USIG vs. SPBO
USIG (iShares Broad USD Investment Grade Corporate Bond ETF) and SPBO (SPDR Portfolio Corporate Bond ETF) are both Corporate Bonds funds - USIG tracks the ICE BofA US Corporate while SPBO tracks the Bloomberg Barclays U.S. Corporate Bond Index. Both are passively managed. Over the past 10 years, USIG returned 2.57%/yr vs 2.73%/yr for SPBO. A 0.73 correlation means they provide meaningful diversification when combined. USIG charges 0.04%/yr vs 0.03%/yr for SPBO.
Performance
USIG vs. SPBO - Performance Comparison
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Returns By Period
In the year-to-date period, USIG achieves a 0.71% return, which is significantly lower than SPBO's 0.80% return. Over the past 10 years, USIG has underperformed SPBO with an annualized return of 2.57%, while SPBO has yielded a comparatively higher 2.73% annualized return.
USIG
- 1D
- -0.20%
- 1M
- 0.66%
- YTD
- 0.71%
- 6M
- 0.83%
- 1Y
- 5.29%
- 3Y*
- 5.41%
- 5Y*
- 0.59%
- 10Y*
- 2.57%
SPBO
- 1D
- -0.24%
- 1M
- 0.63%
- YTD
- 0.80%
- 6M
- 0.97%
- 1Y
- 5.51%
- 3Y*
- 5.45%
- 5Y*
- 0.50%
- 10Y*
- 2.73%
USIG vs. SPBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USIG iShares Broad USD Investment Grade Corporate Bond ETF | 0.71% | 7.86% | 2.56% | 8.71% | -15.30% | -1.34% | 9.44% | 13.99% | -2.21% | 5.75% |
SPBO SPDR Portfolio Corporate Bond ETF | 0.80% | 7.83% | 2.59% | 8.80% | -15.68% | -1.57% | 10.17% | 14.70% | -1.79% | 5.47% |
Correlation
The correlation between USIG and SPBO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2011 | 0.73 |
Over the past year, USIG and SPBO have become more correlated (0.99) than their long-term average of 0.73, meaning their price movements have been converging.
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Return for Risk
USIG vs. SPBO — Risk / Return Rank
USIG
SPBO
USIG vs. SPBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD Investment Grade Corporate Bond ETF (USIG) and SPDR Portfolio Corporate Bond ETF (SPBO). 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.
| USIG | SPBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 1.93 | -0.03 |
| Martin ratioReturn relative to average drawdown | 6.05 | 5.97 | +0.08 |
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Drawdowns
USIG vs. SPBO - Drawdown Comparison
The maximum USIG drawdown since its inception was -22.21%, roughly equal to the maximum SPBO drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for USIG and SPBO.
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Drawdown Indicators
| USIG | SPBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -22.23% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.87% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.10% | -6.41% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -21.45% | -22.23% | +0.78% |
Max Drawdown (10Y)Largest decline over 10 years | -21.45% | -22.23% | +0.78% |
Current DrawdownCurrent decline from peak | -0.81% | -0.80% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -4.03% | +0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.92% | -0.04% |
Volatility
USIG vs. SPBO - Volatility Comparison
iShares Broad USD Investment Grade Corporate Bond ETF (USIG) and SPDR Portfolio Corporate Bond ETF (SPBO) have volatilities of 1.14% and 1.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USIG | SPBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.17% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.29% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 4.35% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.82% | 7.18% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.83% | 7.50% | -0.67% |
USIG vs. SPBO - Expense Ratio Comparison
USIG has a 0.04% expense ratio, which is higher than SPBO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USIG vs. SPBO - Dividend Comparison
USIG's dividend yield for the trailing twelve months is around 4.73%, less than SPBO's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPBO SPDR Portfolio Corporate Bond ETF | 5.11% | 5.09% | 5.28% | 4.73% | 3.54% | 2.42% | 2.75% | 3.46% | 3.60% | 3.15% | 3.35% | 3.07% |
USIG iShares Broad USD Investment Grade Corporate Bond ETF | 4.73% | 4.62% | 4.51% | 3.94% | 3.14% | 2.33% | 2.82% | 3.37% | 3.44% | 3.03% | 2.87% | 3.24% |
Frequently Asked Questions
With a correlation of 0.99, USIG and SPBO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPBO has higher volatility (1.17%) compared to USIG (1.14%). In terms of maximum drawdown, USIG dropped -22.21% vs SPBO's -22.23%.
On 10-year performance, SPBO leads with 2.73% vs 2.57% for USIG. On fees, SPBO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPBO has performed better with a 2.73% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBO is cheaper with a 0.03% expense ratio, compared with 0.04% for USIG.
SPBO has the higher dividend yield at 5.11%, compared with 4.73% for USIG.
USIG tracks ICE BofA US Corporate, while SPBO tracks Bloomberg Barclays U.S. Corporate Bond Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.04% for USIG and 0.03% for SPBO.
USIG currently has the higher Sharpe Ratio (1.30 vs 1.27), 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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