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NYF vs. AGZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NYF vs. AGZ

Last updated Jun 4, 2026

NYF (iShares New York Muni Bond ETF) and AGZ (iShares Agency Bond ETF) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal Bond Index, 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, NYF returned 1.81%/yr vs 1.83%/yr for AGZ. At a 0.36 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.20%/yr for AGZ.

Performance

NYF vs. AGZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares New York Muni Bond ETF (NYF) and iShares Agency Bond ETF (AGZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NYF achieves a 1.51% return, which is significantly higher than AGZ's 0.16% return. Both investments have delivered pretty close results over the past 10 years, with NYF having a 1.81% annualized return and AGZ not far ahead at 1.83%.

NYF

1D
-0.04%
1M
0.58%
YTD
1.51%
6M
1.91%
1Y
6.81%
3Y*
3.36%
5Y*
0.83%
10Y*
1.81%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NYF vs. AGZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NYF
iShares New York Muni Bond ETF		1.51%3.64%1.13%5.76%-7.75%1.34%4.18%6.49%0.66%5.02%
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 NYF and AGZ is 0.57, 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

0.57

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

0.63

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

0.61

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

0.54

Correlation (All Time)
Calculated using the full available price history since Nov 10, 2008

0.36

Over the past year, NYF and AGZ have become more correlated (0.57) than their long-term average of 0.36, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares New York Muni Bond ETF

iShares Agency Bond ETF

Often compared with NYF:
NYF vs. VNYUXNYF vs. MUBNYF vs. VNYTXNYF vs. PZTNYF vs. FTFMXNYF vs. FMNYNYF vs. SUB
Often compared with AGZ:
AGZ vs. AGZDAGZ vs. FGOVXAGZ vs. GVIAGZ vs. LLDYXAGZ vs. GBFAGZ vs. USFRAGZ vs. SGOV

Return for Risk

NYF vs. AGZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NYF
NYF Risk / Return Rank: 6868
Overall Rank
NYF Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
NYF Sortino Ratio Rank: 7777
Sortino Ratio Rank
NYF Omega Ratio Rank: 8686
Omega Ratio Rank
NYF Calmar Ratio Rank: 4949
Calmar Ratio Rank
NYF Martin Ratio Rank: 5252
Martin Ratio Rank
AGZ
AGZ Risk / Return Rank: 5050
Overall Rank
AGZ Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
AGZ Sortino Ratio Rank: 4747
Sortino Ratio Rank
AGZ Omega Ratio Rank: 4444
Omega Ratio Rank
AGZ Calmar Ratio Rank: 5959
Calmar Ratio Rank
AGZ Martin Ratio Rank: 5656
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.

NYF vs. AGZ - Risk-Adjusted Trends 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.

NYFAGZDifference

Sharpe ratio

Return per unit of total volatility

2.46

1.54

+0.92

Sortino ratio

Return per unit of downside risk

3.51

2.33

+1.18

Omega ratio

Gain probability vs. loss probability

1.53

1.28

+0.25

Calmar ratio

Return relative to maximum drawdown

2.48

2.93

-0.46

Martin ratio

Return relative to average drawdown

8.88

9.76

-0.88

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

NYF vs. AGZ - Sharpe Ratio Comparison

The current NYF Sharpe Ratio is 2.46, which is higher than the AGZ Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of NYF and AGZ, 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

NYFAGZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

1.54

+0.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.33

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.60

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.68

-0.21

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.

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Drawdown Indicators

NYFAGZDifference

Max Drawdown

Largest peak-to-trough decline

-13.12%

-11.01%

-2.11%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-1.35%

-1.41%

Max Drawdown (3Y)

Largest decline over 3 years

-5.68%

-1.85%

-3.83%

Max Drawdown (5Y)

Largest decline over 5 years

-12.71%

-10.66%

-2.05%

Max Drawdown (10Y)

Largest decline over 10 years

-13.12%

-11.01%

-2.11%

Current Drawdown

Current decline from peak

-0.56%

-0.78%

+0.22%

Average Drawdown

Average peak-to-trough decline

-2.31%

-1.61%

-0.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

0.41%

+0.36%

Volatility

NYF vs. AGZ - Volatility Comparison

iShares New York Muni Bond ETF (NYF) has a higher volatility of 0.95% compared to iShares Agency Bond ETF (AGZ) at 0.76%. 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.

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Volatility by Period

NYFAGZDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

0.76%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

2.08%

1.93%

+0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

2.78%

2.58%

+0.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.00%

3.54%

+0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.48%

3.03%

+1.45%

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%.

Dividends

NYF vs. AGZ - Dividend Comparison

NYF's dividend yield for the trailing twelve months is around 3.09%, less than AGZ's 3.73% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
NYF
iShares New York Muni Bond ETF		3.09%2.99%2.77%2.36%2.04%1.85%1.98%2.19%2.48%2.46%2.43%2.60%

Frequently Asked Questions

NYF and AGZ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NYF has higher volatility (0.95%) compared to AGZ (0.76%). In terms of maximum drawdown, NYF dropped -13.12% vs AGZ's -11.01%.

On 10-year performance, AGZ leads with 1.83% vs 1.81% for NYF. On fees, AGZ is cheaper at 0.20% per year. On volatility, AGZ has been the lower-risk option at 0.76%. 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 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

AGZ is cheaper with a 0.20% expense ratio, compared with 0.25% for NYF.

AGZ has the higher dividend yield at 3.73%, compared with 3.09% for NYF.

NYF is categorized as Municipal Bonds, while AGZ is Government Bonds. NYF tracks S&P New York AMT-Free Municipal Bond Index, while AGZ tracks Bloomberg U.S. Agency Bond Index (USD). Their fees differ too: 0.25% for NYF and 0.20% for AGZ.

NYF currently has the higher Sharpe Ratio (2.46 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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