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IAF.AX vs. BILL.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAF.AX vs. BILL.AX

Last updated Jul 16, 2026
Documentation

IAF.AX (iShares Core Composite Bond ETF) and BILL.AX (iShares Core Cash ETF) are both exchange-traded funds - IAF.AX is a Total Bond Market fund tracking the iShares Core Composite Bond Index, while BILL.AX is a Money Market fund tracking the S&P/ASX Bank Bill Index. Both are passively managed. Over the past 5 years, IAF.AX returned -0.06%/yr vs 3.25%/yr for BILL.AX. At a correlation of -0.00, they often move in opposite directions.

Performance

IAF.AX vs. BILL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Core Composite Bond ETF (IAF.AX) and iShares Core Cash ETF (BILL.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, IAF.AX achieves a 2.02% return, which is significantly lower than BILL.AX's 2.24% return.

IAF.AX

1D
0.16%
1M
0.16%
6M
1.37%
YTD
2.02%
1Y
1.75%
3Y*
3.60%
5Y*
-0.06%
10Y*
1.53%

BILL.AX

1D
0.04%
1M
0.40%
6M
2.09%
YTD
2.24%
1Y
4.03%
3Y*
4.36%
5Y*
3.25%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IAF.AX
iShares Core Composite Bond ETF		2.02%2.97%2.70%4.96%-9.82%-3.09%3.92%7.29%4.19%0.28%
BILL.AX
iShares Core Cash ETF		2.24%4.25%4.57%3.93%1.30%0.00%0.39%1.52%1.91%0.88%

Correlation

The correlation between IAF.AX and BILL.AX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.11

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

-0.07

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

0.00

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2017

-0.00

The correlation between IAF.AX and BILL.AX shifts across timeframes, from -0.11 (1 year) to 0.00 (5 years), reflecting how their relationship changes across market environments.

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iShares Core Composite Bond ETF

iShares Core Cash ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAF.AX
IAF.AX Risk / Return Rank: 1717
Overall Rank
IAF.AX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
IAF.AX Sortino Ratio Rank: 1717
Sortino Ratio Rank
IAF.AX Omega Ratio Rank: 1616
Omega Ratio Rank
IAF.AX Calmar Ratio Rank: 1717
Calmar Ratio Rank
IAF.AX Martin Ratio Rank: 1515
Martin Ratio Rank
BILL.AX
BILL.AX Risk / Return Rank: 9898
Overall Rank
BILL.AX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
BILL.AX Sortino Ratio Rank: 9898
Sortino Ratio Rank
BILL.AX Omega Ratio Rank: 9999
Omega Ratio Rank
BILL.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
BILL.AX Martin Ratio Rank: 9797
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core Composite Bond ETF (IAF.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.

IAF.AXBILL.AXDifference
Sharpe ratioReturn per unit of total volatility
0.50
4.34

-3.84

Sortino ratioReturn per unit of downside risk
0.75
6.56

-5.80

Omega ratioGain probability vs. loss probability

1.09

3.26

-2.17

Calmar ratioReturn relative to maximum drawdown

0.51

11.39

-10.88

Martin ratioReturn relative to average drawdown

1.09

37.49

-36.41

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

The current IAF.AX Sharpe Ratio is 0.50, which is lower than the BILL.AX Sharpe Ratio of 4.34. The chart below compares the historical Sharpe Ratios of IAF.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.

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Drawdowns

IAF.AX vs. BILL.AX - Drawdown Comparison

The maximum IAF.AX drawdown since its inception was -15.62%, 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 IAF.AX and BILL.AX.

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Drawdown Indicators

IAF.AXBILL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-15.62%

-0.37%

-15.25%

Max Drawdown (1Y)

Largest decline over 1 year

-3.57%

-0.34%

-3.23%

Max Drawdown (3Y)

Largest decline over 3 years

-3.65%

-0.37%

-3.28%

Max Drawdown (5Y)

Largest decline over 5 years

-15.10%

-0.37%

-14.73%

Max Drawdown (10Y)

Largest decline over 10 years

-15.62%

—

—

Current Drawdown

Current decline from peak

-1.92%

0.00%

-1.92%

Average Drawdown

Average peak-to-trough decline

-3.25%

-0.02%

-3.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.72%

0.10%

+1.62%

Volatility

IAF.AX vs. BILL.AX - Volatility Comparison

iShares Core Composite Bond ETF (IAF.AX) has a higher volatility of 0.68% compared to iShares Core Cash ETF (BILL.AX) at 0.07%. This indicates that IAF.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.

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Volatility by Period

IAF.AXBILL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.68%

0.07%

+0.61%

Volatility (6M)

Calculated over the trailing 6-month period

2.70%

0.64%

+2.06%

Volatility (1Y)

Calculated over the trailing 1-year period

3.65%

0.89%

+2.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.00%

0.69%

+4.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.33%

0.55%

+3.78%

Dividends

IAF.AX vs. BILL.AX - Dividend Comparison

IAF.AX's dividend yield for the trailing twelve months is around 3.15%, less than BILL.AX's 3.97% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
IAF.AX
iShares Core Composite Bond ETF		3.15%2.99%2.78%1.51%1.57%1.63%1.59%2.21%2.28%2.30%2.47%3.62%

Frequently Asked Questions

IAF.AX and BILL.AX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAF.AX is categorized as Total Bond Market, while BILL.AX is Money Market. IAF.AX tracks iShares Core Composite Bond Index, while BILL.AX tracks S&P/ASX Bank Bill Index.

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