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

BILL.AX vs. MVOL.AX

Last updated Jul 16, 2026
Documentation

BILL.AX (iShares Core Cash ETF) and MVOL.AX (iShares Edge MSCI Australia Minimum Volatility ETF) are both exchange-traded funds - BILL.AX is a Money Market fund tracking the S&P/ASX Bank Bill Index, while MVOL.AX is a Global Equities fund tracking the iShares Edge MSCI Australia Minimum Volatility Index. Both are passively managed. Over the past 5 years, BILL.AX returned 3.25%/yr vs 7.29%/yr for MVOL.AX. At a correlation of -0.02, they often move in opposite directions.

Performance

BILL.AX vs. MVOL.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 Edge MSCI Australia Minimum Volatility ETF (MVOL.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 MVOL.AX's 1.32% 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*
—

MVOL.AX

1D
0.00%
1M
-0.25%
6M
2.42%
YTD
1.32%
1Y
3.33%
3Y*
9.58%
5Y*
7.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

BILL.AX vs. MVOL.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%
MVOL.AX
iShares Edge MSCI Australia Minimum Volatility ETF		1.32%12.17%12.96%9.32%-4.40%17.33%-2.46%19.75%-1.61%5.25%

Correlation

The correlation between BILL.AX and MVOL.AX is -0.08, 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

-0.08

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

-0.05

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

-0.03

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 Edge MSCI Australia Minimum Volatility ETF

Return for Risk

BILL.AX vs. MVOL.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
MVOL.AX
MVOL.AX Risk / Return Rank: 1616
Overall Rank
MVOL.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
MVOL.AX Sortino Ratio Rank: 1414
Sortino Ratio Rank
MVOL.AX Omega Ratio Rank: 1515
Omega Ratio Rank
MVOL.AX Calmar Ratio Rank: 1616
Calmar Ratio Rank
MVOL.AX Martin Ratio Rank: 1717
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. MVOL.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Cash ETF (BILL.AX) and iShares Edge MSCI Australia Minimum Volatility ETF (MVOL.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.AXMVOL.AXDifference
Sharpe ratioReturn per unit of total volatility
4.34
0.39

+3.95

Sortino ratioReturn per unit of downside risk
6.56
0.60

+5.95

Omega ratioGain probability vs. loss probability

3.26

1.08

+2.17

Calmar ratioReturn relative to maximum drawdown

11.39

0.52

+10.87

Martin ratioReturn relative to average drawdown

37.49

1.32

+36.17

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

The current BILL.AX Sharpe Ratio is 4.34, which is higher than the MVOL.AX Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of BILL.AX and MVOL.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. MVOL.AX - Drawdown Comparison

The maximum BILL.AX drawdown since its inception was -0.37%, smaller than the maximum MVOL.AX drawdown of -33.22%. Use the drawdown chart below to compare losses from any high point for BILL.AX and MVOL.AX.

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Drawdown Indicators

BILL.AXMVOL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.37%

-33.22%

+32.85%

Max Drawdown (1Y)

Largest decline over 1 year

-0.34%

-7.58%

+7.24%

Max Drawdown (3Y)

Largest decline over 3 years

-0.37%

-7.83%

+7.46%

Max Drawdown (5Y)

Largest decline over 5 years

-0.37%

-14.01%

+13.64%

Current Drawdown

Current decline from peak

0.00%

-1.38%

+1.38%

Average Drawdown

Average peak-to-trough decline

-0.02%

-4.10%

+4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.10%

3.03%

-2.93%

Volatility

BILL.AX vs. MVOL.AX - Volatility Comparison

The current volatility for iShares Core Cash ETF (BILL.AX) is 0.07%, while iShares Edge MSCI Australia Minimum Volatility ETF (MVOL.AX) has a volatility of 2.66%. This indicates that BILL.AX experiences smaller price fluctuations and is considered to be less risky than MVOL.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.AXMVOL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.07%

2.66%

-2.59%

Volatility (6M)

Calculated over the trailing 6-month period

0.64%

8.63%

-7.99%

Volatility (1Y)

Calculated over the trailing 1-year period

0.89%

10.19%

-9.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

11.11%

-10.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.55%

12.78%

-12.23%

Dividends

BILL.AX vs. MVOL.AX - Dividend Comparison

BILL.AX's dividend yield for the trailing twelve months is around 3.97%, more than MVOL.AX's 1.30% 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%
MVOL.AX
iShares Edge MSCI Australia Minimum Volatility ETF		1.30%4.16%4.80%5.19%3.72%2.71%2.67%2.95%7.87%2.08%

Frequently Asked Questions

BILL.AX and MVOL.AX have a correlation of -0.08, 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 MVOL.AX is Global Equities. BILL.AX tracks S&P/ASX Bank Bill Index, while MVOL.AX tracks iShares Edge MSCI Australia Minimum Volatility Index.

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