At a glance
GVI charges 0.2% a year, above the 0.08% average of the 7 funds most like it (the 7th cheapest of 8). It has $3.80B in assets, the 8th largest of that group; it paid 3.73% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.1% with distributions reinvested, 4th of those 8 funds; over three years it returned +4.6% a year. At its worst it fell 6.0% in the 2020 crash (S&P 500: 33.7%) and 9.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 23 months after the lows. Its ten largest positions make up 7.2% of the fund, out of 6,232 in all.
The short version
iShares Intermediate Government/Credit Bond ETF (GVI) is a BlackRock index fund that tracks the Bloomberg U.S. Intermediate Government/Credit Bond Index. The index holds higher-rated US-dollar bonds that mature in one to ten years. As of August 31, 2026, about 64% of the fund was in US Treasuries and 29% in corporate bonds. Its 0.20% expense ratio is well above the 0.03% charged by several similar Vanguard, Schwab and SPDR funds.
Price history
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GVI -0.1% 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 | |
|---|---|---|---|---|---|---|
| GVI official prospectus, to Dec 31, 2025 | — | +6.70% | — | +0.77% | +2.10% | — |
| Bloomberg US Universal Index index, same period | — | +7.58% | — | +0.06% | +2.44% | — |
| GVI price data to Oct 27, 2026 | -0.4% | -0.1% | +4.6% | +1.0% | +1.7% | +2.8% |
- Over the year to Oct 27, 2026, GVI returned -0.1%, 4th of 8 among similar funds.
- Its 5-year annualized return was +1.0% and its 10-year +1.7%.
- In the 2020 COVID crash it fell 6% and regained its old high 2 months after the low.
- Its worst full calendar year was 2022 (-8.3%); its best was 2008 (+8.5%).
- The deepest fall in its price history was 12.9% (Aug 2, 2021 to Oct 20, 2022), recovered by Jun 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +6.7% | +6.70% |
| 2024 | +2.9% | +2.90% |
| 2023 | +5.1% | +5.14% |
| 2022 | -8.3% | -8.46% |
| 2021 | -1.9% | -1.67% |
| 2020 | +6.4% | +6.23% |
| 2019 | +6.5% | +6.64% |
| 2018 | +0.8% | +0.70% |
| 2017 | +1.8% | +1.96% |
| 2016 | +2.0% | +1.89% |
| 2015 | +0.8% | — |
| 2014 | +2.9% | — |
| 2013 | -0.9% | — |
| 2012 | +3.2% | — |
| 2011 | +6.0% | — |
| 2010 | +5.5% | — |
| 2009 | +2.0% | — |
| 2008 | +8.5% | — |
| 2007 | +8.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 10% over that stretch · deepest drop along the way 7.5%, back to its old high 1.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 0.7% over that stretch · deepest drop along the way 6%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.5% over that stretch · deepest drop along the way 9.9%, back to its old high 22.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9200 | |
| 2025 | $3.7300 | +5.4% |
| 2024 | $3.5400 | +23.3% |
| 2023 | $2.8700 | +51.1% |
| 2022 | $1.9000 | +15.2% |
| 2021 | $1.6500 | -24.0% |
| 2020 | $2.1700 | -15.9% |
| 2019 | $2.5800 | +9.8% |
| 2018 | $2.3500 | +11.9% |
| 2017 | $2.1000 | +9.4% |
| 2016 | $1.9200 | -0.5% |
| 2015 | $1.9300 | +0.5% |
| 2014 | $1.9200 | -1.0% |
| 2013 | $1.9400 | -18.8% |
| 2012 | $2.3900 | -18.7% |
| 2011 | $2.9400 | -5.2% |
| 2010 | $3.1000 | -11.4% |
| 2009 | $3.5000 | -24.6% |
| 2008 | $4.6400 | -4.9% |
| 2007 | $4.8800 |
What's inside
As of Aug 31, 2026, the fund held 6,232 securities; the ten largest made up 7.15% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 0.74% | |
| United States Treasury Bonds and notes | 0.74% | |
| United States Treasury Bonds and notes | 0.73% | |
| United States Treasury Bonds and notes | 0.73% | |
| United States Treasury Bonds and notes | 0.72% | |
| United States Treasury Bonds and notes | 0.72% | |
| United States Treasury Bonds and notes | 0.71% | |
| United States Treasury Bonds and notes | 0.69% | |
| United States Treasury Bonds and notes | 0.69% | |
| United States Treasury Bonds and notes | 0.68% | |
| United States Treasury Bonds and notes | 0.66% | |
| United States Treasury Bonds and notes | 0.65% | |
| United States Treasury Bonds and notes | 0.64% | |
| United States Treasury Bonds and notes | 0.62% | |
| United States Treasury Bonds and notes | 0.60% |
By country
United States 89.91%XX 2.06%Canada 1.61%United Kingdom 1.14%Japan 0.83%By issuer
US Treasury 64.2%Companies 28.8%Foreign governments 3.88%Other 1.31%US government-sponsored enterprises 0.3%The bonds mature in 4.3 years on average (weighted by size), with an average coupon of 3.84%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $73.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.10%, -0.44%, +0.18%.
