ISHG vs. BIV
ISHG (iShares 1-3 Year International Treasury Bond ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, 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, ISHG returned -0.14%/yr vs 1.89%/yr for BIV. At a 0.24 correlation, their price movements are largely independent. ISHG charges 0.35%/yr vs 0.03%/yr for BIV.
Performance
ISHG vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -0.18% return, which is significantly lower than BIV's -0.06% return. Over the past 10 years, ISHG has underperformed BIV with an annualized return of -0.14%, while BIV has yielded a comparatively higher 1.89% annualized return.
ISHG
- 1D
- 0.06%
- 1M
- -0.07%
- YTD
- -0.18%
- 6M
- 0.19%
- 1Y
- 1.37%
- 3Y*
- 4.08%
- 5Y*
- -1.07%
- 10Y*
- -0.14%
BIV
- 1D
- -0.13%
- 1M
- 0.92%
- YTD
- -0.06%
- 6M
- 0.31%
- 1Y
- 4.61%
- 3Y*
- 4.62%
- 5Y*
- 0.16%
- 10Y*
- 1.89%
ISHG vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.18% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.06% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
Correlation
The correlation between ISHG and BIV is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.24 |
Over the past year, ISHG and BIV have become more correlated (0.56) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
ISHG vs. BIV — Risk / Return Rank
ISHG
BIV
ISHG vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.
| ISHG | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.19 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | 1.36 | -1.16 |
| Martin ratioReturn relative to average drawdown | 0.49 | 3.90 | -3.42 |
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Drawdowns
ISHG vs. BIV - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, which is greater than BIV's maximum drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for ISHG and BIV.
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Drawdown Indicators
| ISHG | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -18.95% | -18.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -3.18% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -6.07% | -2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.91% | -18.74% | -4.17% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -18.95% | -6.61% |
Current DrawdownCurrent decline from peak | -22.37% | -1.86% | -20.51% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -3.39% | -15.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 1.10% | +0.95% |
Volatility
ISHG vs. BIV - Volatility Comparison
iShares 1-3 Year International Treasury Bond ETF (ISHG) has a higher volatility of 1.67% compared to Vanguard Intermediate-Term Bond Index ETF (BIV) at 1.45%. This indicates that ISHG'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
| ISHG | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.45% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.76% | 2.98% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.51% | 4.03% | +2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.58% | 6.41% | +1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 5.51% | +1.43% |
ISHG vs. BIV - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is higher than BIV's 0.03% expense ratio.
Dividends
ISHG vs. BIV - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.45%, less than BIV's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.21% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
ISHG and BIV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISHG has higher volatility (1.67%) compared to BIV (1.45%). In terms of maximum drawdown, ISHG dropped -37.24% vs BIV's -18.95%.
On 10-year performance, BIV leads with 1.89% vs -0.14% for ISHG. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIV has performed better with a 1.89% return vs -0.14%. 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 0.35% for ISHG.
BIV has the higher dividend yield at 4.21%, compared with 1.45% for ISHG.
ISHG is categorized as International Government Bonds, while BIV is Intermediate Core Bond. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, 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: 0.35% for ISHG and 0.03% for BIV.
BIV currently has the higher Sharpe Ratio (1.07 vs 0.15), 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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