AGZ vs. NYF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Agency Bond ETF (AGZ) and iShares New York Muni Bond ETF (NYF).

AGZ and NYF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGZ is a passively managed fund by iShares that tracks the performance of the Bloomberg U.S. Agency Bond Index (USD). It was launched on Nov 5, 2008. NYF is a passively managed fund by iShares that tracks the performance of the S&P New York AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. Both AGZ and NYF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

AGZ vs. NYF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGZ iShares Agency Bond ETF	0.11%	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	-0.22%	3.64%	1.13%	5.76%	-7.75%	1.34%	4.18%	6.49%	0.66%	5.02%

Returns By Period

In the year-to-date period, AGZ achieves a 0.11% return, which is significantly higher than NYF's -0.22% return. Over the past 10 years, AGZ has outperformed NYF with an annualized return of 1.88%, while NYF has yielded a comparatively lower 1.78% annualized return.

AGZ

• 1D: -0.11%
• 1M: -0.84%
• YTD: 0.11%
• 6M: 1.24%
• 1Y: 4.08%
• 3Y*: 4.05%
• 5Y*: 1.23%
• 10Y*: 1.88%

NYF

• 1D: 0.18%
• 1M: -2.26%
• YTD: -0.22%
• 6M: 1.12%
• 1Y: 4.03%
• 3Y*: 2.56%
• 5Y*: 0.79%
• 10Y*: 1.78%

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

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%.

NYF

iShares New York Muni Bond ETF

AGZ

iShares Agency Bond ETF

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: 82
AGZ Sharpe Ratio Rank: 78
AGZ Sortino Ratio Rank: 80
AGZ Omega Ratio Rank: 74
AGZ Calmar Ratio Rank: 91
AGZ Martin Ratio Rank: 87

NYF

NYF Risk / Return Rank: 53
NYF Sharpe Ratio Rank: 60
NYF Sortino Ratio Rank: 49
NYF Omega Ratio Rank: 64
NYF Calmar Ratio Rank: 51
NYF Martin Ratio Rank: 39

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.

	AGZ	NYF	Difference
Sharpe ratio Return per unit of total volatility	1.44	1.01	+0.43
Sortino ratio Return per unit of downside risk	2.06	1.27	+0.79
Omega ratio Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio Return relative to maximum drawdown	3.22	1.23	+1.99
Martin ratio Return relative to average drawdown	10.47	3.47	+7.00
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 1.44, which is higher than the NYF Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of AGZ and NYF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGZ	NYF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.01	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.20	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.40	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.46	+0.23

Correlation

The correlation between AGZ and NYF is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AGZ vs. NYF - Dividend Comparison

AGZ's dividend yield for the trailing twelve months is around 3.76%, more than NYF's 3.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGZ iShares Agency Bond ETF	3.76%	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	3.06%	2.99%	2.77%	2.36%	2.04%	1.85%	1.98%	2.19%	2.48%	2.46%	2.43%	2.60%

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.

Drawdown Indicators

	AGZ	NYF	Difference
Max Drawdown Largest peak-to-trough decline	-11.01%	-13.12%	+2.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.30%	-3.34%	+2.04%
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	-0.84%	-2.26%	+1.42%
Average Drawdown Average peak-to-trough decline	-1.62%	-2.32%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.19%	-0.79%

Volatility

AGZ vs. NYF - Volatility Comparison

The current volatility for iShares Agency Bond ETF (AGZ) is 1.16%, while iShares New York Muni Bond ETF (NYF) has a volatility of 1.45%. 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.

Volatility by Period

	AGZ	NYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.45%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.92%	1.88%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	4.01%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	3.98%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.03%	4.48%	-1.45%