VWOB vs. BIV
VWOB (Vanguard Emerging Markets Government Bond ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - VWOB is a Emerging Markets Bonds fund tracking the Bloomberg USD Emerging Markets Government RIC Capped Index, 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 10 years, VWOB returned 3.44%/yr vs 1.83%/yr for BIV. A 0.52 correlation means they provide meaningful diversification when combined. VWOB charges 0.15%/yr vs 0.03%/yr for BIV.
Performance
VWOB vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, VWOB achieves a 0.95% return, which is significantly higher than BIV's -0.67% return. Over the past 10 years, VWOB has outperformed BIV with an annualized return of 3.44%, while BIV has yielded a comparatively lower 1.83% annualized return.
VWOB
- 1D
- -0.18%
- 1M
- -0.48%
- YTD
- 0.95%
- 6M
- 1.64%
- 1Y
- 10.16%
- 3Y*
- 9.06%
- 5Y*
- 1.85%
- 10Y*
- 3.44%
BIV
- 1D
- -0.05%
- 1M
- -0.94%
- YTD
- -0.67%
- 6M
- -0.33%
- 1Y
- 4.70%
- 3Y*
- 4.27%
- 5Y*
- 0.08%
- 10Y*
- 1.83%
VWOB vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWOB Vanguard Emerging Markets Government Bond ETF | 0.95% | 13.49% | 5.20% | 10.68% | -17.39% | -1.80% | 5.65% | 14.46% | -2.92% | 8.41% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.67% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
Correlation
The correlation between VWOB and BIV is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.52 |
Over the past year, VWOB and BIV have become more correlated (0.78) than their long-term average of 0.52, meaning their price movements have been converging.
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Return for Risk
VWOB vs. BIV — Risk / Return Rank
VWOB
BIV
VWOB vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond ETF (VWOB) 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.
| VWOB | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.21 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 1.49 | +0.79 |
| Martin ratioReturn relative to average drawdown | 9.60 | 4.40 | +5.20 |
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
| VWOB | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 1.18 | +0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.01 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.33 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.64 | -0.23 |
Drawdowns
VWOB vs. BIV - Drawdown Comparison
The maximum VWOB drawdown since its inception was -26.98%, which is greater than BIV's maximum drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for VWOB and BIV.
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Drawdown Indicators
| VWOB | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -18.95% | -8.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.48% | -3.18% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.71% | -6.07% | -1.64% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -18.74% | -8.24% |
Max Drawdown (10Y)Largest decline over 10 years | -26.98% | -18.95% | -8.03% |
Current DrawdownCurrent decline from peak | -0.94% | -2.46% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -3.39% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.07% | -0.01% |
Volatility
VWOB vs. BIV - Volatility Comparison
Vanguard Emerging Markets Government Bond ETF (VWOB) has a higher volatility of 1.65% compared to Vanguard Intermediate-Term Bond Index ETF (BIV) at 1.35%. This indicates that VWOB's price experiences larger fluctuations and is considered to be riskier 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
| VWOB | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.35% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.20% | 2.93% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.18% | 4.00% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.18% | 6.40% | +2.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.34% | 5.51% | +3.83% |
VWOB vs. BIV - Expense Ratio Comparison
VWOB 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
VWOB vs. BIV - Dividend Comparison
VWOB's dividend yield for the trailing twelve months is around 5.88%, more than BIV's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.24% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
VWOB Vanguard Emerging Markets Government Bond ETF | 5.88% | 5.92% | 6.08% | 5.50% | 5.30% | 4.04% | 4.18% | 4.58% | 4.52% | 4.61% | 4.71% | 4.93% |
Frequently Asked Questions
VWOB and BIV have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWOB has higher volatility (1.65%) compared to BIV (1.35%). In terms of maximum drawdown, VWOB dropped -26.98% vs BIV's -18.95%.
On 10-year performance, VWOB leads with 3.44% vs 1.83% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VWOB has performed better with a 3.44% return vs 1.83%. 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 VWOB.
VWOB has the higher dividend yield at 5.88%, compared with 4.24% for BIV.
VWOB is categorized as Emerging Markets Bonds, while BIV is Intermediate Core Bond. VWOB tracks Bloomberg USD Emerging Markets Government RIC Capped Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Their fees differ too: 0.15% for VWOB and 0.03% for BIV.
VWOB currently has the higher Sharpe Ratio (1.97 vs 1.18), 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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