BSV vs. BIV

Last updated Jun 9, 2026

BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, BSV returned 1.91%/yr vs 1.83%/yr for BIV. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.

Performance

BSV vs. BIV - Performance Comparison

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

Returns By Period

In the year-to-date period, BSV achieves a 0.10% return, which is significantly higher than BIV's -0.67% return. Both investments have delivered pretty close results over the past 10 years, with BSV having a 1.91% annualized return and BIV not far behind at 1.83%.

BSV

• 1D: -0.01%
• 1M: -0.38%
• YTD: 0.10%
• 6M: 0.53%
• 1Y: 3.66%
• 3Y*: 4.42%
• 5Y*: 1.57%
• 10Y*: 1.91%

BIV

• 1D: -0.05%
• 1M: -0.94%
• YTD: -0.67%
• 6M: -0.33%
• 1Y: 4.70%
• 3Y*: 4.27%
• 5Y*: 0.08%
• 10Y*: 1.83%

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

BSV vs. BIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.10%	6.00%	3.78%	4.90%	-5.49%	-1.09%	4.70%	4.98%	1.34%	1.20%
BIV Vanguard Intermediate-Term Bond Index ETF	-0.67%	8.52%	1.57%	6.07%	-13.21%	-2.40%	9.67%	10.34%	-0.19%	3.65%

Correlation

The correlation between BSV and BIV is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007	0.79

The correlation between BSV and BIV shifts across timeframes, from 0.79 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BSV vs. BIV — Risk / Return Rank

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

BSV

BSV Risk / Return Rank: 70
BSV Sharpe Ratio Rank: 70
BSV Sortino Ratio Rank: 82
BSV Omega Ratio Rank: 74
BSV Calmar Ratio Rank: 63
BSV Martin Ratio Rank: 61

BIV

BIV Risk / Return Rank: 34
BIV Sharpe Ratio Rank: 36
BIV Sortino Ratio Rank: 37
BIV Omega Ratio Rank: 33
BIV Calmar Ratio Rank: 33
BIV Martin Ratio Rank: 32

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.

BSV vs. BIV - Risk-Adjusted Trends Comparison

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

	BSV	BIV	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.18	+0.87
Sortino ratio: Return per unit of downside risk	3.30	1.76	+1.54
Omega ratio: Gain probability vs. loss probability	1.39	1.21	+0.19
Calmar ratio: Return relative to maximum drawdown	2.85	1.49	+1.36
Martin ratio: Return relative to average drawdown	9.83	4.40	+5.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSV vs. BIV - Sharpe Ratio Comparison

The current BSV Sharpe Ratio is 2.06, which is higher than the BIV Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of BSV and BIV, 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

	BSV	BIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.18	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.01	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.33	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.64	+0.21

Drawdowns

BSV vs. BIV - Drawdown Comparison

The maximum BSV drawdown since its inception was -8.54%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for BSV and BIV.

Drawdown Indicators

	BSV	BIV	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-18.95%	+10.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-3.18%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-6.07%	+4.54%
Max Drawdown (5Y) Largest decline over 5 years	-8.54%	-18.74%	+10.20%
Max Drawdown (10Y) Largest decline over 10 years	-8.54%	-18.95%	+10.41%
Current Drawdown Current decline from peak	-0.82%	-2.46%	+1.64%
Average Drawdown Average peak-to-trough decline	-0.97%	-3.39%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	1.07%	-0.70%

Volatility

BSV vs. BIV - Volatility Comparison

The current volatility for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) is 0.54%, while Vanguard Intermediate-Term Bond Index ETF (BIV) has a volatility of 1.35%. This indicates that BSV experiences smaller price fluctuations and is considered to be less risky than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSV	BIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	1.35%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	2.93%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	4.00%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	6.40%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	5.51%	-3.13%

BSV vs. BIV - Expense Ratio Comparison

Both BSV and BIV 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

BSV vs. BIV - Dividend Comparison

BSV's dividend yield for the trailing twelve months is around 4.00%, less than BIV's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIV Vanguard Intermediate-Term Bond Index ETF	4.24%	4.01%	3.79%	3.09%	2.41%	3.42%	2.95%	2.75%	2.88%	2.69%	3.01%	3.02%
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

Can I hold both BSV and BIV in my portfolio?

With a correlation of 0.94, BSV and BIV 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.

Which is riskier, BSV or BIV?

BIV has higher volatility (1.35%) compared to BSV (0.54%). In terms of maximum drawdown, BSV dropped -8.54% vs BIV's -18.95%.

Which ETF is better, BSV or BIV?

On 10-year performance, BSV leads with 1.91% vs 1.83% for BIV. Both ETFs have the same 0.03% expense ratio. On volatility, BSV has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSV or BIV?

Over the 10-year period, BSV has performed better with a 1.91% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSV or BIV?

BSV and BIV have the same expense ratio: 0.03% per year.

Which ETF pays a higher dividend yield, BSV or BIV?

BIV has the higher dividend yield at 4.24%, compared with 4.00% for BSV.

What is the main difference between BSV and BIV?

BSV is categorized as Short-Term Bond, while BIV is Intermediate Core Bond. BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index.

Which has better risk-adjusted returns?

BSV currently has the higher Sharpe Ratio (2.06 vs 1.18), 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.