BIV vs. IBTO
BIV (Vanguard Intermediate-Term Bond Index ETF) and IBTO (iShares iBonds Dec 2033 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 IBTO tracks the ICE 2033 Maturity US Treasury Index. Both are passively managed. Over the past year, BIV returned 4.33% vs 3.44% for IBTO. With a 0.98 correlation, they move nearly in lockstep. BIV charges 0.03%/yr vs 0.07%/yr for IBTO.
Performance
BIV vs. IBTO - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.11% return, which is significantly higher than IBTO's -0.45% 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%
IBTO
- 1D
- 0.12%
- 1M
- -0.11%
- YTD
- -0.45%
- 6M
- -0.59%
- 1Y
- 3.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIV vs. IBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.11% | 8.52% | 1.57% | 3.78% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | -0.45% | 8.23% | -0.87% | 1.71% |
Correlation
The correlation between BIV and IBTO is 0.98 - 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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023 | 0.98 |
The correlation between BIV and IBTO has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
BIV vs. IBTO — Risk / Return Rank
BIV
IBTO
BIV vs. IBTO - 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 2033 Term Treasury ETF (IBTO). 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 | IBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.13 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 0.94 | +0.43 |
| Martin ratioReturn relative to average drawdown | 4.13 | 2.72 | +1.41 |
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 | IBTO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 0.78 | +0.30 |
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 | 0.44 | +0.21 |
Drawdowns
BIV vs. IBTO - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, which is greater than IBTO's maximum drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for BIV and IBTO.
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Drawdown Indicators
| BIV | IBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -8.36% | -10.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -3.66% | +0.48% |
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 DrawdownCurrent decline from peak | -1.91% | -2.51% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -2.37% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.27% | -0.22% |
Volatility
BIV vs. IBTO - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO) have volatilities of 1.36% and 1.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | IBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.32% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 3.02% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 4.46% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 6.61% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 6.61% | -1.11% |
BIV vs. IBTO - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than IBTO'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. IBTO - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.21%, more than IBTO's 4.15% 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% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 4.15% | 4.05% | 4.23% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, BIV and IBTO 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 IBTO (1.32%). In terms of maximum drawdown, BIV dropped -18.95% vs IBTO's -8.36%.
On 1-year performance, BIV leads with 4.33% vs 3.44% for IBTO. On fees, BIV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BIV has performed better with a 4.33% return vs 3.44%. 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 IBTO.
BIV has the higher dividend yield at 4.21%, compared with 4.15% for IBTO.
BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while IBTO tracks ICE 2033 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 IBTO.
BIV currently has the higher Sharpe Ratio (1.08 vs 0.78), 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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