At a glance
IBND charges 0.5% a year, above the 0.17% average of the 7 funds most like it (the 7th cheapest of 8). It has $461.6M in assets, the 7th largest of that group; it paid 2.96% of its price in distributions over the past 12 months, monthly. Over the past year it returned −6.0% with distributions reinvested, the weakest of those 8 funds; over three years it returned +5.2% a year. At its worst it fell 16.0% in the 2020 crash (S&P 500: 33.7%) and 29.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 33 months after the lows. Its ten largest positions make up 2.6% of the fund, out of 947 in all.
The short version
SPDR Bloomberg International Corporate Bond ETF (IBND) is a State Street index fund that holds investment-grade corporate bonds from outside the US dollar bond market. It tracks the Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index. Its bonds are priced in foreign currencies, so exchange rates move its returns along with interest rates. Its 0.50% expense ratio matches Invesco's PICB but is well above the 0.17% average for similar funds.
Price history
The interactive chart needs JavaScript.
IBND -6.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IBND official prospectus, to Dec 31, 2025 | — | +15.78% | — | -1.65% | +1.45% | — |
| IBND price data to Oct 27, 2026 | -6.5% | -6.0% | +5.2% | -1.6% | +0.5% | +1.1% |
- Over the year to Oct 27, 2026, IBND returned -6.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was -1.6% and its 10-year +0.5%.
- In the 2020 COVID crash it fell 16% and regained its old high 3.9 months after the low.
- Its worst full calendar year was 2022 (-19.4%); its best was 2025 (+16.2%).
- The deepest fall in its price history was 35.6% (Dec 30, 2020 to Sep 27, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.5% | — |
| 2025 | +16.2% | +15.78% |
| 2024 | -2.8% | -2.54% |
| 2023 | +10.4% | +11.13% |
| 2022 | -19.4% | -19.86% |
| 2021 | -8.4% | -8.41% |
| 2020 | +11.4% | +11.69% |
| 2019 | +4.4% | +4.55% |
| 2018 | -6.2% | -6.39% |
| 2017 | +14.8% | +14.77% |
| 2016 | +0.3% | -0.01% |
| 2015 | -10.4% | — |
| 2014 | -4.7% | — |
| 2013 | +4.9% | — |
| 2012 | +13.7% | — |
| 2011 | -0.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.6% over that stretch · deepest drop along the way 16%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.2% over that stretch · deepest drop along the way 29.4%, back to its old high 33.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6500 | |
| 2025 | $0.8100 | +9.5% |
| 2024 | $0.7400 | +15.6% |
| 2023 | $0.6400 | +300.0% |
| 2022 | $0.1600 | +32.2% |
| 2021 | $0.1210 | -21.4% |
| 2020 | $0.1539 | -32.4% |
| 2019 | $0.2278 | -2.5% |
| 2018 | $0.2337 | +93.5% |
| 2017 | $0.1208 | +3796.8% |
| 2016 | $0.0031 | +72.2% |
| 2015 | $0.0018 | -99.7% |
| 2014 | $0.5707 | +25.5% |
| 2013 | $0.4548 | +6.5% |
| 2012 | $0.4270 | -43.7% |
| 2011 | $0.7578 |
What's inside
As of Jun 30, 2026, the fund held 947 securities; the ten largest made up 2.65% of assets.
| Holding | Weight | |
|---|---|---|
| ANHEUSER-BUSCH INBEV SA/ Bonds and notes | 0.32% | |
| JPMorgan Chase & Co. Bonds and notes | 0.28% | |
| AMAZON.COM INC Bonds and notes | 0.27% | |
| AMAZON.COM INC Bonds and notes | 0.27% | |
| BANCO SANTANDER SA Bonds and notes | 0.26% | |
| UBS GROUP AG Bonds and notes | 0.25% | |
| BANCO SANTANDER SA Bonds and notes | 0.25% | |
| NTT FINANCE CORP Bonds and notes | 0.25% | |
| MORGAN STANLEY Bonds and notes | 0.25% | |
| ANHEUSER-BUSCH INBEV SA/ Bonds and notes | 0.24% | |
| MORGAN STANLEY Bonds and notes | 0.23% | |
| ALPHABET INC Bonds and notes | 0.23% | |
| CREDIT AGRICOLE SA Bonds and notes | 0.23% | |
| ORANGE SA Bonds and notes | 0.23% | |
| AMAZON.COM INC Bonds and notes | 0.22% |
By country
United States 24.17%France 20.67%Netherlands 13.24%United Kingdom 9.84%Spain 5.34%By issuer
Companies 98.28%Other 0.22%The bonds mature in 6.1 years on average (weighted by size), with an average coupon of 3.02%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $7.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.76%, +0.41%, -1.62%.
How it works
The fund tracks the Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index. Bloomberg Index Services, which is not affiliated with State Street, runs the index. To qualify, a bond must pay a fixed rate, have at least $1 billion (US dollar equivalent) outstanding and at least one year left to maturity. It must also be rated investment grade (BBB- or Baa3 or better, the higher tiers of credit quality) by the middle rating of Moody's, S&P and Fitch. The index leaves out subordinated debt, convertibles, floating-rate notes, perpetual bonds and inflation-linked bonds. Bonds are weighted by market value, and the index is updated on the last business day of each month.
The adviser, SSGA Funds Management, uses sampling. That means it holds a subset of index bonds with similar risk and return, and keeps at least 80% of assets in index bonds or close equivalents. As of June 30, 2026, the fund held 947 issues, and the top 10 made up only 2.65% of assets. The largest were bonds from Anheuser-Busch InBev (0.32%), JPMorgan Chase (0.28%) and Amazon (0.27%). By country, the US was 24%, France 21%, the Netherlands 13% and the UK 10%.
The fund may use forward currency contracts, swaps and futures, but it held no derivatives as of June 30, 2026. So a stronger dollar lowers its value and a weaker dollar raises it. Average maturity was 6.1 years. Bond prices fall when interest rates rise.
What it really costs
- IBND charges 0.5% a year, versus an average of 0.17% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IBND | $51 | $160 | $280 | $628 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It adds non-US corporate bonds and foreign-currency exposure that a US-dollar bond fund lacks, but with more swings than a typical high-quality bond fund.
IBND could add bonds from European and other non-US companies, plus foreign currencies, to a portfolio built mostly on US-dollar assets. That diversification cuts both ways. In the 2022 bear market, the fund fell 29.4% between January 13 and September 27, 2022, and it took about 33 months to get back to that level. Its 2022 calendar-year return was -19.86%. Its deepest drop, 35.6% from December 2020 to September 2022, had still not been fully recovered as of October 27, 2026. In the 2020 COVID crash it fell 16% in under two weeks but recovered in about four months. It launched in 2010, so it has no 2008 record. Anyone who had to withdraw money in 2022 would have locked in large losses. The yield was 2.96% as of October 27, 2026, paid monthly. Costs come to about $628 over 10 years on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want investment-grade bonds from companies like Anheuser-Busch InBev, Banco Santander and UBS, spread across 947 issues as of June 30, 2026.
- People who deliberately want foreign-currency exposure, since the fund held no currency hedges as of June 30, 2026.
- Income seekers who want monthly payouts and accept a 2.96% yield (as of October 27, 2026) along with currency swings.
Look elsewhere if
- Cost-conscious investors: the 0.50% expense ratio compares with 0.04% for SPIB and 0.03% for VCIT, both US corporate bond funds.
- Retirees who need steady bond values; the fund fell 19.86% in 2022 and had not fully recovered its 35.6% drop by October 2026.
- Anyone wanting a pure non-US fund; US companies like Amazon, JPMorgan and Morgan Stanley made up about 24% of assets as of June 30, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IBND this fund | 6.1 yrs | 0.5% | $461.6M | -6.0% | +5.2% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| PICB Invesco International Corporate Bond ETF | 7.1 yrs | 0.5% | $358.8M | -3.9% | +5.7% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
Questions investors ask
Is IBND currency hedged?
No, not as a rule. IBND holds corporate bonds priced in currencies other than the US dollar, and it held no derivatives as of June 30, 2026, so its currency exposure was unhedged. When the dollar strengthens, the fund's value in dollars tends to fall, and when the dollar weakens, it tends to rise. The prospectus allows forward currency contracts for hedging or investment, but currency swings are a core part of what holders own.
Does IBND pay monthly dividends?
Yes. IBND pays income monthly. Over the 12 months to October 27, 2026, it paid about $0.87 per share, a trailing yield of 2.96%. The average coupon on its bonds was 3.02% as of June 30, 2026. Because the bonds pay interest in foreign currencies, the dollar value of payouts can rise or fall with exchange rates, and income may also drop if interest rates fall.
What's the difference between IBND and PICB?
Both hold investment-grade corporate bonds from outside the US dollar market, and both charge 0.50% a year. Invesco's PICB had a longer average maturity, 7.1 years versus IBND's 6.1, which makes it somewhat more sensitive to interest rates. As of October 27, 2026, PICB returned -3.9% over one year versus IBND's -6%, and about 5.7% a year over three years versus 5.2%. IBND is the larger of the two, at about $462 million in net assets.
Why does an international bond ETF hold Amazon and JPMorgan bonds?
The index covers the corporate bond market outside the US dollar, so it includes bonds that US companies issue in other currencies. Amazon, JPMorgan Chase, Morgan Stanley and Alphabet were among the largest holdings as of June 30, 2026, and US companies made up about 24% of assets. These bonds still carry foreign-currency risk. Investors who want to avoid US companies entirely may notice this overlap with their domestic holdings.
How has IBND performed over 10 years?
Weakly. As of December 31, 2025, IBND returned an average of 1.45% a year over 10 years and -1.65% a year over five years, according to its prospectus. Results swung widely: -19.86% in 2022, then 15.78% in 2025. As of October 27, 2026, it was down 6.5% year to date and ranked last among eight similar funds on one-year and three-year returns. A stronger dollar and rising rates both hurt it in that period.