BIV vs. VBLAX

Last updated Aug 4, 2026

BIV (Vanguard Intermediate-Term Bond Index ETF) and VBLAX (Vanguard Long-Term Bond Index Fund Admiral 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 VBLAX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, BIV returned -0.28%/yr vs -5.20%/yr for VBLAX. Their correlation of 0.88 means they have usually moved in the same direction. BIV charges 0.03%/yr vs 0.07%/yr for VBLAX.

Performance

BIV vs. VBLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Bond Index ETF (BIV) and Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIV achieves a -0.71% return, which is significantly higher than VBLAX's -3.42% return.

BIV

• 1D: 0.22%
• 1M: -0.95%
• 6M: -0.57%
• YTD: -0.71%
• 1Y: 1.62%
• 3Y*: 4.43%
• 5Y*: -0.28%
• 10Y*: 1.71%
• ALL TIME*: 3.77%

VBLAX

• 1D: -0.50%
• 1M: -3.76%
• 6M: -3.26%
• YTD: -3.42%
• 1Y: -1.17%
• 3Y*: 1.23%
• 5Y*: -5.20%
• 10Y*: —
• ALL TIME*: 0.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIV Vanguard Intermediate-Term Bond Index ETF	$101.25M	$129.17M	$122.60M
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	$0.00	$0.00	$0.00

BIV vs. VBLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BIV Vanguard Intermediate-Term Bond Index ETF	-0.71%	8.52%	1.57%	6.07%	-13.21%	-2.40%	9.67%	8.91%
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	-3.42%	6.57%	-4.14%	7.55%	-27.22%	-3.36%	15.75%	16.45%

Correlation

The correlation between BIV and VBLAX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.88

The correlation between BIV and VBLAX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

BIV vs. VBLAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIV

BIV Risk / Return Rank: 19
BIV Sharpe Ratio Rank: 21
BIV Sortino Ratio Rank: 19
BIV Omega Ratio Rank: 18
BIV Calmar Ratio Rank: 20
BIV Martin Ratio Rank: 19

VBLAX

VBLAX Risk / Return Rank: 4
VBLAX Sharpe Ratio Rank: 4
VBLAX Sortino Ratio Rank: 4
VBLAX Omega Ratio Rank: 4
VBLAX Calmar Ratio Rank: 4
VBLAX Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIV vs. VBLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX). 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	VBLAX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-0.02	+0.43
Sortino ratio: Return per unit of downside risk	0.61	0.03	+0.58
Omega ratio: Gain probability vs. loss probability	1.07	1.00	+0.07
Calmar ratio: Return relative to maximum drawdown	0.51	-0.02	+0.53
Martin ratio: Return relative to average drawdown	1.22	-0.05	+1.26

BIV vs. VBLAX - Sharpe Ratio Comparison

The current BIV Sharpe Ratio is 0.42, which is higher than the VBLAX Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of BIV and VBLAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIV vs. VBLAX - Drawdown Comparison

The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum VBLAX drawdown of -38.62%. Use the drawdown chart below to compare losses from any high point for BIV and VBLAX.

Drawdown Indicators

	BIV	VBLAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.95%	-38.62%	+19.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-6.45%	+3.27%
Max Drawdown (3Y) Largest decline over 3 years	-5.21%	-11.56%	+6.35%
Max Drawdown (5Y) Largest decline over 5 years	-18.45%	-36.32%	+17.87%
Max Drawdown (10Y) Largest decline over 10 years	-18.95%	—	—
Current Drawdown Current decline from peak	-2.50%	-27.42%	+24.92%
Average Drawdown Average peak-to-trough decline	-3.38%	-18.25%	+14.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	2.75%	-1.42%

Volatility

BIV vs. VBLAX - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.08%, while Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) has a volatility of 2.10%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than VBLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIV	VBLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	2.10%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	6.00%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.91%	7.87%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	12.81%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	12.56%	-7.06%

BIV vs. VBLAX - Expense Ratio Comparison

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

BIV's dividend yield for the trailing twelve months is around 4.32%, less than VBLAX's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIV Vanguard Intermediate-Term Bond Index ETF	4.32%	4.01%	3.79%	3.09%	2.41%	3.42%	2.95%	2.75%	2.88%	2.69%	3.01%	3.02%
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	4.54%	4.64%	4.61%	4.08%	4.13%	2.62%	5.39%	3.25%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIV and VBLAX in my portfolio?

BIV and VBLAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIV or VBLAX?

VBLAX has higher volatility (2.10%) compared to BIV (1.08%). In terms of maximum drawdown, BIV dropped -18.95% vs VBLAX's -38.62%.

Which has better risk-adjusted returns?

BIV currently has the higher Sharpe Ratio (0.42 vs -0.02), 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.