AGZ vs. TLT
AGZ (iShares Agency Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds from iShares - AGZ tracks the Bloomberg U.S. Agency Bond Index (USD) while TLT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, AGZ returned 1.74%/yr vs -2.38%/yr for TLT. Their 0.68 correlation means they have sometimes moved together and sometimes differently. AGZ charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
AGZ vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, AGZ achieves a 0.14% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, AGZ has outperformed TLT with an annualized return of 1.74%, while TLT has yielded a comparatively lower -2.38% 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.57M | $1.51M | $1.37M | |
| $2.33B | $2.02B | $2.19B |
AGZ vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between AGZ and TLT is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2008 | 0.68 |
The correlation between AGZ and TLT has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.
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Return for Risk
AGZ vs. TLT — Risk / Return Rank
AGZ
TLT
AGZ vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Agency Bond ETF (AGZ) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.99 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | -0.14 | +2.34 |
| Martin ratioReturn relative to average drawdown | 6.46 | -0.30 | +6.75 |
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Drawdowns
AGZ vs. TLT - Drawdown Comparison
The maximum AGZ drawdown since its inception was -11.01%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for AGZ and TLT.
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Drawdown Indicators
| AGZ | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.01% | -48.35% | +37.34% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -7.74% | +6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -1.85% | -14.79% | +12.94% |
Max Drawdown (5Y)Largest decline over 5 years | -10.65% | -43.70% | +33.05% |
Max Drawdown (10Y)Largest decline over 10 years | -11.01% | -48.35% | +37.34% |
Current DrawdownCurrent decline from peak | -0.81% | -42.36% | +41.55% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -13.99% | +12.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 3.57% | -3.11% |
Volatility
AGZ vs. TLT - Volatility Comparison
The current volatility for iShares Agency Bond ETF (AGZ) is 0.66%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that AGZ experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGZ | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 2.46% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 6.85% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 9.32% | -6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 15.74% | -12.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.03% | 14.83% | -11.80% |
AGZ vs. TLT - Expense Ratio Comparison
AGZ has a 0.20% expense ratio, which is higher than TLT'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. TLT - Dividend Comparison
AGZ's dividend yield for the trailing twelve months is around 3.72%, less than TLT's 4.75% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
AGZ and TLT have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to AGZ (0.66%). In terms of maximum drawdown, AGZ dropped -11.01% vs TLT's -48.35%.
On 10-year performance, AGZ leads with 1.74% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, AGZ has been the lower-risk option at 0.66%. 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 1.74% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for AGZ.
TLT has the higher dividend yield at 4.34%, compared with 3.39% for AGZ.
AGZ tracks Bloomberg U.S. Agency Bond Index (USD), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for AGZ and 0.15% for TLT.
AGZ currently has the higher Sharpe Ratio (1.17 vs -0.11), 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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