How it works
GVI follows the Bloomberg U.S. Intermediate Government/Credit Bond Index. A bond must meet several rules to get in. It has to be in US dollars, pay a fixed rate, and not be convertible into stock. It needs more than one and less than ten years left before it matures, and at least $300 million outstanding. The index covers three kinds of bonds. The first is US Treasuries. The second is government-related debt, such as agency, foreign government and supranational bonds (supranational means issued by groups backed by several governments). The third is investment-grade US corporate bonds, meaning companies rated as less likely to default. Floating-rate bonds, private placements, structured notes and Eurobonds are excluded.
The index weights each bond by its market value. That is why the US Treasury, the largest borrower, makes up most of it. The bond list is updated on the last business day of each month. As of February 28, 2026, the index had 6,518 issues.
BlackRock does not buy every bond. Instead it uses "representative sampling": it holds a selection chosen to match the index's duration (how much prices react to rate changes), maturity, credit quality and yield. At least 80% of assets must be in index bonds. As of August 31, 2026, the fund held 6,232 securities and no derivatives. It does not try to beat the index, and it does not move to cash when markets fall.
What it really costs
- GVI charges 0.2% a year, versus an average of 0.08% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GVI | $20 | $64 | $113 | $255 |
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
GVI holds mostly Treasuries and higher-rated bonds maturing within ten years, and its prices have moved very little with stocks.
GVI has held up well in stock crashes. From the 2007 market peak to the 2009 low it gained about 10%, though it briefly fell 7.5% in fall 2008. In the 2020 COVID crash it dropped 6% and recovered in about two months. Rising interest rates did more damage. The fund lost 8.46% in 2022, its worst calendar year. Its deepest drop, 12.9% from August 2021 to October 2022, took about 32 months to recover. Someone selling shares to cover spending in 2022 would have sold at a loss. The trailing 12-month yield was 3.73% as of October 27, 2026, paid monthly. In the SEC's standard example, the 0.20% expense ratio costs $255 over ten years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Treasuries and higher-rated corporate bonds maturing within ten years in one fund. Treasuries were about 64% as of August 31, 2026.
- Retirees who value monthly income. The trailing 12-month yield was 3.73% as of October 27, 2026.
- Stock-heavy portfolios looking for a steadier part. GVI gained about 10% while stocks fell from 2007 to 2009.
Look elsewhere if
- Cost-focused investors. GVI's 0.20% expense ratio compares with 0.03% at BSV, VGIT, SCHR and SPTI.
- Anyone who can't wait out losses like 2022's 8.46% fall, or a 32-month recovery from its deepest drop.
- Income seekers wanting junk bonds (lower-rated, higher-yield debt). The index holds only investment-grade bonds, mostly Treasuries.
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 |
|---|---|---|---|---|---|
| GVI this fund | 4.3 yrs | 0.2% | $3.80B | -0.1% | +4.6% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 5.5 yrs | 0.03% | $13.38B | -0.6% | +4.1% |
| SPTI SPDR Portfolio Intermediate Term Treasury E… | 5.6 yrs | 0.03% | $10.18B | -1.4% | +4.2% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
Questions investors ask
What does GVI hold?
GVI holds US government and higher-rated corporate bonds that mature in one to ten years. As of August 31, 2026, it owned 6,232 securities: about 64% US Treasuries, 29% corporate bonds and 4% foreign government bonds. The ten largest positions were all US Treasury notes, each about 0.7% of the fund, and together the top ten made up just 7.15%. The average bond matured in 4.3 years and paid a 3.84% coupon.
Does GVI pay monthly dividends?
Yes. GVI pays income monthly. Over the 12 months to October 27, 2026, it paid $3.88 per share, a trailing yield of 3.73%. Payments are not fixed. They depend on the interest the fund's bonds pay. If rates fall, maturing or called bonds may be replaced with lower-yielding ones, and the monthly income could shrink.
What's the difference between GVI and BSV?
Vanguard Short-Term Bond ETF (BSV) is the closest match, but it holds shorter bonds: an average of 2.9 years to maturity, against GVI's 4.3. Shorter bonds usually react less to rate changes. BSV charges 0.03% a year, compared with GVI's 0.20%. It is also much larger, with about $69.8 billion as of June 30, 2026, against GVI's $3.8 billion. Both returned about 4.6% a year over three years through late October 2026.
Why did GVI lose money in 2022?
GVI lost 8.46% in 2022 because interest rates rose sharply. When rates rise, existing bonds with lower fixed payments lose value. GVI's worst quarter was a 4.5% drop in the first three months of 2022. Its fall from the January 2022 peak reached 9.9%, and it took until August 21, 2024, nearly 23 months, to recover. Credit worries did not drive the loss. The fund was mostly in Treasuries.
Is GVI good for retirement?
GVI may suit retirees looking for a steadier bond holding with monthly income, but its returns have been modest. According to its prospectus, it returned 2.1% a year over ten years and 0.77% a year over five years, both to December 31, 2025. Rate rises hurt it more than stock crashes did. Its 0.20% fee is higher than at several similar funds, so it is worth comparing before choosing.