ISTB vs. GVI
ISTB (iShares Core 1-5 Year USD Bond ETF) and GVI (iShares Intermediate Government/Credit Bond ETF) are both Short-Term Bond funds from iShares - ISTB tracks the BBG US Universal 1-5 Year Index (USD) while GVI tracks the Bloomberg U.S. Intermediate Government/Credit Bond. Both are passively managed. Over the past 10 years, ISTB returned 2.27%/yr vs 1.80%/yr for GVI. A 0.74 correlation means they provide meaningful diversification when combined. ISTB charges 0.06%/yr vs 0.20%/yr for GVI.
Performance
ISTB vs. GVI - Performance Comparison
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Returns By Period
Over the past 10 years, ISTB has outperformed GVI with an annualized return of 2.27%, while GVI has yielded a comparatively lower 1.80% annualized return.
ISTB
- 1D
- -0.08%
- 1M
- 0.15%
- YTD
- 0.49%
- 6M
- 0.71%
- 1Y
- 4.19%
- 3Y*
- 4.95%
- 5Y*
- 1.85%
- 10Y*
- 2.27%
GVI
- 1D
- -0.13%
- 1M
- -0.00%
- YTD
- -0.00%
- 6M
- 0.05%
- 1Y
- 3.89%
- 3Y*
- 4.18%
- 5Y*
- 0.98%
- 10Y*
- 1.80%
ISTB vs. GVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISTB iShares Core 1-5 Year USD Bond ETF | 0.49% | 6.36% | 4.37% | 5.56% | -6.08% | -0.71% | 4.75% | 5.61% | 1.02% | 1.72% |
GVI iShares Intermediate Government/Credit Bond ETF | -0.00% | 6.66% | 2.92% | 5.15% | -8.28% | -1.90% | 6.38% | 6.54% | 0.77% | 1.83% |
Correlation
The correlation between ISTB and GVI is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012 | 0.74 |
Over the past year, ISTB and GVI have become more correlated (0.96) than their long-term average of 0.74, meaning their price movements have been converging.
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Return for Risk
ISTB vs. GVI — Risk / Return Rank
ISTB
GVI
ISTB vs. GVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core 1-5 Year USD Bond ETF (ISTB) and iShares Intermediate Government/Credit Bond ETF (GVI). 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.
| ISTB | GVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.28 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 2.17 | +1.17 |
| Martin ratioReturn relative to average drawdown | 12.72 | 6.60 | +6.12 |
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
| ISTB | GVI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 1.56 | +0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.25 | +0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | 0.51 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.76 | +0.08 |
Drawdowns
ISTB vs. GVI - Drawdown Comparison
The maximum ISTB drawdown since its inception was -9.34%, smaller than the maximum GVI drawdown of -12.93%. Use the drawdown chart below to compare losses from any high point for ISTB and GVI.
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Drawdown Indicators
| ISTB | GVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.34% | -12.93% | +3.59% |
Max Drawdown (1Y)Largest decline over 1 year | -1.26% | -1.79% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -1.36% | -2.65% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -9.34% | -12.93% | +3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -9.34% | -12.93% | +3.59% |
Current DrawdownCurrent decline from peak | -0.42% | -1.17% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -1.22% | -1.86% | +0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 0.59% | -0.26% |
Volatility
ISTB vs. GVI - Volatility Comparison
The current volatility for iShares Core 1-5 Year USD Bond ETF (ISTB) is 0.54%, while iShares Intermediate Government/Credit Bond ETF (GVI) has a volatility of 0.77%. This indicates that ISTB experiences smaller price fluctuations and is considered to be less risky than GVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISTB | GVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 0.77% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 1.78% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.77% | 2.50% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.79% | 3.97% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.51% | 3.53% | -1.02% |
ISTB vs. GVI - Expense Ratio Comparison
ISTB has a 0.06% expense ratio, which is lower than GVI's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ISTB vs. GVI - Dividend Comparison
ISTB's dividend yield for the trailing twelve months is around 4.25%, more than GVI's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ISTB iShares Core 1-5 Year USD Bond ETF | 4.25% | 4.12% | 3.83% | 2.97% | 2.01% | 1.69% | 2.20% | 2.75% | 2.57% | 2.06% | 1.90% | 1.58% |
Frequently Asked Questions
With a correlation of 0.96, ISTB and GVI 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 (0.77%) compared to ISTB (0.54%). In terms of maximum drawdown, ISTB dropped -9.34% vs GVI's -12.93%.
On 10-year performance, ISTB leads with 2.27% vs 1.80% for GVI. On fees, ISTB is cheaper at 0.06% per year. On volatility, ISTB has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISTB has performed better with a 2.27% return vs 1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISTB is cheaper with a 0.06% expense ratio, compared with 0.20% for GVI.
ISTB has the higher dividend yield at 4.25%, compared with 3.62% for GVI.
ISTB tracks BBG US Universal 1-5 Year Index (USD), while GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond. Their fees differ too: 0.06% for ISTB and 0.20% for GVI.
ISTB currently has the higher Sharpe Ratio (2.37 vs 1.56), 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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