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

BOND.AX vs. VAF.AX

Last updated Jul 16, 2026
Documentation

BOND.AX (State Street SPDR S&P/ASX iBoxx Australian Bond ETF) and VAF.AX (Vanguard Australian Fixed Interest Index ETF) are both Total Bond Market funds - BOND.AX tracks the S&P/ASX iBoxx Australian Fixed Interest Diversified 0+ Index while VAF.AX tracks the Vanguard Australian Fixed Interest Index Index. Both are passively managed. Over the past 10 years, BOND.AX returned 1.40%/yr vs 1.05%/yr for VAF.AX. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

BOND.AX vs. VAF.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 Vanguard Australian Fixed Interest Index ETF (VAF.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 VAF.AX's 0.68% return. Over the past 10 years, BOND.AX has outperformed VAF.AX with an annualized return of 1.40%, while VAF.AX has yielded a comparatively lower 1.05% 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%

VAF.AX

1D
0.07%
1M
0.00%
6M
1.33%
YTD
0.68%
1Y
0.69%
3Y*
2.84%
5Y*
-0.70%
10Y*
1.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOND.AX vs. VAF.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%
VAF.AX
Vanguard Australian Fixed Interest Index ETF		0.68%3.33%1.52%4.67%-10.66%-3.03%4.31%6.98%3.70%2.50%

Correlation

The correlation between BOND.AX and VAF.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

0.85

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

0.85

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

0.75

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2012

0.69

The correlation between BOND.AX and VAF.AX shifts across timeframes, from 0.69 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.

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

Vanguard Australian Fixed Interest Index ETF

Return for Risk

BOND.AX vs. VAF.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
VAF.AX
VAF.AX Risk / Return Rank: 1111
Overall Rank
VAF.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
VAF.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
VAF.AX Omega Ratio Rank: 1111
Omega Ratio Rank
VAF.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
VAF.AX Martin Ratio Rank: 1111
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. VAF.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 Vanguard Australian Fixed Interest Index ETF (VAF.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.AXVAF.AXDifference
Sharpe ratioReturn per unit of total volatility
0.56
0.21

+0.35

Sortino ratioReturn per unit of downside risk
0.86
0.32

+0.54

Omega ratioGain probability vs. loss probability

1.10

1.04

+0.06

Calmar ratioReturn relative to maximum drawdown

0.70

0.17

+0.53

Martin ratioReturn relative to average drawdown

1.49

0.34

+1.15

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

The current BOND.AX Sharpe Ratio is 0.56, which is higher than the VAF.AX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of BOND.AX and VAF.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. VAF.AX - Drawdown Comparison

The maximum BOND.AX drawdown since its inception was -17.15%, which is greater than VAF.AX's maximum drawdown of -16.26%. Use the drawdown chart below to compare losses from any high point for BOND.AX and VAF.AX.

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Drawdown Indicators

BOND.AXVAF.AXDifference

Max Drawdown

Largest peak-to-trough decline

-17.15%

-16.26%

-0.89%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-4.47%

+1.12%

Max Drawdown (3Y)

Largest decline over 3 years

-4.16%

-4.47%

+0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-16.69%

-15.63%

-1.06%

Max Drawdown (10Y)

Largest decline over 10 years

-17.15%

-16.26%

-0.89%

Current Drawdown

Current decline from peak

-3.54%

-5.19%

+1.65%

Average Drawdown

Average peak-to-trough decline

-3.97%

-4.17%

+0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

2.31%

-0.70%

Volatility

BOND.AX vs. VAF.AX - Volatility Comparison

State Street SPDR S&P/ASX iBoxx Australian Bond ETF (BOND.AX) has a higher volatility of 0.83% compared to Vanguard Australian Fixed Interest Index ETF (VAF.AX) at 0.61%. This indicates that BOND.AX's price experiences larger fluctuations and is considered to be riskier than VAF.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.AXVAF.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.83%

0.61%

+0.22%

Volatility (6M)

Calculated over the trailing 6-month period

3.03%

2.82%

+0.21%

Volatility (1Y)

Calculated over the trailing 1-year period

4.19%

3.66%

+0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.66%

4.90%

+0.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.01%

4.29%

+0.72%

Dividends

BOND.AX vs. VAF.AX - Dividend Comparison

BOND.AX's dividend yield for the trailing twelve months is around 4.09%, more than VAF.AX's 2.30% 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%
VAF.AX
Vanguard Australian Fixed Interest Index ETF		2.30%3.08%1.29%0.96%0.41%2.41%3.24%2.49%1.95%2.01%3.69%2.90%

Frequently Asked Questions

BOND.AX and VAF.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 VAF.AX tracks Vanguard Australian Fixed Interest Index Index. They also come from different issuers: SPDR and Vanguard.

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