SPY vs. AGG
SPY (State Street SPDR S&P 500 ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, 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, SPY returned 15.42%/yr vs 1.57%/yr for AGG. At a correlation of -0.10, they often move in opposite directions. SPY charges 0.09%/yr vs 0.03%/yr for AGG.
Performance
SPY vs. AGG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPY achieves a 9.07% return, which is significantly higher than AGG's 0.52% return. Over the past 10 years, SPY has outperformed AGG with an annualized return of 15.42%, while AGG has yielded a comparatively lower 1.57% annualized return.
SPY
- 1D
- 0.54%
- 1M
- -0.08%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 24.27%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
AGG
- 1D
- -0.12%
- 1M
- 0.43%
- YTD
- 0.52%
- 6M
- 0.93%
- 1Y
- 4.50%
- 3Y*
- 4.19%
- 5Y*
- 0.06%
- 10Y*
- 1.57%
SPY vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.52% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between SPY and AGG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2003 | -0.10 |
The correlation between SPY and AGG shifts across timeframes, from -0.10 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPY vs. AGG — Risk / Return Rank
SPY
AGG
SPY vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.
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.
| SPY | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.21 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 1.63 | +1.11 |
| Martin ratioReturn relative to average drawdown | 12.39 | 4.82 | +7.57 |
Loading charts...
Drawdowns
SPY vs. AGG - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for SPY and AGG.
Loading charts...
Drawdown Indicators
| SPY | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -18.43% | -36.76% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -2.76% | -6.12% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -6.11% | -12.65% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -17.82% | -6.68% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -18.43% | -15.29% |
Current DrawdownCurrent decline from peak | -2.35% | -1.88% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -2.71% | -6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.94% | +1.03% |
Volatility
SPY vs. AGG - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 4.34% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.37%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPY | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 1.37% | +2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 2.81% | +6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 3.82% | +8.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 6.09% | +11.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 5.41% | +12.55% |
SPY vs. AGG - Expense Ratio Comparison
SPY has a 0.09% 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
SPY vs. AGG - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, less than AGG's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and AGG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.34%) compared to AGG (1.37%). In terms of maximum drawdown, SPY dropped -55.19% vs AGG's -18.43%.
On 10-year performance, SPY leads with 15.42% vs 1.57% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.42% 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 0.09% for SPY.
AGG has the higher dividend yield at 3.98%, compared with 1.00% for SPY.
SPY is categorized as S&P 500, while AGG is Total Bond Market. SPY tracks S&P 500 Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPY and 0.03% for AGG.
SPY currently has the higher Sharpe Ratio (1.98 vs 1.19), 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.
Find the right allocation for SPY and AGG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer