GVI vs. GBF
GVI (iShares Intermediate Government/Credit Bond ETF) and GBF (iShares Government/Credit Bond ETF) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, while GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index. Both are passively managed. Over the past 10 years, GVI returned 1.81%/yr vs 1.51%/yr for GBF. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
GVI vs. GBF - 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 GBF's 0.35% return. Over the past 10 years, GVI has outperformed GBF with an annualized return of 1.81%, while GBF has yielded a comparatively lower 1.51% 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%
GBF
- 1D
- 0.13%
- 1M
- 0.21%
- YTD
- 0.35%
- 6M
- 0.18%
- 1Y
- 4.02%
- 3Y*
- 3.64%
- 5Y*
- -0.19%
- 10Y*
- 1.51%
GVI vs. GBF - 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% |
GBF iShares Government/Credit Bond ETF | 0.35% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | -0.52% | 4.10% |
Correlation
The correlation between GVI and GBF 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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2007 | 0.75 |
The correlation between GVI and GBF shifts across timeframes, from 0.75 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GVI vs. GBF — Risk / Return Rank
GVI
GBF
GVI vs. GBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) and iShares Government/Credit Bond ETF (GBF). 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 | GBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.19 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.48 | +0.52 |
| Martin ratioReturn relative to average drawdown | 6.04 | 4.37 | +1.67 |
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 | GBF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.45 | 1.09 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | -0.03 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.29 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.58 | +0.18 |
Drawdowns
GVI vs. GBF - Drawdown Comparison
The maximum GVI drawdown since its inception was -12.93%, smaller than the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for GVI and GBF.
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Drawdown Indicators
| GVI | GBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.93% | -19.67% | +6.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.79% | -2.73% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -5.78% | +3.13% |
Max Drawdown (5Y)Largest decline over 5 years | -12.93% | -18.45% | +5.52% |
Max Drawdown (10Y)Largest decline over 10 years | -12.93% | -19.67% | +6.74% |
Current DrawdownCurrent decline from peak | -1.08% | -4.71% | +3.63% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -3.67% | +1.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.92% | -0.33% |
Volatility
GVI vs. GBF - Volatility Comparison
The current volatility for iShares Intermediate Government/Credit Bond ETF (GVI) is 0.78%, while iShares Government/Credit Bond ETF (GBF) has a volatility of 1.21%. This indicates that GVI experiences smaller price fluctuations and is considered to be less risky than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GVI | GBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.21% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 2.64% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 3.75% | -1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 5.93% | -1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.53% | 5.28% | -1.75% |
GVI vs. GBF - Expense Ratio Comparison
Both GVI and GBF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GVI vs. GBF - Dividend Comparison
GVI's dividend yield for the trailing twelve months is around 3.62%, less than GBF's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 3.78% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
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 0.94, GVI and GBF 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.
GBF has higher volatility (1.21%) compared to GVI (0.78%). In terms of maximum drawdown, GVI dropped -12.93% vs GBF's -19.67%.
On 10-year performance, GVI leads with 1.81% vs 1.51% for GBF. Both ETFs have the same 0.20% expense ratio. On volatility, GVI has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GVI has performed better with a 1.81% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GVI and GBF have the same expense ratio: 0.20% per year.
GBF has the higher dividend yield at 3.78%, compared with 3.62% for GVI.
GVI is categorized as Short-Term Bond, while GBF is Intermediate Core Bond. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while GBF tracks Bloomberg U.S. Government/Credit Bond Index.
GVI currently has the higher Sharpe Ratio (1.45 vs 1.09), 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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