VCRB vs. BIV
VCRB (Vanguard Core Bond ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both Intermediate Core Bond funds from Vanguard. VCRB is actively managed, while BIV is passively managed. Over the past year, VCRB returned 5.07% vs 4.33% for BIV. With a 0.97 correlation, they move nearly in lockstep. VCRB charges 0.10%/yr vs 0.03%/yr for BIV.
Performance
VCRB vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, VCRB achieves a 0.58% return, which is significantly higher than BIV's -0.11% return.
VCRB
- 1D
- 0.12%
- 1M
- 0.29%
- YTD
- 0.58%
- 6M
- 0.63%
- 1Y
- 5.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BIV
- 1D
- 0.13%
- 1M
- 0.04%
- YTD
- -0.11%
- 6M
- -0.10%
- 1Y
- 4.33%
- 3Y*
- 4.34%
- 5Y*
- 0.28%
- 10Y*
- 1.93%
VCRB vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VCRB Vanguard Core Bond ETF | 0.58% | 7.56% | 2.21% | 0.65% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.11% | 8.52% | 1.57% | 0.47% |
Correlation
The correlation between VCRB 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 Dec 15, 2023 | 0.97 |
The correlation between VCRB and BIV has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
VCRB vs. BIV — Risk / Return Rank
VCRB
BIV
VCRB vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Bond ETF (VCRB) 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.
| VCRB | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.19 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.37 | +0.56 |
| Martin ratioReturn relative to average drawdown | 5.77 | 4.13 | +1.64 |
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
| VCRB | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.08 | +0.32 |
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 | 0.94 | 0.65 | +0.30 |
Drawdowns
VCRB vs. BIV - Drawdown Comparison
The maximum VCRB drawdown since its inception was -4.59%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for VCRB and BIV.
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Drawdown Indicators
| VCRB | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.59% | -18.95% | +14.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.63% | -3.18% | +0.55% |
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 | -1.28% | -1.91% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -1.16% | -3.39% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.05% | -0.17% |
Volatility
VCRB vs. BIV - Volatility Comparison
The current volatility for Vanguard Core Bond ETF (VCRB) is 1.17%, while Vanguard Intermediate-Term Bond Index ETF (BIV) has a volatility of 1.36%. This indicates that VCRB experiences smaller price fluctuations and is considered to be less risky 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
| VCRB | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.36% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.61% | 2.90% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 4.06% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.74% | 6.40% | -1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.74% | 5.50% | -0.76% |
VCRB vs. BIV - Expense Ratio Comparison
VCRB 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
VCRB vs. BIV - Dividend Comparison
VCRB's dividend yield for the trailing twelve months is around 4.60%, more 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% |
VCRB Vanguard Core Bond ETF | 4.60% | 4.55% | 4.22% | 0.16% | 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, VCRB 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.
BIV has higher volatility (1.36%) compared to VCRB (1.17%). In terms of maximum drawdown, VCRB dropped -4.59% vs BIV's -18.95%.
On 1-year performance, VCRB leads with 5.07% vs 4.33% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, VCRB has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VCRB has performed better with a 5.07% return vs 4.33%. 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 VCRB.
VCRB has the higher dividend yield at 4.60%, compared with 4.21% for BIV.
Their fees differ too: 0.10% for VCRB and 0.03% for BIV.
VCRB currently has the higher Sharpe Ratio (1.40 vs 1.08), 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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