USVN vs. BIV
USVN (US Treasury 7 Year Note ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, 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 3 years, USVN returned 2.70%/yr vs 4.27%/yr for BIV. With a 0.98 correlation, they move nearly in lockstep. USVN charges 0.15%/yr vs 0.03%/yr for BIV.
Performance
USVN vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, USVN achieves a -0.70% return, which is significantly lower than BIV's -0.24% return.
USVN
- 1D
- -0.22%
- 1M
- -0.18%
- YTD
- -0.70%
- 6M
- -1.08%
- 1Y
- 3.56%
- 3Y*
- 2.70%
- 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%
USVN vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USVN US Treasury 7 Year Note ETF | -0.70% | 7.66% | 0.03% | 0.67% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 8.52% | 1.57% | 3.01% |
Correlation
The correlation between USVN 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 (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023 | 0.98 |
The correlation between USVN and BIV has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
USVN vs. BIV — Risk / Return Rank
USVN
BIV
USVN vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) 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.
| USVN | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.21 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.52 | -0.55 |
| Martin ratioReturn relative to average drawdown | 2.89 | 4.60 | -1.71 |
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
| USVN | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 1.19 | -0.35 |
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 | 0.41 | 0.65 | -0.24 |
Drawdowns
USVN vs. BIV - Drawdown Comparison
The maximum USVN drawdown since its inception was -8.27%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for USVN and BIV.
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Drawdown Indicators
| USVN | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.27% | -18.95% | +10.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.68% | -3.18% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.89% | -6.07% | +0.18% |
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 | -2.67% | -2.04% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -3.39% | +1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.05% | +0.19% |
Volatility
USVN vs. BIV - Volatility Comparison
US Treasury 7 Year Note ETF (USVN) and Vanguard Intermediate-Term Bond Index ETF (BIV) have volatilities of 1.37% and 1.36%, 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.
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Volatility by Period
| USVN | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.36% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 2.90% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.26% | 4.06% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 6.40% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 5.50% | +0.29% |
USVN vs. BIV - Expense Ratio Comparison
USVN has a 0.15% 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
USVN vs. BIV - Dividend Comparison
USVN's dividend yield for the trailing twelve months is around 3.75%, 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% |
USVN US Treasury 7 Year Note ETF | 3.75% | 3.81% | 4.07% | 2.91% | 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, USVN 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.
USVN has higher volatility (1.37%) compared to BIV (1.36%). In terms of maximum drawdown, USVN dropped -8.27% vs BIV's -18.95%.
On 3-year performance, BIV leads with 4.27% vs 2.70% for USVN. 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 3-year period, BIV has performed better with a 4.27% return vs 2.70%. 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 0.15% for USVN.
BIV has the higher dividend yield at 4.22%, compared with 3.75% for USVN.
USVN is categorized as Government Bonds, while BIV is Intermediate Core Bond. USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. They also come from different issuers: US Benchmark Series and Vanguard. Their fees differ too: 0.15% for USVN and 0.03% for BIV.
BIV currently has the higher Sharpe Ratio (1.19 vs 0.84), 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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