AGZ vs. BIL
AGZ (iShares Agency Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both Government Bonds funds - AGZ tracks the Bloomberg U.S. Agency Bond Index (USD) while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, AGZ returned 1.83%/yr vs 2.18%/yr for BIL. At a 0.03 correlation, their price movements are largely independent. AGZ charges 0.20%/yr vs 0.14%/yr for BIL.
Performance
AGZ vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, AGZ achieves a 0.16% return, which is significantly lower than BIL's 1.49% return. Over the past 10 years, AGZ has underperformed BIL with an annualized return of 1.83%, while BIL has yielded a comparatively higher 2.18% annualized return.
AGZ
- 1D
- -0.13%
- 1M
- -0.03%
- YTD
- 0.16%
- 6M
- 0.29%
- 1Y
- 3.95%
- 3Y*
- 4.10%
- 5Y*
- 1.15%
- 10Y*
- 1.83%
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
AGZ vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.16% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between AGZ and BIL is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008 | 0.03 |
The correlation between AGZ and BIL shifts across timeframes, from -0.10 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AGZ vs. BIL — Risk / Return Rank
AGZ
BIL
AGZ vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| AGZ | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.17 | ||
| Sortino ratioReturn per unit of downside risk | -171.83 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 87.91 | -86.62 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 355.35 | -352.42 |
| Martin ratioReturn relative to average drawdown | 9.76 | 2,817.77 | -2,808.01 |
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
| AGZ | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 19.71 | -18.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 13.16 | -12.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 8.52 | -7.92 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 2.78 | -2.09 |
Drawdowns
AGZ vs. BIL - Drawdown Comparison
The maximum AGZ drawdown since its inception was -11.01%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for AGZ and BIL.
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Drawdown Indicators
| AGZ | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.01% | -0.78% | -10.23% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -0.01% | -1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -0.01% | -1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -10.66% | -0.10% | -10.56% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -0.21% | -10.80% |
Current DrawdownCurrent decline from peak | -0.78% | 0.00% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -0.26% | -1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.00% | +0.41% |
Volatility
AGZ vs. BIL - Volatility Comparison
iShares Agency Bond ETF (AGZ) has a higher volatility of 0.76% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that AGZ's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGZ | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.05% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 0.13% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 0.20% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 0.26% | +3.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 0.26% | +2.77% |
AGZ vs. BIL - Expense Ratio Comparison
AGZ has a 0.20% expense ratio, which is higher than BIL's 0.14% 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
AGZ vs. BIL - Dividend Comparison
AGZ's dividend yield for the trailing twelve months is around 3.73%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.73% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
Frequently Asked Questions
AGZ and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGZ has higher volatility (0.76%) compared to BIL (0.05%). In terms of maximum drawdown, AGZ dropped -11.01% vs BIL's -0.78%.
On 10-year performance, BIL leads with 2.18% vs 1.83% for AGZ. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.18% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.20% for AGZ.
BIL has the higher dividend yield at 3.86%, compared with 3.73% for AGZ.
AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for AGZ and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.54), 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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