BLV vs. VBMPX

Last updated Jun 4, 2026

BLV (Vanguard Long-Term Bond ETF) and VBMPX (Vanguard Total Bond Market Index Fund Institutional Plus Shares) are both funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while VBMPX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, BLV returned 0.99%/yr vs 1.58%/yr for VBMPX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

BLV vs. VBMPX - Performance Comparison

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

Returns By Period

In the year-to-date period, BLV achieves a 0.28% return, which is significantly lower than VBMPX's 0.43% return. Over the past 10 years, BLV has underperformed VBMPX with an annualized return of 0.99%, while VBMPX has yielded a comparatively higher 1.58% annualized return.

BLV

• 1D: -0.31%
• 1M: 1.09%
• YTD: 0.28%
• 6M: -0.86%
• 1Y: 6.59%
• 3Y*: 2.02%
• 5Y*: -3.33%
• 10Y*: 0.99%

VBMPX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 0.43%
• 6M: 0.36%
• 1Y: 5.36%
• 3Y*: 4.06%
• 5Y*: 0.23%
• 10Y*: 1.58%

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

BLV vs. VBMPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLV Vanguard Long-Term Bond ETF	0.28%	6.44%	-3.65%	7.35%	-26.95%	-2.89%	16.13%	18.99%	-4.17%	10.74%
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares	0.43%	7.18%	1.27%	5.75%	-13.14%	-1.95%	7.75%	8.74%	-0.24%	3.58%

Correlation

The correlation between BLV and VBMPX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 8, 2010	0.88

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

Return for Risk

BLV vs. VBMPX — Risk / Return Rank

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

BLV

BLV Risk / Return Rank: 23
BLV Sharpe Ratio Rank: 23
BLV Sortino Ratio Rank: 22
BLV Omega Ratio Rank: 21
BLV Calmar Ratio Rank: 24
BLV Martin Ratio Rank: 23

VBMPX

VBMPX Risk / Return Rank: 23
VBMPX Sharpe Ratio Rank: 23
VBMPX Sortino Ratio Rank: 24
VBMPX Omega Ratio Rank: 22
VBMPX Calmar Ratio Rank: 25
VBMPX Martin Ratio Rank: 21

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. VBMPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX). 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	VBMPX	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.36	-0.55
Sortino ratio: Return per unit of downside risk	1.21	2.05	-0.84
Omega ratio: Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	1.15	1.86	-0.71
Martin ratio: Return relative to average drawdown	2.92	5.61	-2.69
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. VBMPX - Sharpe Ratio Comparison

The current BLV Sharpe Ratio is 0.81, which is lower than the VBMPX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BLV and VBMPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BLV	VBMPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.36	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.04	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.32	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.52	-0.15

Drawdowns

BLV vs. VBMPX - Drawdown Comparison

The maximum BLV drawdown since its inception was -38.29%, which is greater than VBMPX's maximum drawdown of -18.90%. Use the drawdown chart below to compare losses from any high point for BLV and VBMPX.

Drawdown Indicators

	BLV	VBMPX	Difference
Max Drawdown Largest peak-to-trough decline	-38.29%	-18.90%	-19.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-2.89%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-5.99%	-9.17%
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	-18.12%	-18.15%
Max Drawdown (10Y) Largest decline over 10 years	-38.29%	-18.90%	-19.39%
Current Drawdown Current decline from peak	-24.14%	-2.23%	-21.91%
Average Drawdown Average peak-to-trough decline	-9.51%	-3.53%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	0.96%	+1.30%

Volatility

BLV vs. VBMPX - Volatility Comparison

Vanguard Long-Term Bond ETF (BLV) has a higher volatility of 2.50% compared to Vanguard Total Bond Market Index Fund Institutional Plus Shares (VBMPX) at 1.38%. This indicates that BLV's price experiences larger fluctuations and is considered to be riskier than VBMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLV	VBMPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.38%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	5.62%	2.80%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	8.15%	3.97%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	6.02%	+6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.98%	4.98%	+7.00%

BLV vs. VBMPX - Expense Ratio Comparison

Both BLV and VBMPX 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

BLV vs. VBMPX - Dividend Comparison

BLV's dividend yield for the trailing twelve months is around 4.80%, more than VBMPX's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLV Vanguard Long-Term Bond ETF	4.80%	4.67%	5.09%	4.06%	4.17%	3.37%	6.12%	3.57%	4.07%	3.63%	4.16%	4.37%
VBMPX Vanguard Total Bond Market Index Fund Institutional Plus Shares	4.00%	3.88%	3.69%	3.11%	2.61%	1.81%	2.41%	2.75%	2.58%	2.58%	2.55%	2.85%

Frequently Asked Questions

Can I hold both BLV and VBMPX in my portfolio?

BLV and VBMPX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLV or VBMPX?

BLV has higher volatility (2.50%) compared to VBMPX (1.38%). In terms of maximum drawdown, BLV dropped -38.29% vs VBMPX's -18.90%.

Which has better risk-adjusted returns?

VBMPX currently has the higher Sharpe Ratio (1.36 vs 0.81), 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.