SPXB vs. IEI

Last updated Jun 4, 2026

SPXB (ProShares S&P 500 Bond ETF) and IEI (iShares 3-7 Year Treasury Bond ETF) are both exchange-traded funds - SPXB is a Corporate Bonds fund tracking the S&P 500 MarketAxess Investment Grade Corporate Bond Index, while IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

SPXB vs. IEI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Bond ETF (SPXB) and iShares 3-7 Year Treasury Bond ETF (IEI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXB

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEI

• 1D: -0.13%
• 1M: -0.17%
• YTD: -0.42%
• 6M: -0.49%
• 1Y: 3.28%
• 3Y*: 3.52%
• 5Y*: 0.23%
• 10Y*: 1.28%

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

SPXB vs. IEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	-3.45%	8.83%	-16.66%	-1.89%	10.33%	15.34%	1.13%
IEI iShares 3-7 Year Treasury Bond ETF	-0.42%	6.96%	1.81%	4.42%	-9.51%	-2.54%	6.95%	5.71%	3.07%

Correlation

The correlation between SPXB and IEI is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 4, 2018	0.60

The correlation between SPXB and IEI shifts across timeframes, from 0.48 (3 years) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPXB vs. IEI — Risk / Return Rank

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

IEI

IEI Risk / Return Rank: 28
IEI Sharpe Ratio Rank: 29
IEI Sortino Ratio Rank: 30
IEI Omega Ratio Rank: 27
IEI Calmar Ratio Rank: 27
IEI Martin Ratio Rank: 27

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.

SPXB vs. IEI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Bond ETF (SPXB) and iShares 3-7 Year Treasury Bond ETF (IEI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPXB	IEI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.09	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.70	—

Drawdowns

Drawdown Indicators

	SPXB	IEI	Difference
Max Drawdown Largest peak-to-trough decline	—	-14.60%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.50%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.60%	—
Current Drawdown Current decline from peak	—	-1.85%	—
Average Drawdown Average peak-to-trough decline	—	-2.67%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	SPXB	IEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.04%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.77%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.93%	—

SPXB vs. IEI - Expense Ratio Comparison

Both SPXB and IEI have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPXB vs. IEI - Dividend Comparison

SPXB has not paid dividends to shareholders, while IEI's dividend yield for the trailing twelve months is around 3.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEI iShares 3-7 Year Treasury Bond ETF	3.64%	3.48%	3.18%	2.36%	1.37%	0.73%	1.12%	2.01%	1.95%	1.51%	1.33%	1.39%
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	1.22%	4.04%	3.14%	2.00%	2.64%	3.48%	2.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXB and IEI in my portfolio?

SPXB and IEI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXB or IEI?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXB or IEI?

SPXB and IEI have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, SPXB or IEI?

IEI has the higher dividend yield at 3.64%, compared with 0.00% for SPXB.

What is the main difference between SPXB and IEI?

SPXB is categorized as Corporate Bonds, while IEI is Government Bonds. SPXB tracks S&P 500 MarketAxess Investment Grade Corporate Bond Index, while IEI tracks ICE U.S. Treasury 3-7 Year Bond Index. They also come from different issuers: ProShares and iShares.