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AGVT.AX vs. VGB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AGVT.AX vs. VGB.AX

Last updated Jul 16, 2026
Documentation

AGVT.AX (BetaShares Australian Government Bond ETF) and VGB.AX (Vanguard Australian Government Bond Index ETF) are both Government Bonds funds - AGVT.AX tracks the Solactive Australian Government 7 - 12 Year AUD TR Index while VGB.AX tracks the Vanguard Australian Government Bond Index Index. Both are passively managed. Over the past 5 years, AGVT.AX returned -1.75%/yr vs -0.92%/yr for VGB.AX. Their correlation of 0.91 suggests significant overlap in exposure.

Performance

AGVT.AX vs. VGB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Australian Government Bond ETF (AGVT.AX) and Vanguard Australian Government Bond Index ETF (VGB.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, AGVT.AX achieves a 1.45% return, which is significantly higher than VGB.AX's 0.93% return.

AGVT.AX

1D
0.10%
1M
-0.10%
6M
0.67%
YTD
1.45%
1Y
0.90%
3Y*
2.89%
5Y*
-1.75%
10Y*
—

VGB.AX

1D
0.00%
1M
0.08%
6M
1.26%
YTD
0.93%
1Y
0.51%
3Y*
2.44%
5Y*
-0.92%
10Y*
0.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

AGVT.AX vs. VGB.AX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
AGVT.AX
BetaShares Australian Government Bond ETF		1.45%2.82%1.31%5.73%-15.36%-4.41%6.34%0.18%
VGB.AX
Vanguard Australian Government Bond Index ETF		0.93%2.39%1.19%4.44%-10.45%-3.26%4.30%0.25%

Correlation

The correlation between AGVT.AX and VGB.AX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Jul 5, 2019

0.91

The correlation between AGVT.AX and VGB.AX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

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BetaShares Australian Government Bond ETF

Vanguard Australian Government Bond Index ETF

Return for Risk

AGVT.AX vs. VGB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AGVT.AX
AGVT.AX Risk / Return Rank: 1111
Overall Rank
AGVT.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
AGVT.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
AGVT.AX Omega Ratio Rank: 1010
Omega Ratio Rank
AGVT.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
AGVT.AX Martin Ratio Rank: 1111
Martin Ratio Rank
VGB.AX
VGB.AX Risk / Return Rank: 1111
Overall Rank
VGB.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
VGB.AX Sortino Ratio Rank: 1010
Sortino Ratio Rank
VGB.AX Omega Ratio Rank: 1010
Omega Ratio Rank
VGB.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
VGB.AX Martin Ratio Rank: 1111
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGVT.AX vs. VGB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaShares Australian Government Bond ETF (AGVT.AX) and Vanguard Australian Government Bond Index ETF (VGB.AX). 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.

AGVT.AXVGB.AXDifference
Sharpe ratioReturn per unit of total volatility
0.18
0.15

+0.02

Sortino ratioReturn per unit of downside risk
0.30
0.24

+0.05

Omega ratioGain probability vs. loss probability

1.03

1.03

0.00

Calmar ratioReturn relative to maximum drawdown

0.15

0.13

+0.02

Martin ratioReturn relative to average drawdown

0.29

0.24

+0.05

AGVT.AX vs. VGB.AX - Sharpe Ratio Comparison

The current AGVT.AX Sharpe Ratio is 0.18, which is comparable to the VGB.AX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of AGVT.AX and VGB.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

AGVT.AX vs. VGB.AX - Drawdown Comparison

The maximum AGVT.AX drawdown since its inception was -22.88%, which is greater than VGB.AX's maximum drawdown of -16.56%. Use the drawdown chart below to compare losses from any high point for AGVT.AX and VGB.AX.

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Drawdown Indicators

AGVT.AXVGB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-22.88%

-16.56%

-6.32%

Max Drawdown (1Y)

Largest decline over 1 year

-6.03%

-4.83%

-1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-6.54%

-4.83%

-1.71%

Max Drawdown (5Y)

Largest decline over 5 years

-22.12%

-15.82%

-6.30%

Max Drawdown (10Y)

Largest decline over 10 years

—

-16.56%

—

Current Drawdown

Current decline from peak

-10.93%

-6.49%

-4.44%

Average Drawdown

Average peak-to-trough decline

-10.52%

-4.48%

-6.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

2.55%

+0.51%

Volatility

AGVT.AX vs. VGB.AX - Volatility Comparison

BetaShares Australian Government Bond ETF (AGVT.AX) has a higher volatility of 1.18% compared to Vanguard Australian Government Bond Index ETF (VGB.AX) at 0.69%. This indicates that AGVT.AX's price experiences larger fluctuations and is considered to be riskier than VGB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AGVT.AXVGB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.18%

0.69%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

4.08%

3.06%

+1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

4.95%

3.93%

+1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.48%

5.41%

+2.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.23%

4.66%

+2.57%

Dividends

AGVT.AX vs. VGB.AX - Dividend Comparison

AGVT.AX's dividend yield for the trailing twelve months is around 3.37%, more than VGB.AX's 2.32% yield.

PositionTTM20252024202320222021202020192018201720162015
AGVT.AX
BetaShares Australian Government Bond ETF		3.37%3.76%2.93%2.94%2.29%1.08%1.06%0.49%0.00%0.00%0.00%0.00%
VGB.AX
Vanguard Australian Government Bond Index ETF		2.32%3.32%1.14%1.00%0.50%2.10%2.94%1.95%2.04%1.83%1.90%1.94%

Frequently Asked Questions

AGVT.AX and VGB.AX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AGVT.AX tracks Solactive Australian Government 7 - 12 Year AUD TR Index, while VGB.AX tracks Vanguard Australian Government Bond Index Index. They also come from different issuers: BetaShares and Vanguard.

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