AFIX vs. IBGA

Last updated Jun 23, 2026

AFIX (Allspring Broad Market Core Bond ETF) and IBGA (iShares iBonds Dec 2044 Term Treasury ETF) are both Intermediate Core Bond funds. AFIX is actively managed, while IBGA is passively managed. Over the past year, AFIX returned 4.99% vs 4.43% for IBGA. Their correlation of 0.95 suggests significant overlap in exposure. AFIX charges 0.20%/yr vs 0.07%/yr for IBGA.

Performance

AFIX vs. IBGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Broad Market Core Bond ETF (AFIX) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFIX achieves a 0.47% return, which is significantly higher than IBGA's 0.28% return.

AFIX

• 1D: -0.26%
• 1M: 0.64%
• YTD: 0.47%
• 6M: 0.63%
• 1Y: 4.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBGA

• 1D: -0.61%
• 1M: 1.69%
• YTD: 0.28%
• 6M: 0.30%
• 1Y: 4.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFIX vs. IBGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AFIX Allspring Broad Market Core Bond ETF	0.47%	7.52%	-1.56%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	0.28%	6.09%	-4.98%

Correlation

The correlation between AFIX and IBGA is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	0.95

The correlation between AFIX and IBGA has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

AFIX vs. IBGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFIX

AFIX Risk / Return Rank: 35
AFIX Sharpe Ratio Rank: 37
AFIX Sortino Ratio Rank: 38
AFIX Omega Ratio Rank: 35
AFIX Calmar Ratio Rank: 33
AFIX Martin Ratio Rank: 33

IBGA

IBGA Risk / Return Rank: 16
IBGA Sharpe Ratio Rank: 17
IBGA Sortino Ratio Rank: 16
IBGA Omega Ratio Rank: 15
IBGA Calmar Ratio Rank: 17
IBGA Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFIX vs. IBGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Broad Market Core Bond ETF (AFIX) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AFIX	IBGA	Difference
Sharpe ratio: Return per unit of total volatility	1.27	0.56	+0.71
Sortino ratio: Return per unit of downside risk	1.91	0.85	+1.06
Omega ratio: Gain probability vs. loss probability	1.23	1.10	+0.13
Calmar ratio: Return relative to maximum drawdown	1.62	0.68	+0.94
Martin ratio: Return relative to average drawdown	4.69	1.76	+2.93

AFIX vs. IBGA - Sharpe Ratio Comparison

The current AFIX Sharpe Ratio is 1.27, which is higher than the IBGA Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of AFIX and IBGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFIX vs. IBGA - Drawdown Comparison

The maximum AFIX drawdown since its inception was -3.33%, smaller than the maximum IBGA drawdown of -11.69%. Use the drawdown chart below to compare losses from any high point for AFIX and IBGA.

Drawdown Indicators

	AFIX	IBGA	Difference
Max Drawdown Largest peak-to-trough decline	-3.33%	-11.69%	+8.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-6.60%	+3.50%
Current Drawdown Current decline from peak	-1.72%	-4.04%	+2.32%
Average Drawdown Average peak-to-trough decline	-0.98%	-5.03%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	2.53%	-1.46%

Volatility

AFIX vs. IBGA - Volatility Comparison

The current volatility for Allspring Broad Market Core Bond ETF (AFIX) is 1.17%, while iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a volatility of 1.97%. This indicates that AFIX experiences smaller price fluctuations and is considered to be less risky than IBGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFIX	IBGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.97%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	5.81%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	8.01%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	9.83%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.54%	9.83%	-5.29%

AFIX vs. IBGA - Expense Ratio Comparison

AFIX has a 0.20% expense ratio, which is higher than IBGA's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AFIX vs. IBGA - Dividend Comparison

AFIX's dividend yield for the trailing twelve months is around 5.01%, more than IBGA's 4.63% yield.

Position	TTM	2025	2024
AFIX Allspring Broad Market Core Bond ETF	5.01%	4.94%	0.38%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.63%	4.49%	2.03%

Frequently Asked Questions

Can I hold both AFIX and IBGA in my portfolio?

With a correlation of 0.94, AFIX and IBGA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AFIX or IBGA?

IBGA has higher volatility (1.97%) compared to AFIX (1.17%). In terms of maximum drawdown, AFIX dropped -3.33% vs IBGA's -11.69%.

Which ETF is better, AFIX or IBGA?

On 1-year performance, AFIX leads with 4.99% vs 4.43% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, AFIX has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFIX or IBGA?

Over the 1-year period, AFIX has performed better with a 4.99% return vs 4.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFIX or IBGA?

IBGA is cheaper with a 0.07% expense ratio, compared with 0.20% for AFIX.

Which ETF pays a higher dividend yield, AFIX or IBGA?

AFIX has the higher dividend yield at 5.01%, compared with 4.63% for IBGA.

What is the main difference between AFIX and IBGA?

They also come from different issuers: Allspring and iShares. Their fees differ too: 0.20% for AFIX and 0.07% for IBGA.

Which has better risk-adjusted returns?

AFIX currently has the higher Sharpe Ratio (1.27 vs 0.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.