IBCA vs. BIV
IBCA (iShares iBonds Dec 2035 Term Corporate ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both Intermediate Core Bond funds - IBCA tracks the ICE 2035 Maturity US Corporate Index while BIV tracks the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Both are passively managed. Over the past year, IBCA returned 6.55% vs 4.80% for BIV. Their correlation of 0.91 suggests significant overlap in exposure. IBCA charges 0.10%/yr vs 0.03%/yr for BIV.
Performance
IBCA vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, IBCA achieves a 0.20% return, which is significantly higher than BIV's -0.24% return.
IBCA
- 1D
- -0.27%
- 1M
- 0.37%
- YTD
- 0.20%
- 6M
- 0.04%
- 1Y
- 6.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIV
- 1D
- -0.22%
- 1M
- 0.04%
- YTD
- -0.24%
- 6M
- -0.48%
- 1Y
- 4.80%
- 3Y*
- 4.27%
- 5Y*
- 0.25%
- 10Y*
- 1.91%
IBCA vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 0.20% | 7.15% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 6.04% |
Correlation
The correlation between IBCA 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 (All Time) Calculated using the full available price history since Mar 27, 2025 | 0.91 |
The correlation between IBCA and BIV has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
IBCA vs. BIV — Risk / Return Rank
IBCA
BIV
IBCA vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Corporate ETF (IBCA) 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.
| IBCA | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.52 | +0.55 |
| Martin ratioReturn relative to average drawdown | 6.57 | 4.60 | +1.97 |
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
| IBCA | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 1.19 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.04 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.65 | +0.43 |
Drawdowns
IBCA vs. BIV - Drawdown Comparison
The maximum IBCA drawdown since its inception was -3.48%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for IBCA and BIV.
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Drawdown Indicators
| IBCA | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.48% | -18.95% | +15.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -3.18% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.07% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.95% | — |
Current DrawdownCurrent decline from peak | -1.42% | -2.04% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -0.81% | -3.39% | +2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.05% | -0.05% |
Volatility
IBCA vs. BIV - Volatility Comparison
iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a higher volatility of 1.62% compared to Vanguard Intermediate-Term Bond Index ETF (BIV) at 1.36%. This indicates that IBCA's price experiences larger fluctuations and is considered to be riskier than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCA | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 1.36% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 2.90% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 4.06% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 6.40% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.76% | 5.50% | +0.26% |
IBCA vs. BIV - Expense Ratio Comparison
IBCA has a 0.10% expense ratio, which is higher than BIV'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
IBCA vs. BIV - Dividend Comparison
IBCA's dividend yield for the trailing twelve months is around 4.67%, more than BIV's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.22% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
IBCA iShares iBonds Dec 2035 Term Corporate ETF | 4.67% | 3.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, IBCA 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.
IBCA has higher volatility (1.62%) compared to BIV (1.36%). In terms of maximum drawdown, IBCA dropped -3.48% vs BIV's -18.95%.
On 1-year performance, IBCA leads with 6.55% vs 4.80% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBCA has performed better with a 6.55% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV is cheaper with a 0.03% expense ratio, compared with 0.10% for IBCA.
IBCA has the higher dividend yield at 4.67%, compared with 4.22% for BIV.
IBCA tracks ICE 2035 Maturity US Corporate Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.10% for IBCA and 0.03% for BIV.
IBCA currently has the higher Sharpe Ratio (1.33 vs 1.19), 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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