BIV vs SPY
Vanguard Intermediate-Term Bond ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BIV or SPY?
SPY has been ahead.
BIV has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BIV | SPY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.09% |
| AUM | $28.8B | $804.7B |
| Dividend Yield | 4.32% | 0.98% |
| Holdings | 2,336 | 505 |
| YTD Return | -1.85% | +12.22%Best |
| 1Y Return | -1.22% | +16.97%Best |
| 3Y Return (annualized) | +4.34% | +21.16%Best |
| 5Y Return (annualized) | -0.41% | +13.00%Best |
| Volatility (annualized) | 5.7%Best | 15.5% |
| Max Drawdown | -20.3%Best | -56.5% |
| $10,000 over 5 years | $9,797 | $18,424Best |
| Fund Family | Vanguard (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Apr 3, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 10, 2007 to Sep 17, 2026 (19.4 years).
BIV vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
BIV vs SPY Performance
Vanguard Intermediate-Term Bond ETF (BIV) is an ETF from Vanguard (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BIV returned -1.22% while SPY returned +16.97%. Year to date, BIV is down 1.85% versus a gain of 12.22% for SPY.
Over three years, BIV compounded at +4.34% per year against +21.16% for SPY; over five years the annualized figures are -0.41% and +13.00% respectively. Across the full 19-year window we track, SPY has the edge at +9.35% annualized vs +0.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 5.7% for BIV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -20.3% for BIV and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.23. They move largely independently of each other.
Fees and Cost Over Time
BIV charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, BIV currently yields 4.32% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 798 holdings in BIV and 504 in SPY, totalling 60.9% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 798 positions we hold weights for in BIV and 504 in SPY, against full books of 2,336 and 505.
You are not choosing between two funds in isolation.
Whichever of BIV and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BIV or SPY?
BIV has an expense ratio of 0.03% while SPY charges 0.09%. BIV is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, BIV or SPY?
Over the past year BIV returned -1.22% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), BIV annualized +0.92% vs +9.35% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BIV or SPY?
SPY has been the more volatile fund at 15.5% annualized versus 5.7% for BIV. Worst drawdown: BIV -20.3% vs SPY -56.5%.
Should I hold both BIV and SPY?
BIV and SPY have a monthly-return correlation of 0.23, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, BIV or SPY?
BIV yields 4.32% while SPY yields 0.98%, so BIV currently pays the higher dividend yield.
Is SPY better than BIV?
BIV has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.