BIV vs. VBIMX
BIV (Vanguard Intermediate-Term Bond Index ETF) and VBIMX (Vanguard Intermediate-Term Bond Index Fund Institutional Shares) are both funds - BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while VBIMX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, BIV returned 1.83%/yr vs 1.79%/yr for VBIMX. Their correlation of 0.92 suggests significant overlap in exposure. BIV charges 0.03%/yr vs 0.05%/yr for VBIMX.
Performance
BIV vs. VBIMX - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.13% return, which is significantly higher than VBIMX's -0.52% return. Both investments have delivered pretty close results over the past 10 years, with BIV having a 1.83% annualized return and VBIMX not far behind at 1.79%.
BIV
- 1D
- 0.10%
- 1M
- 0.53%
- YTD
- -0.13%
- 6M
- 0.01%
- 1Y
- 3.84%
- 3Y*
- 4.38%
- 5Y*
- 0.22%
- 10Y*
- 1.83%
VBIMX
- 1D
- -0.29%
- 1M
- 0.47%
- YTD
- -0.52%
- 6M
- -0.07%
- 1Y
- 3.78%
- 3Y*
- 4.25%
- 5Y*
- 0.12%
- 10Y*
- 1.79%
BIV vs. VBIMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.13% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
VBIMX Vanguard Intermediate-Term Bond Index Fund Institutional Shares | -0.52% | 8.59% | 1.55% | 5.78% | -13.25% | -2.50% | 9.83% | 10.22% | -0.13% | 3.89% |
Correlation
The correlation between BIV and VBIMX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | 0.92 |
The correlation between BIV and VBIMX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
BIV vs. VBIMX — Risk / Return Rank
BIV
VBIMX
BIV vs. VBIMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Vanguard Intermediate-Term Bond Index Fund Institutional Shares (VBIMX). 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 | VBIMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 1.20 | +0.02 |
| Martin ratioReturn relative to average drawdown | 3.38 | 3.33 | +0.05 |
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Drawdowns
BIV vs. VBIMX - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, roughly equal to the maximum VBIMX drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for BIV and VBIMX.
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Drawdown Indicators
| BIV | VBIMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -19.07% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -3.42% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -6.05% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -18.84% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -19.07% | +0.12% |
Current DrawdownCurrent decline from peak | -1.93% | -2.30% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -3.38% | -3.32% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.23% | -0.09% |
Volatility
BIV vs. VBIMX - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.23%, while Vanguard Intermediate-Term Bond Index Fund Institutional Shares (VBIMX) has a volatility of 1.33%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than VBIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | VBIMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.33% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 3.13% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 4.16% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 6.39% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 5.39% | +0.11% |
BIV vs. VBIMX - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than VBIMX'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. VBIMX - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.21%, which matches VBIMX's 4.25% 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% |
VBIMX Vanguard Intermediate-Term Bond Index Fund Institutional Shares | 4.25% | 4.03% | 3.82% | 2.82% | 2.41% | 3.23% | 2.95% | 2.75% | 2.89% | 2.76% | 3.08% | 3.12% |
Frequently Asked Questions
With a correlation of 0.94, BIV and VBIMX 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.
VBIMX has higher volatility (1.33%) compared to BIV (1.23%). In terms of maximum drawdown, BIV dropped -18.95% vs VBIMX's -19.07%.
VBIMX currently has the higher Sharpe Ratio (0.99 vs 0.96), 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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