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

BILL.AX vs. ISEC.AX

Last updated Jul 18, 2026
Documentation

BILL.AX (iShares Core Cash ETF) and ISEC.AX (iShares Enhanced Cash ETF) are both Money Market funds from iShares - BILL.AX tracks the S&P/ASX Bank Bill Index while ISEC.AX tracks the iShares Enhanced Cash Index. Both are passively managed. Over the past 5 years, BILL.AX returned 3.25%/yr vs 3.28%/yr for ISEC.AX. At a 0.25 correlation, their price movements are largely independent.

Performance

BILL.AX vs. ISEC.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 Enhanced Cash ETF (ISEC.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 ISEC.AX's 1.94% return.

BILL.AX

1D
0.00%
1M
0.40%
6M
2.06%
YTD
2.24%
1Y
3.99%
3Y*
4.36%
5Y*
3.25%
10Y*
—

ISEC.AX

1D
0.02%
1M
0.43%
6M
1.75%
YTD
1.94%
1Y
3.79%
3Y*
4.37%
5Y*
3.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BILL.AX vs. ISEC.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%
ISEC.AX
iShares Enhanced Cash ETF		1.94%4.40%4.74%4.06%1.29%0.08%0.63%1.77%2.05%1.24%

Correlation

The correlation between BILL.AX and ISEC.AX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.27

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

0.27

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

0.25

Compare stocks, funds, or ETFs

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iShares Core Cash ETF

iShares Enhanced Cash ETF

Often compared with BILL.AX:
BILL.AX vs. AUMF.AXBILL.AX vs. GLIN.AXBILL.AX vs. IEM.AXBILL.AX vs. ILB.AXBILL.AX vs. ILC.AXBILL.AX vs. IOZ.AXBILL.AX vs. MVOL.AX
Often compared with ISEC.AX:
ISEC.AX vs. MVOL.AXISEC.AX vs. WVOL.AXISEC.AX vs. GLIN.AXISEC.AX vs. IHWL.AXISEC.AX vs. ILB.AXISEC.AX vs. IOZ.AXISEC.AX vs. WDMF.AX

Return for Risk

BILL.AX vs. ISEC.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
ISEC.AX
ISEC.AX Risk / Return Rank: 9797
Overall Rank
ISEC.AX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ISEC.AX Sortino Ratio Rank: 9797
Sortino Ratio Rank
ISEC.AX Omega Ratio Rank: 9999
Omega Ratio Rank
ISEC.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
ISEC.AX Martin Ratio Rank: 9797
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. ISEC.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Cash ETF (BILL.AX) and iShares Enhanced Cash ETF (ISEC.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.AXISEC.AXDifference
Sharpe ratioReturn per unit of total volatility
4.33
3.59

+0.75

Sortino ratioReturn per unit of downside risk
6.54
5.05

+1.48

Omega ratioGain probability vs. loss probability

3.25

2.74

+0.52

Calmar ratioReturn relative to maximum drawdown

11.37

9.83

+1.53

Martin ratioReturn relative to average drawdown

37.40

30.27

+7.12

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

The current BILL.AX Sharpe Ratio is 4.33, which is comparable to the ISEC.AX Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of BILL.AX and ISEC.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. ISEC.AX - Drawdown Comparison

The maximum BILL.AX drawdown since its inception was -0.37%, roughly equal to the maximum ISEC.AX drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for BILL.AX and ISEC.AX.

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Drawdown Indicators

BILL.AXISEC.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.37%

-0.38%

+0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-0.34%

-0.38%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-0.37%

-0.38%

+0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-0.37%

-0.38%

+0.01%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.02%

-0.03%

+0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.10%

0.12%

-0.02%

Volatility

BILL.AX vs. ISEC.AX - Volatility Comparison

The current volatility for iShares Core Cash ETF (BILL.AX) is 0.08%, while iShares Enhanced Cash ETF (ISEC.AX) has a volatility of 0.09%. This indicates that BILL.AX experiences smaller price fluctuations and is considered to be less risky than ISEC.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.AXISEC.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.08%

0.09%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

0.64%

0.78%

-0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

0.89%

1.03%

-0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

0.72%

-0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.55%

0.57%

-0.02%

Dividends

BILL.AX vs. ISEC.AX - Dividend Comparison

BILL.AX's dividend yield for the trailing twelve months is around 3.97%, more than ISEC.AX's 3.75% yield.

PositionTTM202520242023202220212020201920182017
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%
ISEC.AX
iShares Enhanced Cash ETF		3.75%4.32%4.55%3.93%1.05%0.13%0.57%1.68%1.96%0.88%

Frequently Asked Questions

BILL.AX and ISEC.AX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BILL.AX tracks S&P/ASX Bank Bill Index, while ISEC.AX tracks iShares Enhanced Cash Index.

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