AGRH vs. SPY

Last updated Jun 4, 2026

AGRH (iShares Interest Rate Hedged U.S. Aggregate Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AGRH is a Ultrashort Bond fund tracking the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, AGRH returned 5.97%/yr vs 22.35%/yr for SPY. At a 0.38 correlation, their price movements are largely independent. AGRH charges 0.13%/yr vs 0.09%/yr for SPY.

Performance

AGRH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGRH achieves a 1.78% return, which is significantly lower than SPY's 10.91% return.

AGRH

• 1D: -0.04%
• 1M: 0.73%
• YTD: 1.78%
• 6M: 2.44%
• 1Y: 6.30%
• 3Y*: 5.97%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGRH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF	1.78%	6.00%	5.93%	6.40%	1.76%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-1.11%

Correlation

The correlation between AGRH and SPY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.38

The correlation between AGRH and SPY shifts across timeframes, from 0.33 (3 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

AGRH vs. SPY - Sectors Allocation Comparison

Sectors	AGRH	SPY
Energy	100.0%	3.6%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

AGRH vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGRH

AGRH Risk / Return Rank: 97
AGRH Sharpe Ratio Rank: 96
AGRH Sortino Ratio Rank: 98
AGRH Omega Ratio Rank: 98
AGRH Calmar Ratio Rank: 96
AGRH Martin Ratio Rank: 97

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGRH vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) and State Street SPDR S&P 500 ETF (SPY). 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.

	AGRH	SPY	Difference
Sharpe ratio Return per unit of total volatility	4.41	2.38	+2.03
Sortino ratio Return per unit of downside risk	7.67	3.24	+4.43
Omega ratio Gain probability vs. loss probability	2.12	1.43	+0.69
Calmar ratio Return relative to maximum drawdown	9.44	3.16	+6.27
Martin ratio Return relative to average drawdown	44.94	14.72	+30.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGRH vs. SPY - Sharpe Ratio Comparison

The current AGRH Sharpe Ratio is 4.41, which is higher than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of AGRH and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGRH	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.41	2.38	+2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.13	0.59	+2.54

Drawdowns

AGRH vs. SPY - Drawdown Comparison

The maximum AGRH drawdown since its inception was -1.73%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AGRH and SPY.

Drawdown Indicators

	AGRH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-55.19%	+53.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.67%	-8.88%	+8.21%
Max Drawdown (3Y) Largest decline over 3 years	-1.73%	-18.76%	+17.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.07%	-0.70%	+0.63%
Average Drawdown Average peak-to-trough decline	-0.16%	-9.05%	+8.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	1.91%	-1.77%

Volatility

AGRH vs. SPY - Volatility Comparison

The current volatility for iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) is 0.43%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that AGRH experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGRH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	2.84%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	8.90%	-7.90%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	11.83%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.78%	17.05%	-15.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.78%	17.94%	-16.16%

AGRH vs. SPY - Expense Ratio Comparison

AGRH has a 0.13% expense ratio, which is higher than SPY's 0.09% 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

AGRH vs. SPY - Dividend Comparison

AGRH's dividend yield for the trailing twelve months is around 4.18%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF	4.18%	4.63%	5.17%	4.69%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AGRH and SPY in my portfolio?

AGRH and SPY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGRH or SPY?

SPY has higher volatility (2.84%) compared to AGRH (0.43%). In terms of maximum drawdown, AGRH dropped -1.73% vs SPY's -55.19%.

Which ETF is better, AGRH or SPY?

On 3-year performance, SPY leads with 22.35% vs 5.97% for AGRH. On fees, SPY is cheaper at 0.09% per year. On volatility, AGRH has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGRH or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGRH or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.13% for AGRH.

Which ETF pays a higher dividend yield, AGRH or SPY?

AGRH has the higher dividend yield at 4.18%, compared with 0.98% for SPY.

What is the main difference between AGRH and SPY?

AGRH is categorized as Ultrashort Bond, while SPY is S&P 500. AGRH tracks BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.13% for AGRH and 0.09% for SPY.

Which has better risk-adjusted returns?

AGRH currently has the higher Sharpe Ratio (4.41 vs 2.38), 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.