At a glance
SPIB charges 0.04% a year, below the 0.13% average of the 7 funds most like it (the 3rd cheapest of 8). It has $11.57B in assets, the 8th largest of that group; it paid 4.57% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.0% with distributions reinvested, 6th of those 8 funds; over three years it returned +6.1% a year. At its worst it fell 12.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 2.7% of the fund, out of 5,168 in all.
The short version
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) is a State Street index fund. It holds more than 5,000 investment-grade (higher-quality) corporate bonds that mature in 1 to 10 years and tracks the Bloomberg U.S. Intermediate Corporate Bond Index. Its 0.04% expense ratio is well below the 0.13% average of similar funds. Its 5.6-year average maturity sits between short-term and longer intermediate corporate bond funds. It pays income monthly.
Price history
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SPIB 0.0% 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 | |
|---|---|---|---|---|---|---|
| SPIB official prospectus, to Dec 31, 2025 | — | +7.90% | — | +1.51% | +3.23% | — |
| SPIB price data to Oct 27, 2026 | -0.3% | 0.0% | +6.1% | +1.6% | — | +1.7% |
- Over the year to Oct 27, 2026, SPIB returned 0.0%, 6th of 8 among similar funds.
- Its 5-year annualized return was +1.6%.
- Its worst full calendar year was 2022 (-9.7%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 14.8% (Aug 3, 2021 to Oct 20, 2022), recovered by Sep 4, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.3% | — |
| 2025 | +7.8% | +7.90% |
| 2024 | +4.2% | +4.33% |
| 2023 | +7.3% | +7.25% |
| 2022 | -9.7% | -9.68% |
| 2021 | -1.2% | -1.14% |
| 2020 | — | +7.64% |
| 2019 | — | +10.08% |
| 2018 | — | -0.36% |
| 2017 | — | +3.82% |
| 2016 | — | +4.05% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.1% over that stretch · deepest drop along the way 12.4%, back to its old high 22.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1300 | |
| 2025 | $1.4600 | +2.1% |
| 2024 | $1.4300 | +13.5% |
| 2023 | $1.2600 | +51.8% |
| 2022 | $0.8300 | +43.1% |
| 2021 | $0.5800 |
What's inside
As of Jun 30, 2026, the fund held 5,168 securities; the ten largest made up 2.66% of assets, and 3.85% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| MORGAN STANLEY BANK NA Bonds and notes | 0.54% | |
| SALESFORCE INC Bonds and notes | 0.26% | |
| NATIONAL BANK OF CANADA Bonds and notes | 0.26% | |
| JPMORGAN CHASE & CO Bonds and notes | 0.26% | |
| CHARLES SCHWAB CORP Bonds and notes | 0.24% | |
| GOLDMAN SACHS GROUP INC Bonds and notes | 0.23% | |
| AT&T INC Bonds and notes | 0.23% | |
| MORGAN STANLEY PVT BANK Bonds and notes | 0.22% | |
| ALPHABET INC Bonds and notes | 0.22% | |
| BANK OF MONTREAL Bonds and notes | 0.21% | |
| WELLS FARGO & COMPANY Bonds and notes | 0.21% | |
| CITIGROUP INC Bonds and notes | 0.20% | |
| BANK OF AMERICA CORP Bonds and notes | 0.20% | |
| AMAZON.COM INC Bonds and notes | 0.19% | |
| PFIZER INVESTMENT ENTER Bonds and notes | 0.19% |
By country
United States 82.83%Canada 4.13%United Kingdom 3.78%Japan 2.52%Australia 0.93%By issuer
Companies 94.63%Other 4.21%The bonds mature in 5.6 years on average (weighted by size), with an average coupon of 4.63%.
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 added a net $858.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.47%, +0.37%, +0.13%.
How it works
SPIB aims to track the Bloomberg U.S. Intermediate Corporate Bond Index, which is part of the broader Bloomberg U.S. Corporate Index. The index covers investment-grade bonds, meaning bonds rated as relatively likely to be repaid. The bonds must be fixed-rate, taxable and priced in US dollars, with at least $300 million outstanding and 1 to 10 years left until they mature. Issuers include US and non-US industrial, utility and financial companies. Floating-rate notes, private placements and Eurobonds are left out. The index held 5,646 securities as of July 31, 2026, and it rebalances monthly on the last business day. Bloomberg, which is not affiliated with State Street, picks the holdings and sets their weights.
