Inflation-Adjusted Aggregate Bond ETF (AGG)

The iShares Core U.S. Aggregate Bond ETF (AGG) tracks the Bloomberg Barclays US Aggregate Bond Index, offering comprehensive exposure to US investment-grade government, corporate, and securitized bonds.

Fixed-income investments face unique challenges from inflation, as rising prices can significantly erode the real value of bond returns over time. This page adjusts the historical price of AGG for inflation, using the US Consumer Price Index, to reveal its real performance over time. Explore the interactive charts and tables below to compare nominal vs. inflation-adjusted data and discover its actual long-term performance.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use June 2025 as the baseline (latest available CPI).

The current value of the iShares Core U.S. Aggregate Bond ETF is 97.75 (as of the close of Jul 15, 2025), 8.89% lower than the all-time high of 107.29 (Aug 4, 2020).

While the nominal high reached 107.29, the inflation-adjusted peak value was 133.26 on July 31, 2020.

Since September 29, 2003, the inflation-adjusted total return for the ETF has been 4.84%, which is equivalent to an annual growth rate of 0.22%.

In nominal values, the total return since this date has been 82.6%, or an annualized rate of 2.8%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Jul 2025	97.75	97.75
Jun 2025	99.2	99.2
May 2025	98.43	98.1
Apr 2025	99.57	99.02
Mar 2025	99.77	98.92
Feb 2025	100.03	98.95
Jan 2025	98.6	97.1
Dec 2024	98.73	96.6
Nov 2024	100.47	98.27
Oct 2024	99.31	97.19
Sep 2024	102	99.7
Aug 2024	100.82	98.39
Jul 2024	99.45	96.98
Jun 2024	97.21	94.69
May 2024	96.39	93.86
Apr 2024	95.26	92.6
Mar 2024	98.07	94.96
Feb 2024	97.82	94.11
Jan 2024	99.9	95.52
Dec 2023	100.59	95.66
Nov 2023	96.91	92.25
Oct 2023	92.47	88.2
Sep 2023	94.17	89.85
Aug 2023	97.17	92.49
Jul 2023	98.22	93.08
Jun 2023	98.42	93.1
May 2023	99.1	93.44
Apr 2023	100.5	94.52
Mar 2023	100.69	94.22
Feb 2023	98.42	91.8
Jan 2023	101.68	94.31
Dec 2022	99.19	91.27
Nov 2022	99.76	92.07
Oct 2022	96	88.7
Sep 2022	97.64	89.85
Aug 2022	102.08	93.73
Jul 2022	105.25	96.67
Jun 2022	102.63	94.28
May 2022	105.68	95.77
Apr 2022	106.04	95.04
Mar 2022	110.85	98.8
Feb 2022	115.58	101.66
Jan 2022	117.99	102.84
Dec 2021	121.41	104.94
Nov 2021	122.22	105.32
Oct 2021	122.49	105.03
Sep 2021	123.52	105.04
Aug 2021	125	106.02
Jul 2021	125.51	106.23
Jun 2021	124.73	105.06
May 2021	124.85	104.2
Apr 2021	125.6	103.98
Mar 2021	125.71	103.23
Feb 2021	128.07	104.43
Jan 2021	130.75	106.04
Dec 2020	132.3	106.83
Nov 2020	132.31	106.74
Oct 2020	130.65	105.47
Sep 2020	131.44	106.06
Aug 2020	131.75	106.16
Jul 2020	133.26	107.05
Jun 2020	132.18	105.64
May 2020	132.03	104.95
Apr 2020	131.15	104.25
Mar 2020	128.07	102.48
Feb 2020	128.47	103.03
Jan 2020	126.81	101.42
Dec 2019	124.77	99.4
Nov 2019	124.72	99.45
Oct 2019	124.7	99.49
Sep 2019	124.72	99.28
Aug 2019	125.59	99.89
Jul 2019	122.18	97.19
Jun 2019	122.17	97.01
May 2019	120.86	95.96
Apr 2019	118.85	94.16
Mar 2019	119.72	94.35
Feb 2019	117.89	92.39
Jan 2019	118.53	92.49
Dec 2018	117.68	91.66
Nov 2018	115.03	89.88
Oct 2018	114.05	89.41
Sep 2018	114.99	89.99
Aug 2018	115.84	90.55
Jul 2018	115.25	90.04
Jun 2018	115.29	90.07
May 2018	115.36	89.98
Apr 2018	115.08	89.38
Mar 2018	116.63	90.23
Feb 2018	116.12	89.63
Jan 2018	117.83	90.55
Dec 2017	119.82	91.58
Nov 2017	119.19	91.14
Oct 2017	119.37	91.28
Sep 2017	119.18	91.19
Aug 2017	120.5	91.72
Jul 2017	119.73	90.86
Jun 2017	119.25	90.56
May 2017	119.38	90.58
