GBF vs. BBAG
GBF (iShares Government/Credit Bond ETF) and BBAG (JPMorgan BetaBuilders U.S. Aggregate Bond ETF) are both Intermediate Core Bond funds - GBF tracks the Bloomberg U.S. Government/Credit Bond Index while BBAG tracks the Bloomberg US Aggregate Bond Index. Both are passively managed. Over the past 5 years, GBF returned -0.13%/yr vs 0.11%/yr for BBAG. Their correlation of 0.93 suggests significant overlap in exposure. GBF charges 0.20%/yr vs 0.03%/yr for BBAG.
Performance
GBF vs. BBAG - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GBF having a 0.93% return and BBAG slightly higher at 0.95%.
GBF
- 1D
- 0.06%
- 1M
- 0.86%
- YTD
- 0.93%
- 6M
- 0.70%
- 1Y
- 3.91%
- 3Y*
- 3.73%
- 5Y*
- -0.13%
- 10Y*
- 1.40%
BBAG
- 1D
- 0.00%
- 1M
- 0.88%
- YTD
- 0.95%
- 6M
- 0.94%
- 1Y
- 4.49%
- 3Y*
- 4.03%
- 5Y*
- 0.11%
- 10Y*
- —
GBF vs. BBAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 0.93% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | 1.00% |
BBAG JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 0.95% | 7.27% | 1.26% | 5.41% | -13.26% | -1.79% | 7.31% | 8.31% | 1.03% |
Correlation
The correlation between GBF and BBAG is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2018 | 0.93 |
The correlation between GBF and BBAG has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
GBF vs. BBAG — Risk / Return Rank
GBF
BBAG
GBF vs. BBAG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG). 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.
| GBF | BBAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.62 | -0.19 |
| Martin ratioReturn relative to average drawdown | 3.98 | 4.54 | -0.56 |
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Drawdowns
GBF vs. BBAG - Drawdown Comparison
The maximum GBF drawdown since its inception was -19.67%, which is greater than BBAG's maximum drawdown of -18.73%. Use the drawdown chart below to compare losses from any high point for GBF and BBAG.
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Drawdown Indicators
| GBF | BBAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.67% | -18.73% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.78% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.78% | -6.18% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.45% | -18.06% | -0.39% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | — | — |
Current DrawdownCurrent decline from peak | -4.16% | -2.09% | -2.07% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -6.19% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.99% | -0.01% |
Volatility
GBF vs. BBAG - Volatility Comparison
The current volatility for iShares Government/Credit Bond ETF (GBF) is 1.10%, while JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG) has a volatility of 1.17%. This indicates that GBF experiences smaller price fluctuations and is considered to be less risky than BBAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBF | BBAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.17% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 2.94% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 3.90% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.94% | 5.94% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 5.79% | -0.51% |
GBF vs. BBAG - Expense Ratio Comparison
GBF has a 0.20% expense ratio, which is higher than BBAG's 0.03% 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
GBF vs. BBAG - Dividend Comparison
GBF's dividend yield for the trailing twelve months is around 3.76%, less than BBAG's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBAG JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 4.33% | 4.29% | 4.25% | 3.60% | 2.23% | 1.44% | 2.26% | 2.92% | 0.16% | 0.00% | 0.00% | 0.00% |
GBF iShares Government/Credit Bond ETF | 3.76% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
Frequently Asked Questions
With a correlation of 0.95, GBF and BBAG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BBAG has higher volatility (1.17%) compared to GBF (1.10%). In terms of maximum drawdown, GBF dropped -19.67% vs BBAG's -18.73%.
On 5-year performance, BBAG leads with 0.11% vs -0.13% for GBF. On fees, BBAG is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBAG has performed better with a 0.11% return vs -0.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBAG is cheaper with a 0.03% expense ratio, compared with 0.20% for GBF.
BBAG has the higher dividend yield at 4.33%, compared with 3.76% for GBF.
GBF tracks Bloomberg U.S. Government/Credit Bond Index, while BBAG tracks Bloomberg US Aggregate Bond Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.20% for GBF and 0.03% for BBAG.
BBAG currently has the higher Sharpe Ratio (1.16 vs 1.05), 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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