AGZ vs. TFLO
AGZ (iShares Agency Bond ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds from iShares - AGZ tracks the Bloomberg U.S. Agency Bond Index (USD) while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 10 years, AGZ returned 1.74%/yr vs 2.41%/yr for TFLO. Their 0.01 correlation means their historical movements had little consistent relationship. AGZ charges 0.20%/yr vs 0.15%/yr for TFLO.
Performance
AGZ vs. TFLO - Performance Comparison
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Returns By Period
In the year-to-date period, AGZ achieves a 0.14% return, which is significantly lower than TFLO's 2.22% return. Over the past 10 years, AGZ has underperformed TFLO with an annualized return of 1.74%, while TFLO has yielded a comparatively higher 2.41% annualized return.
AGZ
- 1D
- -0.12%
- 1M
- -0.37%
- 6M
- 0.06%
- YTD
- 0.14%
- 1Y
- 2.32%
- 3Y*
- 4.20%
- 5Y*
- 0.97%
- 10Y*
- 1.74%
- ALL TIME*
- 2.35%
TFLO
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.88%
- YTD
- 2.22%
- 1Y
- 3.88%
- 3Y*
- 4.66%
- 5Y*
- 3.77%
- 10Y*
- 2.41%
- ALL TIME*
- 1.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.57M | $1.51M | $1.37M | |
| $79.31M | $72.74M | $75.47M |
AGZ vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 0.14% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
TFLO iShares Treasury Floating Rate Bond ETF | 2.22% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 1.76% | 1.01% |
Correlation
The correlation between AGZ and TFLO is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | 0.01 |
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Return for Risk
AGZ vs. TFLO — Risk / Return Rank
AGZ
TFLO
AGZ vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.56 | ||
| Sortino ratioReturn per unit of downside risk | -45.60 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 12.34 | -11.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 199.41 | -197.20 |
| Martin ratioReturn relative to average drawdown | 6.46 | 766.49 | -760.03 |
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Drawdowns
AGZ vs. TFLO - Drawdown Comparison
The maximum AGZ drawdown since its inception was -11.01%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for AGZ and TFLO.
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Drawdown Indicators
| AGZ | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.01% | -5.01% | -6.00% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -0.02% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -0.04% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -10.65% | -0.13% | -10.52% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -0.16% | -10.85% |
Current DrawdownCurrent decline from peak | -0.81% | 0.00% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -0.10% | -1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.01% | +0.45% |
Volatility
AGZ vs. TFLO - Volatility Comparison
iShares Agency Bond ETF (AGZ) has a higher volatility of 0.66% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.08%. This indicates that AGZ's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGZ | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 0.08% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 0.19% | +1.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 0.29% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 0.35% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 0.45% | +2.58% |
AGZ vs. TFLO - Expense Ratio Comparison
AGZ has a 0.20% expense ratio, which is higher than TFLO'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. TFLO - Dividend Comparison
AGZ's dividend yield for the trailing twelve months is around 3.72%, less than TFLO's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.39% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.47% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
AGZ and TFLO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGZ has higher volatility (0.66%) compared to TFLO (0.08%). In terms of maximum drawdown, AGZ dropped -11.01% vs TFLO's -5.01%.
On 10-year performance, TFLO leads with 2.41% vs 1.74% for AGZ. On fees, TFLO is cheaper at 0.15% per year. On volatility, TFLO has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TFLO has performed better with a 2.41% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO is cheaper with a 0.15% expense ratio, compared with 0.20% for AGZ.
TFLO has the higher dividend yield at 3.47%, compared with 3.39% for AGZ.
AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. Their fees differ too: 0.20% for AGZ and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (13.73 vs 1.17), 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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