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BILL.AX vs. ILB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BILL.AX vs. ILB.AX

Last updated Jul 16, 2026
Documentation

BILL.AX (iShares Core Cash ETF) and ILB.AX (iShares Government Inflation ETF) are both exchange-traded funds - BILL.AX is a Money Market fund tracking the S&P/ASX Bank Bill Index, while ILB.AX is a Global Equities fund tracking the iShares Government Inflation Index. Both are passively managed. Over the past 5 years, BILL.AX returned 3.25%/yr vs 0.08%/yr for ILB.AX. At a 0.02 correlation, their price movements are largely independent.

Performance

BILL.AX vs. ILB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Core Cash ETF (BILL.AX) and iShares Government Inflation ETF (ILB.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, BILL.AX achieves a 2.24% return, which is significantly higher than ILB.AX's 1.76% return.

BILL.AX

1D
0.04%
1M
0.40%
6M
2.09%
YTD
2.24%
1Y
4.03%
3Y*
4.36%
5Y*
3.25%
10Y*
—

ILB.AX

1D
-0.06%
1M
-0.45%
6M
1.64%
YTD
1.76%
1Y
3.25%
3Y*
2.59%
5Y*
0.08%
10Y*
1.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BILL.AX vs. ILB.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BILL.AX
iShares Core Cash ETF		2.24%4.25%4.57%3.93%1.30%0.00%0.39%1.52%1.91%0.88%
ILB.AX
iShares Government Inflation ETF		1.76%2.96%-0.96%8.89%-10.83%1.13%6.23%9.07%3.00%-0.16%

Correlation

The correlation between BILL.AX and ILB.AX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.03

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

-0.07

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

-0.01

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2017

0.02

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iShares Core Cash ETF

iShares Government Inflation ETF

Return for Risk

BILL.AX vs. ILB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BILL.AX
BILL.AX Risk / Return Rank: 9898
Overall Rank
BILL.AX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
BILL.AX Sortino Ratio Rank: 9898
Sortino Ratio Rank
BILL.AX Omega Ratio Rank: 9999
Omega Ratio Rank
BILL.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
BILL.AX Martin Ratio Rank: 9797
Martin Ratio Rank
ILB.AX
ILB.AX Risk / Return Rank: 1919
Overall Rank
ILB.AX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ILB.AX Sortino Ratio Rank: 1919
Sortino Ratio Rank
ILB.AX Omega Ratio Rank: 1818
Omega Ratio Rank
ILB.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
ILB.AX Martin Ratio Rank: 1818
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.

BILL.AX vs. ILB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Cash ETF (BILL.AX) and iShares Government Inflation ETF (ILB.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.

BILL.AXILB.AXDifference
Sharpe ratioReturn per unit of total volatility
4.34
0.59

+3.75

Sortino ratioReturn per unit of downside risk
6.56
0.88

+5.68

Omega ratioGain probability vs. loss probability

3.26

1.10

+2.15

Calmar ratioReturn relative to maximum drawdown

11.39

0.68

+10.71

Martin ratioReturn relative to average drawdown

37.49

1.57

+35.93

BILL.AX vs. ILB.AX - Sharpe Ratio Comparison

The current BILL.AX Sharpe Ratio is 4.34, which is higher than the ILB.AX Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of BILL.AX and ILB.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

BILL.AX vs. ILB.AX - Drawdown Comparison

The maximum BILL.AX drawdown since its inception was -0.37%, smaller than the maximum ILB.AX drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for BILL.AX and ILB.AX.

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Drawdown Indicators

BILL.AXILB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.37%

-17.45%

+17.08%

Max Drawdown (1Y)

Largest decline over 1 year

-0.34%

-4.40%

+4.06%

Max Drawdown (3Y)

Largest decline over 3 years

-0.37%

-4.40%

+4.03%

Max Drawdown (5Y)

Largest decline over 5 years

-0.37%

-17.45%

+17.08%

Max Drawdown (10Y)

Largest decline over 10 years

—

-17.45%

—

Current Drawdown

Current decline from peak

0.00%

-0.93%

+0.93%

Average Drawdown

Average peak-to-trough decline

-0.02%

-3.59%

+3.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.10%

1.95%

-1.85%

Volatility

BILL.AX vs. ILB.AX - Volatility Comparison

The current volatility for iShares Core Cash ETF (BILL.AX) is 0.07%, while iShares Government Inflation ETF (ILB.AX) has a volatility of 0.81%. This indicates that BILL.AX experiences smaller price fluctuations and is considered to be less risky than ILB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BILL.AXILB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.07%

0.81%

-0.74%

Volatility (6M)

Calculated over the trailing 6-month period

0.64%

3.51%

-2.87%

Volatility (1Y)

Calculated over the trailing 1-year period

0.89%

5.05%

-4.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

7.38%

-6.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.55%

7.33%

-6.78%

Dividends

BILL.AX vs. ILB.AX - Dividend Comparison

BILL.AX's dividend yield for the trailing twelve months is around 3.97%, more than ILB.AX's 1.64% yield.

PositionTTM20252024202320222021202020192018201720162015
BILL.AX
iShares Core Cash ETF		3.97%4.13%4.46%3.69%0.98%0.02%0.46%1.50%1.83%0.61%0.00%0.00%
ILB.AX
iShares Government Inflation ETF		1.64%1.56%1.65%1.56%0.85%0.53%0.83%1.40%0.74%0.70%1.22%1.63%

Frequently Asked Questions

BILL.AX and ILB.AX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BILL.AX is categorized as Money Market, while ILB.AX is Global Equities. BILL.AX tracks S&P/ASX Bank Bill Index, while ILB.AX tracks iShares Government Inflation Index.

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