BetterThanSPY

Relative Intelligence · Investment Grade Bonds

How Vanguard Intermediate-Term Bond ETF (BIV) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BIV alone. It places BIV (Vanguard Intermediate-Term Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BIV stands in the market, and of the alternatives worth a closer look.

Period covered: BIV's full trading record, from April 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against BIV →Chart BIV vs. 22 alternatives →

This page answers the following questions about BIV

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in BIV have grown?

This chart tracks a hypothetical $10,000 investment in BIV over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BIV over the same span and BIV's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: BIV began trading on April 10, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of BIV's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,402 of the 1,801 stocks and funds worth at least $500 million that traded the whole period ended ahead of BIV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2007201020132016201920222025$10,000$100,000$1M2007201220172022
  • NVDA$3M+27,574% total · +34.4% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
  • HYG$24,288+143% total · +4.8% a year
  • EP-PC$23,554+136% total · +4.6% a year
  • BLV$20,114+101% total · +3.7% a year
  • IGIB$19,498+95.0% total · +3.6% a year
  • BIV$19,114+91.1% total · +3.5% a year
  • GVI$16,415+64.1% total · +2.6% a year
  • BSV$15,493+54.9% total · +2.3% a year
  • MUB$13,360+33.6% total · +1.5% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,597 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of BIV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$8,000$10,000$12,000$14,000$16,000$18,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • HYG$11,691+16.9% total · +3.2% a year
  • BSV$10,780+7.8% total · +1.5% a year
  • SPIB$10,674+6.7% total · +1.3% a year
  • GVI$10,338+3.4% total · +0.7% a year
  • IGIB$10,205+2.0% total · +0.4% a year
  • FBND$10,0020.0% total · 0.0% a year
  • MUB$9,978−0.2% total · 0.0% a year
  • IUSB$9,868−1.3% total · −0.3% a year
  • BIV$9,738−2.6% total · −0.5% a year
Change the dates or add tickers to this chart in EasyCompare

BIV at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: BIV began trading on April 10, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The fund

Issuer
Vanguard
Began trading
April 2007
Expense ratio
0.03%per year
Assets
$50B
Category
Bonds

Returns

Past 1 year
−1.9%total return
Past 3 years
+17.3%+5.5% a year
Past 5 years
+0.3%+0.1% a year
Past 10 years
+16.8%+1.6% a year
Best calendar year
+11.1%2011
Worst calendar year
−13.2%2022
Losing years
4 of 18full calendar years

Risk

Volatility
6.5%typical yearly swing, 5 years
Sharpe ratio
0.04return per unit of risk, 5 years
Worst decline ever
−18.9%Aug 2020 to Oct 2022
From its all-time high
−3.5%below the peak

BIV against the whole market

Where BIV ranks among every stock and fund, and what across the market has done better.

How does BIV rank among all ETFs?

This section ranks BIV on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how BIV stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureBIVRankStanding
1-year return−1.9%2,254 of 2,488bottom 10%
3-year return+17.3%1,683 of 1,950bottom 15%
5-year return+0.3%1,393 of 1,563bottom 12%
10-year return+16.8%872 of 958bottom 10%
Volatility, 5 years6.5%213 of 1,563top 14%
Sharpe ratio, 5 years0.041,417 of 1,563bottom 10%
Worst decline, past 10 years−18.9%94 of 951top 10%

What has beaten BIV on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). BIV sits where the dashed lines cross. Anything in the green box above and to the left earned more than BIV with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BIV; faint dots are 38 more of the 95 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−2.0%0.0%2.0%4.0%6.0%8.0%10.0%−1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BIVFLOT: +4.5% a year, volatility 1.8%VGSH: +2.0% a year, volatility 2.0%NEAR: +3.9% a year, volatility 1.4%STIP: +2.7% a year, volatility 2.8%USTB: +3.6% a year, volatility 2.1%RAVI: +3.8% a year, volatility 1.4%LMBS: +3.1% a year, volatility 2.6%MEAR: +2.5% a year, volatility 1.0%IAGG: +1.2% a year, volatility 4.5%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%SMMU: +2.0% a year, volatility 1.7%JPIB: +2.6% a year, volatility 4.2%TIPX: +1.6% a year, volatility 4.7%IBHF: +4.1% a year, volatility 5.8%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%BKLN: +5.3% a year, volatility 4.5%SRLN: +4.6% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%VNLA: +4.1% a year, volatility 1.1%FLDR: +3.9% a year, volatility 1.2%TBUX: +4.2% a year, volatility 1.1%SHYG: +4.6% a year, volatility 5.8%FLBL: +5.2% a year, volatility 3.9%FPEI: +3.4% a year, volatility 6.0%IBDT: +1.6% a year, volatility 5.0%FLUD: +3.9% a year, volatility 1.4%PHYL: +3.4% a year, volatility 5.7%BSJQ: +3.7% a year, volatility 5.7%NFLT: +2.8% a year, volatility 4.6%IBD: +1.3% a year, volatility 5.7%IBTG: +1.3% a year, volatility 3.2%INMU: +1.4% a year, volatility 3.8%UCON: +2.3% a year, volatility 4.0%FLMI: +1.6% a year, volatility 4.6%KORP: +1.5% a year, volatility 5.5%BIV: +0.1% a year, volatility 6.5%BSV: +1.8% a year, volatility 2.8%SPIB: +1.7% a year, volatility 4.5%MUB: +0.5% a year, volatility 4.2%HYG: +3.3% a year, volatility 7.5%IUSB: +0.2% a year, volatility 5.9%BNDX: +0.2% a year, volatility 4.9%VRIG: +4.7% a year, volatility 1.3%SPSB: +2.9% a year, volatility 2.0%HYTR: +1.8% a year, volatility 5.6%LQDH: +5.2% a year, volatility 4.4%BSCQ: +1.9% a year, volatility 3.3%HYS: +4.6% a year, volatility 6.3%BIL: +3.7% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%BALT: +6.2% a year, volatility 3.3%VTIP: +2.7% a year, volatility 2.9%VRP: +3.8% a year, volatility 6.6%EP-PC: +5.2% a year, volatility 8.9%SHM: +0.9% a year, volatility 2.2%GVI: +1.1% a year, volatility 4.0%BIVBSVSPIBMUBHYGIUSBBNDXVRIGSPSBHYTRLQDHBSCQHYSBILJAAABALTVTIPVRPEP-PCSHMGVI−2.0%0.0%2.0%4.0%6.0%8.0%10.0%−2.0%0.0%2.0%4.0%6.0%8.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BIVFLOT: +4.5% a year, volatility 1.8%VGSH: +2.0% a year, volatility 2.0%NEAR: +3.9% a year, volatility 1.4%STIP: +2.7% a year, volatility 2.8%USTB: +3.6% a year, volatility 2.1%RAVI: +3.8% a year, volatility 1.4%LMBS: +3.1% a year, volatility 2.6%MEAR: +2.5% a year, volatility 1.0%IAGG: +1.2% a year, volatility 4.5%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%SMMU: +2.0% a year, volatility 1.7%JPIB: +2.6% a year, volatility 4.2%TIPX: +1.6% a year, volatility 4.7%IBHF: +4.1% a year, volatility 5.8%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%BKLN: +5.3% a year, volatility 4.5%SRLN: +4.6% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%VNLA: +4.1% a year, volatility 1.1%FLDR: +3.9% a year, volatility 1.2%TBUX: +4.2% a year, volatility 1.1%SHYG: +4.6% a year, volatility 5.8%FLBL: +5.2% a year, volatility 3.9%FPEI: +3.4% a year, volatility 6.0%IBDT: +1.6% a year, volatility 5.0%FLUD: +3.9% a year, volatility 1.4%PHYL: +3.4% a year, volatility 5.7%BSJQ: +3.7% a year, volatility 5.7%NFLT: +2.8% a year, volatility 4.6%IBD: +1.3% a year, volatility 5.7%IBTG: +1.3% a year, volatility 3.2%INMU: +1.4% a year, volatility 3.8%UCON: +2.3% a year, volatility 4.0%FLMI: +1.6% a year, volatility 4.6%KORP: +1.5% a year, volatility 5.5%BIV: +0.1% a year, volatility 6.5%BSV: +1.8% a year, volatility 2.8%SPIB: +1.7% a year, volatility 4.5%MUB: +0.5% a year, volatility 4.2%HYG: +3.3% a year, volatility 7.5%IUSB: +0.2% a year, volatility 5.9%BNDX: +0.2% a year, volatility 4.9%VRIG: +4.7% a year, volatility 1.3%SPSB: +2.9% a year, volatility 2.0%HYTR: +1.8% a year, volatility 5.6%LQDH: +5.2% a year, volatility 4.4%BSCQ: +1.9% a year, volatility 3.3%HYS: +4.6% a year, volatility 6.3%BIL: +3.7% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%BALT: +6.2% a year, volatility 3.3%VTIP: +2.7% a year, volatility 2.9%VRP: +3.8% a year, volatility 6.6%EP-PC: +5.2% a year, volatility 8.9%SHM: +0.9% a year, volatility 2.2%GVI: +1.1% a year, volatility 4.0%BIVBSVSPIBMUBHYGVRIGSPSBLQDHBSCQHYSBILJAAABALTVRPEP-PCSHMGVI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× BIV's volatility is in the table only

Is there a better investment than BIV?

Investments that beat BIV over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BIV over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks BIV's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than BIV follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than BIV's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× BIV's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BIV's.

Screen the whole market against BIV for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BIV?lower diversifies moreExpenseper year
BIVVanguard Intermediate-Term Bond ETF · this page
+0.1%6.5%0.04−18.9%+16.8%1.000.03%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.600.09%
Popular alternativesbest 6 shownThe investments people most often weigh against BIV. 7 of 21 passed at least one test.
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.8%2.8%0.67−8.5%+21.0%0.950.03%
SPIBState Street SPDR Portfolio Intermediate Term Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher return in most periods+1.7%4.5%0.40−14.9%+29.1%0.980.04%
MUBiShares National Muni Bond ETF · National Investment Grade
Similar return, lower volatilityHigher Sharpe, smaller worst decline+0.5%4.2%0.14−13.7%+19.1%0.890.05%
HYGiShares iBoxx $ High Yield Corporate Bond ETF · High Yield Bonds
Higher return in most periods+3.3%7.5%0.47−22.0%+49.9%0.790.49%
IUSBiShares Core Universal USD Bond ETF · Total Bond Market
Higher return in most periods+0.2%5.9%0.07−17.9%+17.8%0.990.06%
BNDXVanguard Total International Bond ETF · International Bonds
Similar return, lower volatility+0.2%4.9%0.06−16.2%+15.4%0.890.07%
Same and neighboring categories, and shared themesbest 6 shownEverything else in Investment Grade Bonds and the categories next to it (US Corporate Bonds, Short-Term Corporate Bonds, US Aggregate Bonds, High Yield Bonds), plus BIV's specific themes. 52 of 84 passed at least one test.
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.7%1.3%3.52−13.1%+40.7%0.240.30%
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.9%2.0%1.42−11.8%+29.6%0.920.04%
HYTRCounterpoint High Yield Trend ETF · High Yield Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.8%5.6%0.35−13.3%—0.861.00%
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher return in most periods+5.2%4.4%1.20−24.6%+55.7%0.530.44%
BSCQInvesco BulletShares 2026 Corporate Bond ETF · Defined Maturity Corporate Bonds
Higher return, lower volatilityHigher return in most periods+1.9%3.3%0.60−16.4%+33.4%0.860.10%
HYSPIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund · Short-Term High Yield
Higher return, similar volatilityHigher return in most periods+4.6%6.3%0.75−20.9%+57.5%0.750.56%
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 120 of 3,551 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.7%0.3%14.07−0.2%+25.8%0.260.14%
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%—0.230.20%
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.2%3.3%1.84−4.9%—0.600.69%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.7%2.9%0.95−6.3%+33.2%0.750.03%
VRPInvesco Variable Rate Preferred ETF · Preferred Securities
Higher return, similar volatilityHigher return in most periods+3.8%6.6%0.61−46.0%+57.1%0.630.50%
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Higher return in most periods+5.2%8.9%0.62−25.4%+38.1%0.32—
SHMState Street SPDR Nuveen ICE Short Term Municipal Bond ETF · Short-Term Municipal Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+0.9%2.2%0.43−11.6%+12.5%0.850.20%
What these numbers mean for BIV
Annual return
BIV returned 0.1% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $10,000. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
BIV's volatility over the past 5 years was 6.5%, 38% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BIV's return lands within 6.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
BIV's Sharpe ratio over the past 5 years was 0.04, against 0.78 for the S&P 500, so BIV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
BIV's worst fall from a peak to a low over the past 10 years was 18.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 18.9% fall takes a 23.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BIV's monthly returns had a correlation of 0.60 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BIV instead: the lower it is, the more that option would diversify a BIV holding. Guide: Correlation and diversification →
Show all 95 stocks and funds worth at least $500 million that earned more than BIV with less volatility

Out of 3,641 tested over 5 years. The strongest 46 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BIVExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
Whole market+3.7%0.3%14.07−0.2%+25.8%0.260.14%
2
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.230.20%
3
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.600.69%
4
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Same or nearby category+4.7%1.3%3.52−13.1%+40.7%0.240.30%
5
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Whole market+2.7%2.9%0.95−6.3%+33.2%0.750.03%
6
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+35.9%0.190.15%
7
VGSHVanguard Short-Term Treasury ETF · Short-Term Treasuries
Whole market+2.0%2.0%1.00−5.6%+19.2%0.880.03%
8
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Whole market+3.9%1.4%2.74−9.6%+32.1%0.710.25%
9
STIPiShares 0-5 Year TIPS Bond ETF · Inflation-Protected Bonds
Whole market+2.7%2.8%0.95−6.5%+33.0%0.720.03%
10
USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds
Whole market+3.6%2.1%1.77−5.3%—0.880.34%
11
RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds
Whole market+3.8%1.4%2.62−3.7%+31.1%0.520.26%
12
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.1%2.6%1.17−6.5%+25.9%0.890.66%
13
MEARiShares Short Maturity Municipal Bond Active ETF · Short-Term Municipal Bonds
Whole market+2.5%1.0%2.41−2.7%+20.1%0.750.26%
14
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Same or nearby category+2.9%2.0%1.42−11.8%+29.6%0.920.04%
15
IAGGiShares Core International Aggregate Bond ETF · International Bonds
Whole market+1.2%4.5%0.28−13.9%+21.7%0.870.07%
16
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Short-Term Bonds
Whole market+2.4%2.1%1.16−8.7%+26.7%0.800.54%
17
STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Short-Term Bonds
Whole market+2.9%1.7%1.69−6.1%+25.9%0.810.45%
18
SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Short-Term Municipal Bonds
Whole market+2.0%1.7%1.16−5.1%+20.5%0.910.35%
19
JPIBJPMorgan International Bond Opportunities ETF · International Bonds
Whole market+2.6%4.2%0.63−13.1%—0.860.50%
20
TIPXState Street SPDR Bloomberg 1-10 Year TIPS ETF · Inflation-Protected Bonds
Whole market+1.6%4.7%0.36−10.1%+31.3%0.850.15%
21
IBHFiShares iBonds 2026 Term High Yield and Income ETF · High Yield Bonds
Same or nearby category+4.1%5.8%0.73−11.2%—0.700.35%
22
GVIiShares Intermediate Government/Credit Bond ETF · Investment Grade Bonds
Popular alternative+1.1%4.0%0.29−12.9%+18.2%0.990.20%
23
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.380.60%
24
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+42.1%0.140.14%
25
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds
Whole market+4.5%1.7%2.58−14.7%+35.7%0.240.15%
26
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.3%4.5%1.19−24.1%+50.5%0.360.67%
27
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.6%3.9%1.17−22.3%+53.9%0.330.70%
28
FTSLFirst Trust Senior Loan Fund · Bank Loans
Whole market+5.0%3.4%1.49−22.7%+52.0%0.330.70%
29
VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds
Whole market+4.1%1.1%3.80−4.5%—0.660.25%
30
FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds
Whole market+3.9%1.2%3.13−12.2%—0.800.15%
31
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds
Whole market+4.2%1.1%3.88−1.8%—0.650.17%
32
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · Short-Term High Yield
Same or nearby category+4.6%5.8%0.81−19.3%+56.5%0.750.30%
33
FLBLFranklin Senior Loan ETF · Bank Loans
Whole market+5.2%3.9%1.35−19.5%—0.340.45%
34
FPEIFirst Trust Institutional Preferred Securities & Income ETF · Preferred Securities
Whole market+3.4%6.0%0.58−27.5%—0.560.85%
35
BSCQInvesco BulletShares 2026 Corporate Bond ETF · Defined Maturity Corporate Bonds
Same or nearby category+1.9%3.3%0.60−16.4%+33.4%0.860.10%
36
IBDTiShares iBonds Dec 2028 Term Corporate ETF · Defined Maturity Corporate Bonds
Same or nearby category+1.6%5.0%0.34−17.8%—0.950.10%
37
FLUDFranklin Ultra Short Bond ETF · Ultrashort Bonds
Whole market+3.9%1.4%2.77−1.7%—0.460.15%
38
PHYLPGIM Active High Yield Bond ETF · Active High Yield
Same or nearby category+3.4%5.7%0.62−22.1%—0.810.39%
39
BSJQInvesco BulletShares 2026 High Yield Corporate Bond ETF · High Yield Bonds
Same or nearby category+3.7%5.7%0.67−24.1%—0.680.43%
40
NFLTVirtus Newfleet Multi-Sector Bond ETF · Multisector Bonds
Whole market+2.8%4.6%0.64−15.1%+41.7%0.880.50%
41
IBDInspire Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.3%5.7%0.26−16.3%—0.970.41%
42
IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries
Whole market+1.3%3.2%0.42−13.6%—0.870.07%
43
INMUiShares Intermediate Muni Income Active ETF · Intermediate Municipal Bonds
Whole market+1.4%3.8%0.40−10.7%—0.880.41%
44
UCONFirst Trust Smith Unconstrained Bond ETF · Multisector Bonds
Whole market+2.3%4.0%0.60−15.3%—0.910.86%
45
FLMIFranklin Dynamic Municipal Bond ETF · Municipal Bonds
Whole market+1.6%4.6%0.36−14.6%—0.900.30%
46
KORPAmerican Century Diversified Corporate Bond ETF · Corporate Bonds
Whole market+1.5%5.5%0.29−14.9%—0.970.29%

BIV against its popular alternatives

The investments people most often weigh against BIV, compared period by period and year by year.

How do BIV's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at BIV, which divides the map into what did better or worse on each measure.

Green points earned more than BIV with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%−5.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBIV: 0.1% a year, volatility 6.5%SPY (S&P 500): 12.5% a year, volatility 17.2%SPIB: 1.7% a year, volatility 4.5%IUSB: 0.2% a year, volatility 5.9%BSV: 1.8% a year, volatility 2.8%GVI: 1.1% a year, volatility 4.0%FBND: 0.5% a year, volatility 6.0%BOND: 0.2% a year, volatility 5.9%MUB: 0.5% a year, volatility 4.2%BNDX: 0.2% a year, volatility 4.9%SCHR: 0.1% a year, volatility 5.4%IEF: −1.4% a year, volatility 7.7%BLV: −4.5% a year, volatility 12.9%HYG: 3.3% a year, volatility 7.5%IGIB: 1.0% a year, volatility 6.6%VCIT: 0.8% a year, volatility 6.7%TIP: 0.0% a year, volatility 6.2%GOVT: −0.6% a year, volatility 6.0%SCHZ: −0.1% a year, volatility 6.2%AGG: −0.1% a year, volatility 6.2%BND: −0.2% a year, volatility 6.1%BIVSPY (S&P 500)SPIBIUSBBSVGVIBNDXIEFBLVHYGIGIBVCITGOVT0.0%5.0%10.0%15.0%20.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBIV: 0.1% a year, volatility 6.5%SPY (S&P 500): 12.5% a year, volatility 17.2%SPIB: 1.7% a year, volatility 4.5%IUSB: 0.2% a year, volatility 5.9%BSV: 1.8% a year, volatility 2.8%GVI: 1.1% a year, volatility 4.0%FBND: 0.5% a year, volatility 6.0%BOND: 0.2% a year, volatility 5.9%MUB: 0.5% a year, volatility 4.2%BNDX: 0.2% a year, volatility 4.9%SCHR: 0.1% a year, volatility 5.4%IEF: −1.4% a year, volatility 7.7%BLV: −4.5% a year, volatility 12.9%HYG: 3.3% a year, volatility 7.5%IGIB: 1.0% a year, volatility 6.6%VCIT: 0.8% a year, volatility 6.7%TIP: 0.0% a year, volatility 6.2%GOVT: −0.6% a year, volatility 6.0%SCHZ: −0.1% a year, volatility 6.2%AGG: −0.1% a year, volatility 6.2%BND: −0.2% a year, volatility 6.1%BIVSPY (S&P 500)SPIBIUSBBSVIEFBLVHYGIGIB
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
HYG iShares iBoxx $ High Yield Corporate Bond ETF+3.3%7.5%
BSV Vanguard Short-Term Bond ETF+1.8%2.8%
SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF+1.7%4.5%
GVI iShares Intermediate Government/Credit Bond ETF+1.1%4.0%
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF+1.0%6.6%
VCIT Vanguard Intermediate-Term Corporate Bond ETF+0.8%6.7%
MUB iShares National Muni Bond ETF+0.5%4.2%
FBND Fidelity Total Bond ETF+0.5%6.0%
IUSB iShares Core Universal USD Bond ETF+0.2%5.9%
BNDX Vanguard Total International Bond ETF+0.2%4.9%
BOND PIMCO Active Bond Exchange-Traded Fund+0.2%5.9%
SCHR Schwab Intermediate-Term U.S. Treasury ETF+0.1%5.4%
BIV This pageVanguard Intermediate-Term Bond ETF+0.1%6.5%
TIP iShares TIPS Bond ETF0.0%6.2%
AGG iShares Core U.S. Aggregate Bond ETF−0.1%6.2%
SCHZ Schwab U.S. Aggregate Bond ETF−0.1%6.2%
BND Vanguard Total Bond Market ETF−0.2%6.1%
GOVT iShares U.S. Treasury Bond ETF−0.6%6.0%
IEF iShares 7-10 Year Treasury Bond ETF−1.4%7.7%
BLV Vanguard Long-Term Bond ETF−4.5%12.9%
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Has BIV consistently beaten its popular alternatives?

This section compares BIV with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than BIV helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BIV over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BIV Vanguard Intermediate-Term Bond ETF (this page)—+0.2%−0.9%−2.2%−1.7%−1.9%+17.3%+0.3%+16.8%6.5%0.04−18.9%0.03%$50B—
HYG QualifiediShares iBoxx $ High Yield Corporate Bond ETF3/5 short3/3 long−1.6%−1.6%−1.3%−0.1%+1.4%+27.5%+17.7%+49.9%7.5%0.47−22.0%0.49%$17B—
SPIB QualifiedState Street SPDR Portfolio Intermediate Term Corporate Bond ETF3/5 short3/3 long0.0%−0.5%−1.0%−0.3%+0.1%+19.6%+8.9%+29.1%4.5%0.40−14.9%0.04%$11B—
IUSB QualifiediShares Core Universal USD Bond ETF3/5 short3/3 long0.0%−0.6%−1.5%−0.7%−0.9%+18.0%+1.1%+17.8%5.9%0.07−17.9%0.06%$49B—
BSV QualifiedVanguard Short-Term Bond ETF4/5 short2/3 long+0.5%+0.2%0.0%+0.5%+1.0%+14.4%+9.4%+21.0%2.8%0.67−8.5%0.03%$70B—
GVI QualifiediShares Intermediate Government/Credit Bond ETF4/5 short2/3 long+0.4%−0.2%−0.8%−0.3%−0.1%+14.8%+5.4%+18.2%4.0%0.29−12.9%0.20%$3.8B—
FBND IndustrialsFidelity Total Bond ETF2/5 short3/3 long−0.1%−0.8%−1.7%−0.9%−1.3%+18.5%+2.4%+23.1%6.0%0.11−17.3%0.36%$28B—
IGIB BondsiShares 5-10 Year Investment Grade Corporate Bond ETF0/5 short3/3 long−0.2%−1.6%−2.6%−2.0%−1.9%+22.3%+4.9%+30.0%6.6%0.18−20.6%0.04%$19B—
VCIT BondsVanguard Intermediate-Term Corporate Bond ETF0/5 short3/3 long−0.2%−1.5%−2.6%−2.0%−1.9%+21.8%+4.1%+27.7%6.7%0.15−20.6%0.03%$69B—
BOND BondsPIMCO Active Bond Exchange-Traded Fund2/5 short2/3 long+0.1%−0.9%−1.9%−0.9%−1.1%+20.3%+0.8%+20.5%5.9%0.06−19.7%0.56%$8.5B—
MUB BondsiShares National Muni Bond ETF2/5 short2/3 long+0.8%−1.7%−2.2%−1.4%−0.9%+11.8%+2.6%+19.1%4.2%0.14−13.7%0.05%$51B—
TIP BondsiShares TIPS Bond ETF4/5 short1/3 long+0.7%−0.6%−1.3%+0.1%−1.1%+14.2%+0.1%+24.6%6.2%0.03−14.5%0.18%$14B—
BNDX BondsVanguard Total International Bond ETF3/5 short1/3 long+0.1%−0.7%−0.8%−0.4%−1.3%+13.4%+1.0%+15.4%4.9%0.06−16.2%0.07%$122B—
CGCP BondsCapital Group Core Plus Income ETF2/5 short1/3 long−0.2%−0.8%−1.9%−1.2%−1.2%+18.9%————−15.1%0.34%$8.4B—
GOVT BondsiShares U.S. Treasury Bond ETF4/5 short0/3 long+0.5%−0.2%−1.2%−0.7%−1.3%+13.2%−2.8%+8.2%6.0%-0.07−19.1%0.05%$42B—
SCHZ BondsSchwab U.S. Aggregate Bond ETF3/5 short0/3 long+0.2%−0.5%−1.5%−0.8%−1.2%+16.8%−0.8%+16.1%6.2%0.01−18.7%0.03%$11B—
AGG BondsiShares Core U.S. Aggregate Bond ETF3/5 short0/3 long+0.2%−0.5%−1.5%−0.8%−1.2%+16.8%−0.6%+14.4%6.2%0.01−18.4%0.03%$139B—
SPAB BondsState Street SPDR Portfolio Aggregate Bond ETF3/5 short0/3 long+0.2%−0.5%−1.6%−0.8%−1.2%+16.7%−0.7%+14.3%6.0%0.01−18.5%0.03%$10B—
BND BondsVanguard Total Bond Market ETF2/5 short0/3 long+0.3%−0.7%−1.7%−1.0%−1.4%+16.3%−1.0%+14.3%6.1%0.00−18.6%0.03%$389B—
SCHR BondsSchwab Intermediate-Term U.S. Treasury ETF2/5 short0/3 long+0.5%−0.5%−1.6%−1.2%−1.3%+13.6%+0.5%+11.7%5.4%0.04−16.1%0.03%$14B—
VGIT BondsVanguard Intermediate-Term Treasury ETF0/5 short0/3 long+0.6%−0.9%−2.0%−1.6%−1.7%+13.2%+0.2%+11.4%5.4%0.03−16.0%0.03%$48B—
IEF BondsiShares 7-10 Year Treasury Bond ETF0/5 short0/3 long+0.4%−1.3%−2.9%−2.5%−3.3%+13.1%−7.0%+4.1%7.7%-0.15−23.9%0.15%$42B—
BLV BondsVanguard Long-Term Bond ETF0/5 short0/3 long−0.1%−0.9%−3.4%−2.5%−5.6%+17.2%−20.3%+3.8%12.9%-0.29−38.3%0.03%$7.8B—
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How did BIV do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where BIV ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BIV and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: BIV began trading on April 10, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of BIV; gray means the two finished within a fraction of a point. The rank row places BIV among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BIV202520242023202220212020201920182017201620152014201320122011201020092008
BIV This pageVanguard Intermediate-Term Bond ETF—+8.5%+1.6%+6.1%−13.2%−2.4%+9.7%+10.3%−0.2%+3.6%+2.3%+1.0%+6.7%−3.6%+6.7%+11.1%+9.1%+3.9%+7.8%
Rank among alternativesTop quarter in 5 of 184 of 2013 of 2010 of 2014 of 2017 of 204 of 205 of 2012 of 209 of 2013 of 206 of 205 of 1813 of 176 of 154 of 145 of 134 of 116 of 11
SPY S&P 500State Street SPDR S&P 500 ETF13 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
HYG iShares iBoxx $ High Yield Corporate Bond ETF11 of 18+8.6%+8.0%+11.6%−11.0%+3.8%+4.5%+14.1%−2.0%+6.1%+13.4%−5.0%+1.9%+5.7%+11.7%+6.7%+11.9%+28.5%−17.6%
SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF7 of 16+7.9%+4.3%+7.3%−9.6%−1.3%+7.7%+10.3%−0.5%+3.8%+4.2%+0.4%+4.5%−0.6%+8.4%+5.8%+7.2%——
IUSB iShares Core Universal USD Bond ETF3 of 11+7.4%+2.1%+6.2%−13.0%−1.3%+7.6%+9.1%−0.3%+3.8%+4.0%+0.4%———————
BSV Vanguard Short-Term Bond ETF6 of 18+6.0%+3.8%+4.9%−5.5%−1.1%+4.7%+5.0%+1.3%+1.2%+1.3%+0.9%+1.3%+0.1%+2.0%+2.9%+3.9%+1.5%+8.5%
GVI iShares Intermediate Government/Credit Bond ETF4 of 18+6.7%+2.9%+5.1%−8.3%−1.9%+6.4%+6.5%+0.8%+1.8%+2.0%+0.8%+2.9%−0.9%+3.2%+6.0%+5.5%+1.9%+8.2%
FBND Fidelity Total Bond ETF5 of 11+7.6%+2.1%+6.8%−12.5%−0.4%+9.4%+9.8%−0.6%+3.5%+6.7%−1.0%———————
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF9 of 18+9.6%+3.5%+9.2%−14.0%−1.7%+9.7%+14.6%−0.7%+3.5%+3.3%+0.6%+3.9%−0.4%+7.2%+5.8%+6.8%+12.7%−0.7%
VCIT Vanguard Intermediate-Term Corporate Bond ETF11 of 16+9.3%+3.2%+9.0%−14.0%−1.8%+9.4%+14.1%−1.8%+5.3%+5.3%+0.9%+7.7%−1.9%+10.5%+9.0%+10.0%——
BOND PIMCO Active Bond Exchange-Traded Fund5 of 13+8.4%+2.8%+6.5%−14.6%−0.8%+7.8%+8.5%+0.4%+4.8%+2.8%+1.2%+6.6%−1.3%—————
MUB iShares National Muni Bond ETF5 of 18+3.8%+1.3%+5.6%−7.3%+1.0%+5.1%+7.0%+0.9%+4.7%−0.2%+2.3%+6.4%−6.2%+2.2%+9.2%−3.5%+3.2%−2.1%
TIP iShares TIPS Bond ETF6 of 18+6.8%+1.7%+3.8%−12.3%+5.7%+10.8%+8.4%−1.4%+2.9%+4.7%−1.8%+3.6%−8.5%+6.4%+13.3%+6.1%+8.9%+0.1%
BNDX Vanguard Total International Bond ETF5 of 12+2.9%+3.6%+8.8%−12.8%−2.3%+4.6%+7.8%+2.8%+2.4%+4.6%+1.2%+8.8%——————
GOVT iShares U.S. Treasury Bond ETF3 of 13+3.8%+3.0%+4.2%−13.4%−1.1%+7.3%+7.3%+0.3%+2.2%+0.8%+0.9%+4.7%−2.5%—————
SCHZ Schwab U.S. Aggregate Bond ETF3 of 14+7.2%+1.3%+5.6%−13.2%−1.7%+7.4%+8.7%−0.1%+5.4%+2.2%+0.4%+6.3%−2.0%+3.4%————
AGG iShares Core U.S. Aggregate Bond ETF2 of 18+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%+3.6%+2.4%+0.5%+6.0%−2.0%+3.8%+7.7%+6.3%+3.0%+7.9%
BND Vanguard Total Bond Market ETF2 of 18+7.1%+1.4%+5.7%−13.1%−1.9%+7.7%+8.8%−0.1%+3.6%+2.5%+0.6%+5.8%−2.1%+3.9%+7.9%+6.2%+3.6%+6.9%
SCHR Schwab Intermediate-Term U.S. Treasury ETF4 of 15+7.4%+1.4%+4.2%−10.5%−2.6%+7.7%+6.2%+1.5%+1.6%+1.0%+1.6%+4.4%−2.7%+2.1%+10.4%———
IEF iShares 7-10 Year Treasury Bond ETF4 of 18+8.0%−0.6%+3.6%−15.2%−3.3%+10.0%+8.0%+1.0%+2.6%+1.0%+1.5%+9.1%−6.1%+3.7%+15.7%+9.3%−6.6%+17.9%
BLV Vanguard Long-Term Bond ETF10 of 18+6.4%−3.7%+7.4%−27.0%−2.9%+15.8%+19.0%−4.2%+10.7%+6.8%−4.0%+20.3%−9.0%+8.0%+22.9%+10.0%0.0%+10.3%
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Risk and diversification

