SPSB vs. IGHG
SPSB (SPDR Portfolio Short Term Corporate Bond ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both Corporate Bonds funds - SPSB tracks the Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index while IGHG tracks the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, SPSB returned 2.63%/yr vs 4.84%/yr for IGHG. At a 0.06 correlation, their price movements are largely independent. SPSB charges 0.07%/yr vs 0.30%/yr for IGHG.
Performance
SPSB vs. IGHG - Performance Comparison
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Returns By Period
In the year-to-date period, SPSB achieves a 1.01% return, which is significantly lower than IGHG's 2.34% return. Over the past 10 years, SPSB has underperformed IGHG with an annualized return of 2.63%, while IGHG has yielded a comparatively higher 4.84% annualized return.
SPSB
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.01%
- 6M
- 1.34%
- 1Y
- 4.33%
- 3Y*
- 5.41%
- 5Y*
- 2.72%
- 10Y*
- 2.63%
IGHG
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 2.34%
- 6M
- 2.45%
- 1Y
- 6.19%
- 3Y*
- 8.48%
- 5Y*
- 5.22%
- 10Y*
- 4.84%
SPSB vs. IGHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 1.01% | 5.86% | 5.25% | 5.60% | -3.31% | -0.20% | 3.83% | 5.21% | 1.45% | 1.58% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.34% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
Correlation
The correlation between SPSB and IGHG is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013 | 0.06 |
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Return for Risk
SPSB vs. IGHG — Risk / Return Rank
SPSB
IGHG
SPSB vs. IGHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) and ProShares Investment Grade-Interest Rate Hedged (IGHG). 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.
| SPSB | IGHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.34 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 4.94 | 3.47 | +1.47 |
| Martin ratioReturn relative to average drawdown | 22.91 | 12.28 | +10.64 |
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Drawdowns
SPSB vs. IGHG - Drawdown Comparison
The maximum SPSB drawdown since its inception was -11.75%, smaller than the maximum IGHG drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for SPSB and IGHG.
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Drawdown Indicators
| SPSB | IGHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.75% | -25.16% | +13.41% |
Max Drawdown (1Y)Largest decline over 1 year | -0.87% | -1.75% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -0.87% | -3.74% | +2.87% |
Max Drawdown (5Y)Largest decline over 5 years | -5.96% | -8.75% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -11.75% | -25.16% | +13.41% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -2.29% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.49% | -0.30% |
Volatility
SPSB vs. IGHG - Volatility Comparison
The current volatility for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) is 0.38%, while ProShares Investment Grade-Interest Rate Hedged (IGHG) has a volatility of 0.62%. This indicates that SPSB experiences smaller price fluctuations and is considered to be less risky than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSB | IGHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 0.62% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 2.51% | -1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 3.41% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 5.02% | -3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 7.46% | -4.40% |
SPSB vs. IGHG - Expense Ratio Comparison
SPSB has a 0.07% expense ratio, which is lower than IGHG's 0.30% expense ratio.
Dividends
SPSB vs. IGHG - Dividend Comparison
SPSB's dividend yield for the trailing twelve months is around 4.40%, less than IGHG's 5.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.10% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 4.40% | 4.55% | 4.85% | 4.05% | 1.92% | 1.19% | 1.94% | 2.77% | 2.36% | 1.94% | 1.65% | 1.43% |
Frequently Asked Questions
SPSB and IGHG have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGHG has higher volatility (0.62%) compared to SPSB (0.38%). In terms of maximum drawdown, SPSB dropped -11.75% vs IGHG's -25.16%.
On 10-year performance, IGHG leads with 4.84% vs 2.63% for SPSB. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGHG has performed better with a 4.84% return vs 2.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSB is cheaper with a 0.07% expense ratio, compared with 0.30% for IGHG.
IGHG has the higher dividend yield at 5.10%, compared with 4.40% for SPSB.
SPSB tracks Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index, while IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.07% for SPSB and 0.30% for IGHG.
SPSB currently has the higher Sharpe Ratio (3.24 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.
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