BIV vs. IWP
BIV (Vanguard Intermediate-Term Bond Index ETF) and IWP (iShares Russell Mid-Cap Growth 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 IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index. Both are passively managed. Over the past 10 years, BIV returned 1.75%/yr vs 11.64%/yr for IWP. At a correlation of -0.12, they often move in opposite directions. BIV charges 0.03%/yr vs 0.23%/yr for IWP.
Performance
BIV vs. IWP - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.40% return, which is significantly lower than IWP's 0.63% return. Over the past 10 years, BIV has underperformed IWP with an annualized return of 1.75%, while IWP has yielded a comparatively higher 11.64% annualized return.
BIV
- 1D
- -0.26%
- 1M
- -0.41%
- 6M
- -0.26%
- YTD
- -0.40%
- 1Y
- 3.43%
- 3Y*
- 4.27%
- 5Y*
- -0.08%
- 10Y*
- 1.75%
- ALL TIME*
- 3.79%
IWP
- 1D
- 0.00%
- 1M
- -3.07%
- 6M
- -2.52%
- YTD
- 0.63%
- 1Y
- -1.82%
- 3Y*
- 12.07%
- 5Y*
- 4.51%
- 10Y*
- 11.64%
- ALL TIME*
- 9.13%
BIV vs. IWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.40% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
IWP iShares Russell Mid-Cap Growth ETF | 0.63% | 8.45% | 21.86% | 25.70% | -26.90% | 12.60% | 35.25% | 35.04% | -4.89% | 24.93% |
Correlation
The correlation between BIV and IWP is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | -0.12 |
The correlation between BIV and IWP shifts across timeframes, from -0.12 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BIV vs. IWP — Risk / Return Rank
BIV
IWP
BIV vs. IWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and iShares Russell Mid-Cap Growth ETF (IWP). 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 | IWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.00 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | -0.12 | +1.21 |
| Martin ratioReturn relative to average drawdown | 2.80 | -0.35 | +3.15 |
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Drawdowns
BIV vs. IWP - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum IWP drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for BIV and IWP.
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Drawdown Indicators
| BIV | IWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -56.92% | +37.97% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -14.79% | +11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.55% | -25.20% | +19.65% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -38.62% | +19.88% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -38.62% | +19.67% |
Current DrawdownCurrent decline from peak | -2.20% | -6.02% | +3.82% |
Average DrawdownAverage peak-to-trough decline | -3.38% | -9.65% | +6.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 5.19% | -3.96% |
Volatility
BIV vs. IWP - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.18%, while iShares Russell Mid-Cap Growth ETF (IWP) has a volatility of 5.06%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than IWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | IWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 5.06% | -3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 13.78% | -10.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 17.32% | -13.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.41% | 22.44% | -16.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 21.69% | -16.19% |
BIV vs. IWP - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than IWP's 0.23% 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. IWP - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.26%, more than IWP's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.26% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
IWP iShares Russell Mid-Cap Growth ETF | 0.36% | 0.37% | 0.40% | 0.54% | 0.77% | 0.30% | 0.38% | 0.59% | 1.02% | 0.78% | 1.16% | 0.98% |
Frequently Asked Questions
BIV and IWP have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWP has higher volatility (5.06%) compared to BIV (1.18%). In terms of maximum drawdown, BIV dropped -18.95% vs IWP's -56.92%.
On 10-year performance, IWP leads with 11.64% vs 1.75% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWP has performed better with a 11.64% return vs 1.75%. 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 0.23% for IWP.
BIV has the higher dividend yield at 4.26%, compared with 0.36% for IWP.
BIV is categorized as Intermediate Core Bond, while IWP is Mid Cap Growth Equities. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while IWP tracks Russell Midcap Growth Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BIV and 0.23% for IWP.
BIV currently has the higher Sharpe Ratio (0.85 vs -0.11), 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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