BIV vs. VTIP
BIV (Vanguard Intermediate-Term Bond Index ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities 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 VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, BIV returned 1.66%/yr vs 3.10%/yr for VTIP. Their 0.58 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.03% expense ratio.
Performance
BIV vs. VTIP - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.93% return, which is significantly lower than VTIP's 1.83% return. Over the past 10 years, BIV has underperformed VTIP with an annualized return of 1.66%, while VTIP has yielded a comparatively higher 3.10% annualized return.
BIV
- 1D
- -0.20%
- 1M
- -1.16%
- 6M
- -0.92%
- YTD
- -0.93%
- 1Y
- 1.39%
- 3Y*
- 4.39%
- 5Y*
- -0.27%
- 10Y*
- 1.66%
- ALL TIME*
- 3.76%
VTIP
- 1D
- 0.00%
- 1M
- 0.16%
- 6M
- 1.28%
- YTD
- 1.83%
- 1Y
- 3.09%
- 3Y*
- 5.11%
- 5Y*
- 3.06%
- 10Y*
- 3.10%
- ALL TIME*
- 2.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $97.77M | $127.86M | $122.72M | |
| $104.26M | $116.98M | $124.63M |
BIV vs. VTIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.93% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.83% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
Correlation
The correlation between BIV and VTIP is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2012 | 0.58 |
The correlation between BIV and VTIP shifts across timeframes, from 0.55 (1 year) to 0.70 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIV vs. VTIP — Risk / Return Rank
BIV
VTIP
BIV vs. VTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.46 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 4.93 | -4.16 |
| Martin ratioReturn relative to average drawdown | 1.84 | 15.25 | -13.40 |
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Drawdowns
BIV vs. VTIP - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for BIV and VTIP.
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Drawdown Indicators
| BIV | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -6.27% | -12.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -0.71% | -2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -5.21% | -0.98% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -18.68% | -5.50% | -13.18% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -6.27% | -12.68% |
Current DrawdownCurrent decline from peak | -2.71% | -0.23% | -2.48% |
Average DrawdownAverage peak-to-trough decline | -3.38% | -1.03% | -2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 0.23% | +1.09% |
Volatility
BIV vs. VTIP - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.07% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.41%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.41% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.17% | 1.22% | +1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 1.57% | +2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 2.76% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 2.74% | +2.76% |
BIV vs. VTIP - Expense Ratio Comparison
Both BIV and VTIP have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BIV vs. VTIP - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.29%, more than VTIP's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 3.93% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 4.15% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% | 0.00% |
Frequently Asked Questions
BIV and VTIP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIV has higher volatility (1.07%) compared to VTIP (0.41%). In terms of maximum drawdown, BIV dropped -18.95% vs VTIP's -6.27%.
On 10-year performance, VTIP leads with 3.10% vs 1.66% for BIV. Both ETFs have the same 0.03% expense ratio. On volatility, VTIP has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTIP has performed better with a 3.10% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV and VTIP have the same expense ratio: 0.03% per year.
VTIP has the higher dividend yield at 4.15%, compared with 3.93% for BIV.
BIV is categorized as Intermediate Core Bond, while VTIP is Inflation-Protected Bonds. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index.
VTIP currently has the higher Sharpe Ratio (2.25 vs 0.61), 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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