AGZ vs. GBF
AGZ (iShares Agency Bond ETF) and GBF (iShares Government/Credit Bond ETF) are both exchange-traded funds - AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD), while GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index. Both are passively managed. Over the past 10 years, AGZ returned 1.78%/yr vs 1.26%/yr for GBF. Their 0.68 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.20% expense ratio.
Performance
AGZ vs. GBF - Performance Comparison
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Returns By Period
In the year-to-date period, AGZ achieves a 0.33% return, which is significantly higher than GBF's -0.41% return. Over the past 10 years, AGZ has outperformed GBF with an annualized return of 1.78%, while GBF has yielded a comparatively lower 1.26% annualized return.
AGZ
- 1D
- 0.18%
- 1M
- -0.18%
- 6M
- 0.32%
- YTD
- 0.33%
- 1Y
- 2.50%
- 3Y*
- 4.18%
- 5Y*
- 0.98%
- 10Y*
- 1.78%
- ALL TIME*
- 2.36%
GBF
- 1D
- 0.26%
- 1M
- -1.03%
- 6M
- -0.58%
- YTD
- -0.41%
- 1Y
- 1.45%
- 3Y*
- 3.64%
- 5Y*
- -0.81%
- 10Y*
- 1.26%
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.61M | $1.51M | $1.31M | |
| $1.58M | $1.52M | $881.18K |
AGZ vs. GBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.33% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
GBF iShares Government/Credit Bond ETF | -0.41% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | -0.52% | 4.10% |
Correlation
The correlation between AGZ and GBF is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2008 | 0.68 |
The correlation between AGZ and GBF shifts across timeframes, from 0.68 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AGZ vs. GBF — Risk / Return Rank
AGZ
GBF
AGZ vs. GBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares Government/Credit Bond ETF (GBF). 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 | GBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.07 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 0.53 | +1.33 |
| Martin ratioReturn relative to average drawdown | 5.43 | 1.29 | +4.14 |
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Drawdowns
AGZ vs. GBF - Drawdown Comparison
The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for AGZ and GBF.
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Drawdown Indicators
| AGZ | GBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.01% | -19.67% | +8.66% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -2.73% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -4.90% | +3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -10.64% | -18.35% | +7.71% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -19.67% | +8.66% |
Current DrawdownCurrent decline from peak | -0.63% | -5.43% | +4.80% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -3.68% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 1.13% | -0.67% |
Volatility
AGZ vs. GBF - Volatility Comparison
The current volatility for iShares Agency Bond ETF (AGZ) is 0.68%, while iShares Government/Credit Bond ETF (GBF) has a volatility of 0.98%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGZ | GBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.98% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | 2.85% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 3.59% | -1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 5.92% | -2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 5.28% | -2.25% |
AGZ vs. GBF - Expense Ratio Comparison
Both AGZ and GBF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
AGZ vs. GBF - Dividend Comparison
AGZ's dividend yield for the trailing twelve months is around 3.70%, less than GBF's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.70% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
GBF iShares Government/Credit Bond ETF | 3.83% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
Frequently Asked Questions
AGZ and GBF have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBF has higher volatility (0.98%) compared to AGZ (0.68%). In terms of maximum drawdown, AGZ dropped -11.01% vs GBF's -19.67%.
On 10-year performance, AGZ leads with 1.78% vs 1.26% for GBF. Both ETFs have the same 0.20% expense ratio. On volatility, AGZ has been the lower-risk option at 0.68%. 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 1.78% return vs 1.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGZ and GBF have the same expense ratio: 0.20% per year.
GBF has the higher dividend yield at 3.83%, compared with 3.70% for AGZ.
AGZ is categorized as Government Bonds, while GBF is Intermediate Core Bond. AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while GBF tracks Bloomberg U.S. Government/Credit Bond Index.
AGZ currently has the higher Sharpe Ratio (1.02 vs 0.41), 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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