BIV vs. GBF
BIV (Vanguard Intermediate-Term Bond Index ETF) and GBF (iShares Government/Credit Bond ETF) are both Intermediate Core Bond funds - BIV tracks the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index while GBF tracks the Bloomberg U.S. Government/Credit Bond Index. Both are passively managed. Over the past 10 years, BIV returned 1.87%/yr vs 1.45%/yr for GBF. Their correlation of 0.83 suggests significant overlap in exposure. BIV charges 0.03%/yr vs 0.20%/yr for GBF.
Performance
BIV vs. GBF - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.62% return, which is significantly lower than GBF's -0.06% return. Over the past 10 years, BIV has outperformed GBF with an annualized return of 1.87%, while GBF has yielded a comparatively lower 1.45% annualized return.
BIV
- 1D
- -0.51%
- 1M
- -0.91%
- YTD
- -0.62%
- 6M
- -0.48%
- 1Y
- 4.09%
- 3Y*
- 4.15%
- 5Y*
- 0.17%
- 10Y*
- 1.87%
GBF
- 1D
- -0.41%
- 1M
- -0.63%
- YTD
- -0.06%
- 6M
- -0.10%
- 1Y
- 3.77%
- 3Y*
- 3.47%
- 5Y*
- -0.27%
- 10Y*
- 1.45%
BIV vs. GBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.62% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
GBF iShares Government/Credit Bond ETF | -0.06% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | -0.52% | 4.10% |
Correlation
The correlation between BIV and GBF is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.83 |
The correlation between BIV and GBF shifts across timeframes, from 0.83 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIV vs. GBF — Risk / Return Rank
BIV
GBF
BIV vs. GBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and iShares Government/Credit Bond ETF (GBF). 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.
| BIV | GBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.39 | -0.09 |
| Martin ratioReturn relative to average drawdown | 3.86 | 4.07 | -0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIV | GBF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 1.02 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | -0.05 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | 0.28 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.58 | +0.07 |
Drawdowns
BIV vs. GBF - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, roughly equal to the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for BIV and GBF.
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Drawdown Indicators
| BIV | GBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -19.67% | +0.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -2.73% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -5.78% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -18.45% | -0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -19.67% | +0.72% |
Current DrawdownCurrent decline from peak | -2.41% | -5.10% | +2.69% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -3.67% | +0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.93% | +0.13% |
Volatility
BIV vs. GBF - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.37% compared to iShares Government/Credit Bond ETF (GBF) at 1.20%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | GBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.20% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.66% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 3.73% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 5.93% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 5.28% | +0.22% |
BIV vs. GBF - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than GBF's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BIV vs. GBF - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.23%, more than GBF's 3.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.23% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
GBF iShares Government/Credit Bond ETF | 3.80% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
Frequently Asked Questions
With a correlation of 0.97, BIV and GBF 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 (1.37%) compared to GBF (1.20%). In terms of maximum drawdown, BIV dropped -18.95% vs GBF's -19.67%.
On 10-year performance, BIV leads with 1.87% vs 1.45% for GBF. On fees, BIV is cheaper at 0.03% per year. On volatility, GBF has been the lower-risk option at 1.20%. 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 1.87% return vs 1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV is cheaper with a 0.03% expense ratio, compared with 0.20% for GBF.
BIV has the higher dividend yield at 4.23%, compared with 3.80% for GBF.
BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while GBF tracks Bloomberg U.S. Government/Credit Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BIV and 0.20% for GBF.
GBF currently has the higher Sharpe Ratio (1.02 vs 1.01), 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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