Apr 2017	118.67	89.96
Mar 2017	117.95	89.15
Feb 2017	118.11	89.2
Jan 2017	117.72	88.63
Dec 2016	118.16	88.44
Nov 2016	117.9	88.22
Oct 2016	120.81	90.54
Sep 2016	121.96	91.28
Aug 2016	122.19	91.24
Jul 2016	122.57	91.44
Jun 2016	121.71	90.94
May 2016	119.79	89.21
Apr 2016	120.26	89.2
Mar 2016	120.52	88.98
Feb 2016	119.99	88.21
Jan 2016	119.04	87.43
Dec 2015	117.77	86.36
Nov 2015	117.77	86.65
Oct 2015	117.98	86.99
Sep 2015	117.85	86.93
Aug 2015	116.72	86.23
Jul 2015	116.95	86.53
Jun 2015	115.96	85.79
May 2015	117.63	86.72
Apr 2015	118.75	87.1
Mar 2015	119.37	87.38
Feb 2015	119.64	87.06
Jan 2015	121.24	87.84
Dec 2014	118.24	86.08
Nov 2014	117.5	86.02
Oct 2014	116.1	85.46
Sep 2014	114.59	84.56
Aug 2014	115.39	85.09
Jul 2014	113.89	84.12
Jun 2014	114.13	84.33
May 2014	114.41	84.38
Apr 2014	113.47	83.4
Mar 2014	112.92	82.72
Feb 2014	113.81	82.84
Jan 2014	113.81	82.53
Dec 2013	112.5	81.28
Nov 2013	113.13	81.74
Oct 2013	113.18	81.95
Sep 2013	111.96	81.27
Aug 2013	110.85	80.37
Jul 2013	111.91	81.04
Jun 2013	111.65	80.83
May 2013	113.7	82.11
Apr 2013	116.23	83.79
Mar 2013	114.99	82.98
Feb 2013	115.18	82.9
Jan 2013	115.44	82.42
Dec 2012	116.51	82.93
Nov 2012	116.94	83.47
Oct 2012	116.08	83.24
Sep 2012	116.09	83.28
Aug 2012	116.29	83.06
Jul 2012	116.94	83.06
Jun 2012	115.18	81.94
May 2012	115.04	81.96
Apr 2012	113.68	81.09
Mar 2012	113	80.36
Feb 2012	114.51	80.82
Jan 2012	115.03	80.83
Dec 2011	114.71	80.25
Nov 2011	113.24	79.42
Oct 2011	113.52	79.69
Sep 2011	113.14	79.59
Aug 2011	112.45	78.98
Jul 2011	111.07	77.8
Jun 2011	109.33	76.51
May 2011	109.7	76.85
Apr 2011	108.87	75.91
Mar 2011	107.88	74.74
Feb 2011	109.17	74.9
Jan 2011	109.4	74.69
Dec 2010	110.01	74.75
Nov 2010	111.22	75.45
Oct 2010	112.21	76.08
Sep 2010	112.18	75.97
Aug 2010	112.24	75.96
Jul 2010	110.96	75
Jun 2010	110.05	74.36
May 2010	108.03	73.07
Apr 2010	106.96	72.29
Mar 2010	106.11	71.59
Feb 2010	106.56	71.6
Jan 2010	106.37	71.46
Dec 2009	105.25	70.46
Nov 2009	107.08	71.81
Oct 2009	105.8	70.9
Sep 2009	105.66	70.75
Aug 2009	104.49	69.92
Jul 2009	103.46	69.07
Jun 2009	102	68.21
May 2009	102.45	67.92
Apr 2009	102.02	67.45
Mar 2009	101.75	67.1
Feb 2009	100.89	66.37
Jan 2009	102.47	67.08
Dec 2008	105.01	68.44
Nov 2008	97.43	64.17
Oct 2008	92.76	62.28
Sep 2008	93.97	63.74
Aug 2008	95.52	64.88
Jul 2008	94.44	64.4
Jun 2008	94.57	64.15
May 2008	95.7	64.27
Apr 2008	97.74	65.1
Mar 2008	98.02	64.88
Feb 2008	98.74	64.8
Jan 2008	99.19	64.91
Dec 2007	97.43	63.44
Nov 2007	97.37	63.45
Oct 2007	96.22	62.32
Sep 2007	95.46	61.7
Aug 2007	95.13	61.32
Jul 2007	93.75	60.54
Jun 2007	92.74	59.9
May 2007	93.27	60.13
Apr 2007	94.71	60.69
Mar 2007	94.77	60.33
Feb 2007	95.82	60.45
Jan 2007	94.79	59.48
Dec 2006	95.15	59.53
Nov 2006	95.87	59.89
Oct 2006	94.72	59.26
Sep 2006	93.57	58.86
Aug 2006	92.18	58.27
Jul 2006	90.91	57.36
Jun 2006	89.93	56.57
May 2006	90.26	56.66
Apr 2006	90.89	56.78
Mar 2006	91.8	56.86
Feb 2006	93.12	57.36
Jan 2006	93.16	57.27
Dec 2005	93.92	57.3
Nov 2005	92.5	56.66
Oct 2005	91.41	56.45
Sep 2005	92.52	57.02
Aug 2005	94.53	57.56
Jul 2005	93.91	56.89
Jun 2005	95.33	57.48
May 2005	94.55	56.98
Apr 2005	93.68	56.52
Mar 2005	92.71	55.56
Feb 2005	94.36	56.11
Jan 2005	95.26	56.32
Dec 2004	94.99	56.04
Nov 2004	93.9	55.6
Oct 2004	94.65	56.02
Sep 2004	94.33	55.53
Aug 2004	94.04	55.25
Jul 2004	92.6	54.37
Jun 2004	91.6	53.87
May 2004	91.23	53.48
Apr 2004	92.11	53.69
Mar 2004	95.08	55.24
Feb 2004	95.04	54.86
Jan 2004	94.48	54.24
Dec 2003	94.52	54.01
Nov 2003	93.5	53.48
Oct 2003	92.94	53.31
Sep 2003	93.72	53.81

Returns from Investing in the iShares Core U.S. Aggregate Bond ETF

How much did an investment in the AGG ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the iShares Core U.S. Aggregate Bond ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2024.

Year	Inflation-Adjusted Return	Nominal Return
2024	-1.85%	0.99%
2023	1.41%	4.81%
2022	-18.3%	-13.02%
2021	-8.23%	-1.77%
2020	6.03%	7.47%
2019	6.03%	8.45%
2018	-1.79%	0.09%
2017	1.41%	3.55%
2016	0.33%	2.41%
2015	-0.4%	0.33%
2014	5.11%	5.9%
2013	-3.44%	-1.99%
2012	1.57%	3.34%
2011	4.27%	7.36%
2010	4.53%	6.09%
2009	0.23%	2.96%
2008	7.78%	7.88%
2007	2.4%	6.57%
2006	1.3%	3.88%
2005	-1.13%	2.25%
2004	0.5%	3.77%

Ishares Core U.s. Aggregate Bond Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the iShares Core U.S. Aggregate Bond over various trailing periods ending June 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	2.04%	4.77%
Last 3 years	-1.13%	1.71%
Last 5 years	-5.58%	-1.25%
Last 10 years	-1.55%	1.46%
Last 20 years	0.2%	2.77%

Real Returns of Investing in the iShares Core U.S. Aggregate Bond

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in June 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the iShares Core U.S. Aggregate Bond five years ago yielded an -3.72% nominal gain, but the real return (the actual increase in buying power) was -22.78%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Jun 2025	$96.28	-3.72%	-22.78%
Last 10 years Feb 2015 - Jun 2025	$113.95	13.95%	-17.08%

About the iShares Core U.S. Aggregate Bond ETF

The iShares Core U.S. Aggregate Bond ETF (AGG) is an exchange-traded fund managed by BlackRock that seeks to track the investment results of the Bloomberg Barclays US Aggregate Bond Index. Launched in September 2003, AGG was one of the first broad-market bond ETFs and provides investors with exposure to the entire US investment-grade bond market. The fund includes US Treasury securities, government agency bonds, corporate bonds, and mortgage-backed securities, all with maturities of at least one year. AGG offers a cost-effective way to gain diversified exposure to the core US bond market and has become a benchmark choice for fixed-income allocation in many portfolios.

Last Close Jul 15, 2025	97.75
Highest Aug 4, 2020	107.29
Highest, Inflation-Adjusted Jul 31, 2020	133.26
Annualized return Since Sep 29, 2003	2.8%
Annualized return, Inflation-Adjusted Since Sep 29, 2003	0.22%