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GVI vs. AGG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GVI vs. AGG

Last updated Jun 4, 2026

GVI (iShares Intermediate Government/Credit Bond ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, GVI returned 1.80%/yr vs 1.57%/yr for AGG. A 0.80 correlation means they provide meaningful diversification when combined. GVI charges 0.20%/yr vs 0.03%/yr for AGG.

Performance

GVI vs. AGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Intermediate Government/Credit Bond ETF (GVI) and iShares Core U.S. Aggregate Bond ETF (AGG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

Over the past 10 years, GVI has outperformed AGG with an annualized return of 1.80%, while AGG has yielded a comparatively lower 1.57% annualized return.

GVI

1D
-0.13%
1M
-0.00%
YTD
-0.00%
6M
0.05%
1Y
3.89%
3Y*
4.18%
5Y*
0.98%
10Y*
1.80%

AGG

1D
-0.21%
1M
0.24%
YTD
0.25%
6M
0.09%
1Y
5.14%
3Y*
3.95%
5Y*
0.10%
10Y*
1.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GVI vs. AGG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GVI
iShares Intermediate Government/Credit Bond ETF		-0.00%6.66%2.92%5.15%-8.28%-1.90%6.38%6.54%0.77%1.83%
AGG
iShares Core U.S. Aggregate Bond ETF		0.25%7.19%1.31%5.65%-13.02%-1.77%7.48%8.46%0.09%3.55%

Correlation

The correlation between GVI and AGG is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.94

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2007

0.80

The correlation between GVI and AGG shifts across timeframes, from 0.80 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.

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iShares Intermediate Government/Credit Bond ETF

iShares Core U.S. Aggregate Bond ETF

Often compared with GVI:
GVI vs. GBFGVI vs. SCHJGVI vs. AGZGVI vs. VCITGVI vs. CMFGVI vs. SLQDGVI vs. GOVT
Often compared with AGG:
AGG vs. BNDAGG vs. TLTAGG vs. HYGAGG vs. FBNDAGG vs. PIMIXAGG vs. IUSBAGG vs. AGGH

Return for Risk

GVI vs. AGG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GVI
GVI Risk / Return Rank: 4444
Overall Rank
GVI Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GVI Sortino Ratio Rank: 4949
Sortino Ratio Rank
GVI Omega Ratio Rank: 4444
Omega Ratio Rank
GVI Calmar Ratio Rank: 4444
Calmar Ratio Rank
GVI Martin Ratio Rank: 4141
Martin Ratio Rank
AGG
AGG Risk / Return Rank: 3636
Overall Rank
AGG Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
AGG Sortino Ratio Rank: 3838
Sortino Ratio Rank
AGG Omega Ratio Rank: 3535
Omega Ratio Rank
AGG Calmar Ratio Rank: 3737
Calmar Ratio Rank
AGG Martin Ratio Rank: 3636
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GVI vs. AGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) 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.

GVIAGGDifference
Sharpe ratioReturn per unit of total volatility
1.56
1.34

+0.22

Sortino ratioReturn per unit of downside risk
2.39
2.00

+0.39

Omega ratioGain probability vs. loss probability

1.28

1.24

+0.04

Calmar ratioReturn relative to maximum drawdown

2.17

1.87

+0.31

Martin ratioReturn relative to average drawdown

6.60

5.73

+0.87

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVI vs. AGG - Sharpe Ratio Comparison

The current GVI Sharpe Ratio is 1.56, which is comparable to the AGG Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of GVI and AGG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GVIAGGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.34

+0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.02

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.29

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.59

+0.17

Drawdowns

GVI vs. AGG - Drawdown Comparison

The maximum GVI drawdown since its inception was -12.93%, smaller than the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for GVI and AGG.

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Drawdown Indicators

GVIAGGDifference

Max Drawdown

Largest peak-to-trough decline

-12.93%

-18.43%

+5.50%

Max Drawdown (1Y)

Largest decline over 1 year

-1.79%

-2.76%

+0.97%

Max Drawdown (3Y)

Largest decline over 3 years

-2.65%

-6.11%

+3.46%

Max Drawdown (5Y)

Largest decline over 5 years

-12.93%

-17.82%

+4.89%

Max Drawdown (10Y)

Largest decline over 10 years

-12.93%

-18.43%

+5.50%

Current Drawdown

Current decline from peak

-1.17%

-2.14%

+0.97%

Average Drawdown

Average peak-to-trough decline

-1.86%

-2.71%

+0.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

0.90%

-0.31%

Volatility

GVI vs. AGG - Volatility Comparison

The current volatility for iShares Intermediate Government/Credit Bond ETF (GVI) is 0.77%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.30%. This indicates that GVI experiences smaller price fluctuations and is considered to be less risky 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

GVIAGGDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.77%

1.30%

-0.53%

Volatility (6M)

Calculated over the trailing 6-month period

1.78%

2.74%

-0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

2.50%

3.85%

-1.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.97%

6.09%

-2.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.53%

5.40%

-1.87%

GVI vs. AGG - Expense Ratio Comparison

GVI has a 0.20% expense ratio, which is higher than AGG'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

GVI vs. AGG - Dividend Comparison

GVI's dividend yield for the trailing twelve months is around 3.62%, less than AGG's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
AGG
iShares Core U.S. Aggregate Bond ETF		3.99%3.89%3.74%3.13%2.39%1.77%2.14%2.70%2.72%2.32%2.39%2.45%
GVI
iShares Intermediate Government/Credit Bond ETF		3.62%3.48%3.40%2.75%1.86%1.46%1.84%2.29%2.16%1.91%1.77%1.75%

Frequently Asked Questions

With a correlation of 0.95, GVI and AGG 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.

AGG has higher volatility (1.30%) compared to GVI (0.77%). In terms of maximum drawdown, GVI dropped -12.93% vs AGG's -18.43%.

On 10-year performance, GVI leads with 1.80% vs 1.57% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, GVI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GVI has performed better with a 1.80% return vs 1.57%. 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 0.20% for GVI.

AGG has the higher dividend yield at 3.99%, compared with 3.62% for GVI.

GVI is categorized as Short-Term Bond, while AGG is Total Bond Market. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while AGG tracks Bloomberg U.S. Aggregate Bond Index. Their fees differ too: 0.20% for GVI and 0.03% for AGG.

GVI currently has the higher Sharpe Ratio (1.56 vs 1.34), 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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