AGZ vs. BWX
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 1.82%/yr vs -1.40%/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
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Returns By Period
In the year-to-date period, AGZ achieves a 0.66% return, which is significantly higher than BWX's -2.94% return. Over the past 10 years, AGZ has outperformed BWX with an annualized return of 1.82%, while BWX has yielded a comparatively lower -1.40% annualized return.
AGZ
- 1D
- 0.26%
- 1M
- 0.62%
- YTD
- 0.66%
- 6M
- 0.66%
- 1Y
- 3.65%
- 3Y*
- 4.29%
- 5Y*
- 1.29%
- 10Y*
- 1.82%
BWX
- 1D
- -0.05%
- 1M
- -1.03%
- YTD
- -2.94%
- 6M
- -3.33%
- 1Y
- -4.84%
- 3Y*
- 0.66%
- 5Y*
- -4.35%
- 10Y*
- -1.40%
AGZ vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.66% | 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 | -2.94% | 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 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.
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Return for Risk
AGZ vs. BWX — Risk / Return Rank
AGZ
BWX
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AGZ | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.90 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | -0.79 | +3.50 |
| Martin ratioReturn relative to average drawdown | 8.49 | -1.50 | +9.99 |
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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
| AGZ | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -30.78% | +20.12% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -34.05% | +23.04% |
Current DrawdownCurrent decline from peak | -0.29% | -24.78% | +24.49% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -10.09% | +8.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 3.24% | -2.81% |
Volatility
AGZ vs. BWX - Volatility Comparison
The current volatility for iShares Agency Bond ETF (AGZ) is 0.70%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.09%. 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
| AGZ | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 2.09% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 5.95% | -3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.55% | 7.68% | -5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 9.70% | -6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 8.67% | -5.64% |
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 3.71%, more than BWX's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.71% | 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 | 2.40% | 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 (2.09%) compared to AGZ (0.70%). In terms of maximum drawdown, AGZ dropped -11.01% vs BWX's -34.05%.
On 10-year performance, AGZ leads with 1.82% vs -1.40% for BWX. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.70%. 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 1.82% return vs -1.40%. 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 3.71%, compared with 2.40% 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 (1.44 vs -0.64), 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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