IBTO vs. BIV
IBTO (iShares iBonds Dec 2033 Term Treasury ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both Intermediate Core Bond funds - IBTO tracks the ICE 2033 Maturity US Treasury 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, IBTO returned 3.25% vs 4.06% for BIV. With a 0.98 correlation, they move nearly in lockstep. IBTO charges 0.07%/yr vs 0.03%/yr for BIV.
Performance
IBTO vs. BIV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBTO achieves a -0.64% return, which is significantly lower than BIV's -0.24% return.
IBTO
- 1D
- -0.29%
- 1M
- 0.37%
- YTD
- -0.64%
- 6M
- -0.60%
- 1Y
- 3.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIV
- 1D
- -0.25%
- 1M
- 0.42%
- YTD
- -0.24%
- 6M
- -0.15%
- 1Y
- 4.06%
- 3Y*
- 4.34%
- 5Y*
- 0.21%
- 10Y*
- 1.82%
IBTO vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBTO iShares iBonds Dec 2033 Term Treasury ETF | -0.64% | 8.23% | -0.87% | 1.71% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 8.52% | 1.57% | 3.01% |
Correlation
The correlation between IBTO and BIV is 0.98 - 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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.98 |
The correlation between IBTO and BIV has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBTO vs. BIV — Risk / Return Rank
IBTO
BIV
IBTO vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IBTO | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.17 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 1.28 | -0.39 |
| Martin ratioReturn relative to average drawdown | 2.36 | 3.59 | -1.23 |
Loading charts...
Drawdowns
IBTO vs. BIV - Drawdown Comparison
The maximum IBTO drawdown since its inception was -8.36%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for IBTO and BIV.
Loading charts...
Drawdown Indicators
| IBTO | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.36% | -18.95% | +10.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.66% | -3.18% | -0.48% |
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 | -2.69% | -2.04% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -3.38% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.13% | +0.25% |
Volatility
IBTO vs. BIV - Volatility Comparison
iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and Vanguard Intermediate-Term Bond Index ETF (BIV) have volatilities of 1.27% and 1.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IBTO | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.22% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 3.03% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 4.04% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.59% | 6.40% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.59% | 5.51% | +1.08% |
IBTO vs. BIV - Expense Ratio Comparison
IBTO has a 0.07% 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
IBTO vs. BIV - Dividend Comparison
IBTO's dividend yield for the trailing twelve months is around 4.15%, less 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% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 4.15% | 4.05% | 4.23% | 1.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, IBTO 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.
IBTO has higher volatility (1.27%) compared to BIV (1.22%). In terms of maximum drawdown, IBTO dropped -8.36% vs BIV's -18.95%.
On 1-year performance, BIV leads with 4.06% vs 3.25% for IBTO. On fees, BIV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BIV has performed better with a 4.06% return vs 3.25%. 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 0.07% for IBTO.
BIV has the higher dividend yield at 4.22%, compared with 4.15% for IBTO.
IBTO tracks ICE 2033 Maturity US Treasury 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: 0.07% for IBTO and 0.03% for BIV.
BIV currently has the higher Sharpe Ratio (1.01 vs 0.74), 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.
Find the right allocation for IBTO and BIV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer