Relative Intelligence · Short-Term Bonds
How Vanguard Short-Term Bond ETF (BSV) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BSV alone. It places BSV (Vanguard Short-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 BSV stands in the market, and of the alternatives worth a closer look.
Period covered: BSV'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 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowBSV has gone against the market, falling 0.5% over the past 6 months while the S&P 500 rose 9.1%. That said, it sits 0.9% below its record high, and the S&P 500 is similarly close to its own. At a glance ↓
- Fund or market?BSV fell 0.4% over the past 3 months, in line with the US bond market ETF AGG (iShares Core U.S. Aggregate Bond ETF), which fell 1.7%. The S&P 500 rose 3.9%.
- Long termBSV turned $10,000 into $12,000 over the past decade, against $42,100 in the S&P 500. Over the past decade, BSV returned 20.5%, behind 88% of the ETFs with at least $100 million in assets. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross six sell-offs, BSV has typically lost about 11% as much as the S&P 500. Crash tests ↓
- DiversificationBSV is some diversification, but not a hedge: a correlation of 0.47 with the S&P 500 over 5 years and 0.48 with the total US market, less closely than 88% of ETFs with at least $100 million in assets. BSV cushions stocks less than it used to: its correlation with the S&P 500 rose to 0.47 over the past 5 years, from -0.12 in the 5 years before. Market capture ↓
- Better options
- Popular alternatives
- JPST (JPMorgan Ultra-Short Income ETF), FLOT (iShares Floating Rate Bond ETF) and NEAR (iShares Short Duration Bond Active ETF) earned more than BSV with less volatility over the past 5 years. JPST returned 3.9% a year at 0.6% volatility, against 1.7% a year at 2.8%.
- Nearby categories and themes
- STIP (iShares 0-5 Year TIPS Bond ETF, treasury bonds) was ahead of BSV in most short and long periods.
- Whole market
- Few investments have done better on both counts: only 34 of the 3,633 stocks and funds worth at least $500 million earned more than BSV with less volatility over the past 5 years, among them SGOV (iShares 0-3 Month Treasury Bond ETF), BIL (State Street SPDR Bloomberg 1-3 Month T-Bill ETF) and JPST (JPMorgan Ultra-Short Income ETF).
How much would $10,000 in BSV have grown?
This chart tracks a hypothetical $10,000 investment in BSV over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BSV over the same span and BSV'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: The chart covers the past 16 years rather than BSV's full 19 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in BSV at the end of September 2010 would have grown to $13,126 by September 2026, less than the $88,503 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BSV, and VCIT finished highest, at $17,051.
Choose a period
From the end of September 2010 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,805 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of BSV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$88,503+785% total · +14.6% a year
- VCIT$17,051+70.5% total · +3.4% a year
- SPSB$14,283+42.8% total · +2.3% a year
- GSY$14,114+41.1% total · +2.2% a year
- IGSB$14,104+41.0% total · +2.2% a year
- MINT$13,987+39.9% total · +2.1% a year
- BSV$13,126+31.3% total · +1.7% a year
- SHV$12,645+26.4% total · +1.5% a year
- SCHO$12,334+23.3% total · +1.3% a year
- SHY$12,173+21.7% total · +1.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,369 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BSV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- FLTR$12,593+25.9% total · +4.7% a year
- FLOT$12,419+24.2% total · +4.4% a year
- GSY$12,058+20.6% total · +3.8% a year
- JPST$12,033+20.3% total · +3.8% a year
- NEAR$12,027+20.3% total · +3.8% a year
- MINT$11,984+19.8% total · +3.7% a year
- SPSB$11,418+14.2% total · +2.7% a year
- VGSH$10,923+9.2% total · +1.8% a year
- BSV$10,780+7.8% total · +1.5% a year
BSV 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: BSV 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.
- BSV is trading within 1% of its all-time high.
- BSV's deepest decline since it began trading in 2007 was 8.5%, from August 2021 to October 2022. It took 21 months from the low to climb back to its old high.
- Over 18 full calendar years, BSV's best was 2008, when it returned 8.5%, and its worst was 2022, when it lost 5.5%. It lost money in two of those years.
The fund
- Issuer
- Vanguard
- Began trading
- April 2007
- Expense ratio
- 0.03%per year
- Assets
- $70B
- Category
- Bonds
Returns
- Past 1 year
- +0.7%total return
- Past 3 years
- +14.1%+4.5% a year
- Past 5 years
- +8.8%+1.7% a year
- Past 10 years
- +20.5%+1.9% a year
- Best calendar year
- +8.5%2008
- Worst calendar year
- −5.5%2022
- Losing years
- 2 of 18full calendar years
Risk
- Volatility
- 2.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.63return per unit of risk, 5 years
- Worst decline ever
- −8.5%Aug 2021 to Oct 2022
- From its all-time high
- At its highwithin 1%
BSV against the whole market
Where BSV ranks among every stock and fund, and what across the market has done better.
How does BSV rank among all ETFs?
This section ranks BSV 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 BSV stacks up against its peers, these rankings show where it stands in the market as a whole.
- BSV's worst decline of the past 10 years ranks in the top 3% of the 951 ETFs with at least $100 million in assets, where the top fell the least.
- BSV's 3-year return ranks in the bottom 8% of the 1,949 ETFs with at least $100 million in assets with 3 years of history.
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.
| Measure | BSV | Rank | Standing |
|---|---|---|---|
| 1-year return | +0.7% | 1,945 of 2,485 | bottom 23% |
| 3-year return | +14.1% | 1,790 of 1,949 | bottom 9% |
| 5-year return | +8.8% | 1,256 of 1,560 | bottom 20% |
| 10-year return | +20.5% | 847 of 958 | bottom 13% |
| Volatility, 5 years | 2.8% | 58 of 1,560 | top 4% |
| Sharpe ratio, 5 years | 0.63 | 672 of 1,560 | top 43% |
| Worst decline, past 10 years | −8.5% | 26 of 951 | top 3% |
What has beaten BSV 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). BSV sits where the dashed lines cross. Anything in the green box above and to the left earned more than BSV 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.
- 34 ETFs worth at least $500 million sit in the green region: each earned more than BSV over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half BSV's swings, JAAA has the best return for its risk: 5.1% a year at 1.7% volatility, 39% less than BSV's 2.8%, and a Sharpe ratio (return above cash per unit of volatility) of 2.98 against 0.62 for BSV. FLRT earned the most, 6.0% a year, while still swinging less than BSV (2.3% against 2.8%).
- Among BSV's popular alternatives, SGOV, SHV and ICSH are in the region. SGOV earned 3.8% a year against 1.7% a year for BSV, at 0.3% volatility, 90% less than BSV's 2.8%.
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 BSV; faint dots are 7 more of the 34 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× BSV's volatility is in the table only
Is there a better investment than BSV?
Investments that beat BSV over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BSV's popular alternatives, JPST, FLOT and NEAR earned more than BSV with less volatility over the past 5 years. JPST returned 3.9% a year at 0.6% volatility, against 1.7% a year at 2.8%.
- Looking beyond its popular alternatives, STIP (treasury bonds) was ahead of BSV in most short and long periods.
- Few investments have done better on both counts: only 34 of the 3,633 stocks and funds worth at least $500 million earned more than BSV with less volatility over the past 5 years, among them SGOV, BIL and JPST.
How this works
The table below lists investments that beat BSV 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 BSV'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 BSV 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 BSV'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× BSV's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than BSV's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with BSV?lower diversifies more | Expenseper year | |||
| BSVVanguard Short-Term Bond ETF · this page | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 1.00 | 0.03% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.47 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against BSV. 14 of 24 passed at least one test. | |||||||||
 JPSTJPMorgan Ultra-Short Income ETF · Short-Term Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.9% | 0.6% | 6.34 | −3.3% | — | 0.70 | 0.18% | |
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Higher return, lower volatilityHigher return in most periods | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.23 | 0.15% | |
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds | Higher return, lower volatilityHigher return in most periods | +3.9% | 1.4% | 2.71 | −9.6% | +31.8% | 0.76 | 0.25% | |
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds | Higher return, lower volatilityHigher return in most periods | +4.5% | 1.7% | 2.58 | −14.7% | +35.9% | 0.27 | 0.15% | |
FLTRVanEck IG Floating Rate ETF · Multi-Asset | Higher return, lower volatilityHigher return in most periods | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | 0.16 | 0.14% | |
VGSHVanguard Short-Term Treasury ETF · Treasury Bonds | Similar return, lower volatility | +1.9% | 2.0% | 0.95 | −5.6% | +18.8% | 0.98 | 0.03% | |
| Same and neighboring categories, and shared themesbest 1 shownEverything else in Short-Term Bonds and the categories next to it (Treasury Bonds, Investment Grade Bonds, Floating Rate Bonds), plus BSV's specific themes. 9 of 34 passed at least one test. | |||||||||
STIPiShares 0-5 Year TIPS Bond ETF · Treasury Bonds | Higher return in most periods | +2.6% | 2.8% | 0.94 | −6.5% | +32.4% | 0.75 | 0.03% | |
| The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 30 of 3,575 passed at least one test. | |||||||||
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.22 | 0.20% | |
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.72 | 0.17% | |
FLUDFranklin Ultra Short Bond ETF · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.56 | 0.15% | |
VRIGInvesco Variable Rate Investment Grade ETF · Bonds | On the frontierHigher return, lower volatilityHigher return in most periods | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.26 | 0.30% | |
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | On the frontierHigher return, lower volatilityHigher return in most periods | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.33 | 0.60% | |
MEARiShares Short Maturity Municipal Bond Active ETF · Bonds | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +2.4% | 1.0% | 2.37 | −2.7% | +19.3% | 0.75 | 0.26% | |
What these numbers mean for BSV
- Annual return
- BSV returned 1.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $10,900. 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
- BSV's volatility over the past 5 years was 2.8%, 16% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BSV's return lands within 2.8% 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
- BSV's Sharpe ratio over the past 5 years was 0.62, against 0.79 for the S&P 500, so BSV 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
- BSV's worst fall from a peak to a low over the past 10 years was 8.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 8.5% fall takes a 9.3% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, BSV's monthly returns had a correlation of 0.47 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 BSV instead: the lower it is, the more that option would diversify a BSV holding. Guide: Correlation and diversification →
Show all 34 stocks and funds worth at least $500 million that earned more than BSV with less volatility
Out of 3,633 tested over 5 years. The strongest 16 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with BSV | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.22 | 0.20% |
| 2 |  BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds | Same or nearby category | +3.7% | 0.3% | 14.05 | −0.2% | +25.8% | 0.39 | 0.14% |
| 3 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.72 | 0.17% |
| 4 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.56 | 0.15% |
| 5 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.26 | 0.30% |
| 6 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.33 | 0.60% |
| 7 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.71 | 0.25% |
| 8 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | — | 0.79 | 0.15% |
| 9 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Popular alternative | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.23 | 0.15% |
| 10 | NEARiShares Short Duration Bond Active ETF · Short-Term Bonds | Popular alternative | +3.9% | 1.4% | 2.71 | −9.6% | +31.8% | 0.76 | 0.25% |
| 11 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.62 | 0.26% |
| 12 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds | Popular alternative | +4.5% | 1.7% | 2.58 | −14.7% | +35.9% | 0.27 | 0.15% |
| 13 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Popular alternative | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | 0.16 | 0.14% |
| 14 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.91 | 0.34% |
| 15 | SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Popular alternative | +2.8% | 2.0% | 1.38 | −11.8% | +29.2% | 0.97 | 0.04% |
| 16 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.87 | 0.66% |
BSV against its popular alternatives
The investments people most often weigh against BSV, compared period by period and year by year.
How do BSV'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 BSV, which divides the map into what did better or worse on each measure.
- 12 of the 19 popular alternatives, led by FLTR, FLOT and ICSH, were both more rewarding and calmer than BSV over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BSV returned 1.7% a year, less than the S&P 500's 12.7%, with lower volatility (2.8% against 17.1%).
Green points earned more than BSV with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| FLTR VanEck IG Floating Rate ETF | +4.8% | 2.1% |
| FLOT iShares Floating Rate Bond ETF | +4.5% | 1.8% |
| ICSH iShares Ultra Short Duration Bond Active ETF | +3.9% | 0.5% |
| GSY Invesco Ultra Short Duration ETF | +3.9% | 0.6% |
| NEAR iShares Short Duration Bond Active ETF | +3.9% | 1.4% |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | +3.8% | 0.6% |
| SGOV iShares 0-3 Month Treasury Bond ETF | +3.8% | 0.3% |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | +3.6% | 0.3% |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | +2.8% | 2.0% |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | +2.7% | 2.9% |
| SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | +2.5% | 2.5% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | +2.4% | 3.0% |
| SUSB iShares ESG Aware 1-5 Year USD Corporate Bond ETF | +2.2% | 3.0% |
| SCHO Schwab Short-Term U.S. Treasury ETF | +1.9% | 2.0% |
| ISTB iShares Core 1-5 Year USD Bond ETF | +1.8% | 2.9% |
| SHY iShares 1-3 Year Treasury Bond ETF | +1.8% | 2.0% |
| BSV This pageVanguard Short-Term Bond ETF | +1.7% | 2.8% |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | +0.6% | 6.7% |
| BIV Vanguard Intermediate-Term Bond ETF | −0.1% | 6.4% |
| BND Vanguard Total Bond Market ETF | −0.4% | 6.1% |
Has BSV consistently beaten its popular alternatives?
This section compares BSV 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 BSV helps separate lasting outperformance from a single strong stretch.
- Ten of the 24 popular alternatives, led by FLTR, FLOT and FLRN, outperformed BSV in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- FLTR, FLOT and FLRN outperformed BSV in every long-term period and in all but one short-term period, the most consistent record in the group.
- SGOV, SHV and ICSH earned more for the risk they took than BSV (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than BSV 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| BSV Vanguard Short-Term Bond ETF (this page) | — | +0.1% | −0.4% | −0.5% | +0.1% | +0.7% | +14.1% | +8.8% | +20.5% | 2.8% | 0.63 | −8.5% | 0.03% | $70B | — |
| FLTR QualifiedVanEck IG Floating Rate ETF | 4/5 short3/3 longAll-weather | +0.3% | +1.0% | +2.5% | +3.6% | +4.7% | +18.5% | +26.3% | +41.8% | 2.1% | 2.20 | −17.8% | 0.14% | $3.5B | — |
| FLOT QualifiediShares Floating Rate Bond ETF | 4/5 short3/3 longAll-weather | +0.3% | +1.0% | +2.3% | +3.4% | +4.3% | +16.9% | +24.5% | +35.9% | 1.8% | 2.48 | −13.5% | 0.15% | $11B | — |
| FLRN QualifiedState Street SPDR Bloomberg Investment Grade Floating Rate ETF | 4/5 short3/3 longAll-weather | +0.3% | +1.0% | +2.2% | +3.3% | +4.3% | +16.9% | +24.4% | +35.9% | 1.7% | 2.58 | −14.7% | 0.15% | $3.1B | — |
| GSY QualifiedInvesco Ultra Short Duration ETF | 4/5 short3/3 longAll-weather | +0.3% | +0.7% | +1.7% | +2.8% | +3.7% | +16.4% | +21.1% | +32.8% | 0.6% | 6.38 | −5.2% | 0.22% | $3.9B | — |
| ICSH QualifiediShares Ultra Short Duration Bond Active ETF | 4/5 short3/3 longAll-weather | +0.3% | +0.7% | +1.6% | +2.7% | +3.5% | +15.3% | +21.1% | +32.2% | 0.5% | 7.61 | −3.9% | 0.08% | $8.9B | — |
| MINT QualifiedPIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 4/5 short3/3 longAll-weather | +0.2% | +0.9% | +2.0% | +3.2% | +4.2% | +15.8% | +20.3% | +31.4% | 0.6% | 6.29 | −4.6% | 0.36% | $18B | — |
| NEAR QualifiediShares Short Duration Bond Active ETF | 3/5 short3/3 long | 0.0% | −0.1% | +0.1% | +0.8% | +1.6% | +15.5% | +20.9% | +31.8% | 1.4% | 2.71 | −9.6% | 0.25% | $5.1B | — |
| SPSB QualifiedState Street SPDR Portfolio Short Term Corporate Bond ETF | 3/5 short3/3 long | +0.1% | 0.0% | +0.5% | +1.2% | +2.0% | +16.3% | +14.9% | +29.2% | 2.0% | 1.38 | −11.8% | 0.04% | $11B | — |
| SHV QualifiediShares Trust iShares 0-1 Year Treasury Bond ETF | 4/5 short2/3 long | +0.3% | +0.9% | +1.8% | +2.8% | +3.6% | +13.9% | +19.4% | +26.1% | 0.3% | 12.09 | −0.4% | 0.15% | $23B | — |
| JPST QualifiedJPMorgan Ultra-Short Income ETF | 4/5 short2/3 long | +0.3% | +0.7% | +1.6% | +2.5% | +3.4% | +15.5% | +20.8% | — | 0.6% | 6.34 | −3.3% | 0.18% | $43B | — |
| SLQD BondsiShares 0-5 Year Investment Grade Corporate Bond ETF | 1/5 short3/3 long | 0.0% | −0.6% | −0.3% | +0.5% | +1.3% | +16.4% | +13.3% | +28.6% | 2.5% | 1.02 | −12.7% | 0.06% | $2.4B | — |
| IGSB BondsiShares 1-5 Year Investment Grade Corporate Bond ETF | 0/5 short3/3 long | −0.1% | −0.9% | −0.8% | 0.0% | +0.7% | +17.3% | +12.4% | +29.4% | 3.0% | 0.80 | −13.4% | 0.04% | $23B | — |
| VCSH BondsVanguard Short-Term Corporate Bond ETF | 0/5 short3/3 long | −0.1% | −0.8% | −0.8% | −0.1% | +0.7% | +17.0% | +12.1% | +28.6% | 2.9% | 0.80 | −12.9% | 0.03% | $51B | — |
| ISTB BondsiShares Core 1-5 Year USD Bond ETF | 0/5 short3/3 long | 0.0% | −0.9% | −0.9% | −0.2% | +0.5% | +15.3% | +9.5% | +23.2% | 2.9% | 0.65 | −9.3% | 0.06% | $5.3B | — |
| VTIP BondsVanguard Short-Term Inflation-Protected Securities ETF | 0/5 short2/3 long | +0.5% | −0.1% | −1.2% | +0.4% | +0.4% | +13.9% | +14.0% | +32.7% | 2.9% | 0.94 | −6.3% | 0.03% | $73B | — |
| VCIT BondsVanguard Intermediate-Term Corporate Bond ETF | 0/5 short2/3 long | −1.0% | −2.7% | −3.6% | −2.8% | −2.6% | +21.5% | +3.2% | +26.4% | 6.7% | 0.13 | −20.6% | 0.03% | $69B | — |
| SCHJ BondsSchwab 1-5 Year Corporate Bond ETF | 0/5 short2/3 long | −0.1% | −0.5% | −0.5% | +0.4% | +1.0% | +17.4% | +12.3% | — | 3.0% | 0.79 | −13.6% | 0.03% | $900M | — |
| SUSB BondsiShares ESG Aware 1-5 Year USD Corporate Bond ETF | 0/5 short2/3 long | 0.0% | −0.9% | −0.9% | −0.1% | +0.6% | +16.7% | +11.3% | — | 3.0% | 0.73 | −13.2% | 0.12% | $1.3B | — |
| SGOV BondsiShares 0-3 Month Treasury Bond ETF | 4/5 short1/3 long | +0.3% | +0.6% | +1.5% | +2.6% | +3.4% | +13.8% | +20.3% | — | 0.3% | 13.25 | −0.3% | 0.09% | $116B | — |
| SCHO BondsSchwab Short-Term U.S. Treasury ETF | 3/5 short1/3 long | +0.3% | +0.1% | +0.2% | +0.9% | +1.5% | +12.8% | +10.1% | +18.9% | 2.0% | 0.96 | −5.7% | 0.03% | $16B | — |
| VGSH BondsVanguard Short-Term Treasury ETF | 1/5 short1/3 long | +0.3% | −0.1% | 0.0% | +0.6% | +1.2% | +12.5% | +9.9% | +18.8% | 2.0% | 0.95 | −5.6% | 0.03% | $40B | — |
| SHY BondsiShares 1-3 Year Treasury Bond ETF | 0/5 short1/3 long | +0.3% | −0.2% | −0.1% | +0.5% | +1.1% | +12.1% | +9.3% | +17.7% | 2.0% | 0.89 | −5.7% | 0.15% | $27B | — |
| BIV BondsVanguard Intermediate-Term Bond ETF | 0/5 short1/3 long | −0.7% | −2.2% | −3.3% | −2.6% | −2.7% | +16.8% | −0.7% | +15.7% | 6.4% | 0.01 | −18.9% | 0.03% | $50B | — |
| BND BondsVanguard Total Bond Market ETF | 0/5 short1/3 long | −0.6% | −2.0% | −2.8% | −1.8% | −2.1% | +15.7% | −1.8% | +13.2% | 6.1% | -0.03 | −18.6% | 0.03% | $389B | — |
How did BSV do year by year?
This table shows each investment's total return in every full calendar year since 2008, along with where BSV ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BSV and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: BSV 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.
- BSV finished ahead of the S&P 500 in four of its 18 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, FLTR came out ahead of BSV most often, in nine of the 14 years both traded.
- Ranked against its popular alternatives each year, BSV finished in the top quarter in three of 18 years and in the bottom quarter in three. In 2025, it ranked 9 of 20.
Newest year first. Green marks a year in which the fund came out ahead of BSV; gray means the two finished within a fraction of a point. The rank row places BSV among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BSV | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BSV This pageVanguard Short-Term Bond ETF | — | +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% |
| Rank among alternatives | Top quarter in 3 of 18 | 9 of 20 | 16 of 20 | 17 of 20 | 14 of 20 | 17 of 20 | 9 of 19 | 10 of 19 | 10 of 19 | 14 of 18 | 14 of 18 | 5 of 18 | 5 of 18 | 10 of 15 | 9 of 13 | 4 of 11 | 4 of 10 | 4 of 7 | 1 of 6 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 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% |
| FLTR VanEck IG Floating Rate ETF | 9 of 14 | +5.2% | +7.4% | +7.4% | +0.7% | +0.5% | +1.4% | +5.7% | +0.3% | +2.8% | +2.5% | −0.4% | +0.7% | +1.5% | +8.6% | — | — | — | — |
| FLOT iShares Floating Rate Bond ETF | 6 of 14 | +4.9% | +6.5% | +6.4% | +1.3% | +0.4% | +0.9% | +4.0% | +1.5% | +1.7% | +1.6% | +0.3% | +0.1% | +0.7% | +4.3% | — | — | — | — |
| GSY Invesco Ultra Short Duration ETF | 8 of 17 | +5.0% | +6.0% | +6.0% | 0.0% | 0.0% | +1.9% | +3.4% | +1.8% | +1.9% | +1.8% | +1.0% | +0.8% | +1.4% | +1.5% | +0.1% | −0.2% | 0.0% | — |
| ICSH iShares Ultra Short Duration Bond Active ETF | 5 of 12 | +5.0% | +5.5% | +5.6% | +1.0% | +0.2% | +1.6% | +3.2% | +2.3% | +1.6% | +1.3% | +0.2% | +0.1% | — | — | — | — | — | — |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 7 of 16 | +4.7% | +5.9% | +6.3% | −1.0% | 0.0% | +1.6% | +3.3% | +1.7% | +1.8% | +2.1% | +0.4% | +0.5% | +0.7% | +2.4% | +0.4% | +1.6% | — | — |
| NEAR iShares Short Duration Bond Active ETF | 4 of 12 | +5.9% | +5.1% | +7.4% | +0.4% | +0.3% | +1.4% | +3.5% | +1.7% | +1.4% | +1.4% | +0.8% | +0.6% | — | — | — | — | — | — |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | 7 of 16 | +5.9% | +5.3% | +5.6% | −3.3% | −0.2% | +3.8% | +5.2% | +1.5% | +1.6% | +2.1% | +0.9% | +0.9% | +1.3% | +3.6% | +1.5% | +2.8% | — | — |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | 3 of 18 | +4.2% | +5.1% | +5.0% | +0.9% | −0.1% | +0.8% | +2.4% | +1.7% | +0.7% | +0.4% | 0.0% | 0.0% | 0.0% | 0.0% | +0.1% | +0.1% | +0.2% | +2.8% |
| SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 5 of 12 | +6.3% | +4.9% | +6.0% | −4.4% | −0.6% | +4.8% | +6.1% | +1.1% | +2.1% | +1.7% | +1.3% | +1.7% | — | — | — | — | — | — |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 9 of 18 | +7.0% | +5.0% | +6.4% | −5.7% | −0.6% | +5.4% | +7.1% | +1.3% | +1.3% | +1.8% | +0.6% | +0.7% | +1.1% | +2.9% | +1.8% | +2.9% | +7.1% | +3.8% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 5 of 13 | +6.4% | +4.4% | +5.5% | −6.1% | −0.7% | +4.8% | +5.6% | +1.0% | +1.7% | +2.6% | +0.7% | +1.1% | +0.6% | — | — | — | — | — |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 4 of 13 | +6.0% | +4.7% | +4.6% | −2.9% | +5.3% | +5.0% | +4.9% | +0.6% | +0.8% | +2.4% | +0.2% | −1.4% | −1.5% | — | — | — | — | — |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 10 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% | — | — |
| SUSB iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 4 of 8 | +6.8% | +4.9% | +5.9% | −5.7% | −0.8% | +5.0% | +7.0% | +0.6% | — | — | — | — | — | — | — | — | — | — |
| SGOV iShares 0-3 Month Treasury Bond ETF | 3 of 5 | +4.2% | +5.3% | +5.1% | +1.6% | +0.1% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1 of 15 | +5.5% | +3.6% | +4.3% | −3.9% | −0.6% | +3.1% | +3.4% | +1.5% | +0.4% | +0.9% | +0.4% | +0.5% | +0.4% | +0.3% | +1.5% | — | — | — |
| SHY iShares 1-3 Year Treasury Bond ETF | 1 of 18 | +5.0% | +3.9% | +4.2% | −3.9% | −0.7% | +3.0% | +3.4% | +1.5% | +0.3% | +0.8% | +0.4% | +0.4% | +0.2% | +0.3% | +1.5% | +2.3% | +0.4% | +6.6% |
| BIV Vanguard Intermediate-Term Bond ETF | 11 of 18 | +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% |
| BND Vanguard Total Bond Market ETF | 11 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% |
Risk and diversification
How BSV 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 BSV's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BSV's two 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: BSV 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.
- The longest climb back to a previous high took 21 months, after BSV fell 8.5% from August 2021 to October 2022.
Green means BSV fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BSV fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −8.5% | −15.7% | Aug 2021 | Oct 2022 | 14 months | Jul 2024 | 21 months |
| 2008 financial crisis | −7.0% | −15.1% | Sep 2008 | Oct 2008 | 1 month | Nov 2008 | 1 month |
How did BSV do in stock market crashes?
This section measures how far BSV, 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: BSV 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.
- BSV fell less than the S&P 500 in all nine crashes it has traded through. The clearest case was the 2008 financial crisis, when BSV fell 7.0% and the S&P 500 fell 55.2%.
