BNDS.AX vs. BOND.AX
BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) and BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) are both Total Bond Market funds. BNDS.AX is actively managed, while BOND.AX is passively managed. Over the past 5 years, BNDS.AX returned -0.31%/yr vs -0.36%/yr for BOND.AX. A 0.78 correlation means they provide meaningful diversification when combined. BNDS.AX charges 0.42%/yr vs 0.10%/yr for BOND.AX.
Performance
BNDS.AX vs. BOND.AX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BNDS.AX achieves a 1.05% return, which is significantly lower than BOND.AX's 1.98% return.
BNDS.AX
- 1D
- 0.22%
- 1M
- 0.24%
- 6M
- 0.79%
- YTD
- 1.05%
- 1Y
- 0.62%
- 3Y*
- 3.36%
- 5Y*
- -0.31%
- 10Y*
- —
BOND.AX
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 1.38%
- YTD
- 1.98%
- 1Y
- 2.21%
- 3Y*
- 3.73%
- 5Y*
- -0.36%
- 10Y*
- 1.40%
BNDS.AX vs. BOND.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BNDS.AX BetaShares Western Asset Australian Bond Active ETF | 1.05% | 2.52% | 3.08% | 5.73% | -10.96% | -2.83% | 4.81% | 7.50% | 2.15% |
BOND.AX State Street SPDR S&P/ASX iBoxx Australian Bond ETF | 1.98% | 3.65% | 2.45% | 5.10% | -11.40% | -3.40% | 3.81% | 7.79% | 2.18% |
Correlation
The correlation between BNDS.AX and BOND.AX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018 | 0.78 |
The correlation between BNDS.AX and BOND.AX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BNDS.AX vs. BOND.AX — Risk / Return Rank
BNDS.AX
BOND.AX
BNDS.AX vs. BOND.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) and State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.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.
| BNDS.AX | BOND.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.10 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.70 | -0.57 |
| Martin ratioReturn relative to average drawdown | 0.27 | 1.49 | -1.23 |
Loading charts...
Drawdowns
BNDS.AX vs. BOND.AX - Drawdown Comparison
The maximum BNDS.AX drawdown since its inception was -16.27%, smaller than the maximum BOND.AX drawdown of -17.15%. Use the drawdown chart below to compare losses from any high point for BNDS.AX and BOND.AX.
Loading charts...
Drawdown Indicators
| BNDS.AX | BOND.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.27% | -17.15% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -5.05% | -3.35% | -1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -4.16% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -16.69% | +0.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.15% | — |
Current DrawdownCurrent decline from peak | -2.92% | -3.54% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -3.97% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 1.61% | +0.98% |
Volatility
BNDS.AX vs. BOND.AX - Volatility Comparison
The current volatility for BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) is 0.78%, while State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) has a volatility of 0.83%. This indicates that BNDS.AX experiences smaller price fluctuations and is considered to be less risky than BOND.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BNDS.AX | BOND.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.83% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 3.03% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 4.19% | -0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 5.66% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.23% | 5.01% | +0.22% |
BNDS.AX vs. BOND.AX - Expense Ratio Comparison
BNDS.AX has a 0.42% expense ratio, which is higher than BOND.AX's 0.10% expense ratio.
Dividends
BNDS.AX vs. BOND.AX - Dividend Comparison
BNDS.AX's dividend yield for the trailing twelve months is around 2.98%, less than BOND.AX's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDS.AX BetaShares Western Asset Australian Bond Active ETF | 2.98% | 3.39% | 3.31% | 2.63% | 1.47% | 1.25% | 2.46% | 2.31% | 0.14% | 0.00% | 0.00% | 0.00% |
BOND.AX State Street SPDR S&P/ASX iBoxx Australian Bond ETF | 4.09% | 2.90% | 1.06% | 0.17% | 0.73% | 1.87% | 1.60% | 1.76% | 2.62% | 2.67% | 3.64% | 3.41% |
Frequently Asked Questions
BNDS.AX and BOND.AX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BOND.AX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BOND.AX is cheaper with a 0.10% expense ratio, compared with 0.42% for BNDS.AX.
They also come from different issuers: BetaShares and SPDR. Their fees differ too: 0.42% for BNDS.AX and 0.10% for BOND.AX.
Find the right allocation for BNDS.AX and BOND.AX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer