corporate Bond ETF) are both Corporate Bonds funds - SPLB tracks the Bloomberg Barclays Long U.S. Corporate Index while IGBH tracks the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index. Both are passively managed. Over the past 10 years, SPLB returned 2.23%/yr vs 5.04%/yr for IGBH. At a 0.29 correlation, their price movements are largely independent. SPLB charges 0.07%/yr vs 0.16%/yr for IGBH.
Performance
SPLB vs. IGBH - Performance Comparison
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Returns By Period
In the year-to-date period, SPLB achieves a 0.92% return, which is significantly lower than IGBH's 2.31% return. Over the past 10 years, SPLB has underperformed IGBH with an annualized return of 2.23%, while IGBH has yielded a comparatively higher 5.04% annualized return.
SPLB
- 1D
- -0.36%
- 1M
- 1.50%
- YTD
- 0.92%
- 6M
- -0.06%
- 1Y
- 7.56%
- 3Y*
- 4.35%
- 5Y*
- -1.84%
- 10Y*
- 2.23%
IGBH
- 1D
- -0.12%
- 1M
- 1.78%
- YTD
- 2.31%
- 6M
- 3.18%
- 1Y
- 9.39%
- 3Y*
- 8.96%
- 5Y*
- 5.27%
- 10Y*
- 5.04%
SPLB vs. IGBH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 0.92% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF | 2.31% | 7.90% | 7.80% | 12.12% | -2.82% | 2.20% | 1.09% | 9.62% | -4.54% | 9.36% |
Correlation
The correlation between SPLB and IGBH is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2015 | 0.29 |
Over the past year, SPLB and IGBH have become more correlated (0.51) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
SPLB vs. IGBH — Risk / Return Rank
SPLB
IGBH
SPLB vs. IGBH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Corporate Bond ETF (SPLB) and iShares Interest Rate Hedged Long-Term Corporate Bond ETF (IGBH). 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.
| SPLB | IGBH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.45 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.22 | -0.82 |
| Martin ratioReturn relative to average drawdown | 3.48 | 8.15 | -4.67 |
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
| SPLB | IGBH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 2.33 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.15 | 0.86 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.55 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.52 | -0.07 |
Drawdowns
SPLB vs. IGBH - Drawdown Comparison
The maximum SPLB drawdown since its inception was -34.46%, roughly equal to the maximum IGBH drawdown of -33.67%. Use the drawdown chart below to compare losses from any high point for SPLB and IGBH.
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Drawdown Indicators
| SPLB | IGBH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.46% | -33.67% | -0.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -4.24% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -12.91% | -6.93% | -5.98% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -10.48% | -23.98% |
Max Drawdown (10Y)Largest decline over 10 years | -34.46% | -33.67% | -0.79% |
Current DrawdownCurrent decline from peak | -14.53% | -0.19% | -14.34% |
Average DrawdownAverage peak-to-trough decline | -8.01% | -2.67% | -5.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 1.15% | +1.03% |
Volatility
SPLB vs. IGBH - Volatility Comparison
SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a higher volatility of 2.36% compared to iShares Interest Rate Hedged Long-Term Corporate Bond ETF (IGBH) at 0.87%. This indicates that SPLB's price experiences larger fluctuations and is considered to be riskier than IGBH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLB | IGBH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 0.87% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 3.14% | +2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.05% | 4.05% | +4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.71% | 6.13% | +6.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 9.20% | +3.75% |
SPLB vs. IGBH - Expense Ratio Comparison
SPLB has a 0.07% expense ratio, which is lower than IGBH's 0.16% 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
SPLB vs. IGBH - Dividend Comparison
SPLB's dividend yield for the trailing twelve months is around 5.38%, less than IGBH's 5.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGBH iShares Interest Rate Hedged Long-Term Corporate Bond ETF | 5.66% | 6.23% | 6.88% | 7.32% | 3.84% | 2.71% | 2.39% | 3.40% | 5.56% | 2.87% | 2.62% | 1.12% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.38% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
Frequently Asked Questions
SPLB and IGBH have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLB has higher volatility (2.36%) compared to IGBH (0.87%). In terms of maximum drawdown, SPLB dropped -34.46% vs IGBH's -33.67%.
On 10-year performance, IGBH leads with 5.04% vs 2.23% for SPLB. On fees, SPLB is cheaper at 0.07% per year. On volatility, IGBH has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGBH has performed better with a 5.04% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLB is cheaper with a 0.07% expense ratio, compared with 0.16% for IGBH.
IGBH has the higher dividend yield at 5.66%, compared with 5.38% for SPLB.
SPLB tracks Bloomberg Barclays Long U.S. Corporate Index, while IGBH tracks BlackRock Interest Rate Hedged Long-Term Corporate Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPLB and 0.16% for IGBH.
IGBH currently has the higher Sharpe Ratio (2.33 vs 0.94), 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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