GVI vs. BSV
GVI (iShares Intermediate Government/Credit Bond ETF) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both Short-Term Bond funds - GVI tracks the Bloomberg U.S. Intermediate Government/Credit Bond while BSV tracks the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, GVI returned 1.81%/yr vs 1.96%/yr for BSV. A 0.76 correlation means they provide meaningful diversification when combined. GVI charges 0.20%/yr vs 0.03%/yr for BSV.
Performance
GVI vs. BSV - Performance Comparison
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Returns By Period
In the year-to-date period, GVI achieves a 0.09% return, which is significantly lower than BSV's 0.37% return. Over the past 10 years, GVI has underperformed BSV with an annualized return of 1.81%, while BSV has yielded a comparatively higher 1.96% annualized return.
GVI
- 1D
- 0.09%
- 1M
- 0.02%
- YTD
- 0.09%
- 6M
- 0.31%
- 1Y
- 3.57%
- 3Y*
- 4.23%
- 5Y*
- 1.00%
- 10Y*
- 1.81%
BSV
- 1D
- 0.08%
- 1M
- 0.09%
- YTD
- 0.37%
- 6M
- 0.68%
- 1Y
- 3.51%
- 3Y*
- 4.41%
- 5Y*
- 1.63%
- 10Y*
- 1.96%
GVI vs. BSV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVI iShares Intermediate Government/Credit Bond ETF | 0.09% | 6.66% | 2.92% | 5.15% | -8.28% | -1.90% | 6.38% | 6.54% | 0.77% | 1.83% |
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 0.37% | 6.00% | 3.78% | 4.90% | -5.49% | -1.09% | 4.70% | 4.98% | 1.34% | 1.20% |
Correlation
The correlation between GVI and BSV is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.76 |
Over the past year, GVI and BSV have become more correlated (0.97) than their long-term average of 0.76, meaning their price movements have been converging.
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Return for Risk
GVI vs. BSV — Risk / Return Rank
GVI
BSV
GVI vs. BSV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) 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.
| GVI | BSV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.37 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.74 | -0.74 |
| Martin ratioReturn relative to average drawdown | 6.04 | 9.60 | -3.56 |
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
| GVI | BSV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.97 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.60 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.83 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.85 | -0.09 |
Drawdowns
GVI vs. BSV - Drawdown Comparison
The maximum GVI drawdown since its inception was -12.93%, which is greater than BSV's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for GVI and BSV.
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Drawdown Indicators
| GVI | BSV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.93% | -8.54% | -4.39% |
Max Drawdown (1Y)Largest decline over 1 year | -1.79% | -1.29% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -1.53% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -12.93% | -8.54% | -4.39% |
Max Drawdown (10Y)Largest decline over 10 years | -12.93% | -8.54% | -4.39% |
Current DrawdownCurrent decline from peak | -1.08% | -0.55% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -0.97% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.37% | +0.22% |
Volatility
GVI vs. BSV - Volatility Comparison
iShares Intermediate Government/Credit Bond ETF (GVI) has a higher volatility of 0.78% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.53%. This indicates that GVI'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
| GVI | BSV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.53% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.26% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 1.81% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 2.72% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.53% | 2.37% | +1.16% |
GVI vs. BSV - Expense Ratio Comparison
GVI has a 0.20% expense ratio, which is higher than BSV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GVI vs. BSV - Dividend Comparison
GVI's dividend yield for the trailing twelve months is around 3.62%, less than BSV's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 3.99% | 3.83% | 3.38% | 2.46% | 1.50% | 1.45% | 1.79% | 2.29% | 1.99% | 1.65% | 1.48% | 1.40% |
GVI iShares Intermediate Government/Credit Bond ETF | 3.62% | 3.48% | 3.40% | 2.75% | 1.86% | 1.46% | 1.84% | 2.29% | 2.16% | 1.91% | 1.77% | 1.75% |
Frequently Asked Questions
With a correlation of 0.97, GVI 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.
GVI has higher volatility (0.78%) compared to BSV (0.53%). In terms of maximum drawdown, GVI dropped -12.93% vs BSV's -8.54%.
On 10-year performance, BSV leads with 1.96% vs 1.81% for GVI. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.53%. 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 1.96% return vs 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSV is cheaper with a 0.03% expense ratio, compared with 0.20% for GVI.
BSV has the higher dividend yield at 3.99%, compared with 3.62% for GVI.
GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for GVI and 0.03% for BSV.
BSV currently has the higher Sharpe Ratio (1.97 vs 1.45), 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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