AGZ vs. GGOV

Last updated Jul 14, 2026

AGZ (iShares Agency Bond ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD), while GGOV is a Global Bonds fund managed by iShares. Over the past year, AGZ returned 3.35% vs 0.14% for GGOV. A 0.53 correlation means they provide meaningful diversification when combined. AGZ charges 0.20%/yr vs 0.39%/yr for GGOV.

Performance

AGZ vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Agency Bond ETF (AGZ) and iShares Global Government Bond USD Hedged Active ETF (GGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGZ achieves a 0.22% return, which is significantly lower than GGOV's 2.36% return.

AGZ

• 1D: -0.08%
• 1M: -0.19%
• 6M: 0.32%
• YTD: 0.22%
• 1Y: 3.35%
• 3Y*: 4.12%
• 5Y*: 1.08%
• 10Y*: 1.79%

GGOV

• 1D: -0.32%
• 1M: -0.10%
• 6M: 2.76%
• YTD: 2.36%
• 1Y: 0.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AGZ vs. GGOV - Yearly Performance Comparison

	2026 (YTD)	2025
AGZ iShares Agency Bond ETF	0.22%	2.92%
GGOV iShares Global Government Bond USD Hedged Active ETF	2.36%	-2.80%

Correlation

The correlation between AGZ and GGOV is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.53

The correlation between AGZ and GGOV has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

Return for Risk

AGZ vs. GGOV — Risk / Return Rank

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

AGZ

AGZ Risk / Return Rank: 53
AGZ Sharpe Ratio Rank: 47
AGZ Sortino Ratio Rank: 50
AGZ Omega Ratio Rank: 46
AGZ Calmar Ratio Rank: 63
AGZ Martin Ratio Rank: 57

GGOV

GGOV Risk / Return Rank: 9
GGOV Sharpe Ratio Rank: 10
GGOV Sortino Ratio Rank: 8
GGOV Omega Ratio Rank: 9
GGOV Calmar Ratio Rank: 10
GGOV Martin Ratio Rank: 10

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. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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	GGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.03	+1.28
Sortino ratio: Return per unit of downside risk	1.97	0.06	+1.91
Omega ratio: Gain probability vs. loss probability	1.24	1.01	+0.23
Calmar ratio: Return relative to maximum drawdown	2.49	0.03	+2.46
Martin ratio: Return relative to average drawdown	7.75	0.06	+7.68

AGZ vs. GGOV - Sharpe Ratio Comparison

The current AGZ Sharpe Ratio is 1.31, which is higher than the GGOV Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of AGZ and GGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGZ vs. GGOV - Drawdown Comparison

The maximum AGZ drawdown since its inception was -11.01%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for AGZ and GGOV.

Drawdown Indicators

	AGZ	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-11.01%	-4.69%	-6.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-4.69%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-1.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.01%	—	—
Current Drawdown Current decline from peak	-0.73%	-1.44%	+0.71%
Average Drawdown Average peak-to-trough decline	-1.61%	-1.54%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	2.12%	-1.69%

Volatility

AGZ vs. GGOV - Volatility Comparison

The current volatility for iShares Agency Bond ETF (AGZ) is 0.79%, while iShares Global Government Bond USD Hedged Active ETF (GGOV) has a volatility of 0.97%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGZ	GGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.97%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	3.61%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	5.29%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.55%	5.20%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.03%	5.20%	-2.17%

AGZ vs. GGOV - Expense Ratio Comparison

AGZ has a 0.20% expense ratio, which is lower than GGOV's 0.39% expense ratio.

Dividends

AGZ vs. GGOV - Dividend Comparison

AGZ's dividend yield for the trailing twelve months is around 3.72%, while GGOV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGZ iShares Agency Bond ETF	3.72%	3.75%	3.48%	3.14%	1.56%	0.96%	2.25%	2.32%	2.15%	1.58%	1.52%	1.30%
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGZ and GGOV in my portfolio?

AGZ and GGOV have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGZ or GGOV?

GGOV has higher volatility (0.97%) compared to AGZ (0.79%). In terms of maximum drawdown, AGZ dropped -11.01% vs GGOV's -4.69%.

Which ETF is better, AGZ or GGOV?

On 1-year performance, AGZ leads with 3.35% vs 0.14% for GGOV. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGZ or GGOV?

Over the 1-year period, AGZ has performed better with a 3.35% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGZ or GGOV?

AGZ is cheaper with a 0.20% expense ratio, compared with 0.39% for GGOV.

Which ETF pays a higher dividend yield, AGZ or GGOV?

AGZ has the higher dividend yield at 3.72%, compared with 0.00% for GGOV.

What is the main difference between AGZ and GGOV?

AGZ is categorized as Government Bonds, while GGOV is Global Bonds. Their fees differ too: 0.20% for AGZ and 0.39% for GGOV.

Which has better risk-adjusted returns?

AGZ currently has the higher Sharpe Ratio (1.31 vs 0.03), 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.