INVG vs SPBO: Grades, Fees and Holdings Compared

GMO Systematic Investment Grade Credit ETF

INVGBNYSE Arca

State Street SPDR Portfolio Corporate Bond ETF

SPBOANYSE Arca

Overlap

No data

Expense ratio

SPBO −0.22pt a year

INVG0.25%SPBO0.03%

Avg volume · 30D

SPBO 143.5×the volume

INVG4.12KSPBO591K

INVG vs SPBO Performance

Oct 31, 2025 – Oct 30, 2026

−0.2%INVG−0.4%SPBO

Expense ratio: INVG 0.25%; SPBO 0.03%, better
Fund size: INVG $29M; SPBO $2.14B
1Y total return: INVG −0.2%, better; SPBO −0.4%
Yield (12M): INVG 5.35%, better; SPBO 5.28%
Holdings: INVG 145; SPBO 4468
Avg volume (30D): INVG 4.12K sh; SPBO 591K sh, better
NAV per share: INVG $24.56; SPBO $27.95
52W range

ETF.net Grade

Pillar letters and Scores for INVG, SPBO, with each pillar’s weight
Pillar	INVG	SPBO
Cost30% weight	C51	A98Higher
Mission25% weight	A100	A100
Risk15% weight	B58Higher	C54
Tradability15% weight	C46	A96Higher
Holdings10% weight	B65	A82Higher
Durability5% weight	F15	A90Higher

Rank among Investment Grade Corporate funds

How we build Categories ›

Same Category. INVG 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 INVG 20th 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 18BMIGVanEck Moody’s Analytics IG Corporate Bond ETFScore 64
Rank 20BINVGGMO Systematic Investment Grade Credit ETFScore 63
Rank 21BAVGBAvantis Credit ETFScore 62

Our read on each fund

ETF.net Research

INVGBGMO Systematic Investment Grade Credit ETF

SPBOAState Street SPDR Portfolio Corporate Bond ETF

In short

INVG No data

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

INVG No data

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

INVG No data

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

INVG No data

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 INVG profile⁠

Full SPBO profile⁠

INVG vs SPBO Holdings

How INVG and SPBO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile92.6%
Asset classFixed Income100%

Sector

No Sector split for INVG and SPBO.

Country, concentration and asset class

Country by domicile

Country weights in INVG and SPBO, widest gap first
Country	More in INVGMore in SPBO	INVG	SPBO
Canada	INVG +4.0 points	7.1%	3.1%
United States	SPBO +2.3 points	84.9%	87.2%
Bermuda	INVG +1.4 points	1.6%	0.2%
Japan	SPBO +1.3 points	0.7%	2.0%
United Kingdom	SPBO +1.1 points	2.1%	3.2%
Netherlands	INVG +1.0 points	1.7%	0.7%
Ireland	INVG +0.7 points	1.3%	0.6%
Spain	SPBO +0.6 points	0.0%	0.6%
Other countries (14)	SPBO +1.7 points	0.7%	2.4%

Concentration

Weight in the 10 largest Holdings

INVG10.1%
SPBO2.1%

Securities held

INVG103
SPBO4,417

Asset class

INVG: Fixed Income
SPBO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. INVG holds 103 securities, SPBO 4,417.

All INVG 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.

INVG vs SPBO Cost

Overpaying INVG vs SPBO

$4,521

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

INVG 0.25%
$5,159
SPBO 0.03%
$638

Amount$10,000

Years30 years

Cost over time

INVG 0.25%
SPBO 0.03%
Overpaying

Year by year

Year	INVG	SPBO	Overpaying
10	$455	$55	$400
20	$1,769	$216	$1,553
30	$5,159	$638	$4,521

Expense ratio

0.25%INVG
0.03%SPBO, cheaper

SPBO0.03%INVG0.25%

0.03%0.53%

Middle half of Investment Grade Corporate funds
Median 0.25%

SPBO cheapest of 49 funds

INVG 24th cheapest of 49 funds

INVG vs SPBO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INVG 5.35%, better; SPBO 5.28%
Payout (12M): INVG $1.31; SPBO $1.48
Last payment: INVG $0.08; SPBO $0.12
Ex-dividend: INVG Oct 30, 2026; SPBO Oct 1, 2026
Paid on: INVG Pays Nov 2, 2026; SPBO Oct 6, 2026
Frequency: INVG Monthly; SPBO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

INVGMonthly · 17 paymentsAll INVG payments⁠

SPBOMonthly · 45 paymentsAll SPBO payments⁠

INVG vs SPBO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: INVG 4.7%since Jul 2025SPBO 6.4%
Return per unit of riskSharpe ratio, 3 years: INVG −0.39since Jul 2025SPBO 0.34
Worst fallMax drawdown, 5 years: INVG −4.5%since Jun 2025SPBO −21.7%
Market sensitivityBeta, 5 years: INVG 0.16SPBO 1.11; Market = 1

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