NYF vs. AGZ
Compare and contrast key facts about iShares New York Muni Bond ETF (NYF) and iShares Agency Bond ETF (AGZ).
NYF and AGZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NYF is a passively managed fund by iShares that tracks the performance of the S&P New York AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. AGZ is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Agency Bond Index. It was launched on Nov 5, 2008. Both NYF 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: NYF or AGZ.
Key characteristics
| NYF | AGZ | |
|---|---|---|
| YTD Return | 1.26% | 2.71% |
| 1Y Return | 6.58% | 5.94% |
| 3Y Return (Ann) | -0.28% | -0.19% |
| 5Y Return (Ann) | 0.96% | 0.86% |
| 10Y Return (Ann) | 2.03% | 1.58% |
| Sharpe Ratio | 1.87 | 1.82 |
| Sortino Ratio | 2.75 | 2.80 |
| Omega Ratio | 1.37 | 1.34 |
| Calmar Ratio | 0.86 | 0.78 |
| Martin Ratio | 7.79 | 8.58 |
| Ulcer Index | 0.86% | 0.68% |
| Daily Std Dev | 3.57% | 3.23% |
| Max Drawdown | -13.12% | -11.01% |
| Current Drawdown | -1.71% | -2.03% |
Correlation
The correlation between NYF and AGZ is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
NYF vs. AGZ - Performance Comparison
In the year-to-date period, NYF achieves a 1.26% return, which is significantly lower than AGZ's 2.71% return. Over the past 10 years, NYF has outperformed AGZ with an annualized return of 2.03%, while AGZ has yielded a comparatively lower 1.58% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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NYF vs. AGZ - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is higher than AGZ's 0.20% 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%.
Risk-Adjusted Performance
NYF vs. AGZ - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
Dividends
NYF vs. AGZ - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 2.72%, less than AGZ's 3.44% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 2.72% | 2.36% | 2.04% | 1.84% | 1.97% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% | 2.81% | 3.05% |
AGZ iShares Agency Bond ETF | 3.44% | 3.14% | 1.57% | 0.96% | 2.25% | 2.32% | 2.15% | 1.58% | 1.52% | 1.30% | 1.33% | 1.19% |
Drawdowns
NYF vs. AGZ - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, which is greater than AGZ's maximum drawdown of -11.01%. Use the drawdown chart below to compare losses from any high point for NYF and AGZ. For additional features, visit the drawdowns tool.
Volatility
NYF vs. AGZ - Volatility Comparison
iShares New York Muni Bond ETF (NYF) has a higher volatility of 1.79% compared to iShares Agency Bond ETF (AGZ) at 0.82%. This indicates that NYF'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.