- None of its popular alternatives fell less than BSV in most of the crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BSV.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BSV This pageVanguard Short-Term Bond ETF | — | 0.0% | −6.9% | −4.7% | −0.3% | −0.2% | −1.0% | −0.5% | −0.1% | −7.0% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| FLTR VanEck IG Floating Rate ETF | 1 of 7 | −2.3% | −3.0% | −17.8% | −1.9% | −0.3% | −1.2% | −4.3% | — | — | — |
| FLOT iShares Floating Rate Bond ETF | 2 of 7 | −1.6% | −1.7% | −13.5% | −1.1% | −0.1% | −0.5% | −2.1% | — | — | — |
| GSY Invesco Ultra Short Duration ETF | 2 of 8 | 0.0% | −1.2% | −5.2% | −0.3% | 0.0% | −0.2% | −0.2% | −0.1% | — | — |
| ICSH iShares Ultra Short Duration Bond Active ETF | 3 of 6 | 0.0% | −0.6% | −3.9% | −0.1% | −0.1% | −0.5% | — | — | — | — |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2 of 8 | 0.0% | −2.1% | −4.6% | −0.1% | −0.1% | −0.3% | −0.8% | 0.0% | — | — |
| NEAR iShares Short Duration Bond Active ETF | 2 of 6 | 0.0% | −1.1% | −9.6% | −0.1% | −0.1% | −0.2% | — | — | — | — |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | 1 of 8 | 0.0% | −4.8% | −11.8% | −0.2% | −0.2% | −0.8% | −0.9% | −0.2% | — | — |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | 4 of 9 | 0.0% | −0.3% | −0.1% | 0.0% | 0.0% | −0.1% | −0.1% | 0.0% | −0.4% | — |
| SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 1 of 6 | 0.0% | −6.3% | −12.7% | −0.3% | −0.3% | −0.9% | — | — | — | — |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 0 of 9 | 0.0% | −7.8% | −13.4% | −0.3% | −0.1% | −0.6% | −1.3% | −0.7% | −11.5% | — |
| ISTB iShares Core 1-5 Year USD Bond ETF | 0 of 6 | 0.0% | −7.7% | −6.1% | −0.4% | −0.3% | −1.2% | — | — | — | — |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1 of 6 | 0.0% | −5.5% | −6.3% | −0.7% | −0.3% | −1.1% | — | — | — | — |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 0 of 8 | 0.0% | −17.4% | −16.9% | −1.2% | −1.0% | −2.0% | −3.0% | 0.0% | — | — |
| SUSB iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 0 of 5 | 0.0% | −7.9% | −13.2% | −0.6% | −0.3% | — | — | — | — | — |
| SGOV iShares 0-3 Month Treasury Bond ETF | 1 of 2 | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| SCHO Schwab Short-Term U.S. Treasury ETF | 2 of 7 | 0.0% | −4.7% | −0.3% | −0.3% | −0.2% | −0.7% | −0.2% | — | — | — |
| SHY iShares 1-3 Year Treasury Bond ETF | 3 of 9 | 0.0% | −4.7% | −0.7% | −0.2% | −0.1% | −0.7% | −0.2% | −0.1% | −2.2% | — |
| BIV Vanguard Intermediate-Term Bond ETF | 0 of 9 | 0.0% | −15.3% | −9.2% | −1.0% | −0.7% | −2.3% | −1.6% | 0.0% | −13.6% | — |
| BND Vanguard Total Bond Market ETF | 0 of 9 | 0.0% | −14.6% | −8.7% | −1.1% | −0.9% | −1.5% | −1.1% | −0.2% | −9.3% | — |
How closely does BSV 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 BSV with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, BSV captured 7% of the S&P 500's gains in rising months and 3% of its losses in falling months, with a beta of 0.04. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- ICSH took just -4% of the S&P 500's losses, against 3% for BSV, while still keeping 7% of its gains.
- Four of the ten popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BSV's 2.75, led by FLTR, NEAR and VTIP.
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 BSV's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BSV This pageVanguard Short-Term Bond ETF | 7% | 3% | 2.75 | 0.04 |
| FLTR VanEck IG Floating Rate ETF | 12% | 0% | 94.46 | 0.09 |
| NEAR iShares Short Duration Bond Active ETF | 9% | 0% | 49.49 | 0.05 |
| VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 11% | 3% | 3.49 | 0.08 |
| SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF | 10% | 4% | 2.93 | 0.07 |
| SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 11% | 6% | 1.88 | 0.09 |
| ISTB iShares Core 1-5 Year USD Bond ETF | 10% | 6% | 1.68 | 0.07 |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 13% | 8% | 1.55 | 0.11 |
| VCIT Vanguard Intermediate-Term Corporate Bond ETF | 22% | 29% | 0.76 | 0.26 |
| BIV Vanguard Intermediate-Term Bond ETF | 13% | 18% | 0.74 | 0.15 |
| BND Vanguard Total Bond Market ETF | 13% | 19% | 0.69 | 0.15 |
| FLOT iShares Floating Rate Bond ETF | 9% | -2% | — | 0.05 |
| GSY Invesco Ultra Short Duration ETF | 8% | -2% | — | 0.03 |
| ICSH iShares Ultra Short Duration Bond Active ETF | 7% | -4% | — | 0.02 |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 8% | -2% | — | 0.04 |
| SHV iShares Trust iShares 0-1 Year Treasury Bond ETF | 5% | -5% | — | 0.00 |
| SCHO Schwab Short-Term U.S. Treasury ETF | 5% | -1% | — | 0.01 |
| SHY iShares 1-3 Year Treasury Bond ETF | 5% | -1% | — | 0.01 |
What diversifies BSV?
