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

BNDS.AX vs. VBND.AX

Last updated Jul 18, 2026
Documentation

BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) and VBND.AX (Vanguard Global Aggregate Bond (Hedged) Index ETF) are both Total Bond Market funds. BNDS.AX is actively managed, while VBND.AX is passively managed. Over the past 5 years, BNDS.AX returned -0.33%/yr vs -1.47%/yr for VBND.AX. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

BNDS.AX vs. VBND.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 Global Aggregate Bond (Hedged) Index ETF (VBND.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 0.92% return, which is significantly higher than VBND.AX's -0.33% return.

BNDS.AX

1D
-0.13%
1M
-0.10%
6M
0.45%
YTD
0.92%
1Y
0.24%
3Y*
3.29%
5Y*
-0.33%
10Y*
—

VBND.AX

1D
0.18%
1M
-0.39%
6M
0.11%
YTD
-0.33%
1Y
2.17%
3Y*
2.55%
5Y*
-1.47%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
BNDS.AX
BetaShares Western Asset Australian Bond Active ETF		0.92%2.52%3.08%5.73%-10.96%-2.83%4.81%7.50%2.15%
VBND.AX
Vanguard Global Aggregate Bond (Hedged) Index ETF		-0.33%4.32%0.38%4.47%-14.06%-2.20%5.43%7.97%1.37%

Correlation

The correlation between BNDS.AX and VBND.AX is 0.61, 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

0.61

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

0.74

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

0.74

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

0.64

The correlation between BNDS.AX and VBND.AX shifts across timeframes, from 0.61 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

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BetaShares Western Asset Australian Bond Active ETF

Vanguard Global Aggregate Bond (Hedged) Index ETF

Often compared with BNDS.AX:
BNDS.AX vs. BOND.AXBNDS.AX vs. IAF.AXBNDS.AX vs. IHEB.AXBNDS.AX vs. IHHY.AXBNDS.AX vs. QPON.AXBNDS.AX vs. VAF.AXBNDS.AX vs. VEFI.AX
Often compared with VBND.AX:
VBND.AX vs. VAE.AXVBND.AX vs. BOND.AXVBND.AX vs. IAF.AXVBND.AX vs. IHEB.AXVBND.AX vs. IHHY.AXVBND.AX vs. QPON.AXVBND.AX vs. VACF.AX

Return for Risk

BNDS.AX vs. VBND.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: 1010
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
VBND.AX
VBND.AX Risk / Return Rank: 1717
Overall Rank
VBND.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
VBND.AX Sortino Ratio Rank: 1616
Sortino Ratio Rank
VBND.AX Omega Ratio Rank: 1919
Omega Ratio Rank
VBND.AX Calmar Ratio Rank: 1818
Calmar Ratio Rank
VBND.AX Martin Ratio Rank: 1818
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. VBND.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 Global Aggregate Bond (Hedged) Index ETF (VBND.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.AXVBND.AXDifference
Sharpe ratioReturn per unit of total volatility
0.06
0.34

-0.28

Sortino ratioReturn per unit of downside risk
0.12
0.57

-0.45

Omega ratioGain probability vs. loss probability

1.01

1.10

-0.09

Calmar ratioReturn relative to maximum drawdown

0.05

0.53

-0.48

Martin ratioReturn relative to average drawdown

0.09

1.23

-1.14

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

The current BNDS.AX Sharpe Ratio is 0.06, which is lower than the VBND.AX Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of BNDS.AX and VBND.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. VBND.AX - Drawdown Comparison

The maximum BNDS.AX drawdown since its inception was -16.27%, smaller than the maximum VBND.AX drawdown of -18.57%. Use the drawdown chart below to compare losses from any high point for BNDS.AX and VBND.AX.

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Drawdown Indicators

BNDS.AXVBND.AXDifference

Max Drawdown

Largest peak-to-trough decline

-16.27%

-18.57%

+2.30%

Max Drawdown (1Y)

Largest decline over 1 year

-5.05%

-4.02%

-1.03%

Max Drawdown (3Y)

Largest decline over 3 years

-5.05%

-4.51%

-0.54%

Max Drawdown (5Y)

Largest decline over 5 years

-16.11%

-18.17%

+2.06%

Current Drawdown

Current decline from peak

-3.04%

-8.35%

+5.31%

Average Drawdown

Average peak-to-trough decline

-5.37%

-6.75%

+1.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

1.74%

+0.86%

Volatility

BNDS.AX vs. VBND.AX - Volatility Comparison

BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) and Vanguard Global Aggregate Bond (Hedged) Index ETF (VBND.AX) have volatilities of 0.79% and 0.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDS.AXVBND.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.79%

0.83%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

3.03%

5.90%

-2.87%

Volatility (1Y)

Calculated over the trailing 1-year period

3.73%

6.23%

-2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.36%

5.54%

-0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.23%

5.04%

+0.19%

Dividends

BNDS.AX vs. VBND.AX - Dividend Comparison

BNDS.AX's dividend yield for the trailing twelve months is around 2.98%, less than VBND.AX's 8.46% yield.

PositionTTM20252024202320222021202020192018
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%
VBND.AX
Vanguard Global Aggregate Bond (Hedged) Index ETF		8.46%2.55%1.00%1.30%1.07%8.61%4.52%2.08%0.90%

Frequently Asked Questions

BNDS.AX and VBND.AX have a correlation of 0.61, 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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