BND vs. BSV
BND (Vanguard Total Bond Market ETF) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, BND returned 1.56%/yr vs 1.93%/yr for BSV. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
BND vs. BSV - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a -0.05% return, which is significantly lower than BSV's 0.11% return. Over the past 10 years, BND has underperformed BSV with an annualized return of 1.56%, while BSV has yielded a comparatively higher 1.93% annualized return.
BND
- 1D
- -0.45%
- 1M
- -0.64%
- YTD
- -0.05%
- 6M
- 0.11%
- 1Y
- 4.33%
- 3Y*
- 3.80%
- 5Y*
- 0.02%
- 10Y*
- 1.56%
BSV
- 1D
- -0.26%
- 1M
- -0.36%
- YTD
- 0.11%
- 6M
- 0.49%
- 1Y
- 3.38%
- 3Y*
- 4.36%
- 5Y*
- 1.58%
- 10Y*
- 1.93%
BND vs. BSV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | -0.05% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 0.11% | 6.00% | 3.78% | 4.90% | -5.49% | -1.09% | 4.70% | 4.98% | 1.34% | 1.20% |
Correlation
The correlation between BND and BSV is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.77 |
The correlation between BND and BSV shifts across timeframes, from 0.77 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BND vs. BSV — Risk / Return Rank
BND
BSV
BND vs. BSV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) 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.
| BND | BSV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.63 | -1.01 |
| Martin ratioReturn relative to average drawdown | 4.86 | 9.17 | -4.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BND | BSV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 1.87 | -0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | 0.58 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.81 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.85 | -0.27 |
Drawdowns
BND vs. BSV - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, which is greater than BSV's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for BND and BSV.
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Drawdown Indicators
| BND | BSV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -8.54% | -10.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -1.29% | -1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -1.53% | -4.39% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -8.54% | -9.37% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | -8.54% | -10.04% |
Current DrawdownCurrent decline from peak | -2.67% | -0.81% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -0.97% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.37% | +0.52% |
Volatility
BND vs. BSV - Volatility Comparison
Vanguard Total Bond Market ETF (BND) has a higher volatility of 1.23% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.55%. This indicates that BND'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.
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Volatility by Period
| BND | BSV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.55% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 1.28% | +1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 1.81% | +1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 2.73% | +3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 2.37% | +3.16% |
BND vs. BSV - Expense Ratio Comparison
Both BND 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%.
Dividends
BND vs. BSV - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 3.98%, which matches BSV's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.98% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 4.00% | 3.83% | 3.38% | 2.46% | 1.50% | 1.45% | 1.79% | 2.29% | 1.99% | 1.65% | 1.48% | 1.40% |
Frequently Asked Questions
With a correlation of 0.91, BND and BSV 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.
BND has higher volatility (1.23%) compared to BSV (0.55%). In terms of maximum drawdown, BND dropped -18.58% vs BSV's -8.54%.
On 10-year performance, BSV leads with 1.93% vs 1.56% for BND. Both ETFs have the same 0.03% expense ratio. On volatility, BSV has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BSV has performed better with a 1.93% return vs 1.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND and BSV have the same expense ratio: 0.03% per year.
BSV has the higher dividend yield at 4.00%, compared with 3.98% for BND.
BND is categorized as Total Bond Market, while BSV is Short-Term Bond. BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index.
BSV currently has the higher Sharpe Ratio (1.87 vs 1.16), 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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