EX20.AX vs. CRED.AX

Last updated Jul 18, 2026

EX20.AX (Betashares Australian Ex-20 Portfolio Diversifier ETF) and CRED.AX (Betashares Australian Investment Grade Corporate Bond ETF) are both exchange-traded funds - EX20.AX is a Australian Equities fund tracking the Solactive Australia ex 20 Index, while CRED.AX is a Corporate Bonds fund tracking the Solactive Australian Investment Grade Corporate Bond Select TR Index. Both are passively managed. Over the past 5 years, EX20.AX returned 3.58%/yr vs 0.47%/yr for CRED.AX. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

EX20.AX vs. CRED.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX) and Betashares Australian Investment Grade Corporate Bond ETF (CRED.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EX20.AX achieves a -7.82% return, which is significantly lower than CRED.AX's 0.80% return.

EX20.AX

• 1D: -1.05%
• 1M: -3.95%
• 6M: -9.71%
• YTD: -7.82%
• 1Y: -3.99%
• 3Y*: 5.40%
• 5Y*: 3.58%
• 10Y*: —

CRED.AX

• 1D: 0.00%
• 1M: -0.14%
• 6M: -0.06%
• YTD: 0.80%
• 1Y: 0.82%
• 3Y*: 5.71%
• 5Y*: 0.47%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EX20.AX vs. CRED.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EX20.AX Betashares Australian Ex-20 Portfolio Diversifier ETF	-7.82%	14.21%	10.11%	6.68%	-10.28%	16.05%	1.28%	26.55%	-6.54%
CRED.AX Betashares Australian Investment Grade Corporate Bond ETF	0.80%	4.54%	6.26%	10.78%	-14.47%	-3.35%	7.78%	11.29%	3.70%

Correlation

The correlation between EX20.AX and CRED.AX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 31, 2018	0.16

The correlation between EX20.AX and CRED.AX shifts across timeframes, from 0.16 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EX20.AX vs. CRED.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EX20.AX

EX20.AX Risk / Return Rank: 7
EX20.AX Sharpe Ratio Rank: 8
EX20.AX Sortino Ratio Rank: 7
EX20.AX Omega Ratio Rank: 7
EX20.AX Calmar Ratio Rank: 8
EX20.AX Martin Ratio Rank: 8

CRED.AX

CRED.AX Risk / Return Rank: 12
CRED.AX Sharpe Ratio Rank: 13
CRED.AX Sortino Ratio Rank: 12
CRED.AX Omega Ratio Rank: 12
CRED.AX Calmar Ratio Rank: 12
CRED.AX Martin Ratio Rank: 12

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.

EX20.AX vs. CRED.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX) and Betashares Australian Investment Grade Corporate Bond ETF (CRED.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.

	EX20.AX	CRED.AX	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	0.18	-0.41
Sortino ratio: Return per unit of downside risk	-0.22	0.28	-0.50
Omega ratio: Gain probability vs. loss probability	0.97	1.03	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.23	0.14	-0.37
Martin ratio: Return relative to average drawdown	-0.52	0.28	-0.80

EX20.AX vs. CRED.AX - Sharpe Ratio Comparison

The current EX20.AX Sharpe Ratio is -0.23, which is lower than the CRED.AX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of EX20.AX and CRED.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.

Drawdowns

EX20.AX vs. CRED.AX - Drawdown Comparison

The maximum EX20.AX drawdown since its inception was -39.55%, which is greater than CRED.AX's maximum drawdown of -21.76%. Use the drawdown chart below to compare losses from any high point for EX20.AX and CRED.AX.

Drawdown Indicators

	EX20.AX	CRED.AX	Difference
Max Drawdown Largest peak-to-trough decline	-39.55%	-21.76%	-17.79%
Max Drawdown (1Y) Largest decline over 1 year	-16.84%	-5.54%	-11.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.84%	-5.54%	-11.30%
Max Drawdown (5Y) Largest decline over 5 years	-18.65%	-21.76%	+3.11%
Current Drawdown Current decline from peak	-11.74%	-2.41%	-9.33%
Average Drawdown Average peak-to-trough decline	-5.38%	-5.72%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.60%	2.87%	+4.73%

Volatility

EX20.AX vs. CRED.AX - Volatility Comparison

Betashares Australian Ex-20 Portfolio Diversifier ETF (EX20.AX) has a higher volatility of 4.19% compared to Betashares Australian Investment Grade Corporate Bond ETF (CRED.AX) at 0.89%. This indicates that EX20.AX's price experiences larger fluctuations and is considered to be riskier than CRED.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EX20.AX	CRED.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	0.89%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	3.70%	+10.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	4.46%	+12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	6.36%	+8.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	6.21%	+9.68%

EX20.AX vs. CRED.AX - Expense Ratio Comparison

Both EX20.AX and CRED.AX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EX20.AX vs. CRED.AX - Dividend Comparison

EX20.AX's dividend yield for the trailing twelve months is around 1.64%, less than CRED.AX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRED.AX Betashares Australian Investment Grade Corporate Bond ETF	3.93%	4.49%	4.01%	4.53%	3.53%	5.14%	4.29%	3.35%	1.82%	0.00%
EX20.AX Betashares Australian Ex-20 Portfolio Diversifier ETF	1.64%	3.52%	1.46%	1.71%	1.44%	1.80%	2.68%	4.51%	3.89%	1.20%

Frequently Asked Questions

Can I hold both EX20.AX and CRED.AX in my portfolio?

EX20.AX and CRED.AX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EX20.AX or CRED.AX?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EX20.AX or CRED.AX?

EX20.AX and CRED.AX have the same expense ratio: 0.25% per year.

What is the main difference between EX20.AX and CRED.AX?

EX20.AX is categorized as Australian Equities, while CRED.AX is Corporate Bonds. EX20.AX tracks Solactive Australia ex 20 Index, while CRED.AX tracks Solactive Australian Investment Grade Corporate Bond Select TR Index.