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

BNDS.AX vs. VAF.AX

Last updated Jul 16, 2026
Documentation

BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) and VAF.AX (Vanguard Australian Fixed Interest Index ETF) are both Total Bond Market funds. BNDS.AX is actively managed, while VAF.AX is passively managed. Over the past 5 years, BNDS.AX returned -0.31%/yr vs -0.70%/yr for VAF.AX. Their correlation of 0.84 suggests significant overlap in exposure.

Performance

BNDS.AX vs. VAF.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 Vanguard Australian Fixed Interest Index ETF (VAF.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 higher than VAF.AX's 0.68% 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*
—

VAF.AX

1D
0.07%
1M
0.00%
6M
1.33%
YTD
0.68%
1Y
0.69%
3Y*
2.84%
5Y*
-0.70%
10Y*
1.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BNDS.AX vs. VAF.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%
VAF.AX
Vanguard Australian Fixed Interest Index ETF		0.68%3.33%1.52%4.67%-10.66%-3.03%4.31%6.98%2.33%

Correlation

The correlation between BNDS.AX and VAF.AX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.85

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

0.89

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

0.89

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

0.84

The correlation between BNDS.AX and VAF.AX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

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BetaShares Western Asset Australian Bond Active ETF

Vanguard Australian Fixed Interest Index ETF

Return for Risk

BNDS.AX vs. VAF.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
VAF.AX
VAF.AX Risk / Return Rank: 1111
Overall Rank
VAF.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
VAF.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
VAF.AX Omega Ratio Rank: 1111
Omega Ratio Rank
VAF.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
VAF.AX Martin Ratio Rank: 1111
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. VAF.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 Vanguard Australian Fixed Interest Index ETF (VAF.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.AXVAF.AXDifference
Sharpe ratioReturn per unit of total volatility
0.18
0.21

-0.03

Sortino ratioReturn per unit of downside risk
0.30
0.32

-0.03

Omega ratioGain probability vs. loss probability

1.03

1.04

-0.01

Calmar ratioReturn relative to maximum drawdown

0.14

0.17

-0.04

Martin ratioReturn relative to average drawdown

0.27

0.34

-0.07

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

The current BNDS.AX Sharpe Ratio is 0.18, which is comparable to the VAF.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of BNDS.AX and VAF.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. VAF.AX - Drawdown Comparison

The maximum BNDS.AX drawdown since its inception was -16.27%, roughly equal to the maximum VAF.AX drawdown of -16.26%. Use the drawdown chart below to compare losses from any high point for BNDS.AX and VAF.AX.

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Drawdown Indicators

BNDS.AXVAF.AXDifference

Max Drawdown

Largest peak-to-trough decline

-16.27%

-16.26%

-0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-5.05%

-4.47%

-0.58%

Max Drawdown (3Y)

Largest decline over 3 years

-5.05%

-4.47%

-0.58%

Max Drawdown (5Y)

Largest decline over 5 years

-16.11%

-15.63%

-0.48%

Max Drawdown (10Y)

Largest decline over 10 years

—

-16.26%

—

Current Drawdown

Current decline from peak

-2.92%

-5.19%

+2.27%

Average Drawdown

Average peak-to-trough decline

-5.37%

-4.17%

-1.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

2.31%

+0.28%

Volatility

BNDS.AX vs. VAF.AX - Volatility Comparison

BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) has a higher volatility of 0.78% compared to Vanguard Australian Fixed Interest Index ETF (VAF.AX) at 0.61%. This indicates that BNDS.AX's price experiences larger fluctuations and is considered to be riskier than VAF.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.AXVAF.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.78%

0.61%

+0.17%

Volatility (6M)

Calculated over the trailing 6-month period

3.05%

2.82%

+0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

3.73%

3.66%

+0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.36%

4.90%

+0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.23%

4.29%

+0.94%

Dividends

BNDS.AX vs. VAF.AX - Dividend Comparison

BNDS.AX's dividend yield for the trailing twelve months is around 2.98%, more than VAF.AX's 2.30% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VAF.AX
Vanguard Australian Fixed Interest Index ETF		2.30%3.08%1.29%0.96%0.41%2.41%3.24%2.49%1.95%2.01%3.69%2.90%

Frequently Asked Questions

BNDS.AX and VAF.AX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BetaShares and Vanguard.

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