FOOD.AX vs. BNDS.AX

Last updated Jul 18, 2026

FOOD.AX (Betashares Global Agriculture Companies Currency Hedged ETF) and BNDS.AX (BetaShares Western Asset Australian Bond Active ETF) are both exchange-traded funds - FOOD.AX is a Global Equities fund tracking the Betashares Global Agriculture Companies Currency Hedged Index, while BNDS.AX is a Total Bond Market fund actively managed by BetaShares. FOOD.AX is passively managed, while BNDS.AX is actively managed. Over the past 5 years, FOOD.AX returned 4.79%/yr vs -0.33%/yr for BNDS.AX. At a correlation of -0.05, they often move in opposite directions.

Performance

FOOD.AX vs. BNDS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Global Agriculture Companies Currency Hedged ETF (FOOD.AX) and BetaShares Western Asset Australian Bond Active ETF (BNDS.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOOD.AX achieves a 13.34% return, which is significantly higher than BNDS.AX's 0.92% return.

FOOD.AX

• 1D: -0.25%
• 1M: 2.83%
• 6M: 6.93%
• YTD: 13.34%
• 1Y: 21.10%
• 3Y*: 7.04%
• 5Y*: 4.79%
• 10Y*: —

BNDS.AX

• 1D: -0.13%
• 1M: -0.10%
• 6M: 0.45%
• YTD: 0.92%
• 1Y: 0.24%
• 3Y*: 3.29%
• 5Y*: -0.33%
• 10Y*: —

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

FOOD.AX vs. BNDS.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FOOD.AX Betashares Global Agriculture Companies Currency Hedged ETF	13.34%	16.69%	-5.50%	-5.20%	-1.14%	24.32%	3.36%	17.26%	-9.07%
BNDS.AX BetaShares Western Asset Australian Bond Active ETF	0.92%	2.52%	3.08%	5.73%	-10.96%	-2.83%	4.81%	7.50%	2.15%

Correlation

The correlation between FOOD.AX and BNDS.AX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Nov 7, 2018	-0.05

The correlation between FOOD.AX and BNDS.AX shifts across timeframes, from -0.05 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FOOD.AX vs. BNDS.AX — Risk / Return Rank

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

FOOD.AX

FOOD.AX Risk / Return Rank: 47
FOOD.AX Sharpe Ratio Rank: 47
FOOD.AX Sortino Ratio Rank: 49
FOOD.AX Omega Ratio Rank: 47
FOOD.AX Calmar Ratio Rank: 48
FOOD.AX Martin Ratio Rank: 44

BNDS.AX

BNDS.AX Risk / Return Rank: 11
BNDS.AX Sharpe Ratio Rank: 12
BNDS.AX Sortino Ratio Rank: 10
BNDS.AX Omega Ratio Rank: 10
BNDS.AX Calmar Ratio Rank: 11
BNDS.AX Martin Ratio Rank: 11

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.

FOOD.AX vs. BNDS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Global Agriculture Companies Currency Hedged ETF (FOOD.AX) and BetaShares Western Asset Australian Bond Active ETF (BNDS.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.

	FOOD.AX	BNDS.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.06	+1.19
Sortino ratio: Return per unit of downside risk	1.87	0.12	+1.75
Omega ratio: Gain probability vs. loss probability	1.23	1.01	+0.22
Calmar ratio: Return relative to maximum drawdown	1.86	0.05	+1.81
Martin ratio: Return relative to average drawdown	5.30	0.09	+5.21

FOOD.AX vs. BNDS.AX - Sharpe Ratio Comparison

The current FOOD.AX Sharpe Ratio is 1.25, which is higher than the BNDS.AX Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of FOOD.AX and BNDS.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

FOOD.AX vs. BNDS.AX - Drawdown Comparison

The maximum FOOD.AX drawdown since its inception was -39.46%, which is greater than BNDS.AX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for FOOD.AX and BNDS.AX.

Drawdown Indicators

	FOOD.AX	BNDS.AX	Difference
Max Drawdown Largest peak-to-trough decline	-39.46%	-16.27%	-23.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-5.05%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-5.05%	-17.15%
Max Drawdown (5Y) Largest decline over 5 years	-34.67%	-16.11%	-18.56%
Current Drawdown Current decline from peak	-6.10%	-3.04%	-3.06%
Average Drawdown Average peak-to-trough decline	-11.38%	-5.37%	-6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	2.60%	+1.30%

Volatility

FOOD.AX vs. BNDS.AX - Volatility Comparison

Betashares Global Agriculture Companies Currency Hedged ETF (FOOD.AX) has a higher volatility of 3.70% compared to BetaShares Western Asset Australian Bond Active ETF (BNDS.AX) at 0.79%. This indicates that FOOD.AX's price experiences larger fluctuations and is considered to be riskier than BNDS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOOD.AX	BNDS.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	0.79%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	3.03%	+10.67%
Volatility (1Y) Calculated over the trailing 1-year period	16.45%	3.73%	+12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.47%	5.36%	+12.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	5.23%	+12.26%

Dividends

FOOD.AX vs. BNDS.AX - Dividend Comparison

FOOD.AX's dividend yield for the trailing twelve months is around 3.97%, more than BNDS.AX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDS.AX BetaShares Western Asset Australian Bond Active ETF	2.98%	3.39%	3.31%	2.63%	1.47%	1.25%	2.46%	2.31%	0.14%
FOOD.AX Betashares Global Agriculture Companies Currency Hedged ETF	3.97%	0.00%	1.48%	0.00%	2.57%	3.39%	0.00%	0.46%	3.60%

Frequently Asked Questions

Can I hold both FOOD.AX and BNDS.AX in my portfolio?

FOOD.AX and BNDS.AX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FOOD.AX and BNDS.AX?

FOOD.AX is categorized as Global Equities, while BNDS.AX is Total Bond Market.