How BIV has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were BIV's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BIV's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: BIV began trading on April 10, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means BIV fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBIV fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−18.9%+13.0%Aug 2020Oct 20222.2 yearsFeb 20263.3 years
2008 financial crisis−13.6%−25.9%Sep 2008Oct 20081 monthDec 20082 months
Covid crash−9.2%−19.1%Mar 2020Mar 2020Under a monthMay 20202 months
No named crash−7.7%+5.4%May 2013Sep 20134 monthsAug 201411 months
No named crash−6.1%+7.6%Jul 2016Dec 20165 monthsMar 20192.3 years

How did BIV do in stock market crashes?

This section measures how far BIV, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: BIV began trading on April 10, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BIV.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BIV This pageVanguard Intermediate-Term Bond ETF—0.0%−15.3%−9.2%−1.0%−0.7%−2.3%−1.6%0.0%−13.6%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
HYG iShares iBoxx $ High Yield Corporate Bond ETF0 of 9−1.1%−15.3%−22.0%−6.4%−1.5%−10.5%−9.8%0.0%−34.2%—
SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF2 of 80.0%−12.4%−14.9%−0.8%−0.6%−1.6%−1.9%−1.8%——
IUSB iShares Core Universal USD Bond ETF1 of 60.0%−14.8%−9.9%−1.1%−0.8%−1.7%————
BSV Vanguard Short-Term Bond ETF6 of 90.0%−6.9%−4.7%−0.3%−0.2%−1.0%−0.5%−0.1%−7.0%—
GVI iShares Intermediate Government/Credit Bond ETF5 of 90.0%−9.9%−6.0%−0.5%−0.5%−1.4%−0.8%0.0%−7.5%—
FBND Fidelity Total Bond ETF1 of 60.0%−14.4%−16.1%−1.1%−1.4%−3.2%————
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF1 of 90.0%−17.3%−16.2%−1.4%−0.5%−1.4%−1.8%−0.7%−14.5%—
VCIT Vanguard Intermediate-Term Corporate Bond ETF0 of 80.0%−17.4%−16.9%−1.2%−1.0%−2.0%−3.0%0.0%——
BOND PIMCO Active Bond Exchange-Traded Fund0 of 60.0%−16.5%−10.9%−1.1%−0.7%−1.8%————
MUB iShares National Muni Bond ETF3 of 90.0%−10.6%−13.7%−1.4%−0.2%−0.8%−1.4%−0.1%−13.9%—
TIP iShares TIPS Bond ETF1 of 90.0%−14.3%−11.2%−2.0%−1.1%−2.5%−3.8%−0.2%−14.4%—
BNDX Vanguard Total International Bond ETF4 of 60.0%−13.7%−5.9%−0.8%−0.2%−1.1%————
GOVT iShares U.S. Treasury Bond ETF2 of 60.0%−13.0%−4.6%−0.9%−0.3%−2.1%————
SCHZ Schwab U.S. Aggregate Bond ETF2 of 70.0%−14.6%−10.3%−1.1%−0.7%−1.6%−1.4%———
AGG iShares Core U.S. Aggregate Bond ETF3 of 90.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
BND Vanguard Total Bond Market ETF3 of 90.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%—
SCHR Schwab Intermediate-Term U.S. Treasury ETF2 of 70.0%−11.9%−2.2%−0.8%−0.6%−2.1%−1.1%———
IEF iShares 7-10 Year Treasury Bond ETF2 of 90.0%−16.1%−4.7%−1.2%−0.8%−2.9%−1.9%−0.3%−6.2%—
BLV Vanguard Long-Term Bond ETF1 of 90.0%−28.5%−20.0%−4.0%−2.4%−3.5%−4.3%−1.3%−12.7%—
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How closely does BIV move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares BIV with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than BIV's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BIV This pageVanguard Intermediate-Term Bond ETF13%18%0.740.15
BSV Vanguard Short-Term Bond ETF7%3%2.750.04
GVI iShares Intermediate Government/Credit Bond ETF9%8%1.130.08
SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF17%18%0.960.18
SCHR Schwab Intermediate-Term U.S. Treasury ETF6%7%0.920.05
TIP iShares TIPS Bond ETF15%17%0.870.18
HYG iShares iBoxx $ High Yield Corporate Bond ETF34%40%0.840.39
BNDX Vanguard Total International Bond ETF11%13%0.830.14
FBND Fidelity Total Bond ETF17%21%0.800.18
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF22%29%0.780.27
VCIT Vanguard Intermediate-Term Corporate Bond ETF22%29%0.760.26
MUB iShares National Muni Bond ETF14%18%0.760.14
IUSB iShares Core Universal USD Bond ETF15%20%0.740.16
BOND PIMCO Active Bond Exchange-Traded Fund16%22%0.730.19
GOVT iShares U.S. Treasury Bond ETF6%8%0.710.06
SCHZ Schwab U.S. Aggregate Bond ETF14%20%0.710.16
AGG iShares Core U.S. Aggregate Bond ETF12%17%0.710.14
BND Vanguard Total Bond Market ETF13%19%0.690.15
IEF iShares 7-10 Year Treasury Bond ETF7%14%0.510.08
BLV Vanguard Long-Term Bond ETF21%45%0.480.32
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What diversifies BIV?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with BIV's. Because such investments tend not to fall at the same time, pairing BIV with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which BIV lost money. The last two columns show a portfolio that is 80% BIV and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220212018201380/20 mix volatility80/20 mix annual return
BIV Vanguard Intermediate-Term Bond ETF (this page)1.00+0.3%0.04−13.2%−2.4%−0.2%−3.6%7.0%−0.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+6.0%+18.0%−19.8%+41.3%6.6%+4.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.46+103%1.06+10.4%+23.1%−8.7%+16.6%7.4%+2.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.49+86.8%1.03+7.0%+19.6%−3.0%+23.7%7.4%+2.0%
SMH TechnologyVanEck Semiconductor ETF0.49+304%0.94−33.5%+42.1%−9.1%+33.4%10.8%+7.0%
FFLC Broad MarketFidelity Fundamental Large Cap Core ETF0.49+105%0.940.0%+24.5%——7.6%+2.9%
XLE EnergyState Street Energy Select Sector SPDR ETF0.09+178%0.94+64.4%+53.3%−18.2%+26.3%8.0%+4.4%
GLD CommoditiesSPDR Gold Shares0.41+120%0.93−0.8%−4.2%−1.9%−28.3%7.6%+3.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+130%0.91−10.4%+22.7%−0.9%—8.1%+3.9%

