^IMOEX vs. BIV

Last updated Jun 5, 2026

^IMOEX (MOEX Russia Index) is an index, while BIV (Vanguard Intermediate-Term Bond Index ETF) is Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Over the past 10 years, ^IMOEX returned 3.02%/yr vs 3.13%/yr for BIV. At a correlation of -0.22, they often move in opposite directions.

Performance

^IMOEX vs. BIV - Performance Comparison

The chart below illustrates the hypothetical performance of a RUB 10,000 investment in MOEX Russia Index (^IMOEX) and Vanguard Intermediate-Term Bond Index ETF (BIV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^IMOEX is traded in RUB, while BIV is traded in USD. To make them comparable, the BIV values have been converted to RUB using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^IMOEX achieves a -6.75% return, which is significantly higher than BIV's -7.30% return. Both investments have delivered pretty close results over the past 10 years, with ^IMOEX having a 3.02% annualized return and BIV not far ahead at 3.13%.

^IMOEX

• 1D: -0.82%
• 1M: -2.44%
• YTD: -6.75%
• 6M: -2.91%
• 1Y: -9.05%
• 3Y*: -1.43%
• 5Y*: -7.49%
• 10Y*: 3.02%

BIV

• 1D: -0.41%
• 1M: -2.74%
• YTD: -7.30%
• 6M: -3.51%
• 1Y: -3.37%
• 3Y*: 1.13%
• 5Y*: 0.45%
• 10Y*: 3.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^IMOEX vs. BIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^IMOEX MOEX Russia Index	-6.75%	-4.04%	-6.97%	43.87%	-43.12%	15.15%	7.98%	29.14%	11.79%	-5.51%
BIV Vanguard Intermediate-Term Bond Index ETF	-7.30%	-21.78%	24.74%	30.72%	-16.17%	-0.98%	30.79%	-1.12%	19.83%	-2.92%

Correlation

The correlation between ^IMOEX and BIV is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jun 29, 2007	-0.22

The correlation between ^IMOEX and BIV shifts across timeframes, from -0.22 (all time) to -0.03 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

^IMOEX vs. BIV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^IMOEX

^IMOEX Risk / Return Rank: 2
^IMOEX Sharpe Ratio Rank: 3
^IMOEX Sortino Ratio Rank: 3
^IMOEX Omega Ratio Rank: 3
^IMOEX Calmar Ratio Rank: 2
^IMOEX Martin Ratio Rank: 2

BIV

BIV Risk / Return Rank: 30
BIV Sharpe Ratio Rank: 31
BIV Sortino Ratio Rank: 30
BIV Omega Ratio Rank: 28
BIV Calmar Ratio Rank: 29
BIV Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^IMOEX vs. BIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MOEX Russia Index (^IMOEX) and Vanguard Intermediate-Term Bond Index ETF (BIV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^IMOEX	BIV	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	-0.21	-0.28
Sortino ratio: Return per unit of downside risk	-0.59	-0.18	-0.41
Omega ratio: Gain probability vs. loss probability	0.93	0.98	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.51	-0.18	-0.32
Martin ratio: Return relative to average drawdown	-0.97	-0.46	-0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^IMOEX vs. BIV - Sharpe Ratio Comparison

The current ^IMOEX Sharpe Ratio is -0.49, which is lower than the BIV Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of ^IMOEX and BIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^IMOEX	BIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	-0.21	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.01	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.13	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.46	-0.13

Drawdowns

^IMOEX vs. BIV - Drawdown Comparison

The maximum ^IMOEX drawdown since its inception was -83.89%, which is greater than BIV's maximum drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for ^IMOEX and BIV.

Drawdown Indicators

	^IMOEX	BIV	Difference
Max Drawdown Largest peak-to-trough decline	-83.89%	-65.48%	-18.41%
Max Drawdown (1Y) Largest decline over 1 year	-17.77%	-18.50%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-32.12%	-33.54%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-55.29%	-65.48%	+10.19%
Max Drawdown (10Y) Largest decline over 10 years	-55.29%	-65.48%	+10.19%
Current Drawdown Current decline from peak	-39.83%	-44.44%	+4.61%
Average Drawdown Average peak-to-trough decline	-21.01%	-17.07%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.21%	7.31%	+1.90%

Volatility

^IMOEX vs. BIV - Volatility Comparison

MOEX Russia Index (^IMOEX) has a higher volatility of 4.89% compared to Vanguard Intermediate-Term Bond Index ETF (BIV) at 4.32%. This indicates that ^IMOEX's price experiences larger fluctuations and is considered to be riskier than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^IMOEX	BIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	4.32%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	8.84%	11.37%	-2.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	16.02%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.78%	31.10%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	24.31%	-0.66%

Frequently Asked Questions

Can I hold both ^IMOEX and BIV in my portfolio?

^IMOEX and BIV have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^IMOEX or BIV?

^IMOEX has higher volatility (4.89%) compared to BIV (4.32%). In terms of maximum drawdown, ^IMOEX dropped -83.89% vs BIV's -65.48%.

Which has better risk-adjusted returns?

BIV currently has the higher Sharpe Ratio (-0.21 vs -0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.