No,
bloodworm are a completely different specials of worm altogether.
Bloodworm are the larval stage of the biting 'midge', but cannot yet bite at this stage, although they have small teeth.
Bloodworm tend to be more of a reddish color, and
ragworm look like little centipedes or something, with their 'legs' on their sides.
Ragworm also have teeth.
Bloodworm also have teeth but are smaller.
Bloodworm are fatter than
ragworm but about half the size.
Bloodworm are an aquatic species of worm, feeding on the ocean plants and mud, whereas the
ragworm lives underground feeding on ants, ant larvae and other mini-beasts.
Bloodworm can be good for freshwater fishing bait, ragworm are better for the sea.
FOR MORE INFORMATION ON BLOODWORM (Glycera sp.):
Bloodworm...
Tight Lines! 
PS: I hope that all of this information is of some useful help to you all.