PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
BOND.AX vs. IAF.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOND.AX vs. IAF.AX

Last updated Jul 16, 2026
Documentation

BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) and IAF.AX (iShares Core Composite Bond ETF) are both Total Bond Market funds - BOND.AX tracks the S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index while IAF.AX tracks the iShares Core Composite Bond Index. Both are passively managed. Over the past 10 years, BOND.AX returned 1.40%/yr vs 1.53%/yr for IAF.AX. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

BOND.AX vs. IAF.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 iShares Core Composite Bond ETF (IAF.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with BOND.AX having a 1.98% return and IAF.AX slightly higher at 2.02%. Over the past 10 years, BOND.AX has underperformed IAF.AX with an annualized return of 1.40%, while IAF.AX has yielded a comparatively higher 1.53% 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%

IAF.AX

1D
0.16%
1M
0.16%
6M
1.37%
YTD
2.02%
1Y
1.75%
3Y*
3.60%
5Y*
-0.06%
10Y*
1.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOND.AX vs. IAF.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%
IAF.AX
iShares Core Composite Bond ETF		2.02%2.97%2.70%4.96%-9.82%-3.09%3.92%7.29%4.19%3.38%

Correlation

The correlation between BOND.AX and IAF.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

0.85

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2012

0.68

The correlation between BOND.AX and IAF.AX shifts across timeframes, from 0.68 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

iShares Core Composite Bond ETF

Return for Risk

BOND.AX vs. IAF.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
IAF.AX
IAF.AX Risk / Return Rank: 1717
Overall Rank
IAF.AX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
IAF.AX Sortino Ratio Rank: 1717
Sortino Ratio Rank
IAF.AX Omega Ratio Rank: 1616
Omega Ratio Rank
IAF.AX Calmar Ratio Rank: 1717
Calmar Ratio Rank
IAF.AX Martin Ratio Rank: 1515
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. IAF.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 iShares Core Composite Bond ETF (IAF.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.AXIAF.AXDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.50

+0.06

Sortino ratioReturn per unit of downside risk
0.86
0.75

+0.11

Omega ratioGain probability vs. loss probability

1.10

1.09

+0.01

Calmar ratioReturn relative to maximum drawdown

0.70

0.51

+0.19

Martin ratioReturn relative to average drawdown

1.49

1.09

+0.41

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

The current BOND.AX Sharpe Ratio is 0.56, which is comparable to the IAF.AX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of BOND.AX and IAF.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.

Loading charts...

Drawdowns

BOND.AX vs. IAF.AX - Drawdown Comparison

The maximum BOND.AX drawdown since its inception was -17.15%, which is greater than IAF.AX's maximum drawdown of -15.62%. Use the drawdown chart below to compare losses from any high point for BOND.AX and IAF.AX.

Loading charts...

Drawdown Indicators

BOND.AXIAF.AXDifference

Max Drawdown

Largest peak-to-trough decline

-17.15%

-15.62%

-1.53%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-3.57%

+0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-4.16%

-3.65%

-0.51%

Max Drawdown (5Y)

Largest decline over 5 years

-16.69%

-15.10%

-1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-17.15%

-15.62%

-1.53%

Current Drawdown

Current decline from peak

-3.54%

-1.92%

-1.62%

Average Drawdown

Average peak-to-trough decline

-3.97%

-3.25%

-0.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

1.72%

-0.11%

Volatility

BOND.AX vs. IAF.AX - Volatility Comparison

State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) has a higher volatility of 0.83% compared to iShares Core Composite Bond ETF (IAF.AX) at 0.68%. This indicates that BOND.AX's price experiences larger fluctuations and is considered to be riskier than IAF.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BOND.AXIAF.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.83%

0.68%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

3.03%

2.70%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

4.19%

3.65%

+0.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.66%

5.00%

+0.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.01%

4.33%

+0.68%

Dividends

BOND.AX vs. IAF.AX - Dividend Comparison

BOND.AX's dividend yield for the trailing twelve months is around 4.09%, more than IAF.AX's 3.15% 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%
IAF.AX
iShares Core Composite Bond ETF		3.15%2.99%2.78%1.51%1.57%1.63%1.59%2.21%2.28%2.30%2.47%3.62%

Frequently Asked Questions

BOND.AX and IAF.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.

BOND.AX tracks S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index, while IAF.AX tracks iShares Core Composite Bond Index. They also come from different issuers: SPDR and iShares.

Portfolio Optimizer

Find the right allocation for BOND.AX and IAF.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer