BIV vs. BND
BIV (Vanguard Intermediate-Term Bond Index ETF) and BND (Vanguard Total Bond Market 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 BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, BIV returned 1.66%/yr vs 1.36%/yr for BND. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
BIV vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.93% return, which is significantly lower than BND's -0.54% return. Over the past 10 years, BIV has outperformed BND with an annualized return of 1.66%, while BND has yielded a comparatively lower 1.36% annualized return.
BIV
- 1D
- -0.20%
- 1M
- -1.16%
- 6M
- -0.92%
- YTD
- -0.93%
- 1Y
- 1.39%
- 3Y*
- 4.39%
- 5Y*
- -0.27%
- 10Y*
- 1.66%
- ALL TIME*
- 3.76%
BND
- 1D
- -0.26%
- 1M
- -1.20%
- 6M
- -0.75%
- YTD
- -0.54%
- 1Y
- 1.75%
- 3Y*
- 3.92%
- 5Y*
- -0.42%
- 10Y*
- 1.36%
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $97.77M | $127.86M | $122.72M | |
| $451.00M | $507.49M | $592.68M |
BIV vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.93% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
BND Vanguard Total Bond Market ETF | -0.54% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between BIV and BND is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.91 |
The correlation between BIV and BND has been stable across timeframes, ranging from 0.91 to 0.99 - a consistent structural relationship.
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Return for Risk
BIV vs. BND — Risk / Return Rank
BIV
BND
BIV vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.12 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.99 | -0.22 |
| Martin ratioReturn relative to average drawdown | 1.84 | 2.48 | -0.64 |
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Drawdowns
BIV vs. BND - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for BIV and BND.
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Drawdown Indicators
| BIV | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -18.58% | -0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -2.68% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -4.81% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.68% | -17.91% | -0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -18.58% | -0.37% |
Current DrawdownCurrent decline from peak | -2.71% | -3.15% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -3.38% | -3.06% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 1.07% | +0.25% |
Volatility
BIV vs. BND - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.07% compared to Vanguard Total Bond Market ETF (BND) at 0.98%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.98% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 2.90% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 3.70% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 6.03% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 5.53% | -0.03% |
BIV vs. BND - Expense Ratio Comparison
Both BIV and BND 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. BND - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.29%, more than BND's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 3.93% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
BND Vanguard Total Bond Market ETF | 3.69% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Frequently Asked Questions
With a correlation of 0.98, BIV and BND 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.
BIV has higher volatility (1.07%) compared to BND (0.98%). In terms of maximum drawdown, BIV dropped -18.95% vs BND's -18.58%.
On 10-year performance, BIV leads with 1.66% vs 1.36% for BND. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. 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 1.66% return vs 1.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV and BND have the same expense ratio: 0.03% per year.
BIV has the higher dividend yield at 3.93%, compared with 3.69% for BND.
BIV is categorized as Intermediate Core Bond, while BND is Total Bond Market. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index.
BND currently has the higher Sharpe Ratio (0.72 vs 0.61), 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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