BIV vs. BLV
BIV (Vanguard Intermediate-Term Bond Index ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, BIV returned 1.82%/yr vs 0.91%/yr for BLV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
BIV vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.24% return, which is significantly lower than BLV's 0.81% return. Over the past 10 years, BIV has outperformed BLV with an annualized return of 1.82%, while BLV has yielded a comparatively lower 0.91% annualized return.
BIV
- 1D
- -0.25%
- 1M
- 0.42%
- YTD
- -0.24%
- 6M
- -0.15%
- 1Y
- 4.06%
- 3Y*
- 4.34%
- 5Y*
- 0.21%
- 10Y*
- 1.82%
BLV
- 1D
- -0.55%
- 1M
- 1.61%
- YTD
- 0.81%
- 6M
- 0.84%
- 1Y
- 5.47%
- 3Y*
- 1.85%
- 5Y*
- -3.65%
- 10Y*
- 0.91%
BIV vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
BLV Vanguard Long-Term Bond ETF | 0.81% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
Correlation
The correlation between BIV and BLV is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.86 |
The correlation between BIV and BLV has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
BIV vs. BLV — Risk / Return Rank
BIV
BLV
BIV vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Vanguard Long-Term Bond ETF (BLV). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BIV | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.12 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 0.96 | +0.32 |
| Martin ratioReturn relative to average drawdown | 3.59 | 2.34 | +1.25 |
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Drawdowns
BIV vs. BLV - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum BLV drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for BIV and BLV.
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Drawdown Indicators
| BIV | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -38.29% | +19.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -5.73% | +2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -15.16% | +9.09% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -36.27% | +17.53% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -38.29% | +19.34% |
Current DrawdownCurrent decline from peak | -2.04% | -23.74% | +21.70% |
Average DrawdownAverage peak-to-trough decline | -3.38% | -9.55% | +6.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 2.34% | -1.21% |
Volatility
BIV vs. BLV - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.22%, while Vanguard Long-Term Bond ETF (BLV) has a volatility of 1.97%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.97% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 5.76% | -2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 7.98% | -3.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 12.93% | -6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.51% | 11.99% | -6.48% |
BIV vs. BLV - Expense Ratio Comparison
Both BIV and BLV have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BIV vs. BLV - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.22%, less than BLV's 4.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.22% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
BLV Vanguard Long-Term Bond ETF | 4.78% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
Frequently Asked Questions
With a correlation of 0.91, BIV and BLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BLV has higher volatility (1.97%) compared to BIV (1.22%). In terms of maximum drawdown, BIV dropped -18.95% vs BLV's -38.29%.
On 10-year performance, BIV leads with 1.82% vs 0.91% for BLV. Both ETFs have the same 0.03% expense ratio. On volatility, BIV has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIV has performed better with a 1.82% return vs 0.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV and BLV have the same expense ratio: 0.03% per year.
BLV has the higher dividend yield at 4.78%, compared with 4.22% for BIV.
BIV is categorized as Intermediate Core Bond, while BLV is Long-Term Bond. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index.
BIV currently has the higher Sharpe Ratio (1.01 vs 0.69), 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.
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