BNDS.AX vs. QOZ.AX
BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) and QOZ.AX (BetaShares FTSE RAFI Australia 200 ETF) are both exchange-traded funds - BNDS.AX is a Total Bond Market fund actively managed by BetaShares, while QOZ.AX is a Large Cap Value Equities fund tracking the FTSE RAFI Australia 200 Index. BNDS.AX is actively managed, while QOZ.AX is passively managed. Over the past 5 years, BNDS.AX returned -0.31%/yr vs 8.47%/yr for QOZ.AX. At a 0.10 correlation, their price movements are largely independent. BNDS.AX charges 0.42%/yr vs 0.40%/yr for QOZ.AX.
Performance
BNDS.AX vs. QOZ.AX - Performance Comparison
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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 QOZ.AX's 5.36% 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*
- —
QOZ.AX
- 1D
- -0.13%
- 1M
- -0.89%
- 6M
- 4.91%
- YTD
- 5.36%
- 1Y
- 14.79%
- 3Y*
- 11.72%
- 5Y*
- 8.47%
- 10Y*
- 8.91%
BNDS.AX vs. QOZ.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% |
QOZ.AX BetaShares FTSE RAFI Australia 200 ETF | 5.36% | 14.57% | 8.09% | 8.49% | 3.17% | 17.17% | -0.13% | 18.60% | -2.18% |
Correlation
The correlation between BNDS.AX and QOZ.AX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018 | 0.10 |
The correlation between BNDS.AX and QOZ.AX shifts across timeframes, from 0.10 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BNDS.AX vs. QOZ.AX — Risk / Return Rank
BNDS.AX
QOZ.AX
BNDS.AX vs. QOZ.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 FTSE RAFI Australia 200 ETF (QOZ.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 | QOZ.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.23 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 1.82 | -1.68 |
| Martin ratioReturn relative to average drawdown | 0.27 | 4.58 | -4.31 |
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Drawdowns
BNDS.AX vs. QOZ.AX - Drawdown Comparison
The maximum BNDS.AX drawdown since its inception was -16.27%, smaller than the maximum QOZ.AX drawdown of -37.05%. Use the drawdown chart below to compare losses from any high point for BNDS.AX and QOZ.AX.
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Drawdown Indicators
| BNDS.AX | QOZ.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.27% | -37.05% | +20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.05% | -8.60% | +3.55% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -13.67% | +8.62% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -14.87% | -1.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.05% | — |
Current DrawdownCurrent decline from peak | -2.92% | -3.17% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -5.37% | -4.61% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 3.44% | -0.85% |
Volatility
BNDS.AX vs. QOZ.AX - Volatility Comparison
The current volatility for BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) is 0.78%, while BetaShares FTSE RAFI Australia 200 ETF (QOZ.AX) has a volatility of 2.43%. This indicates that BNDS.AX experiences smaller price fluctuations and is considered to be less risky than QOZ.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.AX | QOZ.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 2.43% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 9.38% | -6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 11.91% | -8.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 12.87% | -7.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.23% | 14.67% | -9.44% |
BNDS.AX vs. QOZ.AX - Expense Ratio Comparison
BNDS.AX has a 0.42% expense ratio, which is higher than QOZ.AX's 0.40% expense ratio.
Dividends
BNDS.AX vs. QOZ.AX - Dividend Comparison
BNDS.AX's dividend yield for the trailing twelve months is around 2.98%, more than QOZ.AX's 2.26% 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% |
QOZ.AX BetaShares FTSE RAFI Australia 200 ETF | 2.26% | 2.07% | 2.42% | 2.75% | 4.97% | 3.96% | 3.30% | 6.45% | 4.28% | 1.82% | 3.62% | 6.33% |
Frequently Asked Questions
BNDS.AX and QOZ.AX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QOZ.AX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QOZ.AX is cheaper with a 0.40% expense ratio, compared with 0.42% for BNDS.AX.
BNDS.AX is categorized as Total Bond Market, while QOZ.AX is Large Cap Value Equities. Their fees differ too: 0.42% for BNDS.AX and 0.40% for QOZ.AX.
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