AGG vs. FXNAX
AGG (iShares Core U.S. Aggregate Bond ETF) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds tracking the Bloomberg U.S. Aggregate Bond Index, from iShares and Fidelity respectively. Both are passively managed. Over the past 10 years, AGG returned 1.56%/yr vs 1.48%/yr for FXNAX. Their correlation of 0.92 suggests significant overlap in exposure. AGG charges 0.03%/yr vs 0.03%/yr for FXNAX.
Performance
AGG vs. FXNAX - Performance Comparison
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Returns By Period
In the year-to-date period, AGG achieves a 0.61% return, which is significantly higher than FXNAX's 0.31% return. Over the past 10 years, AGG has outperformed FXNAX with an annualized return of 1.56%, while FXNAX has yielded a comparatively lower 1.48% annualized return.
AGG
- 1D
- 0.09%
- 1M
- 1.18%
- YTD
- 0.61%
- 6M
- 0.92%
- 1Y
- 4.96%
- 3Y*
- 4.06%
- 5Y*
- 0.18%
- 10Y*
- 1.56%
FXNAX
- 1D
- -0.19%
- 1M
- 1.10%
- YTD
- 0.31%
- 6M
- 0.81%
- 1Y
- 4.76%
- 3Y*
- 4.15%
- 5Y*
- -0.06%
- 10Y*
- 1.48%
AGG vs. FXNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 0.61% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
FXNAX Fidelity U.S. Bond Index Fund | 0.31% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 0.04% | 3.50% |
Correlation
The correlation between AGG and FXNAX is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.92 |
The correlation between AGG and FXNAX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
AGG vs. FXNAX — Risk / Return Rank
AGG
FXNAX
AGG vs. FXNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and Fidelity U.S. Bond Index Fund (FXNAX). 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.
| AGG | FXNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 1.52 | +0.28 |
| Martin ratioReturn relative to average drawdown | 5.30 | 4.45 | +0.85 |
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Drawdowns
AGG vs. FXNAX - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for AGG and FXNAX.
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Drawdown Indicators
| AGG | FXNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -19.51% | +1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.94% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -6.16% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -18.54% | +0.72% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | -19.51% | +1.08% |
Current DrawdownCurrent decline from peak | -1.79% | -2.98% | +1.19% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -3.86% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.00% | -0.06% |
Volatility
AGG vs. FXNAX - Volatility Comparison
iShares Core U.S. Aggregate Bond ETF (AGG) and Fidelity U.S. Bond Index Fund (FXNAX) have volatilities of 1.37% and 1.43%, 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 | FXNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.43% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.87% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 3.92% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 6.08% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 5.01% | +0.40% |
AGG vs. FXNAX - Expense Ratio Comparison
AGG has a 0.03% expense ratio, which is higher than FXNAX's 0.03% 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
AGG vs. FXNAX - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 3.97%, more than FXNAX's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.97% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
FXNAX Fidelity U.S. Bond Index Fund | 3.71% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
Frequently Asked Questions
With a correlation of 0.93, AGG and FXNAX 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.
FXNAX has higher volatility (1.43%) compared to AGG (1.37%). In terms of maximum drawdown, AGG dropped -18.43% vs FXNAX's -19.51%.
AGG currently has the higher Sharpe Ratio (1.32 vs 1.14), 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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