TBLL vs. AGG
TBLL (Invesco Short Term Treasury ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 5 years, TBLL returned 3.36%/yr vs -0.03%/yr for AGG. At a 0.14 correlation, their price movements are largely independent. TBLL charges 0.08%/yr vs 0.03%/yr for AGG.
Performance
TBLL vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, TBLL achieves a 1.48% return, which is significantly higher than AGG's -0.08% return.
TBLL
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 1.48%
- 6M
- 1.74%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- 3.36%
- 10Y*
- —
AGG
- 1D
- 0.00%
- 1M
- -0.69%
- YTD
- -0.08%
- 6M
- 0.26%
- 1Y
- 4.97%
- 3Y*
- 3.88%
- 5Y*
- -0.03%
- 10Y*
- 1.52%
TBLL vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBLL Invesco Short Term Treasury ETF | 1.48% | 4.21% | 5.11% | 5.01% | 1.11% | -0.01% | 0.93% | 2.20% | 1.85% | 0.62% |
AGG iShares Core U.S. Aggregate Bond ETF | -0.08% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.07% |
Correlation
The correlation between TBLL and AGG is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.14 |
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Return for Risk
TBLL vs. AGG — Risk / Return Rank
TBLL
AGG
TBLL vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.
| TBLL | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +19.62 | ||
| Sortino ratioReturn per unit of downside risk | +215.29 | ||
| Omega ratioGain probability vs. loss probability | 102.42 | 1.23 | +101.19 |
| Calmar ratioReturn relative to maximum drawdown | 414.75 | 1.81 | +412.95 |
| Martin ratioReturn relative to average drawdown | 3,515.41 | 5.44 | +3,509.97 |
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
| TBLL | AGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 20.94 | 1.32 | +19.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 7.56 | -0.00 | +7.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.26 | 0.59 | +3.67 |
Drawdowns
TBLL vs. AGG - Drawdown Comparison
The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum AGG drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for TBLL and AGG.
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Drawdown Indicators
| TBLL | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.63% | -18.43% | +17.80% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -2.76% | +2.75% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -6.11% | +5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -0.36% | -17.82% | +17.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.43% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.47% | +2.47% |
Average DrawdownAverage peak-to-trough decline | -0.14% | -2.71% | +2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.92% | -0.92% |
Volatility
TBLL vs. AGG - Volatility Comparison
The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.04%, while iShares Core U.S. Aggregate Bond ETF (AGG) has a volatility of 1.29%. This indicates that TBLL 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
| TBLL | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 1.29% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 2.77% | -2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 3.80% | -3.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.45% | 6.09% | -5.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.56% | 5.41% | -4.85% |
TBLL vs. AGG - Expense Ratio Comparison
TBLL has a 0.08% 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
TBLL vs. AGG - Dividend Comparison
TBLL's dividend yield for the trailing twelve months is around 3.81%, less than AGG's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.00% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
TBLL Invesco Short Term Treasury ETF | 3.81% | 4.08% | 4.99% | 4.63% | 1.37% | 0.03% | 0.80% | 2.08% | 1.69% | 0.71% | 0.00% | 0.00% |
Frequently Asked Questions
TBLL and AGG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGG has higher volatility (1.29%) compared to TBLL (0.04%). In terms of maximum drawdown, TBLL dropped -0.63% vs AGG's -18.43%.
On 5-year performance, TBLL leads with 3.36% vs -0.03% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBLL has performed better with a 3.36% return vs -0.03%. 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 0.08% for TBLL.
AGG has the higher dividend yield at 4.00%, compared with 3.81% for TBLL.
TBLL is categorized as Ultrashort Bond, while AGG is Total Bond Market. TBLL tracks ICE U.S. Treasury Short Bond Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.08% for TBLL and 0.03% for AGG.
TBLL currently has the higher Sharpe Ratio (20.94 vs 1.32), 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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