BIV vs VOE
Vanguard Intermediate-Term Bond ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, BIV or VOE?
VOE has been ahead.
BIV has a lower expense ratio. VOE 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 | VOE |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.05% |
| AUM | $28.8B | $23.9B |
| Dividend Yield | 4.32% | 1.80% |
| Holdings | 2,336 | 176 |
| YTD Return | -1.92% | +14.02%Best |
| 1Y Return | -0.95% | +19.44%Best |
| 3Y Return (annualized) | +4.53% | +17.51%Best |
| 5Y Return (annualized) | -0.47% | +10.20%Best |
| Volatility (annualized) | 5.7%Best | 17.8% |
| Max Drawdown | -20.3%Best | -63.4% |
| $10,000 over 5 years | $9,767 | $16,252Best |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | - | Mid Cap Value |
| Inception | Apr 3, 2007 | Aug 17, 2006 |
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 21, 2026 (19.4 years).
BIV vs VOE 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 VOE Performance
Vanguard Intermediate-Term Bond ETF (BIV) is an ETF from Vanguard (US) and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year BIV returned -0.95% while VOE returned +19.44%. Year to date, BIV is down 1.92% versus a gain of 14.02% for VOE.
Over three years, BIV compounded at +4.53% per year against +17.51% for VOE; over five years the annualized figures are -0.47% and +10.20% respectively. Across the full 19-year window we track, VOE has the edge at +7.09% annualized vs +0.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOE has been the more volatile fund, with annualized monthly volatility of 17.8% 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 -63.4% for VOE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.21. They move largely independently of each other.
Fees and Cost Over Time
BIV charges 0.03% per year while VOE charges 0.05%. On a $10,000 position that is $3 vs $5 annually, a gap of $2 per year that compounds over a long holding period. On income, BIV currently yields 4.32% against 1.80% for VOE.
Holdings Overlap
At least 0.6% of VOE's money is in holdings BIV also owns.
Stated as a floor: for BIV, our book for it covers 60.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 798 positions we hold weights for in BIV and 171 in VOE, against full books of 2,336 and 176.
Top Shared Holdings
| Stock | Weight in BIV | Weight in VOE | Difference |
|---|---|---|---|
| CURVVanguard Market Liquidity Fund | 0.32% | 0.56% | 0.24% |
You are not choosing between two funds in isolation.
Whichever of BIV and VOE 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 VOE?
BIV has an expense ratio of 0.03% while VOE charges 0.05%. BIV is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, BIV or VOE?
Over the past year BIV returned -0.95% vs +19.44% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (19 years), BIV annualized +0.92% vs +7.09% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BIV or VOE?
VOE has been the more volatile fund at 17.8% annualized versus 5.7% for BIV. Worst drawdown: BIV -20.3% vs VOE -63.4%.
Should I hold both BIV and VOE?
BIV and VOE have a monthly-return correlation of 0.21, 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 VOE?
BIV yields 4.32% while VOE yields 1.80%, so BIV currently pays the higher dividend yield.
Is VOE better than BIV?
BIV has a lower expense ratio. VOE 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.