BIV vs. ISHG
BIV (Vanguard Intermediate-Term Bond Index ETF) and ISHG (iShares 1-3 Year International Treasury Bond 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 ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, BIV returned 1.89%/yr vs -0.14%/yr for ISHG. At a 0.24 correlation, their price movements are largely independent. BIV charges 0.03%/yr vs 0.35%/yr for ISHG.
Performance
BIV vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.06% return, which is significantly higher than ISHG's -0.18% return. Over the past 10 years, BIV has outperformed ISHG with an annualized return of 1.89%, while ISHG has yielded a comparatively lower -0.14% annualized return.
BIV
- 1D
- -0.13%
- 1M
- 0.92%
- YTD
- -0.06%
- 6M
- 0.31%
- 1Y
- 4.61%
- 3Y*
- 4.62%
- 5Y*
- 0.16%
- 10Y*
- 1.89%
ISHG
- 1D
- 0.06%
- 1M
- -0.07%
- YTD
- -0.18%
- 6M
- 0.19%
- 1Y
- 1.37%
- 3Y*
- 4.08%
- 5Y*
- -1.07%
- 10Y*
- -0.14%
BIV vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.06% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.18% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between BIV and ISHG is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.24 |
Over the past year, BIV and ISHG have become more correlated (0.56) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
BIV vs. ISHG — Risk / Return Rank
BIV
ISHG
BIV vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.03 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 0.20 | +1.16 |
| Martin ratioReturn relative to average drawdown | 3.90 | 0.49 | +3.42 |
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Drawdowns
BIV vs. ISHG - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum ISHG drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for BIV and ISHG.
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Drawdown Indicators
| BIV | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -37.24% | +18.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -5.02% | +1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -8.21% | +2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -22.91% | +4.17% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -25.56% | +6.61% |
Current DrawdownCurrent decline from peak | -1.86% | -22.37% | +20.51% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -18.44% | +15.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 2.05% | -0.95% |
Volatility
BIV vs. ISHG - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.45%, while iShares 1-3 Year International Treasury Bond ETF (ISHG) has a volatility of 1.67%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.67% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 4.76% | -1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 6.51% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.41% | 7.58% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.51% | 6.94% | -1.43% |
BIV vs. ISHG - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than ISHG's 0.35% expense ratio.
Dividends
BIV vs. ISHG - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.21%, more than ISHG's 1.45% 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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
BIV and ISHG have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISHG has higher volatility (1.67%) compared to BIV (1.45%). In terms of maximum drawdown, BIV dropped -18.95% vs ISHG's -37.24%.
On 10-year performance, BIV leads with 1.89% vs -0.14% for ISHG. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.45%. 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 1.89% return vs -0.14%. 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 0.35% for ISHG.
BIV has the higher dividend yield at 4.21%, compared with 1.45% for ISHG.
BIV is categorized as Intermediate Core Bond, while ISHG is International Government Bonds. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BIV and 0.35% for ISHG.
BIV currently has the higher Sharpe Ratio (1.07 vs 0.15), 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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