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AGZ vs. BWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGZ vs. BWX

Last updated Jun 4, 2026

AGZ (iShares Agency Bond ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD), while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, AGZ returned 1.83%/yr vs -1.28%/yr for BWX. At a 0.38 correlation, their price movements are largely independent. AGZ charges 0.20%/yr vs 0.35%/yr for BWX.

Performance

AGZ vs. BWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Agency Bond ETF (AGZ) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AGZ achieves a 0.16% return, which is significantly higher than BWX's -1.91% return. Over the past 10 years, AGZ has outperformed BWX with an annualized return of 1.83%, while BWX has yielded a comparatively lower -1.28% 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%

BWX

1D
-0.59%
1M
-0.88%
YTD
-1.91%
6M
-1.77%
1Y
-2.28%
3Y*
1.18%
5Y*
-4.48%
10Y*
-1.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGZ vs. BWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		-1.91%7.67%-5.93%5.10%-19.72%-8.67%9.50%5.58%-1.85%9.93%

Correlation

The correlation between AGZ and BWX is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.53

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2008

0.38

Over the past year, AGZ and BWX have become more correlated (0.60) than their long-term average of 0.38, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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iShares Agency Bond ETF

SPDR Bloomberg Barclays International Treasury Bond ETF

Often compared with AGZ:
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Often compared with BWX:
BWX vs. IGOVBWX vs. BNDXBWX vs. BWZBWX vs. IAGGBWX vs. IBNDBWX vs. BNDBWX vs. CMF

Return for Risk

AGZ vs. BWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGZ
AGZ Risk / Return Rank: 5050
Overall Rank
AGZ Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
AGZ Sortino Ratio Rank: 4747
Sortino Ratio Rank
AGZ Omega Ratio Rank: 4444
Omega Ratio Rank
AGZ Calmar Ratio Rank: 5959
Calmar Ratio Rank
AGZ Martin Ratio Rank: 5656
Martin Ratio Rank
BWX
BWX Risk / Return Rank: 55
Overall Rank
BWX Sharpe Ratio Rank: 66
Sharpe Ratio Rank
BWX Sortino Ratio Rank: 55
Sortino Ratio Rank
BWX Omega Ratio Rank: 55
Omega Ratio Rank
BWX Calmar Ratio Rank: 55
Calmar Ratio Rank
BWX Martin Ratio Rank: 55
Martin Ratio Rank
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.

AGZ vs. BWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.

AGZBWXDifference
Sharpe ratioReturn per unit of total volatility
1.54
-0.30

+1.84

Sortino ratioReturn per unit of downside risk
2.33
-0.38

+2.71

Omega ratioGain probability vs. loss probability

1.28

0.96

+0.33

Calmar ratioReturn relative to maximum drawdown

2.93

-0.37

+3.30

Martin ratioReturn relative to average drawdown

9.76

-0.76

+10.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGZ vs. BWX - Sharpe Ratio Comparison

The current AGZ Sharpe Ratio is 1.54, which is higher than the BWX Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of AGZ and BWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

AGZBWXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

-0.30

+1.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

-0.47

+0.79

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

-0.15

+0.75

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.05

+0.63

Drawdowns

AGZ vs. BWX - Drawdown Comparison

The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for AGZ and BWX.

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Drawdown Indicators

AGZBWXDifference

Max Drawdown

Largest peak-to-trough decline

-11.01%

-34.05%

+23.04%

Max Drawdown (1Y)

Largest decline over 1 year

-1.35%

-6.16%

+4.81%

Max Drawdown (3Y)

Largest decline over 3 years

-1.85%

-10.22%

+8.37%

Max Drawdown (5Y)

Largest decline over 5 years

-10.66%

-31.25%

+20.59%

Max Drawdown (10Y)

Largest decline over 10 years

-11.01%

-34.05%

+23.04%

Current Drawdown

Current decline from peak

-0.78%

-23.98%

+23.20%

Average Drawdown

Average peak-to-trough decline

-1.61%

-10.05%

+8.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.41%

3.00%

-2.59%

Volatility

AGZ vs. BWX - Volatility Comparison

The current volatility for iShares Agency Bond ETF (AGZ) is 0.76%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.41%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AGZBWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.76%

2.41%

-1.65%

Volatility (6M)

Calculated over the trailing 6-month period

1.93%

5.79%

-3.86%

Volatility (1Y)

Calculated over the trailing 1-year period

2.58%

7.70%

-5.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.54%

9.69%

-6.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.03%

8.66%

-5.63%

AGZ vs. BWX - Expense Ratio Comparison

AGZ has a 0.20% expense ratio, which is lower than BWX's 0.35% expense ratio.

Dividends

AGZ vs. BWX - Dividend Comparison

AGZ's dividend yield for the trailing twelve months is around 3.73%, more than BWX's 2.37% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
BWX
SPDR Bloomberg Barclays International Treasury Bond ETF		2.37%2.19%1.99%1.63%1.23%0.93%0.95%1.16%1.07%0.46%0.00%0.00%

Frequently Asked Questions

AGZ and BWX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BWX has higher volatility (2.41%) compared to AGZ (0.76%). In terms of maximum drawdown, AGZ dropped -11.01% vs BWX's -34.05%.

On 10-year performance, AGZ leads with 1.83% vs -1.28% for BWX. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, AGZ has performed better with a 1.83% return vs -1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AGZ is cheaper with a 0.20% expense ratio, compared with 0.35% for BWX.

AGZ has the higher dividend yield at 3.73%, compared with 2.37% for BWX.

AGZ is categorized as Government Bonds, while BWX is International Government Bonds. AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for AGZ and 0.35% for BWX.

AGZ currently has the higher Sharpe Ratio (1.54 vs -0.30), 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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