BDEC vs. AGG
BDEC (Innovator U.S. Equity Buffer ETF - December) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - BDEC is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index December, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 5 years, BDEC returned 9.87%/yr vs 0.06%/yr for AGG. At a 0.15 correlation, their price movements are largely independent. BDEC charges 0.79%/yr vs 0.03%/yr for AGG.
Performance
BDEC vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, BDEC achieves a 6.51% return, which is significantly higher than AGG's 0.52% return.
BDEC
- 1D
- 0.34%
- 1M
- -0.01%
- YTD
- 6.51%
- 6M
- 6.90%
- 1Y
- 20.50%
- 3Y*
- 14.06%
- 5Y*
- 9.87%
- 10Y*
- —
AGG
- 1D
- -0.12%
- 1M
- 0.46%
- YTD
- 0.52%
- 6M
- 0.93%
- 1Y
- 4.87%
- 3Y*
- 4.19%
- 5Y*
- 0.06%
- 10Y*
- 1.57%
BDEC vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BDEC Innovator U.S. Equity Buffer ETF - December | 6.51% | 14.96% | 12.71% | 19.86% | -9.42% | 15.45% | 13.39% | 1.55% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.52% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | -0.05% |
Correlation
The correlation between BDEC and AGG is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019 | 0.15 |
The correlation between BDEC and AGG shifts across timeframes, from 0.15 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BDEC vs. AGG — Risk / Return Rank
BDEC
AGG
BDEC vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| BDEC | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.21 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 1.63 | +1.35 |
| Martin ratioReturn relative to average drawdown | 14.06 | 4.82 | +9.24 |
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Drawdowns
BDEC vs. AGG - Drawdown Comparison
The maximum BDEC drawdown since its inception was -25.60%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for BDEC and AGG.
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Drawdown Indicators
| BDEC | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.60% | -18.43% | -7.17% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -2.76% | -3.76% |
Max Drawdown (3Y)Largest decline over 3 years | -13.95% | -6.11% | -7.84% |
Max Drawdown (5Y)Largest decline over 5 years | -16.44% | -17.82% | +1.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.43% | — |
Current DrawdownCurrent decline from peak | -1.15% | -1.88% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -2.71% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.94% | +0.44% |
Volatility
BDEC vs. AGG - Volatility Comparison
Innovator U.S. Equity Buffer ETF - December (BDEC) has a higher volatility of 2.38% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.37%. This indicates that BDEC's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDEC | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 1.37% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 2.81% | +3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 3.82% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.99% | 6.09% | +5.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.26% | 5.41% | +8.85% |
BDEC vs. AGG - Expense Ratio Comparison
BDEC has a 0.79% expense ratio, which is higher than AGG's 0.03% expense ratio.
Dividends
BDEC vs. AGG - Dividend Comparison
BDEC has not paid dividends to shareholders, while AGG's dividend yield for the trailing twelve months is around 3.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
BDEC Innovator U.S. Equity Buffer ETF - December | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDEC and AGG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDEC has higher volatility (2.38%) compared to AGG (1.37%). In terms of maximum drawdown, BDEC dropped -25.60% vs AGG's -18.43%.
On 5-year performance, BDEC leads with 9.87% vs 0.06% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDEC has performed better with a 9.87% return vs 0.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.79% for BDEC.
AGG has the higher dividend yield at 3.98%, compared with 0.00% for BDEC.
BDEC is categorized as Defined Outcome, while AGG is Total Bond Market. BDEC tracks Cboe S&P 500 Buffer Protect Index December, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for BDEC and 0.03% for AGG.
BDEC currently has the higher Sharpe Ratio (2.17 vs 1.19), 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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