PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
AGZ vs. NYF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGZ vs. NYF

Last updated Jun 3, 2026

AGZ (iShares Agency Bond ETF) and NYF (iShares New York Muni Bond ETF) are both exchange-traded funds - AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD), while NYF is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, AGZ returned 1.84%/yr vs 1.81%/yr for NYF. At a 0.36 correlation, their price movements are largely independent. AGZ charges 0.20%/yr vs 0.25%/yr for NYF.

Performance

AGZ vs. NYF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Agency Bond ETF (AGZ) and iShares New York Muni Bond ETF (NYF). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, AGZ achieves a 0.29% return, which is significantly lower than NYF's 1.55% return. Both investments have delivered pretty close results over the past 10 years, with AGZ having a 1.84% annualized return and NYF not far behind at 1.81%.

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%

NYF

1D
0.15%
1M
0.57%
YTD
1.55%
6M
2.00%
1Y
6.85%
3Y*
3.37%
5Y*
0.85%
10Y*
1.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGZ vs. NYF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
NYF
iShares New York Muni Bond ETF		1.55%3.64%1.13%5.76%-7.75%1.34%4.18%6.49%0.66%5.02%

Correlation

The correlation between AGZ and NYF is 0.57, 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

0.57

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

0.63

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

0.61

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

0.54

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

0.36

Over the past year, AGZ and NYF have become more correlated (0.57) than their long-term average of 0.36, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Agency Bond ETF

iShares New York Muni Bond ETF

Often compared with AGZ:
AGZ vs. AGZDAGZ vs. FGOVXAGZ vs. GVIAGZ vs. LLDYXAGZ vs. GBFAGZ vs. USFRAGZ vs. SGOV
Often compared with NYF:
NYF vs. VNYUXNYF vs. MUBNYF vs. VNYTXNYF vs. PZTNYF vs. FTFMXNYF vs. FMNYNYF vs. SUB

Return for Risk

AGZ vs. NYF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGZ
AGZ Risk / Return Rank: 5252
Overall Rank
AGZ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
AGZ Sortino Ratio Rank: 5151
Sortino Ratio Rank
AGZ Omega Ratio Rank: 4949
Omega Ratio Rank
AGZ Calmar Ratio Rank: 5757
Calmar Ratio Rank
AGZ Martin Ratio Rank: 5555
Martin Ratio Rank
NYF
NYF Risk / Return Rank: 6767
Overall Rank
NYF Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
NYF Sortino Ratio Rank: 7878
Sortino Ratio Rank
NYF Omega Ratio Rank: 8686
Omega Ratio Rank
NYF Calmar Ratio Rank: 4848
Calmar Ratio Rank
NYF Martin Ratio Rank: 5050
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. NYF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares New York Muni Bond ETF (NYF). 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.

AGZNYFDifference

Sharpe ratio

Return per unit of total volatility

1.65

2.47

-0.82

Sortino ratio

Return per unit of downside risk

2.51

3.54

-1.03

Omega ratio

Gain probability vs. loss probability

1.31

1.54

-0.23

Calmar ratio

Return relative to maximum drawdown

2.89

2.42

+0.47

Martin ratio

Return relative to average drawdown

9.73

8.71

+1.02

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. NYF - Sharpe Ratio Comparison

The current AGZ Sharpe Ratio is 1.65, which is lower than the NYF Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of AGZ and NYF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

AGZNYFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.65

2.47

-0.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.21

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.41

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.47

+0.22

Drawdowns

AGZ vs. NYF - Drawdown Comparison

The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum NYF drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for AGZ and NYF.

Loading charts...

Drawdown Indicators

AGZNYFDifference

Max Drawdown

Largest peak-to-trough decline

-11.01%

-13.12%

+2.11%

Max Drawdown (1Y)

Largest decline over 1 year

-1.35%

-2.76%

+1.41%

Max Drawdown (3Y)

Largest decline over 3 years

-1.85%

-5.68%

+3.83%

Max Drawdown (5Y)

Largest decline over 5 years

-10.66%

-12.71%

+2.05%

Max Drawdown (10Y)

Largest decline over 10 years

-11.01%

-13.12%

+2.11%

Current Drawdown

Current decline from peak

-0.66%

-0.52%

-0.14%

Average Drawdown

Average peak-to-trough decline

-1.61%

-2.31%

+0.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.40%

0.77%

-0.37%

Volatility

AGZ vs. NYF - Volatility Comparison

The current volatility for iShares Agency Bond ETF (AGZ) is 0.78%, while iShares New York Muni Bond ETF (NYF) has a volatility of 0.95%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

AGZNYFDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.78%

0.95%

-0.17%

Volatility (6M)

Calculated over the trailing 6-month period

1.93%

2.08%

-0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

2.60%

2.79%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.54%

4.00%

-0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.03%

4.48%

-1.45%

AGZ vs. NYF - Expense Ratio Comparison

AGZ has a 0.20% expense ratio, which is lower than NYF's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AGZ vs. NYF - Dividend Comparison

AGZ's dividend yield for the trailing twelve months is around 3.72%, more than NYF's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
NYF
iShares New York Muni Bond ETF		3.09%2.99%2.77%2.36%2.04%1.85%1.98%2.19%2.48%2.46%2.43%2.60%

Frequently Asked Questions

AGZ and NYF have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NYF has higher volatility (0.95%) compared to AGZ (0.78%). In terms of maximum drawdown, AGZ dropped -11.01% vs NYF's -13.12%.

On 10-year performance, AGZ leads with 1.84% vs 1.81% for NYF. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.78%. 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 1.84% return vs 1.81%. 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 0.25% for NYF.

AGZ has the higher dividend yield at 3.72%, compared with 3.09% for NYF.

AGZ is categorized as Government Bonds, while NYF is Municipal Bonds. AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while NYF tracks S&P New York AMT-Free Municipal Bond Index. Their fees differ too: 0.20% for AGZ and 0.25% for NYF.

NYF currently has the higher Sharpe Ratio (2.47 vs 1.65), 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.

Portfolio Optimizer

Find the right allocation for AGZ and NYF

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer