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 September 2025 as the baseline (latest available CPI).

The current value of the iShares Core U.S. Aggregate Bond ETF is 100.14 (as of the close of Dec 4, 2025), 2.5% lower than the all-time high of 102.71 (Aug 4, 2020).

While the nominal high reached 102.71, the inflation-adjusted peak value was 128.45 on July 31, 2020.

Since September 29, 2003, the inflation-adjusted total return for the ETF has been 11.43%, which is equivalent to an annual growth rate of 0.49%.

In nominal values, the total return since this date has been 95.42%, or an annualized rate of 3.07%.

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
Dec 2025	100.14	100.14
Nov 2025	100.5	100.5
Oct 2025	99.89	99.89
Sep 2025	99.28	99.28
Aug 2025	98.43	98.18
Jul 2025	97.55	97.02
Jun 2025	97.96	97.28
May 2025	96.88	95.89
Apr 2025	97.68	96.47
Mar 2025	97.56	96.06
Feb 2025	97.81	96.08
Jan 2025	96.09	93.98
Dec 2024	96.22	93.5
Nov 2024	97.92	95.11
Oct 2024	96.79	94.07
Sep 2024	99.41	96.5
Aug 2024	98.26	95.23
Jul 2024	96.92	93.86
Jun 2024	94.74	91.65
May 2024	93.95	90.84
Apr 2024	92.56	89.35
Mar 2024	95.28	91.62
Feb 2024	95.04	90.8
Jan 2024	97.06	92.16
Dec 2023	97.74	92.3
Nov 2023	94.16	89.01
Oct 2023	89.84	85.11
Sep 2023	91.24	86.46
Aug 2023	93.9	88.76
Jul 2023	94.91	89.33
Jun 2023	95.11	89.34
May 2023	95.77	89.67
Apr 2023	97.12	90.71
Mar 2023	97.06	90.19
Feb 2023	94.87	87.87
Jan 2023	98.01	90.28
Dec 2022	95.61	87.37
Nov 2022	96.16	88.14
Oct 2022	92.54	84.91
Sep 2022	94.12	86.01
Aug 2022	98.4	89.72
Jul 2022	101.45	92.54
Jun 2022	98.93	90.25
May 2022	101.87	91.67
Apr 2022	102.21	90.98
Mar 2022	106.85	94.58
Feb 2022	111.41	97.32
Jan 2022	113.73	98.45
Dec 2021	117.03	100.45
Nov 2021	117.81	100.82
Oct 2021	118.07	100.55
Sep 2021	119.06	100.55
Aug 2021	120.49	101.49
Jul 2021	120.98	101.69
Jun 2021	120.22	100.57
May 2021	120.34	99.74
Apr 2021	121.06	99.54
Mar 2021	121.17	98.82
Feb 2021	123.45	99.96
Jan 2021	126.03	101.5
Dec 2020	127.52	102.27
Nov 2020	127.53	102.18
Oct 2020	125.93	100.96
Sep 2020	126.69	101.53
Aug 2020	126.99	101.63
Jul 2020	128.45	102.47
Jun 2020	127.4	101.12
May 2020	127.26	100.46
Apr 2020	126.42	99.79
Mar 2020	123.45	98.1
Feb 2020	123.83	98.62
Jan 2020	122.24	97.09
Dec 2019	120.27	95.16
Nov 2019	120.22	95.2
Oct 2019	120.2	95.23
Sep 2019	120.22	95.04
Aug 2019	121.06	95.62
Jul 2019	117.77	93.03
Jun 2019	117.76	92.86
May 2019	116.5	91.86
Apr 2019	114.56	90.13
Mar 2019	115.4	90.32
Feb 2019	113.64	88.44
Jan 2019	114.25	88.54
Dec 2018	113.43	87.74
Nov 2018	110.88	86.04
Oct 2018	109.93	85.59
Sep 2018	110.84	86.15
Aug 2018	111.66	86.68
Jul 2018	111.09	86.19
Jun 2018	111.13	86.22
May 2018	111.19	86.13
Apr 2018	110.92	85.56
Mar 2018	112.42	86.38
Feb 2018	111.93	85.8
Jan 2018	113.58	86.68
Dec 2017	115.5	87.66
Nov 2017	114.88	87.25
Oct 2017	115.06	87.38
Sep 2017	114.87	87.29
Aug 2017	116.15	87.8
Jul 2017	115.41	86.98
Jun 2017	114.95	86.69
May 2017	115.07	86.7
Apr 2017	114.38	86.11
Mar 2017	113.69	85.34
Feb 2017	113.85	85.39
Jan 2017	113.47	84.84
Dec 2016	113.89	84.66
Nov 2016	113.64	84.45
Oct 2016	116.45	86.67
Sep 2016	117.56	87.38
Aug 2016	117.78	87.34
Jul 2016	118.15	87.53
Jun 2016	117.32	87.05
May 2016	115.47	85.4
Apr 2016	115.92	85.39
Mar 2016	116.17	85.17
Feb 2016	115.66	84.44
Jan 2016	114.74	83.69
Dec 2015	113.52	82.67
Nov 2015	113.52	82.95
Oct 2015	113.72	83.28
Sep 2015	113.6	83.22
Aug 2015	112.51	82.55
Jul 2015	112.73	82.83
Jun 2015	111.77	82.12
May 2015	113.38	83.01
Apr 2015	114.46	83.38
Mar 2015	115.07	83.65
Feb 2015	115.32	83.34
Jan 2015	116.87	84.09
Dec 2014	113.98	82.4
Nov 2014	113.26	82.35
Oct 2014	111.91	81.81
Sep 2014	110.46	80.95
Aug 2014	111.22	81.45
Jul 2014	109.78	80.52
Jun 2014	110.01	80.73
May 2014	110.28	80.77
Apr 2014	109.38	79.83
Mar 2014	108.84	79.18
Feb 2014	109.71	79.3
Jan 2014	109.7	79
Dec 2013	108.44	77.8
Nov 2013	109.05	78.25
Oct 2013	109.1	78.45
Sep 2013	107.92	77.8
Aug 2013	106.85	76.94
Jul 2013	107.87	77.58
Jun 2013	107.62	77.37
May 2013	109.6	78.6
Apr 2013	112.03	80.21
Mar 2013	110.84	79.44
Feb 2013	111.02	79.36
Jan 2013	111.28	78.89
Dec 2012	112.3	79.39
Nov 2012	112.72	79.9
Oct 2012	111.89	79.68
Sep 2012	111.9	79.72
Aug 2012	112.1	79.51
Jul 2012	112.72	79.51
Jun 2012	111.03	78.44
May 2012	110.88	78.46
Apr 2012	109.57	77.62
Mar 2012	108.92	76.92
Feb 2012	110.38	77.37
Jan 2012	110.88	77.38
Dec 2011	110.57	76.82
Nov 2011	109.15	76.03
Oct 2011	109.42	76.28
Sep 2011	109.06	76.18
Aug 2011	108.39	75.6
Jul 2011	107.06	74.47
Jun 2011	105.38	73.24
May 2011	105.74	73.56
Apr 2011	104.94	72.66
Mar 2011	103.98	71.54
Feb 2011	105.23	71.7
Jan 2011	105.45	71.5
Dec 2010	106.04	71.56
Nov 2010	107.21	72.22
Oct 2010	108.16	72.83
Sep 2010	108.13	72.72
Aug 2010	108.18	72.72
Jul 2010	106.96	71.79
Jun 2010	106.08	71.18
May 2010	104.13	69.95
Apr 2010	103.1	69.2
Mar 2010	102.28	68.53
Feb 2010	102.71	68.54
Jan 2010	102.53	68.4
Dec 2009	101.45	67.45
Nov 2009	103.21	68.74
Oct 2009	101.98	67.87
Sep 2009	101.85	67.72
Aug 2009	100.72	66.93
Jul 2009	99.73	66.12
Jun 2009	98.32	65.29
May 2009	98.75	65.02
Apr 2009	98.34	64.56
Mar 2009	98.08	64.23
Feb 2009	97.25	63.53
Jan 2009	98.78	64.21
Dec 2008	101.22	65.51
Nov 2008	93.92	61.42
Oct 2008	89.41	59.62
Sep 2008	90.58	61.01
Aug 2008	92.08	62.11
Jul 2008	91.03	61.65
Jun 2008	91.15	61.41
May 2008	92.24	61.52
Apr 2008	94.21	62.31
Mar 2008	94.48	62.11
Feb 2008	95.17	62.03
Jan 2008	95.61	62.13
Dec 2007	93.91	60.73
Nov 2007	93.86	60.74
Oct 2007	92.74	59.66
Sep 2007	92.02	59.07
Aug 2007	91.69	58.7
Jul 2007	90.37	57.95
Jun 2007	89.39	57.34
May 2007	89.9	57.56
Apr 2007	91.29	58.09
Mar 2007	91.35	57.75
Feb 2007	92.36	57.87
Jan 2007	91.37	56.94
Dec 2006	91.71	56.98
Nov 2006	92.41	57.33
Oct 2006	91.3	56.73
Sep 2006	90.19	56.34
Aug 2006	88.85	55.78
Jul 2006	87.63	54.9
Jun 2006	86.69	54.15
May 2006	87	54.24
Apr 2006	87.61	54.35
Mar 2006	88.49	54.43
Feb 2006	89.76	54.91
Jan 2006	89.8	54.82
Dec 2005	90.53	54.86
Nov 2005	89.16	54.24
Oct 2005	88.11	54.04
Sep 2005	89.18	54.58
Aug 2005	91.12	55.1
Jul 2005	90.52	54.46
Jun 2005	91.89	55.03
May 2005	91.14	54.55
Apr 2005	90.3	54.1
Mar 2005	89.37	53.19
Feb 2005	90.95	53.71
Jan 2005	91.82	53.91
Dec 2004	91.57	53.65
Nov 2004	90.51	53.22
Oct 2004	91.23	53.62
Sep 2004	90.93	53.16
Aug 2004	90.65	52.89
Jul 2004	89.25	52.05
Jun 2004	88.3	51.57
May 2004	87.94	51.2
Apr 2004	88.79	51.39
Mar 2004	91.64	52.88
Feb 2004	91.61	52.52
Jan 2004	91.07	51.93
Dec 2003	91.11	51.7
Nov 2003	90.13	51.2
Oct 2003	89.59	51.03
Sep 2003	90.34	51.51

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	-1.55%	1.3%
2023	2.22%	5.65%
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 September 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	-0.13%	2.88%
Last 3 years	1.8%	4.9%
Last 5 years	-4.76%	-0.45%
Last 10 years	-1.34%	1.78%
Last 20 years	0.54%	3.04%

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 September 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 0.67% nominal gain, but the real return (the actual increase in buying power) was -19.83%.

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 - Sep 2025	$100.67	0.67%	-19.83%
Last 10 years Feb 2015 - Sep 2025	$119.13	19.13%	-13.91%

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 Dec 4, 2025	100.14
Highest Aug 4, 2020	102.71
Highest, Inflation-Adjusted Jul 31, 2020	128.45
Annualized return Since Sep 29, 2003	3.07%
Annualized return, Inflation-Adjusted Since Sep 29, 2003	0.49%