FTRB vs SPBO: Grades, Fees and Holdings Compared

Federated Hermes Total Return Bond ETF

FTRBCNYSE Arca

State Street SPDR Portfolio Corporate Bond ETF

SPBOANYSE Arca

Overlap

No data

Expense ratio

SPBO −0.36pt a year

FTRB0.39%SPBO0.03%

Avg volume · 30D

SPBO 2.6×the volume

FTRB226KSPBO591K

FTRB vs SPBO Performance

Oct 31, 2025 – Oct 30, 2026

0.0%FTRB−0.4%SPBO

Expense ratio: FTRB 0.39%; SPBO 0.03%, better
Fund size: FTRB $724M; SPBO $2.14B
1Y total return: FTRB 0.0%, better; SPBO −0.4%
Yield (12M): FTRB 4.77%; SPBO 5.28%, better
Holdings: FTRB 695; SPBO 4468
Avg volume (30D): FTRB 226K sh; SPBO 591K sh, better
NAV per share: FTRB $24.43; SPBO $27.95
52W range

ETF.net Grade

Pillar letters and Scores for FTRB, SPBO, with each pillar’s weight
Pillar	FTRB	SPBO
Cost30% weight	F20	A98Higher
Mission25% weight	A93	A100Higher
Risk15% weight	C43	C54Higher
Tradability15% weight	B68	A96Higher
Holdings10% weight	F19	A82Higher
Durability5% weight	C52	A90Higher

Rank among Investment Grade Corporate funds

How we build Categories ›

Same Category. FTRB and SPBO are both graded against the same 49 Investment Grade Corporate funds, so their Grades compare head to head.

Investment Grade Corporate⁠

Category · 49 funds

See all 49 ›

SPBO ranks 2nd and FTRB 35th of 49 funds in the Investment Grade Corporate Category.

Rank 1AUSIGiShares Broad USD Investment Grade Corporate Bond ETFScore 90
Rank 2ASPBOState Street SPDR Portfolio Corporate Bond ETFScore 89
Rank 3AVTCVanguard Total Corporate Bond ETFScore 83
Rank 33CJLQDJanus Henderson Corporate Bond ETFScore 51
Rank 35CFTRBFederated Hermes Total Return Bond ETFScore 50
Rank 36CEYEGAB Corporate Bond ETFScore 48

Our read on each fund

ETF.net Research

FTRBCFederated Hermes Total Return Bond ETF

SPBOAState Street SPDR Portfolio Corporate Bond ETF

In short

FTRB An ETF wrapper on Federated Hermes' long-running multi-sector bond strategy: an investment-grade core measured against the Bloomberg US Aggregate, with license to roam into high yield and foreign debt. Active, not an index tracker.

SPBO The whole investment-grade corporate bond market in one ticker for three basis points. Most rivals sell you a maturity slice; SPBO owns the lot, and it undercuts other funds tracking the very same Bloomberg index.

Stated mandate

FTRB The Fund seeks total return by investing primarily in U.S.-dollar-denominated, investment-grade fixed-income securities.

SPBO The fund seeks investment results that generally correspond, before fees and expenses, to the price and yield performance of the Bloomberg U.S. Corporate Bond Index.

Why people hold it

FTRB Truly active mandate: primarily US dollar investment-grade bonds, with room for up to 25% of assets in below-investment-grade debt when managers like the risk-reward.sec.gov
Benchmarked to the Bloomberg US Aggregate, so the stance is broad core bond, not a corporates-only slice. Roughly 700 holdings.federatedhermes.com
Pays income monthly, and the portfolio has stayed closely aligned with the investment-grade mandate its prospectus advertises.

SPBO 0.03% a year against a category median of 0.19%. In bond land, where the yield does the heavy lifting, that fee gap is not a rounding error.
Thousands of corporate bonds across the full maturity range, so you hold the broad IG corporate market instead of one duration bucket.ssga.com
Same index, very different tolls: KORP charges 0.29%, JLQD 0.35%, JHCB 0.53%. SPBO sits at the cheap end of that list.
Running since 2011, pays monthly, and tracks its benchmark about as closely as anything in the investment-grade corporate group.

Worth knowing

FTRB 0.39% net of a waiver through September 1, 2027 (0.50% gross), above the category median. Index peers SPBO (0.03%) and USIG (0.04%) charge a fraction of that.
That 25% junk sleeve, plus non-dollar and emerging market bonds, brings credit and currency risk the plain index peers do not carry.sec.gov
Launched in 2024 and only moderately traded, so spreads can widen; limit orders are the usual answer.

