At a glance
BLV charges 0.03% a year, below the 0.08% average of the 7 funds most like it (the cheapest of 8). It has $8.66B in assets, the 5th largest of that group; it paid 5.03% of its price in distributions over the past 12 months, monthly. Over the past year it returned −5.6% with distributions reinvested, 4th of those 8 funds; over three years it returned +5.4% a year. At its worst it fell 20.0% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 11.0% of the fund, out of 2,983 in all.
The short version
Vanguard Long-Term Bond ETF (BLV) is an index fund that tracks the Bloomberg U.S. Long Government/Credit Float Adjusted Index. That index is a mix of US Treasuries and investment-grade corporate and foreign bonds that mature in more than 10 years. Treasury-only long-bond funds hold no company debt, but BLV had about 42% in corporate bonds as of June 30, 2026. Its 0.03% expense ratio ties for the lowest among similar funds. Its long maturities make its price very sensitive to interest rates.
Price history
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BLV -5.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BLV official prospectus, to Dec 31, 2025 | — | +6.53% | — | -4.88% | +1.98% | — |
| BLV price data to Oct 27, 2026 | -2.7% | -5.6% | +5.4% | -4.8% | +0.6% | +4.0% |
- Over the year to Oct 27, 2026, BLV returned -5.6%, 4th of 8 among similar funds.
- Its 5-year annualized return was -4.8% and its 10-year +0.6%.
- In the 2020 COVID crash it fell 20% and regained its old high 3.6 months after the low.
- Its worst full calendar year was 2022 (-27.0%); its best was 2011 (+22.9%).
- The deepest fall in its price history was 38.3% (Aug 6, 2020 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.7% | — |
| 2025 | +6.4% | +6.53% |
| 2024 | -3.6% | -4.09% |
| 2023 | +7.4% | +7.53% |
| 2022 | -27.0% | -27.20% |
| 2021 | -2.9% | -2.63% |
| 2020 | +16.1% | +16.24% |
| 2019 | +19.0% | +19.09% |
| 2018 | -4.2% | -4.46% |
| 2017 | +10.7% | — |
| 2016 | +6.8% | — |
| 2015 | -4.0% | — |
| 2014 | +20.3% | — |
| 2013 | -8.9% | — |
| 2012 | +8.3% | — |
| 2011 | +22.9% | — |
| 2010 | +10.0% | — |
| 2009 | +0.5% | — |
| 2008 | +10.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 5.1% over that stretch · deepest drop along the way 12.7%, back to its old high 1.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 5.9% over that stretch · deepest drop along the way 20%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.5% over that stretch · deepest drop along the way 28.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.4600 | |
| 2025 | $3.2500 | -7.4% |
| 2024 | $3.5100 | +15.5% |
| 2023 | $3.0400 | +0.7% |
| 2022 | $3.0200 | -13.2% |
| 2021 | $3.4800 | -48.1% |
| 2020 | $6.7100 | +86.9% |
| 2019 | $3.5900 | +0.8% |
| 2018 | $3.5600 | +3.2% |
| 2017 | $3.4500 | -6.8% |
| 2016 | $3.7000 | -2.4% |
| 2015 | $3.7900 | +3.3% |
| 2014 | $3.6700 | -7.3% |
| 2013 | $3.9600 | -29.7% |
| 2012 | $5.6300 | +20.0% |
| 2011 | $4.6900 | +1.5% |
| 2010 | $4.6200 | +6.5% |
| 2009 | $4.3400 | +8.2% |
| 2008 | $4.0100 |
What's inside
As of Jun 30, 2026, the fund held 2,983 securities; the ten largest made up 10.99% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Note/Bond Bonds and notes | 1.17% | |
| United States Treasury Note/Bond Bonds and notes | 1.15% | |
| United States Treasury Note/Bond Bonds and notes | 1.14% | |
| United States Treasury Note/Bond Bonds and notes | 1.13% | |
| United States Treasury Note/Bond Bonds and notes | 1.13% | |
| United States Treasury Note/Bond Bonds and notes | 1.10% | |
| United States Treasury Note/Bond Bonds and notes | 1.08% | |
| United States Treasury Note/Bond Bonds and notes | 1.08% | |
| United States Treasury Note/Bond Bonds and notes | 1.06% | |
| United States Treasury Note/Bond Bonds and notes | 0.97% | |
| United States Treasury Note/Bond Bonds and notes | 0.96% | |
| United States Treasury Note/Bond Bonds and notes | 0.86% | |
| United States Treasury Note/Bond Bonds and notes | 0.85% | |
| United States Treasury Note/Bond Bonds and notes | 0.84% | |
| United States Treasury Note/Bond Bonds and notes | 0.80% |
By country
United States 92.39%Mexico 0.96%Canada 0.92%United Kingdom 0.74%Netherlands 0.39%By issuer
US Treasury 52.59%Companies 41.58%Foreign governments 2.6%Municipalities 1.73%US government agencies 0.2%The bonds mature in 22.1 years on average (weighted by size), with an average coupon of 4.13%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $15.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.13%, +0.96%, +0.69%.
How it works
BLV is the exchange-traded share class of Vanguard Long-Term Bond Index Fund. It aims to track the Bloomberg U.S. Long Government/Credit Float Adjusted Index. The index includes all medium and larger publicly issued bonds with more than 10 years left to maturity from the US government, from investment-grade companies, and from international issuers that borrow in US dollars. Investment grade means rating agencies judge the issuer fairly likely to repay. The index is market-weighted, so larger bond issues count for more. The fund keeps at least 80% of its net assets in bonds from the index.
The fund doesn't buy every bond in the index. It uses sampling: it holds a range of bonds that together match the index's key risk traits, such as maturity and credit quality. As of June 30, 2026, it held 2,983 bonds: 52.6% US Treasuries, 41.6% corporate bonds, 2.6% foreign government bonds and 1.7% municipal bonds. Its 10 largest positions were all separate US Treasury issues of about 1% each, together 11% of the fund. Its holdings averaged 22.1 years to maturity, with an average coupon (interest rate) of 4.13%.
Bonds that drop below 10 years to maturity no longer qualify for the index, so the fund keeps replacing them. Portfolio turnover was 24%, according to the prospectus. The fund also held a small credit-derivative position, about 0.01% of assets. The fund's net assets were about $8.7 billion across all share classes as of June 30, 2026.
What it really costs
- BLV charges 0.03% a year, versus an average of 0.08% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.02% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $3 in the first year and $39 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BLV | $3 | $10 | $17 | $39 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its high-quality long bonds have sometimes held up when stocks fell, but rising interest rates can cause steep losses, so it works better as a counterweight than as a safe reserve.
BLV could add monthly income and some balance against stocks, but its long maturities make it volatile for a bond fund. In 2008 it fell 12.7% between September and October, recovered by that December, and gained 5.1% over the stock market's full decline. In the 2020 COVID crash it dropped 20% in ten days and recovered by July 7, 2020. Rising rates hurt it most. It lost 27.2% in 2022, falling along with stocks. Its deepest drop, 38.3% from August 2020 to October 2023, had not been recovered as of October 27, 2026. Anyone who sold or drew income in that stretch would have locked in losses. It yielded 5.03% over the 12 months to October 27, 2026, with a 0.03% expense ratio. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors: the 0.03% expense ratio (annual fee), about $3 in the first year on $10,000, is below the 0.08% similar-fund average.
- Retirees with long horizons who want monthly income: the trailing 12-month yield was 5.03% as of October 27, 2026.
- Investors wanting long Treasurys and investment-grade (higher-quality) corporate bonds in one index fund: 52.6% and 41.6% of assets as of June 30, 2026.
Look elsewhere if
- Investors wary of big swings: it lost 27.2% in 2022, and a 38.3% drop from its 2020 peak hadn't recovered by October 27, 2026.
- Those wanting only Treasurys, without corporate default risk: Vanguard Long-Term Treasury ETF (VGLT) or SPDR's SPTL are worth comparing, both at 0.03%.
- Savers needing cash soon: its 22.1-year average maturity makes prices fall sharply when rates rise; five-year average annual return: -4.88% through December 31, 2025.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BLV this fund | 22.1 yrs | 0.03% | $8.66B | -5.6% | +5.4% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| FBND Fidelity Total Bond ETF | 14.4 yrs | 0.36% | $28.16B | -0.2% | +5.4% |
| EDV Vanguard Extended Duration Treasury ETF | 24.4 yrs | 0.05% | $4.13B | -11.8% | +2.0% |
| VCLT Vanguard Long-Term Corporate Bond ETF | 22.3 yrs | 0.03% | $9.56B | -5.4% | +6.6% |
| SPLB SPDR Portfolio Long Term Corporate Bond ETF | 22.8 yrs | 0.04% | $1.21B | -5.6% | +6.6% |
Questions investors ask
Does BLV pay monthly dividends?
Yes. BLV pays income monthly. Over the 12 months to October 27, 2026, it paid $3.28 per share, a trailing yield of 5.03%. The payout isn't fixed. It comes from the interest on the fund's bonds, so it changes over time. The prospectus warns that income may decline when interest rates fall, because the fund must reinvest at lower rates as bonds mature or get called.
What's the difference between BLV and VGLT?
BLV mixes long-term Treasuries with corporate and foreign bonds. Vanguard Long-Term Treasury ETF (VGLT) focuses on long-term US Treasuries. Both charge 0.03%. As of June 30, 2026, BLV was about 53% Treasuries and 42% corporate bonds, with an average maturity of 22.1 years. VGLT's holdings averaged 21.7 years as of August 31, 2026. Corporate bonds add yield but also credit risk. BLV's three-year annualized return was 5.4% through October 27, 2026, versus 3.9% for VGLT through October 29, 2026.
Why did BLV lose so much money in 2022?
Mostly because interest rates rose. Bond prices move opposite to rates, and long-term bonds react the most. BLV's holdings averaged 22.1 years to maturity as of June 30, 2026, so its price swings far more than a short-term bond fund's. It lost 27.2% in 2022, including 12.25% in the second quarter alone. Its deepest decline, 38.3% from August 6, 2020, to October 19, 2023, had not been fully recovered as of October 27, 2026.
Is BLV a good bond fund for retirement?
It can play a part, mainly as a source of monthly income and a counterweight to stocks, but it carries more price risk than shorter-term bond funds. According to its prospectus, it returned 1.98% a year over the 10 years to December 31, 2025, and -4.88% a year over five years. It held up during the 2008 stock decline, but it fell 27.2% in 2022 while stocks also fell. That matters for anyone who may need to sell shares in a downturn.
What is BLV's expense ratio?
BLV's expense ratio is 0.03%, according to its April 28, 2026 prospectus, including a 0.02% management fee. That ties for the lowest among similar long-term bond ETFs, whose average is 0.08%. In the SEC's standard example ($10,000 invested, a 5% annual return, shares sold at the end), total costs come to about $3 after one year, $10 after three, $17 after five and $39 after 10 years.