AGG vs. BWX
AGG (iShares Core U.S. Aggregate Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, AGG returned 1.52%/yr vs -1.39%/yr for BWX. At a 0.45 correlation, their price movements are largely independent. AGG charges 0.03%/yr vs 0.35%/yr for BWX.
Performance
AGG vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, AGG achieves a -0.08% return, which is significantly higher than BWX's -2.76% return. Over the past 10 years, AGG has outperformed BWX with an annualized return of 1.52%, while BWX has yielded a comparatively lower -1.39% annualized return.
AGG
- 1D
- 0.00%
- 1M
- -0.69%
- YTD
- -0.08%
- 6M
- 0.26%
- 1Y
- 4.97%
- 3Y*
- 3.88%
- 5Y*
- -0.03%
- 10Y*
- 1.52%
BWX
- 1D
- -0.18%
- 1M
- -2.88%
- YTD
- -2.76%
- 6M
- -2.15%
- 1Y
- -3.08%
- 3Y*
- 0.70%
- 5Y*
- -4.69%
- 10Y*
- -1.39%
AGG vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | -0.08% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -2.76% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between AGG and BWX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | 0.45 |
Over the past year, AGG and BWX have become more correlated (0.70) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
AGG vs. BWX — Risk / Return Rank
AGG
BWX
AGG vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.94 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | -0.50 | +2.31 |
| Martin ratioReturn relative to average drawdown | 5.44 | -1.01 | +6.45 |
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 | BWX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | -0.40 | +1.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | -0.49 | +0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | -0.16 | +0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.05 | +0.54 |
Drawdowns
AGG vs. BWX - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for AGG and BWX.
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Drawdown Indicators
| AGG | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -34.05% | +15.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -6.16% | +3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -10.22% | +4.11% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -31.25% | +13.43% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | -34.05% | +15.62% |
Current DrawdownCurrent decline from peak | -2.47% | -24.64% | +22.17% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -10.05% | +7.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 3.06% | -2.14% |
Volatility
AGG vs. BWX - Volatility Comparison
The current volatility for iShares Core U.S. Aggregate Bond ETF (AGG) is 1.29%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.33%. This indicates that AGG experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGG | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 2.33% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 5.83% | -3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 7.72% | -3.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 9.69% | -3.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 8.66% | -3.25% |
AGG vs. BWX - Expense Ratio Comparison
AGG has a 0.03% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
AGG vs. BWX - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 4.00%, more than BWX's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.00% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.39% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
Frequently Asked Questions
AGG and BWX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.33%) compared to AGG (1.29%). In terms of maximum drawdown, AGG dropped -18.43% vs BWX's -34.05%.
On 10-year performance, AGG leads with 1.52% vs -1.39% for BWX. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGG has performed better with a 1.52% return vs -1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.35% for BWX.
AGG has the higher dividend yield at 4.00%, compared with 2.39% for BWX.
AGG is categorized as Total Bond Market, while BWX is International Government Bonds. AGG tracks Bloomberg U.S. Aggregate Bond Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street. Their fees differ too: 0.03% for AGG and 0.35% for BWX.
AGG currently has the higher Sharpe Ratio (1.32 vs -0.40), 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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