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BNDS.AX vs. GGUS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BNDS.AX vs. GGUS.AX

Last updated Jul 16, 2026
Documentation

BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) and GGUS.AX (Betashares Geared US Equities Currency Hedged Complex ETF) are both exchange-traded funds - BNDS.AX is a Total Bond Market fund actively managed by BetaShares, while GGUS.AX is a Global Equities fund actively managed by BetaShares. Both are actively managed. Over the past 5 years, BNDS.AX returned -0.31%/yr vs 14.41%/yr for GGUS.AX. At a 0.03 correlation, their price movements are largely independent.

Performance

BNDS.AX vs. GGUS.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 Geared US Equities Currency Hedged Complex ETF (GGUS.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, BNDS.AX achieves a 1.05% return, which is significantly lower than GGUS.AX's 18.74% 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*
—

GGUS.AX

1D
0.25%
1M
0.33%
6M
16.82%
YTD
18.74%
1Y
39.79%
3Y*
31.10%
5Y*
14.41%
10Y*
21.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDS.AX vs. GGUS.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
GGUS.AX
Betashares Geared US Equities Currency Hedged Complex ETF		18.74%18.83%45.64%49.70%-47.20%68.07%17.37%70.51%-20.37%

Correlation

The correlation between BNDS.AX and GGUS.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

0.11

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

0.13

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2018

0.03

The correlation between BNDS.AX and GGUS.AX shifts across timeframes, from 0.03 (all time) to 0.13 (5 years), reflecting how their relationship changes across market environments.

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BetaShares Western Asset Australian Bond Active ETF

Betashares Geared US Equities Currency Hedged Complex ETF

Return for Risk

BNDS.AX vs. GGUS.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: 1111
Overall Rank
BNDS.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
BNDS.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
BNDS.AX Omega Ratio Rank: 1010
Omega Ratio Rank
BNDS.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
BNDS.AX Martin Ratio Rank: 1111
Martin Ratio Rank
GGUS.AX
GGUS.AX Risk / Return Rank: 4949
Overall Rank
GGUS.AX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
GGUS.AX Sortino Ratio Rank: 4444
Sortino Ratio Rank
GGUS.AX Omega Ratio Rank: 5050
Omega Ratio Rank
GGUS.AX Calmar Ratio Rank: 4848
Calmar Ratio Rank
GGUS.AX Martin Ratio Rank: 5757
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.

BNDS.AX vs. GGUS.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 Geared US Equities Currency Hedged Complex ETF (GGUS.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.AXGGUS.AXDifference
Sharpe ratioReturn per unit of total volatility
0.18
1.38

-1.19

Sortino ratioReturn per unit of downside risk
0.30
1.89

-1.60

Omega ratioGain probability vs. loss probability

1.03

1.26

-0.23

Calmar ratioReturn relative to maximum drawdown

0.14

2.00

-1.87

Martin ratioReturn relative to average drawdown

0.27

8.05

-7.78

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

The current BNDS.AX Sharpe Ratio is 0.18, which is lower than the GGUS.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of BNDS.AX and GGUS.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

BNDS.AX vs. GGUS.AX - Drawdown Comparison

The maximum BNDS.AX drawdown since its inception was -16.27%, smaller than the maximum GGUS.AX drawdown of -64.26%. Use the drawdown chart below to compare losses from any high point for BNDS.AX and GGUS.AX.

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Drawdown Indicators

BNDS.AXGGUS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-16.27%

-64.26%

+47.99%

Max Drawdown (1Y)

Largest decline over 1 year

-5.05%

-20.90%

+15.85%

Max Drawdown (3Y)

Largest decline over 3 years

-5.05%

-46.78%

+41.73%

Max Drawdown (5Y)

Largest decline over 5 years

-16.11%

-55.53%

+39.42%

Max Drawdown (10Y)

Largest decline over 10 years

—

-64.26%

—

Current Drawdown

Current decline from peak

-2.92%

-1.47%

-1.45%

Average Drawdown

Average peak-to-trough decline

-5.37%

-13.41%

+8.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

5.24%

-2.65%

Volatility

BNDS.AX vs. GGUS.AX - Volatility Comparison

The current volatility for BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) is 0.78%, while Betashares Geared US Equities Currency Hedged Complex ETF (GGUS.AX) has a volatility of 5.85%. This indicates that BNDS.AX experiences smaller price fluctuations and is considered to be less risky than GGUS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDS.AXGGUS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.78%

5.85%

-5.07%

Volatility (6M)

Calculated over the trailing 6-month period

3.05%

25.54%

-22.49%

Volatility (1Y)

Calculated over the trailing 1-year period

3.73%

30.44%

-26.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.36%

41.72%

-36.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.23%

40.73%

-35.50%

Dividends

BNDS.AX vs. GGUS.AX - Dividend Comparison

BNDS.AX's dividend yield for the trailing twelve months is around 2.98%, while GGUS.AX has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
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%
GGUS.AX
Betashares Geared US Equities Currency Hedged Complex ETF		0.00%1.69%0.00%0.00%6.12%2.52%0.00%0.12%0.96%0.62%0.89%

Frequently Asked Questions

BNDS.AX and GGUS.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.

BNDS.AX is categorized as Total Bond Market, while GGUS.AX is Global Equities.

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