GLDN.AX vs. BILL.AX

Last updated Jul 18, 2026

GLDN.AX (Ishares Physical Gold ETF) and BILL.AX (iShares Core Cash ETF) are both exchange-traded funds - GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index, while BILL.AX is a Money Market fund tracking the S&P/ASX Bank Bill Index. Both are passively managed. Over the past year, GLDN.AX returned 10.80% vs 3.99% for BILL.AX. At a 0.03 correlation, their price movements are largely independent. GLDN.AX charges 0.18%/yr vs 0.07%/yr for BILL.AX.

Performance

GLDN.AX vs. BILL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Physical Gold ETF (GLDN.AX) and iShares Core Cash ETF (BILL.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDN.AX achieves a -12.23% return, which is significantly lower than BILL.AX's 2.24% return.

GLDN.AX

• 1D: -0.83%
• 1M: -6.71%
• 6M: -16.74%
• YTD: -12.23%
• 1Y: 10.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILL.AX

• 1D: 0.00%
• 1M: 0.40%
• 6M: 2.06%
• YTD: 2.24%
• 1Y: 3.99%
• 3Y*: 4.36%
• 5Y*: 3.25%
• 10Y*: —

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

GLDN.AX vs. BILL.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLDN.AX Ishares Physical Gold ETF	-12.23%	55.11%	38.15%	-3.32%
BILL.AX iShares Core Cash ETF	2.24%	4.25%	4.57%	0.73%

Correlation

The correlation between GLDN.AX and BILL.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 (All Time) Calculated using the full available price history since Nov 1, 2023	0.03

Return for Risk

GLDN.AX vs. BILL.AX — Risk / Return Rank

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

GLDN.AX

GLDN.AX Risk / Return Rank: 17
GLDN.AX Sharpe Ratio Rank: 18
GLDN.AX Sortino Ratio Rank: 17
GLDN.AX Omega Ratio Rank: 19
GLDN.AX Calmar Ratio Rank: 15
GLDN.AX Martin Ratio Rank: 15

BILL.AX

BILL.AX Risk / Return Rank: 98
BILL.AX Sharpe Ratio Rank: 98
BILL.AX Sortino Ratio Rank: 98
BILL.AX Omega Ratio Rank: 99
BILL.AX Calmar Ratio Rank: 98
BILL.AX Martin Ratio Rank: 97

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.

GLDN.AX vs. BILL.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and iShares Core Cash ETF (BILL.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.

	GLDN.AX	BILL.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	4.33	-3.91
Sortino ratio: Return per unit of downside risk	0.72	6.54	-5.82
Omega ratio: Gain probability vs. loss probability	1.10	3.25	-2.15
Calmar ratio: Return relative to maximum drawdown	0.39	11.37	-10.98
Martin ratio: Return relative to average drawdown	0.85	37.40	-36.55

GLDN.AX vs. BILL.AX - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 0.42, which is lower than the BILL.AX Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of GLDN.AX and BILL.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

GLDN.AX vs. BILL.AX - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -27.18%, which is greater than BILL.AX's maximum drawdown of -0.37%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and BILL.AX.

Drawdown Indicators

	GLDN.AX	BILL.AX	Difference
Max Drawdown Largest peak-to-trough decline	-27.18%	-0.37%	-26.81%
Max Drawdown (1Y) Largest decline over 1 year	-27.18%	-0.34%	-26.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.37%	—
Current Drawdown Current decline from peak	-27.18%	0.00%	-27.18%
Average Drawdown Average peak-to-trough decline	-5.19%	-0.02%	-5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.56%	0.10%	+12.46%

Volatility

GLDN.AX vs. BILL.AX - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 6.35% compared to iShares Core Cash ETF (BILL.AX) at 0.08%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than BILL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDN.AX	BILL.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	0.08%	+6.27%
Volatility (6M) Calculated over the trailing 6-month period	21.72%	0.64%	+21.08%
Volatility (1Y) Calculated over the trailing 1-year period	25.13%	0.89%	+24.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	0.69%	+18.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	0.55%	+19.00%

GLDN.AX vs. BILL.AX - Expense Ratio Comparison

GLDN.AX has a 0.18% expense ratio, which is higher than BILL.AX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GLDN.AX vs. BILL.AX - Dividend Comparison

GLDN.AX has not paid dividends to shareholders, while BILL.AX's dividend yield for the trailing twelve months is around 3.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BILL.AX iShares Core Cash ETF	3.97%	4.13%	4.46%	3.69%	0.98%	0.02%	0.46%	1.50%	1.83%	0.61%
GLDN.AX Ishares Physical Gold ETF	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDN.AX and BILL.AX in my portfolio?

GLDN.AX and BILL.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.

Which ETF is better, GLDN.AX or BILL.AX?

On fees, BILL.AX is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDN.AX or BILL.AX?

BILL.AX is cheaper with a 0.07% expense ratio, compared with 0.18% for GLDN.AX.

What is the main difference between GLDN.AX and BILL.AX?

GLDN.AX is categorized as Gold, while BILL.AX is Money Market. GLDN.AX tracks LBMA Gold Price PM AUD Index, while BILL.AX tracks S&P/ASX Bank Bill Index. Their fees differ too: 0.18% for GLDN.AX and 0.07% for BILL.AX.