BIV vs. IBTM
BIV (Vanguard Intermediate-Term Bond Index ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds - BIV tracks the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index while IBTM tracks the ICE 2032 Maturity US Treasury Index. Both are passively managed. Over the past 3 years, BIV returned 4.34%/yr vs 2.74%/yr for IBTM. With a 0.97 correlation, they move nearly in lockstep. BIV charges 0.03%/yr vs 0.07%/yr for IBTM.
Performance
BIV vs. IBTM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BIV achieves a -0.11% return, which is significantly higher than IBTM's -0.36% return.
BIV
- 1D
- 0.13%
- 1M
- 0.04%
- YTD
- -0.11%
- 6M
- -0.10%
- 1Y
- 4.33%
- 3Y*
- 4.34%
- 5Y*
- 0.28%
- 10Y*
- 1.93%
IBTM
- 1D
- 0.13%
- 1M
- -0.11%
- YTD
- -0.36%
- 6M
- -0.38%
- 1Y
- 3.43%
- 3Y*
- 2.74%
- 5Y*
- —
- 10Y*
- —
BIV vs. IBTM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.11% | 8.52% | 1.57% | 6.07% | -2.73% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | -0.36% | 8.06% | -0.14% | 3.48% | -4.63% |
Correlation
The correlation between BIV and IBTM 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 (All Time) Calculated using the full available price history since Jul 11, 2022 | 0.97 |
The correlation between BIV and IBTM has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BIV vs. IBTM — Risk / Return Rank
BIV
IBTM
BIV vs. IBTM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). 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 | IBTM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.15 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.05 | +0.32 |
| Martin ratioReturn relative to average drawdown | 4.13 | 3.04 | +1.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BIV | IBTM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 0.85 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.20 | +0.44 |
Drawdowns
BIV vs. IBTM - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, which is greater than IBTM's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for BIV and IBTM.
Loading charts...
Drawdown Indicators
| BIV | IBTM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -13.60% | -5.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -3.26% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -7.86% | +1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | — | — |
Current DrawdownCurrent decline from peak | -1.91% | -2.25% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -4.82% | +1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.13% | -0.08% |
Volatility
BIV vs. IBTM - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.36% compared to iShares iBonds Dec 2032 Term Treasury ETF (IBTM) at 1.20%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than IBTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BIV | IBTM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.20% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 2.75% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 4.09% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 7.55% | -1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 7.55% | -2.05% |
BIV vs. IBTM - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than IBTM's 0.07% 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. IBTM - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.21%, more than IBTM's 3.95% 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% |
IBTM iShares iBonds Dec 2032 Term Treasury ETF | 3.95% | 3.87% | 3.96% | 3.39% | 1.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, BIV and IBTM 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 (1.36%) compared to IBTM (1.20%). In terms of maximum drawdown, BIV dropped -18.95% vs IBTM's -13.60%.
On 3-year performance, BIV leads with 4.34% vs 2.74% for IBTM. On fees, BIV is cheaper at 0.03% per year. On volatility, IBTM 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 3-year period, BIV has performed better with a 4.34% return vs 2.74%. 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 0.07% for IBTM.
BIV has the higher dividend yield at 4.21%, compared with 3.95% for IBTM.
BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while IBTM tracks ICE 2032 Maturity US Treasury Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BIV and 0.07% for IBTM.
BIV currently has the higher Sharpe Ratio (1.08 vs 0.85), 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.
Find the right allocation for BIV and IBTM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer