GBF vs. AGZ
Compare and contrast key facts about iShares Government/Credit Bond ETF (GBF) and iShares Agency Bond ETF (AGZ).
GBF and AGZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GBF is a passively managed fund by iShares that tracks the performance of the Bloomberg U.S. Government/Credit Bond Index. It was launched on Jan 11, 2007. 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. Both GBF and AGZ 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
GBF vs. AGZ - Performance Comparison
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GBF vs. AGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 0.09% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | -0.52% | 4.10% |
AGZ iShares Agency Bond ETF | 0.12% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
Returns By Period
In the year-to-date period, GBF achieves a 0.09% return, which is significantly lower than AGZ's 0.12% return. Over the past 10 years, GBF has underperformed AGZ with an annualized return of 1.58%, while AGZ has yielded a comparatively higher 1.88% annualized return.
GBF
- 1D
- -0.01%
- 1M
- -1.35%
- YTD
- 0.09%
- 6M
- 0.44%
- 1Y
- 3.51%
- 3Y*
- 3.20%
- 5Y*
- -0.04%
- 10Y*
- 1.58%
AGZ
- 1D
- 0.01%
- 1M
- -0.53%
- YTD
- 0.12%
- 6M
- 1.10%
- 1Y
- 4.02%
- 3Y*
- 4.05%
- 5Y*
- 1.23%
- 10Y*
- 1.88%
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GBF vs. AGZ - Expense Ratio Comparison
Both GBF and AGZ have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
GBF vs. AGZ — Risk / Return Rank
GBF
AGZ
GBF vs. AGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and iShares Agency Bond ETF (AGZ). 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.
| GBF | AGZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | 1.42 | -0.58 |
Sortino ratioReturn per unit of downside risk | 1.19 | 2.03 | -0.83 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.27 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.53 | 3.14 | -1.61 |
Martin ratioReturn relative to average drawdown | 4.29 | 10.13 | -5.84 |
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
| GBF | AGZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 1.42 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.35 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.62 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.69 | -0.11 |
Correlation
The correlation between GBF and AGZ is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
GBF vs. AGZ - Dividend Comparison
GBF's dividend yield for the trailing twelve months is around 3.77%, which matches AGZ's 3.75% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 3.77% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
AGZ iShares Agency Bond ETF | 3.75% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
Drawdowns
GBF vs. AGZ - Drawdown Comparison
The maximum GBF drawdown since its inception was -19.67%, which is greater than AGZ's maximum drawdown of -11.01%. Use the drawdown chart below to compare losses from any high point for GBF and AGZ.
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Drawdown Indicators
| GBF | AGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.67% | -11.01% | -8.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -1.30% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -18.45% | -10.66% | -7.79% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | -11.01% | -8.66% |
Current DrawdownCurrent decline from peak | -4.96% | -0.83% | -4.13% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -1.62% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.40% | +0.49% |
Volatility
GBF vs. AGZ - Volatility Comparison
iShares Government/Credit Bond ETF (GBF) has a higher volatility of 1.64% compared to iShares Agency Bond ETF (AGZ) at 1.16%. This indicates that GBF's price experiences larger fluctuations and is considered to be riskier than AGZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBF | AGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.16% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 1.92% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 2.85% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 3.52% | +2.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.27% | 3.03% | +2.24% |