BNDS.AX vs. EX20.AX

Last updated Jul 16, 2026

BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) and EX20.AX (Betashares Australian Ex-20 Portfolio Diversifier ETF) are both exchange-traded funds - BNDS.AX is a Total Bond Market fund actively managed by BetaShares, while EX20.AX is a Australian Equities fund tracking the Solactive Australia ex 20 Index. BNDS.AX is actively managed, while EX20.AX is passively managed. Over the past 5 years, BNDS.AX returned -0.31%/yr vs 3.80%/yr for EX20.AX. At a 0.16 correlation, their price movements are largely independent. BNDS.AX charges 0.42%/yr vs 0.25%/yr for EX20.AX.

Performance

BNDS.AX vs. EX20.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) and Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDS.AX achieves a 1.05% return, which is significantly higher than EX20.AX's -6.84% 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*: —

EX20.AX

• 1D: 0.18%
• 1M: -2.97%
• 6M: -8.41%
• YTD: -6.84%
• 1Y: -2.67%
• 3Y*: 5.51%
• 5Y*: 3.80%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDS.AX vs. EX20.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%
EX20.AX Betashares Australian Ex-20 Portfolio Diversifier ETF	-6.84%	14.21%	10.11%	6.68%	-10.28%	16.05%	1.28%	26.55%	-4.08%

Correlation

The correlation between BNDS.AX and EX20.AX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018	0.16

The correlation between BNDS.AX and EX20.AX shifts across timeframes, from 0.16 (all time) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BNDS.AX vs. EX20.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNDS.AX

BNDS.AX Risk / Return Rank: 11
BNDS.AX Sharpe Ratio Rank: 12
BNDS.AX Sortino Ratio Rank: 11
BNDS.AX Omega Ratio Rank: 10
BNDS.AX Calmar Ratio Rank: 11
BNDS.AX Martin Ratio Rank: 11

EX20.AX

EX20.AX Risk / Return Rank: 8
EX20.AX Sharpe Ratio Rank: 8
EX20.AX Sortino Ratio Rank: 8
EX20.AX Omega Ratio Rank: 8
EX20.AX Calmar Ratio Rank: 8
EX20.AX Martin Ratio Rank: 8

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.

BNDS.AX vs. EX20.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 Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.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	EX20.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.18	-0.13	+0.31
Sortino ratio: Return per unit of downside risk	0.30	-0.06	+0.36
Omega ratio: Gain probability vs. loss probability	1.03	0.99	+0.04
Calmar ratio: Return relative to maximum drawdown	0.14	-0.12	+0.26
Martin ratio: Return relative to average drawdown	0.27	-0.28	+0.55

BNDS.AX vs. EX20.AX - Sharpe Ratio Comparison

The current BNDS.AX Sharpe Ratio is 0.18, which is higher than the EX20.AX Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of BNDS.AX and EX20.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.

Drawdowns

BNDS.AX vs. EX20.AX - Drawdown Comparison

The maximum BNDS.AX drawdown since its inception was -16.27%, smaller than the maximum EX20.AX drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for BNDS.AX and EX20.AX.

Drawdown Indicators

	BNDS.AX	EX20.AX	Difference
Max Drawdown Largest peak-to-trough decline	-16.27%	-39.55%	+23.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.05%	-16.84%	+11.79%
Max Drawdown (3Y) Largest decline over 3 years	-5.05%	-16.84%	+11.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-18.65%	+2.54%
Current Drawdown Current decline from peak	-2.92%	-10.81%	+7.89%
Average Drawdown Average peak-to-trough decline	-5.37%	-5.38%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	7.57%	-4.98%

Volatility

BNDS.AX vs. EX20.AX - Volatility Comparison

The current volatility for BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) is 0.78%, while Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX) has a volatility of 4.15%. This indicates that BNDS.AX experiences smaller price fluctuations and is considered to be less risky than EX20.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDS.AX	EX20.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	4.15%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	13.78%	-10.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	16.49%	-12.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	15.01%	-9.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	15.89%	-10.66%

BNDS.AX vs. EX20.AX - Expense Ratio Comparison

BNDS.AX has a 0.42% expense ratio, which is higher than EX20.AX's 0.25% expense ratio.

Dividends

BNDS.AX vs. EX20.AX - Dividend Comparison

BNDS.AX's dividend yield for the trailing twelve months is around 2.98%, more than EX20.AX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EX20.AX Betashares Australian Ex-20 Portfolio Diversifier ETF	1.63%	3.52%	1.46%	1.71%	1.44%	1.80%	2.68%	4.51%	3.89%	1.20%

Frequently Asked Questions

Can I hold both BNDS.AX and EX20.AX in my portfolio?

BNDS.AX and EX20.AX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNDS.AX or EX20.AX?

On fees, EX20.AX is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNDS.AX or EX20.AX?

EX20.AX is cheaper with a 0.25% expense ratio, compared with 0.42% for BNDS.AX.

What is the main difference between BNDS.AX and EX20.AX?

BNDS.AX is categorized as Total Bond Market, while EX20.AX is Australian Equities. Their fees differ too: 0.42% for BNDS.AX and 0.25% for EX20.AX.