AGG vs TVC: Correlation
iShares Core US Aggregate Bond ETF (AGG) and Tennessee Valley Authority (TVC) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGG and TVC?
Over the past 3 years, AGG and TVC moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 12.7 %².
Within AGG's tracked universe of 34 assets, TVC comes in at #19 by 3-year correlation. Neither side won the trailing year by much: +2.3% against +3.3%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AGG vs TVC: side by side
| AGG (iShares Core US Aggregate Bond ETF) | TVC (Tennessee Valley Authority) | |
|---|---|---|
| 1-year return | +2.3% | +3.3% |
| 5-year return | -1.1% | +3.0% |
| Volatility (ann.) | 5.3% | 5.5% |
| Beta vs S&P 500 | 0.07 | 0.06 |
| Max drawdown (3Y) | -4.8% | -5.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.05% | 0.00% |
| Expense ratio | 0.03% | – |
| Assets under management | $137.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, AGG sits in the Intermediate Core Bond category at iShares, with $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AGG | TVC |
|---|---|---|
| 2022 | -13.0% | -13.3% |
| 2023 | +5.7% | +6.5% |
| 2024 | +1.3% | -0.5% |
| 2025 | +7.2% | +9.2% |
| 2026 | +0.3% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGG and TVC good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AGG and TVC?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.48 over the last year and 0.40 over 5 years.
Is TVC a good diversifier for AGG?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agg-vs-tvc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agg-vs-tvc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AGG correlations · TVC correlations
