AGG vs. BIV
AGG (iShares Core U.S. Aggregate Bond ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, AGG returned 1.57%/yr vs 1.91%/yr for BIV. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
AGG vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, AGG achieves a 0.25% return, which is significantly higher than BIV's -0.24% return. Over the past 10 years, AGG has underperformed BIV with an annualized return of 1.57%, while BIV has yielded a comparatively higher 1.91% annualized return.
AGG
- 1D
- -0.21%
- 1M
- 0.24%
- YTD
- 0.25%
- 6M
- 0.09%
- 1Y
- 5.14%
- 3Y*
- 3.95%
- 5Y*
- 0.10%
- 10Y*
- 1.57%
BIV
- 1D
- -0.22%
- 1M
- 0.04%
- YTD
- -0.24%
- 6M
- -0.48%
- 1Y
- 4.80%
- 3Y*
- 4.27%
- 5Y*
- 0.25%
- 10Y*
- 1.91%
AGG vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 0.25% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
Correlation
The correlation between AGG and BIV is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.89 |
The correlation between AGG and BIV has been stable across timeframes, ranging from 0.89 to 0.98 - a consistent structural relationship.
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Return for Risk
AGG vs. BIV — Risk / Return Rank
AGG
BIV
AGG vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.
| AGG | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 1.52 | +0.35 |
| Martin ratioReturn relative to average drawdown | 5.73 | 4.60 | +1.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGG | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.34 | 1.19 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.04 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.35 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.65 | -0.05 |
Drawdowns
AGG vs. BIV - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, roughly equal to the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for AGG and BIV.
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Drawdown Indicators
| AGG | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -18.95% | +0.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -3.18% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -6.07% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -18.74% | +0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | -18.95% | +0.52% |
Current DrawdownCurrent decline from peak | -2.14% | -2.04% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -3.39% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.05% | -0.15% |
Volatility
AGG vs. BIV - Volatility Comparison
iShares Core U.S. Aggregate Bond ETF (AGG) and Vanguard Intermediate-Term Bond Index ETF (BIV) have volatilities of 1.30% and 1.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGG | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 1.36% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 2.90% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 4.06% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 6.40% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 5.50% | -0.10% |
AGG vs. BIV - Expense Ratio Comparison
Both AGG and BIV have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
AGG vs. BIV - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 3.99%, less than BIV's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.99% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
BIV Vanguard Intermediate-Term Bond Index ETF | 4.22% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
Frequently Asked Questions
With a correlation of 0.98, AGG and BIV 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.
BIV has higher volatility (1.36%) compared to AGG (1.30%). In terms of maximum drawdown, AGG dropped -18.43% vs BIV's -18.95%.
On 10-year performance, BIV leads with 1.91% vs 1.57% for AGG. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIV has performed better with a 1.91% return vs 1.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG and BIV have the same expense ratio: 0.03% per year.
BIV has the higher dividend yield at 4.22%, compared with 3.99% for AGG.
AGG is categorized as Total Bond Market, while BIV is Intermediate Core Bond. AGG tracks Bloomberg U.S. Aggregate Bond Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. They also come from different issuers: iShares and Vanguard.
AGG currently has the higher Sharpe Ratio (1.34 vs 1.19), 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.
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