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GOVT.AX vs. OZR.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GOVT.AX vs. OZR.AX

Last updated Jul 16, 2026
Documentation

GOVT.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF) and OZR.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF) are both exchange-traded funds - GOVT.AX is a Government Bonds fund tracking the SPDR Index, while OZR.AX is a Global Equities fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, GOVT.AX returned 1.15%/yr vs 13.85%/yr for OZR.AX. At a correlation of -0.04, they often move in opposite directions.

Performance

GOVT.AX vs. OZR.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF (OZR.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, GOVT.AX achieves a 1.20% return, which is significantly lower than OZR.AX's 11.50% return. Over the past 10 years, GOVT.AX has underperformed OZR.AX with an annualized return of 1.15%, while OZR.AX has yielded a comparatively higher 13.85% annualized return.

GOVT.AX

1D
0.08%
1M
-0.06%
6M
1.20%
YTD
1.20%
1Y
1.46%
3Y*
3.19%
5Y*
-0.88%
10Y*
1.15%

OZR.AX

1D
-1.77%
1M
-9.88%
6M
5.29%
YTD
11.50%
1Y
42.19%
3Y*
9.40%
5Y*
10.02%
10Y*
13.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVT.AX vs. OZR.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GOVT.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF		1.20%2.72%2.83%4.91%-12.45%-3.42%3.78%8.85%4.34%3.39%
OZR.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF		11.50%34.32%-16.68%11.32%22.70%7.72%8.82%25.68%2.80%25.58%

Correlation

The correlation between GOVT.AX and OZR.AX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.24

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

0.14

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

0.08

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

0.00

Correlation (All Time)
Calculated using the full available price history since Jul 27, 2012

-0.04

The correlation between GOVT.AX and OZR.AX shifts across timeframes, from -0.04 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

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SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF

SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF

Return for Risk

GOVT.AX vs. OZR.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GOVT.AX
GOVT.AX Risk / Return Rank: 1414
Overall Rank
GOVT.AX Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
GOVT.AX Sortino Ratio Rank: 1414
Sortino Ratio Rank
GOVT.AX Omega Ratio Rank: 1313
Omega Ratio Rank
GOVT.AX Calmar Ratio Rank: 1414
Calmar Ratio Rank
GOVT.AX Martin Ratio Rank: 1414
Martin Ratio Rank
OZR.AX
OZR.AX Risk / Return Rank: 6363
Overall Rank
OZR.AX Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
OZR.AX Sortino Ratio Rank: 6464
Sortino Ratio Rank
OZR.AX Omega Ratio Rank: 6060
Omega Ratio Rank
OZR.AX Calmar Ratio Rank: 6262
Calmar Ratio Rank
OZR.AX Martin Ratio Rank: 5858
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.

GOVT.AX vs. OZR.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF (OZR.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.

GOVT.AXOZR.AXDifference
Sharpe ratioReturn per unit of total volatility
0.36
1.81

-1.45

Sortino ratioReturn per unit of downside risk
0.55
2.39

-1.85

Omega ratioGain probability vs. loss probability

1.06

1.30

-0.23

Calmar ratioReturn relative to maximum drawdown

0.36

2.50

-2.14

Martin ratioReturn relative to average drawdown

0.77

8.20

-7.43

GOVT.AX vs. OZR.AX - Sharpe Ratio Comparison

The current GOVT.AX Sharpe Ratio is 0.36, which is lower than the OZR.AX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of GOVT.AX and OZR.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

GOVT.AX vs. OZR.AX - Drawdown Comparison

The maximum GOVT.AX drawdown since its inception was -18.22%, smaller than the maximum OZR.AX drawdown of -63.68%. Use the drawdown chart below to compare losses from any high point for GOVT.AX and OZR.AX.

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Drawdown Indicators

GOVT.AXOZR.AXDifference

Max Drawdown

Largest peak-to-trough decline

-18.22%

-63.68%

+45.46%

Max Drawdown (1Y)

Largest decline over 1 year

-3.96%

-16.68%

+12.72%

Max Drawdown (3Y)

Largest decline over 3 years

-4.78%

-26.11%

+21.33%

Max Drawdown (5Y)

Largest decline over 5 years

-17.70%

-26.11%

+8.41%

Max Drawdown (10Y)

Largest decline over 10 years

-18.22%

-36.72%

+18.50%

Current Drawdown

Current decline from peak

-6.19%

-11.68%

+5.49%

Average Drawdown

Average peak-to-trough decline

-4.64%

-20.82%

+16.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

5.13%

-3.21%

Volatility

GOVT.AX vs. OZR.AX - Volatility Comparison

The current volatility for SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.AX) is 0.94%, while SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF (OZR.AX) has a volatility of 6.65%. This indicates that GOVT.AX experiences smaller price fluctuations and is considered to be less risky than OZR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GOVT.AXOZR.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.94%

6.65%

-5.71%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

19.22%

-16.21%

Volatility (1Y)

Calculated over the trailing 1-year period

4.01%

23.03%

-19.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.16%

22.45%

-16.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.78%

22.17%

-16.39%

Dividends

GOVT.AX vs. OZR.AX - Dividend Comparison

GOVT.AX's dividend yield for the trailing twelve months is around 3.01%, more than OZR.AX's 2.45% yield.

PositionTTM20252024202320222021202020192018201720162015
GOVT.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF		3.01%2.83%1.95%1.10%1.03%2.21%2.20%2.03%2.02%2.36%3.16%3.42%
OZR.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Resources ETF		2.45%2.62%2.35%6.10%15.55%5.65%3.07%4.85%3.18%2.13%1.55%4.69%

Frequently Asked Questions

GOVT.AX and OZR.AX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GOVT.AX is categorized as Government Bonds, while OZR.AX is Global Equities. Both ETFs track SPDR Index.

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