GVI vs. AGZ
GVI (iShares Intermediate Government/Credit Bond ETF) and AGZ (iShares Agency Bond ETF) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, while AGZ is a Government Bonds fund tracking the Bloomberg U.S. Agency Bond Index (USD). Both are passively managed. Over the past 10 years, GVI returned 1.80%/yr vs 1.83%/yr for AGZ. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
GVI vs. AGZ - Performance Comparison
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Returns By Period
Both investments have delivered pretty close results over the past 10 years, with GVI having a 1.80% annualized return and AGZ not far ahead at 1.83%.
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%
AGZ
- 1D
- -0.13%
- 1M
- -0.03%
- YTD
- 0.16%
- 6M
- 0.29%
- 1Y
- 3.95%
- 3Y*
- 4.10%
- 5Y*
- 1.15%
- 10Y*
- 1.83%
GVI vs. AGZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AGZ iShares Agency Bond ETF | 0.16% | 6.05% | 3.08% | 5.18% | -7.77% | -1.05% | 5.77% | 5.51% | 1.32% | 2.01% |
Correlation
The correlation between GVI and AGZ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008 | 0.69 |
The correlation between GVI and AGZ shifts across timeframes, from 0.69 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GVI vs. AGZ — Risk / Return Rank
GVI
AGZ
GVI vs. AGZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) 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.
| GVI | AGZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.56 | 1.54 | +0.03 |
Sortino ratioReturn per unit of downside risk | 2.39 | 2.33 | +0.06 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.93 | -0.76 |
Martin ratioReturn relative to average drawdown | 6.60 | 9.76 | -3.17 |
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
| GVI | AGZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 1.54 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.33 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.60 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.68 | +0.08 |
Drawdowns
GVI vs. AGZ - Drawdown Comparison
The maximum GVI drawdown since its inception was -12.93%, which is greater than AGZ's maximum drawdown of -11.01%. Use the drawdown chart below to compare losses from any high point for GVI and AGZ.
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Drawdown Indicators
| GVI | AGZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.93% | -11.01% | -1.92% |
Max Drawdown (1Y)Largest decline over 1 year | -1.79% | -1.35% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -2.65% | -1.85% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -12.93% | -10.66% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -12.93% | -11.01% | -1.92% |
Current DrawdownCurrent decline from peak | -1.17% | -0.78% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -1.61% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.41% | +0.18% |
Volatility
GVI vs. AGZ - Volatility Comparison
iShares Intermediate Government/Credit Bond ETF (GVI) and iShares Agency Bond ETF (AGZ) have volatilities of 0.77% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GVI | AGZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.76% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.93% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 2.58% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 3.54% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.53% | 3.03% | +0.50% |
GVI vs. AGZ - Expense Ratio Comparison
Both GVI 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%.
Dividends
GVI vs. AGZ - Dividend Comparison
GVI's dividend yield for the trailing twelve months is around 3.62%, less than AGZ's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGZ iShares Agency Bond ETF | 3.73% | 3.75% | 3.48% | 3.14% | 1.56% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% |
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
GVI and AGZ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVI has higher volatility (0.77%) compared to AGZ (0.76%). In terms of maximum drawdown, GVI dropped -12.93% vs AGZ's -11.01%.
On 10-year performance, AGZ leads with 1.83% vs 1.80% for GVI. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. 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 1.83% return vs 1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GVI and AGZ have the same expense ratio: 0.20% per year.
AGZ has the higher dividend yield at 3.73%, compared with 3.62% for GVI.
GVI is categorized as Short-Term Bond, while AGZ is Government Bonds. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while AGZ tracks Bloomberg U.S. Agency Bond Index (USD).
GVI currently has the higher Sharpe Ratio (1.56 vs 1.54), 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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