AGX vs. SPSB

Last updated Jun 4, 2026

AGX (Argan, Inc.) is a stock, while SPSB (SPDR Portfolio Short Term Corporate Bond ETF) is Corporate Bonds fund tracking the Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. Over the past 10 years, AGX returned 38.58%/yr vs 2.63%/yr for SPSB. At a 0.03 correlation, their price movements are largely independent.

Performance

AGX vs. SPSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Argan, Inc. (AGX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGX achieves a 119.52% return, which is significantly higher than SPSB's 0.84% return. Over the past 10 years, AGX has outperformed SPSB with an annualized return of 38.58%, while SPSB has yielded a comparatively lower 2.63% annualized return.

AGX

• 1D: 3.50%
• 1M: -1.55%
• YTD: 119.52%
• 6M: 95.90%
• 1Y: 215.63%
• 3Y*: 159.29%
• 5Y*: 73.16%
• 10Y*: 38.58%

SPSB

• 1D: -0.07%
• 1M: 0.26%
• YTD: 0.84%
• 6M: 1.17%
• 1Y: 4.29%
• 3Y*: 5.29%
• 5Y*: 2.69%
• 10Y*: 2.63%

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

AGX vs. SPSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGX Argan, Inc.	119.52%	130.61%	198.31%	30.24%	-2.01%	-11.64%	19.15%	8.62%	-14.32%	-34.26%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	0.84%	5.86%	5.25%	5.60%	-3.31%	-0.20%	3.83%	5.21%	1.45%	1.58%

Correlation

The correlation between AGX and SPSB is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 18, 2009	0.03

Return for Risk

AGX vs. SPSB — Risk / Return Rank

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

AGX

AGX Risk / Return Rank: 93
AGX Sharpe Ratio Rank: 94
AGX Sortino Ratio Rank: 91
AGX Omega Ratio Rank: 89
AGX Calmar Ratio Rank: 96
AGX Martin Ratio Rank: 96

SPSB

SPSB Risk / Return Rank: 92
SPSB Sharpe Ratio Rank: 91
SPSB Sortino Ratio Rank: 95
SPSB Omega Ratio Rank: 95
SPSB Calmar Ratio Rank: 86
SPSB Martin Ratio Rank: 91

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.

AGX vs. SPSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Argan, Inc. (AGX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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.

	AGX	SPSB	Difference
Sharpe ratio: Return per unit of total volatility	2.91	3.25	-0.34
Sortino ratio: Return per unit of downside risk	3.46	5.36	-1.91
Omega ratio: Gain probability vs. loss probability	1.43	1.72	-0.29
Calmar ratio: Return relative to maximum drawdown	8.70	4.94	+3.76
Martin ratio: Return relative to average drawdown	22.97	22.90	+0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGX vs. SPSB - Sharpe Ratio Comparison

The current AGX Sharpe Ratio is 2.91, which is comparable to the SPSB Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of AGX and SPSB, 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

	AGX	SPSB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	3.25	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.45	1.36	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.86	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.87	-0.82

Drawdowns

AGX vs. SPSB - Drawdown Comparison

The maximum AGX drawdown since its inception was -94.37%, which is greater than SPSB's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for AGX and SPSB.

Drawdown Indicators

	AGX	SPSB	Difference
Max Drawdown Largest peak-to-trough decline	-94.37%	-11.75%	-82.62%
Max Drawdown (1Y) Largest decline over 1 year	-24.96%	-0.87%	-24.09%
Max Drawdown (3Y) Largest decline over 3 years	-43.75%	-0.87%	-42.88%
Max Drawdown (5Y) Largest decline over 5 years	-43.75%	-5.96%	-37.79%
Max Drawdown (10Y) Largest decline over 10 years	-54.61%	-11.75%	-42.86%
Current Drawdown Current decline from peak	-7.36%	-0.14%	-7.22%
Average Drawdown Average peak-to-trough decline	-48.37%	-0.54%	-47.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	0.19%	+9.24%

Volatility

AGX vs. SPSB - Volatility Comparison

Argan, Inc. (AGX) has a higher volatility of 15.08% compared to SPDR Portfolio Short Term Corporate Bond ETF (SPSB) at 0.35%. This indicates that AGX's price experiences larger fluctuations and is considered to be riskier than SPSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGX	SPSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.08%	0.35%	+14.73%
Volatility (6M) Calculated over the trailing 6-month period	54.58%	0.94%	+53.64%
Volatility (1Y) Calculated over the trailing 1-year period	74.56%	1.33%	+73.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	1.98%	+48.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.01%	3.06%	+42.95%

Dividends

AGX vs. SPSB - Dividend Comparison

AGX's dividend yield for the trailing twelve months is around 0.27%, less than SPSB's 4.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGX Argan, Inc.	0.27%	0.52%	0.93%	2.24%	2.71%	1.94%	7.31%	2.49%	1.98%	4.44%	1.42%	2.16%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	4.41%	4.55%	4.85%	4.05%	1.92%	1.19%	1.94%	2.77%	2.36%	1.94%	1.65%	1.43%

Frequently Asked Questions

Can I hold both AGX and SPSB in my portfolio?

AGX and SPSB have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGX or SPSB?

AGX has higher volatility (15.08%) compared to SPSB (0.35%). In terms of maximum drawdown, AGX dropped -94.37% vs SPSB's -11.75%.

Which has better risk-adjusted returns?

SPSB currently has the higher Sharpe Ratio (3.25 vs 2.91), 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.