AGG vs. USHY
AGG (iShares Core U.S. Aggregate Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, AGG returned -0.03%/yr vs 4.16%/yr for USHY. At a 0.36 correlation, their price movements are largely independent. AGG charges 0.03%/yr vs 0.15%/yr for USHY.
Performance
AGG vs. USHY - 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 USHY's 1.29% 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%
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
AGG vs. USHY - 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% | 0.65% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.29% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between AGG and USHY is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.36 |
Over the past year, AGG and USHY have become more correlated (0.61) than their long-term average of 0.36, meaning their price movements have been converging.
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Return for Risk
AGG vs. USHY — Risk / Return Rank
AGG
USHY
AGG vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. Aggregate Bond ETF (AGG) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.36 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 2.83 | -1.02 |
| Martin ratioReturn relative to average drawdown | 5.44 | 12.68 | -7.24 |
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 | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.88 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.57 | -0.57 |
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 | 0.58 | +0.01 |
Drawdowns
AGG vs. USHY - Drawdown Comparison
The maximum AGG drawdown since its inception was -18.43%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for AGG and USHY.
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Drawdown Indicators
| AGG | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.43% | -22.44% | +4.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.43% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -4.66% | -1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -17.82% | -15.56% | -2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -18.43% | — | — |
Current DrawdownCurrent decline from peak | -2.47% | -0.41% | -2.06% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -2.66% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.54% | +0.38% |
Volatility
AGG vs. USHY - Volatility Comparison
iShares Core U.S. Aggregate Bond ETF (AGG) has a higher volatility of 1.29% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.13%. This indicates that AGG's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGG | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.13% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.95% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 3.67% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 7.34% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 8.25% | -2.84% |
AGG vs. USHY - Expense Ratio Comparison
AGG has a 0.03% expense ratio, which is lower than USHY's 0.15% expense ratio. Despite the difference, 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. USHY - Dividend Comparison
AGG's dividend yield for the trailing twelve months is around 4.00%, less than USHY's 6.93% 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.93% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
AGG and USHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGG has higher volatility (1.29%) compared to USHY (1.13%). In terms of maximum drawdown, AGG dropped -18.43% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.16% vs -0.03% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, USHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.16% 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 0.15% for USHY.
USHY has the higher dividend yield at 6.93%, compared with 4.00% for AGG.
AGG is categorized as Total Bond Market, while USHY is High Yield Bonds. AGG tracks Bloomberg U.S. Aggregate Bond Index, while USHY tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.03% for AGG and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.88 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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