AGZ vs. GVI

Last updated Jun 3, 2026

AGZ (iShares Agency Bond ETF) and GVI (iShares Intermediate 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 GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond. Both are passively managed. Over the past 10 years, AGZ returned 1.84%/yr vs 1.82%/yr for GVI. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

AGZ vs. GVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Agency Bond ETF (AGZ) and iShares Intermediate Government/Credit Bond ETF (GVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGZ achieves a 0.29% return, which is significantly higher than GVI's 0.12% return. Both investments have delivered pretty close results over the past 10 years, with AGZ having a 1.84% annualized return and GVI not far behind at 1.82%.

AGZ

• 1D: 0.10%
• 1M: -0.12%
• YTD: 0.29%
• 6M: 0.54%
• 1Y: 4.24%
• 3Y*: 4.15%
• 5Y*: 1.20%
• 10Y*: 1.84%

GVI

• 1D: -0.01%
• 1M: -0.08%
• YTD: 0.12%
• 6M: 0.32%
• 1Y: 3.95%
• 3Y*: 4.22%
• 5Y*: 1.05%
• 10Y*: 1.82%

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

AGZ vs. GVI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGZ iShares Agency Bond ETF	0.29%	6.05%	3.08%	5.18%	-7.77%	-1.05%	5.77%	5.51%	1.32%	2.01%
GVI iShares Intermediate Government/Credit Bond ETF	0.12%	6.66%	2.92%	5.15%	-8.28%	-1.90%	6.38%	6.54%	0.77%	1.83%

Correlation

The correlation between AGZ and GVI is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008	0.69

The correlation between AGZ and GVI shifts across timeframes, from 0.69 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AGZ vs. GVI — Risk / Return Rank

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

AGZ

AGZ Risk / Return Rank: 52
AGZ Sharpe Ratio Rank: 47
AGZ Sortino Ratio Rank: 51
AGZ Omega Ratio Rank: 49
AGZ Calmar Ratio Rank: 57
AGZ Martin Ratio Rank: 55

GVI

GVI Risk / Return Rank: 44
GVI Sharpe Ratio Rank: 45
GVI Sortino Ratio Rank: 49
GVI Omega Ratio Rank: 45
GVI Calmar Ratio Rank: 42
GVI Martin Ratio Rank: 40

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. GVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares Intermediate Government/Credit Bond ETF (GVI). 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	GVI	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.59	+0.06
Sortino ratio Return per unit of downside risk	2.51	2.44	+0.07
Omega ratio Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio Return relative to maximum drawdown	2.89	2.13	+0.77
Martin ratio Return relative to average drawdown	9.73	6.52	+3.21
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. GVI - Sharpe Ratio Comparison

The current AGZ Sharpe Ratio is 1.65, which is comparable to the GVI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of AGZ and GVI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGZ	GVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.59	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.27	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.52	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.76	-0.08

Drawdowns

AGZ vs. GVI - Drawdown Comparison

The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum GVI drawdown of -12.93%. Use the drawdown chart below to compare losses from any high point for AGZ and GVI.

Drawdown Indicators

	AGZ	GVI	Difference
Max Drawdown Largest peak-to-trough decline	-11.01%	-12.93%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-1.79%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-1.85%	-2.65%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-10.66%	-12.93%	+2.27%
Max Drawdown (10Y) Largest decline over 10 years	-11.01%	-12.93%	+1.92%
Current Drawdown Current decline from peak	-0.66%	-1.05%	+0.39%
Average Drawdown Average peak-to-trough decline	-1.61%	-1.86%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.59%	-0.19%

Volatility

AGZ vs. GVI - Volatility Comparison

iShares Agency Bond ETF (AGZ) and iShares Intermediate Government/Credit Bond ETF (GVI) have volatilities of 0.78% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGZ	GVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.79%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	1.78%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	2.50%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.54%	3.97%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.03%	3.53%	-0.50%

AGZ vs. GVI - Expense Ratio Comparison

Both AGZ and GVI 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. GVI - Dividend Comparison

AGZ's dividend yield for the trailing twelve months is around 3.72%, more than GVI's 3.61% yield.

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%
GVI iShares Intermediate Government/Credit Bond ETF	3.61%	3.48%	3.40%	2.75%	1.86%	1.46%	1.84%	2.29%	2.16%	1.91%	1.77%	1.75%

Frequently Asked Questions

Can I hold both AGZ and GVI in my portfolio?

AGZ and GVI have a correlation of 0.78, 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 GVI?

GVI has higher volatility (0.79%) compared to AGZ (0.78%). In terms of maximum drawdown, AGZ dropped -11.01% vs GVI's -12.93%.

Which ETF is better, AGZ or GVI?

On 10-year performance, AGZ leads with 1.84% vs 1.82% for GVI. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGZ or GVI?

Over the 10-year period, AGZ has performed better with a 1.84% return vs 1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGZ or GVI?

AGZ and GVI have the same expense ratio: 0.20% per year.

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

AGZ has the higher dividend yield at 3.72%, compared with 3.61% for GVI.

What is the main difference between AGZ and GVI?

AGZ is categorized as Government Bonds, while GVI is Short-Term Bond. AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond.

Which has better risk-adjusted returns?

AGZ currently has the higher Sharpe Ratio (1.65 vs 1.59), 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.