SPBO Full maturity range means long-dated paper is in the mix, so the price moves more when rates move than short-maturity peers like IGSB or SPIB.
Corporate credit only. No Treasuries or mortgages to lean on, so the fund rides the health of corporate borrowers as well as the rate cycle.ssga.com
Investment grade by design, US issuers only. No high-yield or emerging-market bonds in the basket.

Full FTRB profile⁠

Full SPBO profile⁠

FTRB vs SPBO Holdings

How FTRB and SPBO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile88.7%
Asset classFixed Income100%

Sector

No Sector split for FTRB and SPBO.

Country, concentration and asset class

Country by domicile

Country weights in FTRB and SPBO, widest gap first
Country	More in FTRBMore in SPBO	FTRB	SPBO
United States	FTRB +11.3 points	98.5%	87.2%
Canada	SPBO +2.9 points	0.2%	3.1%
United Kingdom	SPBO +2.9 points	0.3%	3.2%
Japan	SPBO +2.0 points	0.0%	2.0%
Spain	SPBO +0.6 points	0.0%	0.6%
Other countries (18)	SPBO +3.0 points	0.9%	3.9%

Concentration

Weight in the 10 largest Holdings

FTRB58.1%
SPBO2.1%

Securities held

FTRB690
SPBO4,417

Asset class

FTRB: Fixed Income
SPBO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FTRB holds 690 securities, SPBO 4,417.

All 691 FTRB holdings⁠All 4,487 SPBO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTRB vs SPBO Cost

Overpaying FTRB vs SPBO

$7,260

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FTRB 0.39%
$7,898
SPBO 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FTRB 0.39%
SPBO 0.03%
Overpaying

Year by year

Year	FTRB	SPBO	Overpaying
10	$705	$55	$650
20	$2,725	$216	$2,509
30	$7,898	$638	$7,260

Expense ratio

0.39%FTRB
0.03%SPBO, cheaper

SPBO0.03%FTRB0.39%

0.03%0.53%

Middle half of Investment Grade Corporate funds
Median 0.25%

SPBO cheapest of 49 funds

FTRB 39th cheapest of 49 funds

FTRB vs SPBO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTRB 4.77%; SPBO 5.28%, better
Payout (12M): FTRB $1.16; SPBO $1.48
Last payment: FTRB $0.10; SPBO $0.12
Ex-dividend: FTRB Oct 30, 2026; SPBO Oct 1, 2026
Paid on: FTRB Pays Nov 2, 2026; SPBO Oct 6, 2026
Frequency: FTRB Monthly; SPBO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTRBMonthly · 34 paymentsAll FTRB payments⁠

SPBOMonthly · 45 paymentsAll SPBO payments⁠

FTRB vs SPBO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTRB 4.7%since Feb 2024SPBO 6.4%
Return per unit of riskSharpe ratio, 3 years: FTRB −0.20since Feb 2024SPBO 0.34
Worst fallMax drawdown, 5 years: FTRB −4.8%since Jan 2024SPBO −21.7%
Market sensitivityBeta, 5 years: FTRB 0.12SPBO 1.11; Market = 1

Popular comparisons

FTRBCvsUSIGA
Federated Hermes Total Return Bond ETF · iShares Broad USD Investment Grade Corporate Bond ETF
Expense ratio
0.39% · 0.04%
Category
SPBOAvsUSIGA
State Street SPDR Portfolio Corporate Bond ETF · iShares Broad USD Investment Grade Corporate Bond ETF
Expense ratio
0.03% · 0.04%
Category
FTRBCvsVTCA
Federated Hermes Total Return Bond ETF · Vanguard Total Corporate Bond ETF
Expense ratio
0.39% · 0.03%
Category
SPBOAvsVTCA
State Street SPDR Portfolio Corporate Bond ETF · Vanguard Total Corporate Bond ETF
Expense ratio
0.03% · 0.03%
Category
FTRBCvsGIGBA
Federated Hermes Total Return Bond ETF · Goldman Sachs Access Investment Grade Corporate Bond ETF
Expense ratio
0.39% · 0.08%
Category
SPBOAvsGIGBA
State Street SPDR Portfolio Corporate Bond ETF · Goldman Sachs Access Investment Grade Corporate Bond ETF
Expense ratio
0.03% · 0.08%
Category