BOND.AX vs. BNDS.AX
BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) and BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) are both Total Bond Market funds. BOND.AX is passively managed, while BNDS.AX is actively managed. Over the past 5 years, BOND.AX returned -0.36%/yr vs -0.31%/yr for BNDS.AX. A 0.78 correlation means they provide meaningful diversification when combined. BOND.AX charges 0.10%/yr vs 0.42%/yr for BNDS.AX.
Performance
BOND.AX vs. BNDS.AX - Performance Comparison
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Returns By Period
In the year-to-date period, BOND.AX achieves a 1.98% return, which is significantly higher than BNDS.AX's 1.05% return.
BOND.AX
- 1D
- 0.00%
- 1M
- -0.03%
- 6M
- 1.38%
- YTD
- 1.98%
- 1Y
- 2.21%
- 3Y*
- 3.73%
- 5Y*
- -0.36%
- 10Y*
- 1.40%
BNDS.AX
- 1D
- 0.22%
- 1M
- 0.24%
- 6M
- 0.79%
- YTD
- 1.05%
- 1Y
- 0.62%
- 3Y*
- 3.36%
- 5Y*
- -0.31%
- 10Y*
- —
BOND.AX vs. BNDS.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BOND.AX State Street SPDR S&P/ASX iBoxx Australian Bond ETF | 1.98% | 3.65% | 2.45% | 5.10% | -11.40% | -3.40% | 3.81% | 7.79% | 2.18% |
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% |
Correlation
The correlation between BOND.AX and BNDS.AX is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018 | 0.78 |
The correlation between BOND.AX and BNDS.AX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
BOND.AX vs. BNDS.AX — Risk / Return Rank
BOND.AX
BNDS.AX
BOND.AX vs. BNDS.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) and BetaShares Western Asset Australian Bond Active ETF (BNDS.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.
| BOND.AX | BNDS.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.03 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 0.14 | +0.57 |
| Martin ratioReturn relative to average drawdown | 1.49 | 0.27 | +1.23 |
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Drawdowns
BOND.AX vs. BNDS.AX - Drawdown Comparison
The maximum BOND.AX drawdown since its inception was -17.15%, which is greater than BNDS.AX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for BOND.AX and BNDS.AX.
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Drawdown Indicators
| BOND.AX | BNDS.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.15% | -16.27% | -0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -5.05% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.16% | -5.05% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.69% | -16.11% | -0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -17.15% | — | — |
Current DrawdownCurrent decline from peak | -3.54% | -2.92% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -5.37% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 2.59% | -0.98% |
Volatility
BOND.AX vs. BNDS.AX - Volatility Comparison
State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) has a higher volatility of 0.83% compared to BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) at 0.78%. This indicates that BOND.AX's price experiences larger fluctuations and is considered to be riskier than BNDS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOND.AX | BNDS.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.78% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 3.05% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 3.73% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 5.36% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 5.23% | -0.22% |
BOND.AX vs. BNDS.AX - Expense Ratio Comparison
BOND.AX has a 0.10% expense ratio, which is lower than BNDS.AX's 0.42% expense ratio.
Dividends
BOND.AX vs. BNDS.AX - Dividend Comparison
BOND.AX's dividend yield for the trailing twelve months is around 4.09%, more than BNDS.AX's 2.98% 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% |
BOND.AX State Street SPDR S&P/ASX iBoxx Australian Bond ETF | 4.09% | 2.90% | 1.06% | 0.17% | 0.73% | 1.87% | 1.60% | 1.76% | 2.62% | 2.67% | 3.64% | 3.41% |
Frequently Asked Questions
BOND.AX and BNDS.AX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BOND.AX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BOND.AX is cheaper with a 0.10% expense ratio, compared with 0.42% for BNDS.AX.
They also come from different issuers: SPDR and BetaShares. Their fees differ too: 0.10% for BOND.AX and 0.42% for BNDS.AX.
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