BIV vs. FCBD

Last updated Jun 24, 2026

BIV (Vanguard Intermediate-Term Bond Index ETF) and FCBD (Frontier Asset Core Bond ETF) are both Intermediate Core Bond funds. BIV is passively managed, while FCBD is actively managed. Over the past year, BIV returned 3.84% vs 3.77% for FCBD. Their correlation of 0.93 suggests significant overlap in exposure. BIV charges 0.03%/yr vs 0.90%/yr for FCBD.

Performance

BIV vs. FCBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Bond Index ETF (BIV) and Frontier Asset Core Bond ETF (FCBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIV achieves a -0.13% return, which is significantly lower than FCBD's 0.52% return.

BIV

• 1D: 0.10%
• 1M: 0.53%
• YTD: -0.13%
• 6M: 0.01%
• 1Y: 3.84%
• 3Y*: 4.38%
• 5Y*: 0.22%
• 10Y*: 1.83%

FCBD

• 1D: 0.12%
• 1M: 0.48%
• YTD: 0.52%
• 6M: 0.67%
• 1Y: 3.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BIV vs. FCBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BIV Vanguard Intermediate-Term Bond Index ETF	-0.13%	8.52%	0.34%
FCBD Frontier Asset Core Bond ETF	0.52%	6.29%	-0.02%

Correlation

The correlation between BIV and FCBD is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.93

The correlation between BIV and FCBD has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

BIV vs. FCBD — Risk / Return Rank

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

BIV

BIV Risk / Return Rank: 26
BIV Sharpe Ratio Rank: 28
BIV Sortino Ratio Rank: 27
BIV Omega Ratio Rank: 24
BIV Calmar Ratio Rank: 26
BIV Martin Ratio Rank: 26

FCBD

FCBD Risk / Return Rank: 50
FCBD Sharpe Ratio Rank: 52
FCBD Sortino Ratio Rank: 55
FCBD Omega Ratio Rank: 50
FCBD Calmar Ratio Rank: 51
FCBD Martin Ratio Rank: 44

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.

BIV vs. FCBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Frontier Asset Core Bond ETF (FCBD). 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	FCBD	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.62	-0.66
Sortino ratio: Return per unit of downside risk	1.43	2.42	-0.99
Omega ratio: Gain probability vs. loss probability	1.17	1.29	-0.13
Calmar ratio: Return relative to maximum drawdown	1.22	2.30	-1.09
Martin ratio: Return relative to average drawdown	3.38	6.66	-3.28

BIV vs. FCBD - Sharpe Ratio Comparison

The current BIV Sharpe Ratio is 0.96, which is lower than the FCBD Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of BIV and FCBD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIV vs. FCBD - Drawdown Comparison

The maximum BIV drawdown since its inception was -18.95%, which is greater than FCBD's maximum drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for BIV and FCBD.

Drawdown Indicators

	BIV	FCBD	Difference
Max Drawdown Largest peak-to-trough decline	-18.95%	-1.64%	-17.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-1.64%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-6.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.95%	—	—
Current Drawdown Current decline from peak	-1.93%	-0.69%	-1.24%
Average Drawdown Average peak-to-trough decline	-3.38%	-0.37%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.57%	+0.57%

Volatility

BIV vs. FCBD - Volatility Comparison

Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.23% compared to Frontier Asset Core Bond ETF (FCBD) at 0.75%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than FCBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIV	FCBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.75%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	1.79%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	2.34%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	2.60%	+3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	2.60%	+2.90%

BIV vs. FCBD - Expense Ratio Comparison

BIV has a 0.03% expense ratio, which is lower than FCBD's 0.90% expense ratio.

Dividends

BIV vs. FCBD - Dividend Comparison

BIV's dividend yield for the trailing twelve months is around 4.21%, which matches FCBD's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIV Vanguard Intermediate-Term Bond Index ETF	4.21%	4.01%	3.79%	3.09%	2.41%	3.42%	2.95%	2.75%	2.88%	2.69%	3.01%	3.02%
FCBD Frontier Asset Core Bond ETF	4.22%	4.34%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIV and FCBD in my portfolio?

With a correlation of 0.92, BIV and FCBD 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.

Which is riskier, BIV or FCBD?

BIV has higher volatility (1.23%) compared to FCBD (0.75%). In terms of maximum drawdown, BIV dropped -18.95% vs FCBD's -1.64%.

Which ETF is better, BIV or FCBD?

On 1-year performance, BIV leads with 3.84% vs 3.77% for FCBD. On fees, BIV is cheaper at 0.03% per year. On volatility, FCBD has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIV or FCBD?

Over the 1-year period, BIV has performed better with a 3.84% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIV or FCBD?

BIV is cheaper with a 0.03% expense ratio, compared with 0.90% for FCBD.

Which ETF pays a higher dividend yield, BIV or FCBD?

FCBD has the higher dividend yield at 4.22%, compared with 4.21% for BIV.

What is the main difference between BIV and FCBD?

They also come from different issuers: Vanguard and Frontier. Their fees differ too: 0.03% for BIV and 0.90% for FCBD.

Which has better risk-adjusted returns?

FCBD currently has the higher Sharpe Ratio (1.62 vs 0.96), 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.