BLV vs. BSV

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Long-Term Bond ETF (BLV) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV).

BLV and BSV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BLV is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Long Government/Credit Float Adjusted Index. It was launched on Apr 3, 2007. BSV is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. It was launched on Apr 3, 2007. Both BLV and BSV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BLV vs. BSV - Performance Comparison

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

BLV vs. BSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLV Vanguard Long-Term Bond ETF	-0.30%	6.44%	-3.65%	7.35%	-26.95%	-2.89%	16.13%	18.99%	-4.17%	10.74%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.16%	6.00%	3.78%	4.90%	-5.49%	-1.09%	4.70%	4.98%	1.34%	1.20%

Returns By Period

In the year-to-date period, BLV achieves a -0.30% return, which is significantly lower than BSV's 0.16% return. Over the past 10 years, BLV has underperformed BSV with an annualized return of 1.20%, while BSV has yielded a comparatively higher 1.97% annualized return.

BLV

• 1D: 0.02%
• 1M: -2.79%
• YTD: -0.30%
• 6M: -0.97%
• 1Y: 1.71%
• 3Y*: 1.02%
• 5Y*: -3.05%
• 10Y*: 1.20%

BSV

• 1D: 0.02%
• 1M: -0.57%
• YTD: 0.16%
• 6M: 1.15%
• 1Y: 4.05%
• 3Y*: 4.27%
• 5Y*: 1.68%
• 10Y*: 1.97%

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

BLV vs. BSV - Expense Ratio Comparison

Both BLV and BSV 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%.

BLV

Vanguard Long-Term Bond ETF

BSV

Vanguard Short-Term Bond Index Fund ETF Shares

Return for Risk

BLV vs. BSV — Risk / Return Rank

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

BLV

BLV Risk / Return Rank: 16
BLV Sharpe Ratio Rank: 16
BLV Sortino Ratio Rank: 14
BLV Omega Ratio Rank: 14
BLV Calmar Ratio Rank: 19
BLV Martin Ratio Rank: 18

BSV

BSV Risk / Return Rank: 92
BSV Sharpe Ratio Rank: 90
BSV Sortino Ratio Rank: 96
BSV Omega Ratio Rank: 91
BSV Calmar Ratio Rank: 91
BSV Martin Ratio Rank: 90

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.

BLV vs. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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.

	BLV	BSV	Difference
Sharpe ratio Return per unit of total volatility	0.18	2.04	-1.86
Sortino ratio Return per unit of downside risk	0.30	3.25	-2.95
Omega ratio Gain probability vs. loss probability	1.04	1.40	-0.36
Calmar ratio Return relative to maximum drawdown	0.34	3.23	-2.88
Martin ratio Return relative to average drawdown	0.83	12.23	-11.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLV vs. BSV - Sharpe Ratio Comparison

The current BLV Sharpe Ratio is 0.18, which is lower than the BSV Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BLV and BSV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BLV	BSV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	2.04	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	0.62	-0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	0.83	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.86	-0.49

Correlation

The correlation between BLV and BSV is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BLV vs. BSV - Dividend Comparison

BLV's dividend yield for the trailing twelve months is around 4.76%, more than BSV's 3.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLV Vanguard Long-Term Bond ETF	4.76%	4.67%	5.09%	4.06%	4.17%	3.37%	6.12%	3.57%	4.07%	3.63%	4.16%	4.37%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	3.93%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%

Drawdowns

BLV vs. BSV - Drawdown Comparison

The maximum BLV drawdown since its inception was -38.29%, which is greater than BSV's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for BLV and BSV.

Drawdown Indicators

	BLV	BSV	Difference
Max Drawdown Largest peak-to-trough decline	-38.29%	-8.54%	-29.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-1.29%	-5.60%
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	-8.54%	-27.73%
Max Drawdown (10Y) Largest decline over 10 years	-38.29%	-8.54%	-29.75%
Current Drawdown Current decline from peak	-24.58%	-0.76%	-23.82%
Average Drawdown Average peak-to-trough decline	-9.38%	-0.98%	-8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	0.34%	+2.51%

Volatility

BLV vs. BSV - Volatility Comparison

Vanguard Long-Term Bond ETF (BLV) has a higher volatility of 3.54% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.78%. This indicates that BLV's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLV	BSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	0.78%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	5.49%	1.19%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	2.00%	+7.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	2.71%	+10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	2.37%	+9.62%