The fund doesn't have to buy every bond in the index. Its adviser, SSGA Funds Management, uses sampling: it can hold a subset of bonds chosen to match the index's risk and return. It must keep at least 80% of net assets in index securities. As of June 30, 2026, the fund had 5,168 holdings, and the 10 largest made up just 2.66% of assets. The largest was a Morgan Stanley Bank note at 0.54%.
The fund may use credit default swaps, which are contracts tied to the risk that a borrower defaults. It held no derivatives as of June 30, 2026. Bond prices fall when interest rates rise, and bonds with longer maturities react more. At a 5.6-year average maturity, SPIB sits in the middle of that range.
What it really costs
- SPIB charges 0.04% a year, versus an average of 0.13% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPIB | $4 | $13 | $23 | $51 |
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
SPIB pays monthly interest from a broad mix of investment-grade company bonds at a very low cost.
SPIB pays income monthly, and its trailing 12-month yield was 4.57% as of October 27, 2026. Under the SEC's standard example, $10,000 invested would cost about $4 in fees in the first year and $51 over 10 years. Its price record starts in June 2020, so it doesn't show how the fund fared in the 2008 crisis or the March 2020 crash. The prospectus does report a 7.64% gain for calendar 2020. Its worst year was 2022, when it fell 9.68%. From August 2021 to October 2022 it dropped 14.8%, and it took about 22.5 months, until September 2024, to get back to that peak. A retiree who sold shares in 2022 to cover spending would have locked in losses. The fund holds mostly company bonds, with a large share from financial companies, so credit risk matters too. 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 wanting broad investment-grade corporate bond exposure at 0.04% a year, spread across more than 5,000 bonds with no single holding above 0.6%.
- Retirees looking for monthly income; the trailing 12-month yield was 4.57% as of October 27, 2026.
- Those wanting moderate rate risk: a 5.6-year average maturity, between short-term VCSH (3.5 years) and intermediate VCIT (8.2 years).
Look elsewhere if
- Anyone who may need to sell during a rate shock: SPIB lost 9.68% in 2022 and needed about 22.5 months to recover its deepest drop.
- Investors wanting government-backed bonds: SPIB holds company debt with credit risk and a large share in banks such as Morgan Stanley and JPMorgan Chase.
- Investors seeking inflation protection: the index holds only fixed-rate bonds, so their interest payments don't rise with prices.
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 |
|---|---|---|---|---|---|
| SPIB this fund | 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% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| JPST JPMorgan Ultra-Short Income ETF | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
Questions investors ask
Does SPIB pay monthly dividends?
Yes. SPIB pays monthly distributions, which come from the interest its bonds pay. Over the 12 months to October 27, 2026, it paid $1.49 per share, a trailing yield of 4.57%. Payments aren't fixed. The prospectus warns that income can fall when interest rates drop. Companies may call or repay bonds early, and the fund would then have to reinvest the money in bonds paying less interest.
What's the difference between SPIB and VCIT?
The main difference is maturity. SPIB holds corporate bonds maturing in 1 to 10 years, with an average of 5.6 years as of June 30, 2026. Vanguard Intermediate-Term Corporate Bond ETF (VCIT) averaged 8.2 years in its latest holdings report, which makes it more sensitive to interest-rate changes. VCIT charges 0.03% a year against SPIB's 0.04%, and VCIT is far larger. Over one year, SPIB returned 0% through October 27, 2026, while VCIT returned -1.1% through October 29, 2026.
Is SPIB good for retirement income?
It may suit retirees who want monthly income from a broad, low-cost bond fund, but it isn't risk-free. The trailing yield was 4.57% as of October 27, 2026. Its expense ratio is 0.04%, compared with a 0.13% average for similar funds. The price can fall, though. SPIB lost 9.68% in 2022, and its deepest drop, 14.8%, took about 22.5 months to recover. Selling shares during a stretch like that would lock in losses.
Why did SPIB lose money in 2022?
SPIB fell 9.68% in 2022, its worst calendar year in prospectus results covering 2016 through 2025. Bond prices move opposite to interest rates, and rates rose sharply that year. Its worst quarter was January through March 2022, when it fell 5.26%. From its August 2021 peak, the fund dropped 14.8% by October 2022. It didn't get back to that level until September 2024, about 22.5 months later.
Is SPIB a safe investment?
SPIB is generally less volatile than a stock fund, but it isn't guaranteed. It holds investment-grade corporate bonds, which are rated as relatively likely to be repaid. Still, it isn't FDIC-insured, and its price can fall. Its three-year volatility was 3.6% as of October 27, 2026, yet it dropped 14.8% from August 2021 to October 2022. It also carries credit risk, with a large share in financial companies such as Morgan Stanley and JPMorgan Chase.