AGG vs. MFDX
AGG (iShares Core U.S. Aggregate Bond ETF) and MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. Both are passively managed. Over the past 5 years, AGG returned -0.03%/yr vs 9.63%/yr for MFDX. At a 0.14 correlation, their price movements are largely independent. AGG charges 0.03%/yr vs 0.39%/yr for MFDX.
Performance
AGG vs. MFDX - Performance Comparison
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Returns By Period
In the year-to-date period, AGG achieves a -0.08% return, which is significantly lower than MFDX's 8.03% 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%
MFDX
- 1D
- 0.29%
- 1M
- -2.47%
- YTD
- 8.03%
- 6M
- 10.99%
- 1Y
- 20.50%
- 3Y*
- 17.76%
- 5Y*
- 9.63%
- 10Y*
- —
AGG vs. MFDX - 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% | -0.22% |
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 8.03% | 34.27% | 4.40% | 17.54% | -10.27% | 11.07% | 6.90% | 19.88% | -14.88% | 7.02% |
Correlation
The correlation between AGG and MFDX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017 | 0.14 |
Over the past year, AGG and MFDX have become more correlated (0.47) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
AGG vs. MFDX — Risk / Return Rank
AGG
MFDX
AGG vs. MFDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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 | MFDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.93 | -0.13 |
| Martin ratioReturn relative to average drawdown | 5.44 | 7.62 | -2.18 |
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 | MFDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.48 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.64 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.53 | +0.06 |
Drawdowns
AGG vs. MFDX - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum MFDX drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for AGG and MFDX.
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Drawdown Indicators
| AGG | MFDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -36.05% | +17.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -10.66% | +7.90% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -11.62% | +5.51% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -25.58% | +7.76% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | — | — |
Current DrawdownCurrent decline from peak | -2.47% | -3.36% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -6.49% | +3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 2.70% | -1.78% |
Volatility
AGG vs. MFDX - Volatility Comparison
The current volatility for iShares Core U.S. Aggregate Bond ETF (AGG) is 1.29%, while PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a volatility of 4.25%. This indicates that AGG experiences smaller price fluctuations and is considered to be less risky than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGG | MFDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 4.25% | -2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 11.62% | -8.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 13.94% | -10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 15.07% | -8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 16.42% | -11.01% |
AGG vs. MFDX - Expense Ratio Comparison
AGG has a 0.03% expense ratio, which is lower than MFDX's 0.39% expense ratio.
Dividends
AGG vs. MFDX - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 4.00%, more than MFDX's 2.84% 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% |
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 2.84% | 2.97% | 3.16% | 3.12% | 2.85% | 2.99% | 1.58% | 2.88% | 2.13% | 0.71% | 0.00% | 0.00% |
Frequently Asked Questions
AGG and MFDX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFDX has higher volatility (4.25%) compared to AGG (1.29%). In terms of maximum drawdown, AGG dropped -18.43% vs MFDX's -36.05%.
On 5-year performance, MFDX leads with 9.63% vs -0.03% for AGG. 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 5-year period, MFDX has performed better with a 9.63% return vs -0.03%. 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 0.39% for MFDX.
AGG has the higher dividend yield at 4.00%, compared with 2.84% for MFDX.
AGG is categorized as Total Bond Market, while MFDX is Foreign Large Cap Equities. AGG tracks Bloomberg U.S. Aggregate Bond Index, while MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.03% for AGG and 0.39% for MFDX.
MFDX currently has the higher Sharpe Ratio (1.48 vs 1.32), 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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