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

BOND.AX vs. OZF.AX

Last updated Jul 16, 2026
Documentation

BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) and OZF.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT 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 OZF.AX is a Financials Equities fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, BOND.AX returned 1.40%/yr vs 9.31%/yr for OZF.AX. At a 0.01 correlation, their price movements are largely independent.

Performance

BOND.AX vs. OZF.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 200 Financials EX A-REIT ETF (OZF.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 lower than OZF.AX's 6.30% return. Over the past 10 years, BOND.AX has underperformed OZF.AX with an annualized return of 1.40%, while OZF.AX has yielded a comparatively higher 9.31% 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%

OZF.AX

1D
1.14%
1M
5.52%
6M
7.91%
YTD
6.30%
1Y
5.96%
3Y*
18.58%
5Y*
12.36%
10Y*
9.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOND.AX vs. OZF.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%
OZF.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF		6.30%11.07%29.96%10.42%1.05%23.44%-5.79%12.70%-9.21%4.50%

Correlation

The correlation between BOND.AX and OZF.AX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

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

0.22

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

0.16

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

0.04

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

0.01

The correlation between BOND.AX and OZF.AX shifts across timeframes, from 0.01 (all time) to 0.22 (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 200 Financials EX A-REIT ETF

Return for Risk

BOND.AX vs. OZF.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
OZF.AX
OZF.AX Risk / Return Rank: 1717
Overall Rank
OZF.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
OZF.AX Sortino Ratio Rank: 1515
Sortino Ratio Rank
OZF.AX Omega Ratio Rank: 1515
Omega Ratio Rank
OZF.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
OZF.AX Martin Ratio Rank: 1717
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. OZF.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 200 Financials EX A-REIT ETF (OZF.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.AXOZF.AXDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.40

+0.17

Sortino ratioReturn per unit of downside risk
0.86
0.66

+0.20

Omega ratioGain probability vs. loss probability

1.10

1.08

+0.02

Calmar ratioReturn relative to maximum drawdown

0.70

0.68

+0.03

Martin ratioReturn relative to average drawdown

1.49

1.37

+0.13

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

The current BOND.AX Sharpe Ratio is 0.56, which is higher than the OZF.AX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of BOND.AX and OZF.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. OZF.AX - Drawdown Comparison

The maximum BOND.AX drawdown since its inception was -17.15%, smaller than the maximum OZF.AX drawdown of -42.63%. Use the drawdown chart below to compare losses from any high point for BOND.AX and OZF.AX.

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Drawdown Indicators

BOND.AXOZF.AXDifference

Max Drawdown

Largest peak-to-trough decline

-17.15%

-42.63%

+25.48%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-10.43%

+7.08%

Max Drawdown (3Y)

Largest decline over 3 years

-4.16%

-15.91%

+11.75%

Max Drawdown (5Y)

Largest decline over 5 years

-16.69%

-20.52%

+3.83%

Max Drawdown (10Y)

Largest decline over 10 years

-17.15%

-42.63%

+25.48%

Current Drawdown

Current decline from peak

-3.54%

-2.51%

-1.03%

Average Drawdown

Average peak-to-trough decline

-3.97%

-6.99%

+3.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

5.17%

-3.56%

Volatility

BOND.AX vs. OZF.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 200 Financials EX A-REIT ETF (OZF.AX) has a volatility of 3.75%. This indicates that BOND.AX experiences smaller price fluctuations and is considered to be less risky than OZF.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.AXOZF.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.83%

3.75%

-2.92%

Volatility (6M)

Calculated over the trailing 6-month period

3.03%

13.25%

-10.22%

Volatility (1Y)

Calculated over the trailing 1-year period

4.19%

17.86%

-13.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.66%

16.41%

-10.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.01%

18.30%

-13.29%

Dividends

BOND.AX vs. OZF.AX - Dividend Comparison

BOND.AX's dividend yield for the trailing twelve months is around 4.09%, more than OZF.AX's 2.84% 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%
OZF.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF		2.84%4.47%1.97%3.91%3.99%3.80%1.71%4.57%5.01%4.86%5.74%6.49%

Frequently Asked Questions

BOND.AX and OZF.AX have a correlation of 0.16, 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 OZF.AX is Financials Equities. BOND.AX tracks S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index, while OZF.AX tracks SPDR Index.

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