BLV vs. GOVZ
BLV (Vanguard Long-Term Bond ETF) and GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while GOVZ is a Government Bonds fund tracking the ICE BofA Long US Treasury Principal STRIPS Index. Both are passively managed. Over the past 5 years, BLV returned -3.65%/yr vs -11.87%/yr for GOVZ. Their correlation of 0.95 suggests significant overlap in exposure. BLV charges 0.03%/yr vs 0.15%/yr for GOVZ.
Performance
BLV vs. GOVZ - Performance Comparison
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Returns By Period
In the year-to-date period, BLV achieves a 1.00% return, which is significantly lower than GOVZ's 1.25% return.
BLV
- 1D
- 0.19%
- 1M
- 1.80%
- YTD
- 1.00%
- 6M
- 0.87%
- 1Y
- 5.39%
- 3Y*
- 1.92%
- 5Y*
- -3.65%
- 10Y*
- 0.93%
GOVZ
- 1D
- 0.22%
- 1M
- 4.38%
- YTD
- 1.25%
- 6M
- 0.27%
- 1Y
- 3.13%
- 3Y*
- -7.55%
- 5Y*
- -11.87%
- 10Y*
- —
BLV vs. GOVZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 1.00% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 1.32% |
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 1.25% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
Correlation
The correlation between BLV and GOVZ is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.95 |
The correlation between BLV and GOVZ has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
BLV vs. GOVZ — Risk / Return Rank
BLV
GOVZ
BLV vs. GOVZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). 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.
| BLV | GOVZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.04 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 0.22 | +0.72 |
| Martin ratioReturn relative to average drawdown | 2.31 | 0.48 | +1.82 |
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Drawdowns
BLV vs. GOVZ - Drawdown Comparison
The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum GOVZ drawdown of -59.65%. Use the drawdown chart below to compare losses from any high point for BLV and GOVZ.
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Drawdown Indicators
| BLV | GOVZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.29% | -59.65% | +21.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.73% | -14.16% | +8.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -28.72% | +13.56% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -57.63% | +21.36% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | — | — |
Current DrawdownCurrent decline from peak | -23.60% | -55.51% | +31.91% |
Average DrawdownAverage peak-to-trough decline | -9.55% | -40.03% | +30.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 6.50% | -4.16% |
Volatility
BLV vs. GOVZ - Volatility Comparison
The current volatility for Vanguard Long-Term Bond ETF (BLV) is 1.96%, while iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a volatility of 3.58%. This indicates that BLV experiences smaller price fluctuations and is considered to be less risky than GOVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BLV | GOVZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 3.58% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 10.69% | -4.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.97% | 15.73% | -7.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 23.86% | -10.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.99% | 23.28% | -11.29% |
BLV vs. GOVZ - Expense Ratio Comparison
BLV has a 0.03% expense ratio, which is lower than GOVZ's 0.15% 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
BLV vs. GOVZ - Dividend Comparison
BLV's dividend yield for the trailing twelve months is around 4.77%, less than GOVZ's 5.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.77% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.07% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, BLV and GOVZ 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.
GOVZ has higher volatility (3.58%) compared to BLV (1.96%). In terms of maximum drawdown, BLV dropped -38.29% vs GOVZ's -59.65%.
On 5-year performance, BLV leads with -3.65% vs -11.87% for GOVZ. On fees, BLV is cheaper at 0.03% per year. On volatility, BLV has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BLV has performed better with a -3.65% return vs -11.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.15% for GOVZ.
GOVZ has the higher dividend yield at 5.07%, compared with 4.77% for BLV.
BLV is categorized as Long-Term Bond, while GOVZ is Government Bonds. BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index, while GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for BLV and 0.15% for GOVZ.
BLV currently has the higher Sharpe Ratio (0.68 vs 0.20), 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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