PICB vs SPY
Invesco International Corporate Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PICB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $356M | $789.1B | |
| Dividend Yield | 3.39% | 1.01% | |
| Holdings | 599 | 505 | |
| YTD Return | -0.65% | +13.75% | |
| 1Y Return | +0.96% | +22.91% | |
| 3Y Return (annualized) | +5.41% | +21.67% | |
| 5Y Return (annualized) | -2.05% | +13.32% | |
| Volatility (annualized) | 10.0% | 15.3% | |
| Max Drawdown | -38.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 3, 2010 | Jan 22, 1993 |
PICB vs SPY Performance
Invesco International Corporate Bond ETF (PICB) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PICB returned +0.96% while SPY returned +22.91%. Year to date, PICB is down 0.65% versus a gain of 13.75% for SPY.
Over three years, PICB compounded at +5.41% per year against +21.67% for SPY; over five years the annualized figures are -2.05% and +13.32% respectively. Across the full 16-year window we track, SPY has the edge at +8.85% annualized vs +0.35%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.0% for PICB. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -38.1% for PICB and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PICB charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, PICB currently yields 3.39% against 1.01% for SPY.
Holdings Overlap
PICB and SPY share 0 holdings out of 898 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PICB or SPY?
PICB has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, PICB or SPY?
Over the past year PICB returned +0.96% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), PICB annualized +0.35% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PICB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.0% for PICB. Worst drawdown: PICB -38.1% vs SPY -56.5%.
Should I hold both PICB and SPY?
PICB and SPY have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PICB and SPY?
PICB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 898 unique securities.
Which pays a higher dividend, PICB or SPY?
PICB yields 3.39% while SPY yields 1.01%, so PICB currently pays the higher dividend yield.
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