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 BSV's. Because such investments tend not to fall at the same time, pairing BSV with them can reduce a portfolio's overall swings.
- MPC made money in two of the two calendar years in which BSV lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BSV over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of BSV over the past 5 years, with correlations of 0.15 or lower, and each still earned a positive 5-year return.
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 BSV lost money. The last two columns show a portfolio that is 80% BSV and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| BSV Vanguard Short-Term Bond ETF (this page) | 1.00 | +8.8% | 0.63 | −5.5% | −1.1% | 3.0% | +1.5% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 1.48 | +3.8% | +17.8% | 3.7% | +4.5% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.15 | +225% | 1.34 | +6.0% | +18.0% | 3.7% | +6.3% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.35 | +101% | 1.04 | +10.4% | +23.1% | 4.4% | +4.3% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.41 | +83.3% | 1.00 | +7.1% | +19.6% | 4.4% | +3.7% |
| SMH TechnologyVanEck Semiconductor ETF | 0.38 | +323% | 0.97 | −33.5% | +42.1% | 8.2% | +8.8% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.49 | +85.0% | 0.96 | −5.1% | +19.6% | 4.0% | +3.9% |
| GLD CommoditiesSPDR Gold Shares | 0.43 | +126% | 0.96 | −0.8% | −4.2% | 5.0% | +4.9% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.31 | +136% | 0.93 | −10.4% | +22.7% | 5.4% | +5.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| BSV Vanguard Short-Term Bond ETF (this page) | 1.00 | +8.8% | 0.63 | −5.5% | −1.1% | 3.0% | +1.5% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.15 | +479% | 1.55 | +54.1% | −0.4% | 6.1% | +8.5% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.04 | +3,143% | 1.47 | +1.3% | +37.9% | 12.0% | +20.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.09 | +1,636% | 1.46 | +17.0% | +89.0% | 9.5% | +16.8% |
| MCK Medical - DistributionMcKesson Corporation | 0.04 | +413% | 1.44 | +51.8% | +44.2% | 5.7% | +8.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.03 | +690% | 1.41 | +86.6% | +61.0% | 7.0% | +10.5% |
Common questions
What was BSV's worst drawdown?
BSV's deepest decline since it began trading in 2007 was 8.5%, from August 2021 to October 2022. It took 21 months from the low to climb back to its old high. Because BSV launched in April 2007, that record does not include the dot-com bust.
What were BSV's best and worst years?
Over 18 full calendar years, BSV's best year was 2008, when it returned 8.5%. Its worst was 2022, with a return of -5.5%.
Is there a better investment than BSV?
Among BSV's popular alternatives, JPST, FLOT and NEAR earned more than BSV with less volatility over the past 5 years. JPST returned 3.9% a year at 0.6% volatility, against 1.7% a year at 2.8%. Looking beyond its popular alternatives, STIP (treasury bonds) was ahead of BSV in most short and long periods.
Is BSV more volatile than the S&P 500?
No. BSV's volatility over the past 5 years was 2.8%, 16% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BSV's return lands within 2.8% 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 BSV's Sharpe ratio?
BSV's Sharpe ratio over the past 5 years was 0.62, against 0.79 for the S&P 500, so BSV 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 BSV with the S&P 500?
Over the past 5 years, BSV's monthly returns had a correlation of 0.47 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 BSV instead: the lower it is, the more that option would diversify a BSV holding.
What are the best alternatives to BSV?
Of the 24 popular alternatives we compared, ten outperformed BSV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: FLTR, FLOT and FLRN.
Did BSV outperform the S&P 500?
BSV finished ahead of the S&P 500 (SPY) in four of 18 full calendar years. In 2025, it returned +6.0%, against +17.7% for the index.
How did BSV do in stock market crashes?
BSV 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 BSV fell 7.0% and the S&P 500 fell 55.2%.
What diversifies BSV?
These had a low correlation with BSV over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.15) and EMLP (correlation 0.35); among large stocks, CAH (correlation 0.15), CLS (correlation 0.04) and FIX (correlation 0.09). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BSV's. Returns within 0.5 points or 3% of BSV's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to BSV
- JPSTJPMorgan Ultra-Short Income ETF
VCSHVanguard Short-Term Corporate Bond ETF
VTIPVanguard Short-Term Inflation-Protected Securities ETF
VCITVanguard Intermediate-Term Corporate Bond ETF
SGOViShares 0-3 Month Treasury Bond ETF
BIVVanguard Intermediate-Term Bond ETF
BNDVanguard Total Bond Market ETF
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