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BOND.AX vs. GOVT.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOND.AX vs. GOVT.AX

Last updated Jul 16, 2026
Documentation

BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) and GOVT.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF) are both exchange-traded funds - BOND.AX is a Total Bond Market fund tracking the S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index, while GOVT.AX is a Government Bonds fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, BOND.AX returned 1.40%/yr vs 1.15%/yr for GOVT.AX. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

BOND.AX vs. GOVT.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.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, BOND.AX achieves a 1.98% return, which is significantly higher than GOVT.AX's 1.20% return. Over the past 10 years, BOND.AX has outperformed GOVT.AX with an annualized return of 1.40%, while GOVT.AX has yielded a comparatively lower 1.15% annualized 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%

GOVT.AX

1D
0.08%
1M
-0.06%
6M
1.20%
YTD
1.20%
1Y
1.46%
3Y*
3.19%
5Y*
-0.88%
10Y*
1.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOND.AX vs. GOVT.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%4.70%3.50%
GOVT.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF		1.20%2.72%2.83%4.91%-12.45%-3.42%3.78%8.85%4.34%3.39%

Correlation

The correlation between BOND.AX and GOVT.AX is 0.79, 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

0.79

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

0.83

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

0.81

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Jul 27, 2012

0.70

The correlation between BOND.AX and GOVT.AX shifts across timeframes, from 0.70 (all time) to 0.83 (3 years), reflecting how their relationship changes across market environments.

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State Street SPDR S&P/ASX iBoxx Australian Bond ETF

SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF

Return for Risk

BOND.AX vs. GOVT.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BOND.AX
BOND.AX Risk / Return Rank: 1919
Overall Rank
BOND.AX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
BOND.AX Sortino Ratio Rank: 1818
Sortino Ratio Rank
BOND.AX Omega Ratio Rank: 1818
Omega Ratio Rank
BOND.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
BOND.AX Martin Ratio Rank: 1818
Martin Ratio Rank
GOVT.AX
GOVT.AX Risk / Return Rank: 1414
Overall Rank
GOVT.AX Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
GOVT.AX Sortino Ratio Rank: 1414
Sortino Ratio Rank
GOVT.AX Omega Ratio Rank: 1313
Omega Ratio Rank
GOVT.AX Calmar Ratio Rank: 1414
Calmar Ratio Rank
GOVT.AX Martin Ratio Rank: 1414
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.

BOND.AX vs. GOVT.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 SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.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.AXGOVT.AXDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.36

+0.20

Sortino ratioReturn per unit of downside risk
0.86
0.55

+0.31

Omega ratioGain probability vs. loss probability

1.10

1.06

+0.04

Calmar ratioReturn relative to maximum drawdown

0.70

0.36

+0.34

Martin ratioReturn relative to average drawdown

1.49

0.77

+0.73

BOND.AX vs. GOVT.AX - Sharpe Ratio Comparison

The current BOND.AX Sharpe Ratio is 0.56, which is higher than the GOVT.AX Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of BOND.AX and GOVT.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

BOND.AX vs. GOVT.AX - Drawdown Comparison

The maximum BOND.AX drawdown since its inception was -17.15%, smaller than the maximum GOVT.AX drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for BOND.AX and GOVT.AX.

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Drawdown Indicators

BOND.AXGOVT.AXDifference

Max Drawdown

Largest peak-to-trough decline

-17.15%

-18.22%

+1.07%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-3.96%

+0.61%

Max Drawdown (3Y)

Largest decline over 3 years

-4.16%

-4.78%

+0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-16.69%

-17.70%

+1.01%

Max Drawdown (10Y)

Largest decline over 10 years

-17.15%

-18.22%

+1.07%

Current Drawdown

Current decline from peak

-3.54%

-6.19%

+2.65%

Average Drawdown

Average peak-to-trough decline

-3.97%

-4.64%

+0.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

1.92%

-0.31%

Volatility

BOND.AX vs. GOVT.AX - Volatility Comparison

The current volatility for State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) is 0.83%, while SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.AX) has a volatility of 0.94%. This indicates that BOND.AX experiences smaller price fluctuations and is considered to be less risky than GOVT.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.AXGOVT.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.83%

0.94%

-0.11%

Volatility (6M)

Calculated over the trailing 6-month period

3.03%

3.01%

+0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

4.19%

4.01%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.66%

6.16%

-0.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.01%

5.78%

-0.77%

Dividends

BOND.AX vs. GOVT.AX - Dividend Comparison

BOND.AX's dividend yield for the trailing twelve months is around 4.09%, more than GOVT.AX's 3.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
GOVT.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF		3.01%2.83%1.95%1.10%1.03%2.21%2.20%2.03%2.02%2.36%3.16%3.42%

Frequently Asked Questions

BOND.AX and GOVT.AX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BOND.AX is categorized as Total Bond Market, while GOVT.AX is Government Bonds. BOND.AX tracks S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index, while GOVT.AX tracks SPDR Index.

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