VGVT vs. IBTM

Last updated Jun 4, 2026

VGVT (Vanguard Government Securities Active ETF) and IBTM (iShares iBonds Dec 2032 Term Treasury ETF) are both Intermediate Core Bond funds. VGVT is actively managed, while IBTM is passively managed. Their correlation of 0.87 suggests significant overlap in exposure. VGVT charges 0.10%/yr vs 0.07%/yr for IBTM.

Performance

VGVT vs. IBTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Government Securities Active ETF (VGVT) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGVT achieves a 0.11% return, which is significantly higher than IBTM's -0.50% return.

VGVT

• 1D: -0.15%
• 1M: 0.17%
• YTD: 0.11%
• 6M: 0.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTM

• 1D: -0.18%
• 1M: -0.15%
• YTD: -0.50%
• 6M: -0.81%
• 1Y: 3.93%
• 3Y*: 2.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VGVT vs. IBTM - Yearly Performance Comparison

	2026 (YTD)	2025
VGVT Vanguard Government Securities Active ETF	0.11%	3.28%
IBTM iShares iBonds Dec 2032 Term Treasury ETF	-0.50%	3.18%

Correlation

The correlation between VGVT and IBTM is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.87

Return for Risk

VGVT vs. IBTM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBTM

IBTM Risk / Return Rank: 26
IBTM Sharpe Ratio Rank: 27
IBTM Sortino Ratio Rank: 27
IBTM Omega Ratio Rank: 25
IBTM Calmar Ratio Rank: 26
IBTM Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VGVT vs. IBTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Government Securities Active ETF (VGVT) and iShares iBonds Dec 2032 Term Treasury ETF (IBTM). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VGVT	IBTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.20	+0.97

Drawdowns

VGVT vs. IBTM - Drawdown Comparison

The maximum VGVT drawdown since its inception was -2.77%, smaller than the maximum IBTM drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for VGVT and IBTM.

Drawdown Indicators

	VGVT	IBTM	Difference
Max Drawdown Largest peak-to-trough decline	-2.77%	-13.60%	+10.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.26%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.86%	—
Current Drawdown Current decline from peak	-1.76%	-2.38%	+0.62%
Average Drawdown Average peak-to-trough decline	-0.67%	-4.82%	+4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.12%	—

Volatility

Volatility by Period

	VGVT	IBTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	4.09%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	7.56%	-4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.22%	7.56%	-4.34%

VGVT vs. IBTM - Expense Ratio Comparison

VGVT has a 0.10% expense ratio, which is higher than IBTM's 0.07% 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

VGVT vs. IBTM - Dividend Comparison

VGVT's dividend yield for the trailing twelve months is around 3.99%, more than IBTM's 3.95% yield.

Position	TTM	2025	2024	2023	2022
IBTM iShares iBonds Dec 2032 Term Treasury ETF	3.95%	3.87%	3.96%	3.39%	1.38%
VGVT Vanguard Government Securities Active ETF	3.99%	2.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGVT and IBTM in my portfolio?

VGVT and IBTM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGVT or IBTM?

On fees, IBTM is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGVT or IBTM?

IBTM is cheaper with a 0.07% expense ratio, compared with 0.10% for VGVT.

Which ETF pays a higher dividend yield, VGVT or IBTM?

VGVT has the higher dividend yield at 3.99%, compared with 3.95% for IBTM.

What is the main difference between VGVT and IBTM?

They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VGVT and 0.07% for IBTM.