SPDR Portfolio Corporate Bond (SPBO) Performance
SPBO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.2% since Dec 31, 2025
- 1 year
- −1.6% total return
- 5 years
- +0.2% a year
- 10 years
- +2.3% a year
- Since first price
- +3.2% a year since 2011
SPBO trailing returns vs AGG, TLT, SPY
| Period | SPBO total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.5% | +0.0% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.6% | −1.9% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.8% | −4.4% | −1.5% | −3.8% | +7.8% |
| YTD | −1.2% | −4.9% | −1.0% | −3.4% | +12.3% |
| 1 year | −1.6% | −6.5% | −1.1% | −6.9% | +14.4% |
| 3 years | +20.5%+6.4%/yr | +3.2% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +0.8%+0.2%/yr | −20.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +25.8%+2.3%/yr | −14.8% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +53.4%+2.9%/yr | −12.1% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionApr 7, 2011 | +63.7%+3.2%/yr | −7.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPBO vs AGG
From Apr 7, 2011: SPBO grew to $16,372, AGG to $14,026.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPBO returns by calendar year
9 of 14 full years positive. Best 2019 (+14.7%), worst 2022 (−15.7%). 2026 is year to date.
SPBO annual returns table
| Year | SPBO | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.2% | −4.6% | −1.0% | −3.4% | +12.3% |
| 2025 | +7.8% | −3.1% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.6% | −3.7% | +1.3% | −8.1% | +24.9% |
| 2023 | +8.8% | −7.4% | +5.7% | +2.8% | +26.2% |
| 2022 | −15.7% | −20.0% | −13.0% | −31.2% | −18.2% |
| 2021 | −1.3% | −5.2% | −1.8% | −4.6% | +28.7% |
| 2020 | +10.2% | −20.0% | +7.5% | +18.2% | +18.3% |
| 2019 | +14.7% | −2.5% | +8.5% | +14.1% | +31.2% |
| 2018 | −1.8% | −3.9% | +0.1% | −1.6% | −4.6% |
| 2017 | +5.5% | −1.6% | +3.6% | +9.2% | +21.7% |
| 2016 | +5.0% | −4.7% | +2.4% | +1.2% | +12.0% |
| 2015 | −1.5% | −5.1% | +0.5% | −1.8% | +1.2% |
| 2014 | +8.2% | −3.1% | +6.0% | +27.3% | +13.5% |
| 2013 | −1.5% | −9.0% | −2.0% | −13.4% | +32.3% |
| 2012 | +8.3% | −2.2% | +3.8% | +2.6% | +16.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPBO largest drawdowns
Now 2.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 22, 2021 | −22.0% | Oct 20, 2022 | Oct 16, 2025 | 1.1 years | 4.1 years |
| Mar 6, 2020 | −20.0% | Mar 19, 2020 | Jun 15, 2020 | 13 days | 3 months |
| May 1, 2013 | −9.0% | Aug 19, 2013 | May 2, 2014 | 4 months | 1.0 years |
| Dec 31, 2020 | −5.6% | Mar 18, 2021 | Jul 19, 2021 | 3 months | 7 months |
| Apr 24, 2015 | −5.1% | Jul 1, 2015 | May 4, 2016 | 2 months | 1.0 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
SPBO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +5.2% | −0.3% | +2.1% | +3.0% |
| Volatility (annualized) | 6.4% | 8.1% | 7.0% | 6.1% |
| Sharpe ratio | 0.14 | -0.45 | 0.00 | 0.28 |
| Sortino ratio | 0.21 | -0.58 | 0.01 | 0.40 |
| Best month | +6.2% | +6.2% | +6.2% | +6.2% |
| Worst month | −2.9% | −5.4% | −6.0% | −6.0% |
| Best 12 months | +14.7% | +14.7% | +16.2% | +16.2% |
| Worst 12 months | −2.4% | −19.6% | −19.6% | −19.6% |
| Positive months | 67% | 55% | 60% | 62% |
| Beta vs S&P 500 | 0.30 | 0.37 | 0.27 | — |
| Correlation with S&P 500 | 0.58 | 0.71 | 0.60 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPBO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 175 | −19.6% | +4.0% | +16.2% | 75% |
| 3-year (a year) | 151 | −5.3% | +3.3% | +8.3% | 79% |
| 5-year (a year) | 127 | −0.4% | +2.9% | +6.6% | 96% |
| 10-year (a year) | 67 | +1.3% | +2.5% | +4.9% | 100% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
SPBO performance overview
SPDR Portfolio Corporate Bond (SPBO) returned −1.6% over the past year and +2.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +3.2% a year, turning $10,000 into about $16,372. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −22.0%, from Sep 22, 2021 to Oct 20, 2022, and it took 3.0 years to get back to the old high. SPBO finished 9 of its 14 full calendar years with a gain; the best year was 2019 (+14.7%) and the worst 2022 (−15.7%). Volatility has been 6.1% a year.
Related: SPBO chart, SPBO dividends, SPBO bond profile. See the SPBO overview for the latest quote and fund facts.
SPBO performance FAQ
What is the SPBO return over the past year?
SPBO returned −1.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 6.5%.
What is the average annual return of SPBO?
SPBO has returned +0.2% a year over 5 years, +2.3% a year over 10 years, +3.2% a year since April 7, 2011 (total return, distributions reinvested).
How much would $10,000 invested in SPBO be worth?
$10,000 invested in SPBO at its first recorded close on April 7, 2011 would be worth about $16,372 on October 23, 2026 with distributions reinvested.
What was the worst year for SPBO?
The worst calendar year was 2022, with a total return of −15.7%. The best was 2019 at +14.7%.
What is the biggest drawdown of SPBO?
The largest peak-to-trough decline was −22.0% between September 22, 2021 and October 20, 2022. It recovered to the old high on October 16, 2025, 3.0 years after the bottom.
How volatile is SPBO?
Over the past 3 years SPBO had an annualized volatility of 6.4% and a Sharpe ratio of 0.14 (excess return over 1–3 month T-bills per unit of risk).