BIV vs. SCHR

Last updated Jun 9, 2026

BIV (Vanguard Intermediate-Term Bond Index ETF) and SCHR (Schwab Intermediate-Term U.S. Treasury 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 SCHR is a Government Bonds fund tracking the Bloomberg US Treasury 3-10 Year Index. Both are passively managed. Over the past 10 years, BIV returned 1.83%/yr vs 1.15%/yr for SCHR. Their correlation of 0.93 suggests significant overlap in exposure. BIV charges 0.03%/yr vs 0.05%/yr for SCHR.

Performance

BIV vs. SCHR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Bond Index ETF (BIV) and Schwab Intermediate-Term U.S. Treasury ETF (SCHR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIV achieves a -0.67% return, which is significantly higher than SCHR's -0.76% return. Over the past 10 years, BIV has outperformed SCHR with an annualized return of 1.83%, while SCHR has yielded a comparatively lower 1.15% annualized return.

BIV

• 1D: -0.05%
• 1M: -0.94%
• YTD: -0.67%
• 6M: -0.33%
• 1Y: 4.70%
• 3Y*: 4.27%
• 5Y*: 0.08%
• 10Y*: 1.83%

SCHR

• 1D: -0.04%
• 1M: -0.88%
• YTD: -0.76%
• 6M: -0.40%
• 1Y: 3.59%
• 3Y*: 3.39%
• 5Y*: -0.07%
• 10Y*: 1.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIV vs. SCHR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIV Vanguard Intermediate-Term Bond Index ETF	-0.67%	8.52%	1.57%	6.07%	-13.21%	-2.40%	9.67%	10.34%	-0.19%	3.65%
SCHR Schwab Intermediate-Term U.S. Treasury ETF	-0.76%	7.33%	1.42%	4.27%	-10.58%	-2.62%	7.72%	6.18%	1.46%	1.59%

Correlation

The correlation between BIV and SCHR is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 6, 2010	0.93

The correlation between BIV and SCHR has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

BIV vs. SCHR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIV

BIV Risk / Return Rank: 34
BIV Sharpe Ratio Rank: 36
BIV Sortino Ratio Rank: 37
BIV Omega Ratio Rank: 33
BIV Calmar Ratio Rank: 33
BIV Martin Ratio Rank: 32

SCHR

SCHR Risk / Return Rank: 31
SCHR Sharpe Ratio Rank: 32
SCHR Sortino Ratio Rank: 33
SCHR Omega Ratio Rank: 30
SCHR Calmar Ratio Rank: 29
SCHR Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIV vs. SCHR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Schwab Intermediate-Term U.S. Treasury ETF (SCHR). 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	SCHR	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.07	+0.11
Sortino ratio: Return per unit of downside risk	1.76	1.63	+0.13
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.49	1.29	+0.20
Martin ratio: Return relative to average drawdown	4.40	3.75	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIV vs. SCHR - Sharpe Ratio Comparison

The current BIV Sharpe Ratio is 1.18, which is comparable to the SCHR Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of BIV and SCHR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIV	SCHR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.07	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.01	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.26	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.44	+0.20

Drawdowns

BIV vs. SCHR - Drawdown Comparison

The maximum BIV drawdown since its inception was -18.95%, which is greater than SCHR's maximum drawdown of -16.11%. Use the drawdown chart below to compare losses from any high point for BIV and SCHR.

Drawdown Indicators

	BIV	SCHR	Difference
Max Drawdown Largest peak-to-trough decline	-18.95%	-16.11%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-2.79%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-6.07%	-4.35%	-1.72%
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	-15.07%	-3.67%
Max Drawdown (10Y) Largest decline over 10 years	-18.95%	-16.11%	-2.84%
Current Drawdown Current decline from peak	-2.46%	-2.69%	+0.23%
Average Drawdown Average peak-to-trough decline	-3.39%	-3.64%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.96%	+0.11%

Volatility

BIV vs. SCHR - Volatility Comparison

Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.35% compared to Schwab Intermediate-Term U.S. Treasury ETF (SCHR) at 1.04%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than SCHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIV	SCHR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.04%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.36%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	3.36%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.40%	5.38%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	4.47%	+1.04%

BIV vs. SCHR - Expense Ratio Comparison

BIV has a 0.03% expense ratio, which is lower than SCHR's 0.05% 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. SCHR - Dividend Comparison

BIV's dividend yield for the trailing twelve months is around 4.24%, more than SCHR's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIV Vanguard Intermediate-Term Bond Index ETF	4.24%	4.01%	3.79%	3.09%	2.41%	3.42%	2.95%	2.75%	2.88%	2.69%	3.01%	3.02%
SCHR Schwab Intermediate-Term U.S. Treasury ETF	3.93%	3.85%	3.77%	3.16%	2.02%	1.00%	1.62%	2.31%	2.11%	1.65%	1.45%	1.56%

Frequently Asked Questions

Can I hold both BIV and SCHR in my portfolio?

With a correlation of 0.96, BIV and SCHR 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.

Which is riskier, BIV or SCHR?

BIV has higher volatility (1.35%) compared to SCHR (1.04%). In terms of maximum drawdown, BIV dropped -18.95% vs SCHR's -16.11%.

Which ETF is better, BIV or SCHR?

On 10-year performance, BIV leads with 1.83% vs 1.15% for SCHR. On fees, BIV is cheaper at 0.03% per year. On volatility, SCHR has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIV or SCHR?

Over the 10-year period, BIV has performed better with a 1.83% return vs 1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIV or SCHR?

BIV is cheaper with a 0.03% expense ratio, compared with 0.05% for SCHR.

Which ETF pays a higher dividend yield, BIV or SCHR?

BIV has the higher dividend yield at 4.24%, compared with 3.93% for SCHR.

What is the main difference between BIV and SCHR?

BIV is categorized as Intermediate Core Bond, while SCHR is Government Bonds. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while SCHR tracks Bloomberg US Treasury 3-10 Year Index. They also come from different issuers: Vanguard and Charles Schwab. Their fees differ too: 0.03% for BIV and 0.05% for SCHR.

Which has better risk-adjusted returns?

BIV currently has the higher Sharpe Ratio (1.18 vs 1.07), 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.