Stocks

InvestmentCorrelation5Y returnSharpe202220212018201380/20 mix volatility80/20 mix annual return
BIV Vanguard Intermediate-Term Bond ETF (this page)1.00+0.3%0.04−13.2%−2.4%−0.2%−3.6%7.0%−0.5%
CAH Medical - DistributionCardinal Health, Inc.0.23+471%1.54+54.1%−0.4%−24.5%+66.0%8.5%+6.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.09+2,780%1.43+1.3%+37.9%−16.3%+27.6%13.4%+18.6%
MCK Medical - DistributionMcKesson Corporation0.11+397%1.41+51.8%+44.2%−28.4%+67.7%7.9%+6.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.18+1,452%1.41+17.0%+89.0%+0.8%+61.7%11.4%+14.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.08+660%1.39+86.6%+61.0%−8.2%+48.6%8.9%+8.7%
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Common questions

What was BIV's worst drawdown?

BIV's deepest decline since it began trading in 2007 was 18.9%, from August 2020 to October 2022. It took about three years from the low to climb back to its old high. Because BIV launched in April 2007, that record does not include the dot-com bust.

What were BIV's best and worst years?

Over 18 full calendar years, BIV's best year was 2011, when it returned 11.1%. Its worst was 2022, with a return of -13.2%.

Is there a better investment than BIV?

Among BIV's popular alternatives, BSV and SPIB earned more than BIV with less volatility over the past 5 years. BSV returned 1.8% a year at 2.8% volatility, against 0.1% a year at 6.5%. Looking beyond its popular alternatives, VRIG (investment grade bonds) and SPSB (short-term corporate bonds) earned more than BIV with less volatility over the past 5 years. VRIG returned 4.7% a year at 1.3% volatility, against 0.1% a year at 6.5%.

Is BIV more volatile than the S&P 500?

No. BIV's volatility over the past 5 years was 6.5%, 38% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BIV's return lands within 6.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is BIV's Sharpe ratio?

BIV's Sharpe ratio over the past 5 years was 0.04, against 0.78 for the S&P 500, so BIV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is BIV with the S&P 500?

Over the past 5 years, BIV's monthly returns had a correlation of 0.60 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BIV instead: the lower it is, the more that option would diversify a BIV holding.

What are the best alternatives to BIV?

Of the 22 popular alternatives we compared, five outperformed BIV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: HYG, SPIB and IUSB.

Did BIV outperform the S&P 500?

BIV finished ahead of the S&P 500 (SPY) in four of 18 full calendar years. In 2025, it returned +8.5%, against +17.7% for the index.

How did BIV do in stock market crashes?

BIV fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when BIV fell 13.6% and the S&P 500 fell 55.2%.

What diversifies BIV?

These had a low correlation with BIV over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.22), EMLP (correlation 0.46) and HDV (correlation 0.49); among large stocks, CAH (correlation 0.23), CLS (correlation 0.09) and MCK (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BIV

Other stocks and ETFs