Ticker

The State Street SPDR Portfolio Long Term Corp Bd ETF targets investment-grade, long-duration corporate bonds. Duration is an issue for this ETF as the crisis concerns both long-term and short-term YTMs, all going up due to a combination of terminal inflation assumptions and spreads. Our primary note is that the impact on oil logistics could be longer lasting than the war, which itself could be longer lasting than…

LQD comes with higher fees but offers greater assets under management and deeper liquidity. SPLB pays a higher dividend yield, while LQD has delivered stronger one-year and five-year total returns.

SCHQ comes with a slightly lower expense ratio and focuses on long-term U.S. Treasury bonds, while SPLB targets long-term investment-grade corporate bonds. SPLB has delivered a stronger 1-year return and higher dividend yield, and has also shown a smaller maximum drawdown than SCHQ.

SPLB offers a lower expense ratio and a positive return over the last 12 months, while TLT has decreased in price within that span. TLT carries less risk than SPLB because all of the bonds it holds are backed by the U.S. government.

SCHQ charges a slightly lower expense ratio but trails SPLB on yield and one-year returns. SPLB has a higher five-year risk exposure but lost less value during recent drawdowns than SCHQ.