AGZ vs. SHV
AGZ (iShares Agency Bond ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds from iShares - AGZ tracks the Bloomberg U.S. Agency Bond Index (USD) while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, AGZ returned 1.83%/yr vs 2.23%/yr for SHV. At a 0.15 correlation, their price movements are largely independent. AGZ charges 0.20%/yr vs 0.15%/yr for SHV.
Performance
AGZ vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, AGZ achieves a 0.16% return, which is significantly lower than SHV's 1.42% return. Over the past 10 years, AGZ has underperformed SHV with an annualized return of 1.83%, while SHV has yielded a comparatively higher 2.23% annualized return.
AGZ
- 1D
- -0.13%
- 1M
- -0.03%
- YTD
- 0.16%
- 6M
- 0.29%
- 1Y
- 3.95%
- 3Y*
- 4.10%
- 5Y*
- 1.15%
- 10Y*
- 1.83%
SHV
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.42%
- 6M
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 4.64%
- 5Y*
- 3.31%
- 10Y*
- 2.23%
AGZ vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.16% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.42% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between AGZ and SHV is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008 | 0.15 |
The correlation between AGZ and SHV shifts across timeframes, from 0.15 (all time) to 0.34 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AGZ vs. SHV — Risk / Return Rank
AGZ
SHV
AGZ vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.95 | ||
| Sortino ratioReturn per unit of downside risk | -147.21 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 53.77 | -52.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 431.38 | -428.45 |
| Martin ratioReturn relative to average drawdown | 9.76 | 2,419.80 | -2,410.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGZ | SHV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 19.49 | -17.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 11.56 | -11.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 8.09 | -7.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 4.50 | -3.81 |
Drawdowns
AGZ vs. SHV - Drawdown Comparison
The maximum AGZ drawdown since its inception was -11.01%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for AGZ and SHV.
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Drawdown Indicators
| AGZ | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.01% | -0.45% | -10.56% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -0.01% | -1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -0.03% | -1.82% |
Max Drawdown (5Y)Largest decline over 5 years | -10.66% | -0.40% | -10.26% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -0.45% | -10.56% |
Current DrawdownCurrent decline from peak | -0.78% | 0.00% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -0.03% | -1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.00% | +0.41% |
Volatility
AGZ vs. SHV - Volatility Comparison
iShares Agency Bond ETF (AGZ) has a higher volatility of 0.76% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.05%. This indicates that AGZ's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGZ | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.05% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 0.12% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 0.20% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 0.29% | +3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 0.28% | +2.75% |
AGZ vs. SHV - Expense Ratio Comparison
AGZ has a 0.20% expense ratio, which is higher than SHV's 0.15% expense ratio. However, 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. SHV - Dividend Comparison
AGZ's dividend yield for the trailing twelve months is around 3.73%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.73% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
AGZ and SHV have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGZ has higher volatility (0.76%) compared to SHV (0.05%). In terms of maximum drawdown, AGZ dropped -11.01% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.23% vs 1.83% for AGZ. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.23% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.20% for AGZ.
SHV has the higher dividend yield at 3.83%, compared with 3.73% for AGZ.
AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while SHV tracks ICE Short US Treasury Securities Index. Their fees differ too: 0.20% for AGZ and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 vs 1.54), 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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