VGLT vs. BLV
VGLT (Vanguard Long-Term Treasury ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, VGLT returned -1.72%/yr vs 0.32%/yr for BLV. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.
Performance
VGLT vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -2.90% return, which is significantly lower than BLV's -2.38% return. Over the past 10 years, VGLT has underperformed BLV with an annualized return of -1.72%, while BLV has yielded a comparatively higher 0.32% annualized return.
VGLT
- 1D
- 0.37%
- 1M
- -3.15%
- 6M
- -2.54%
- YTD
- -2.90%
- 1Y
- -1.31%
- 3Y*
- -0.04%
- 5Y*
- -7.20%
- 10Y*
- -1.72%
- ALL TIME*
- 2.29%
BLV
- 1D
- 0.44%
- 1M
- -3.14%
- 6M
- -2.34%
- YTD
- -2.38%
- 1Y
- -0.29%
- 3Y*
- 2.08%
- 5Y*
- -5.11%
- 10Y*
- 0.32%
- ALL TIME*
- 4.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.99M | $52.76M | $45.16M | |
| $99.02M | $99.81M | $109.19M |
VGLT vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -2.90% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
BLV Vanguard Long-Term Bond ETF | -2.38% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
Correlation
The correlation between VGLT and BLV is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.94 |
The correlation between VGLT and BLV has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
VGLT vs. BLV — Risk / Return Rank
VGLT
BLV
VGLT vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) and Vanguard Long-Term Bond ETF (BLV). 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.
| VGLT | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.00 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | -0.05 | -0.14 |
| Martin ratioReturn relative to average drawdown | -0.41 | -0.11 | -0.30 |
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Drawdowns
VGLT vs. BLV - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, which is greater than BLV's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for VGLT and BLV.
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Drawdown Indicators
| VGLT | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -38.29% | -7.89% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -5.92% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -11.70% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -36.27% | -4.71% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -38.29% | -7.89% |
Current DrawdownCurrent decline from peak | -38.41% | -26.16% | -12.25% |
Average DrawdownAverage peak-to-trough decline | -15.27% | -9.64% | -5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 2.66% | +0.56% |
Volatility
VGLT vs. BLV - Volatility Comparison
Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.30% compared to Vanguard Long-Term Bond ETF (BLV) at 2.19%. This indicates that VGLT's price experiences larger fluctuations and is considered to be riskier than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGLT | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 2.19% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 5.97% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.39% | 7.77% | +0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 12.91% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.75% | 11.95% | +1.80% |
VGLT vs. BLV - Expense Ratio Comparison
Both VGLT and BLV have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGLT vs. BLV - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.78%, less than BLV's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.97% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
VGLT Vanguard Long-Term Treasury ETF | 4.78% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
With a correlation of 0.98, VGLT and BLV 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.
VGLT has higher volatility (2.30%) compared to BLV (2.19%). In terms of maximum drawdown, VGLT dropped -46.18% vs BLV's -38.29%.
On 10-year performance, BLV leads with 0.32% vs -1.72% for VGLT. Both ETFs have the same 0.03% expense ratio. On volatility, BLV has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BLV has performed better with a 0.32% return vs -1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT and BLV have the same expense ratio: 0.03% per year.
BLV has the higher dividend yield at 4.97%, compared with 4.78% for VGLT.
VGLT is categorized as Government Bonds, while BLV is Long-Term Bond. VGLT tracks Bloomberg U.S. Long Treasury Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index.
BLV currently has the higher Sharpe Ratio (-0.04 vs -0.16), 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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