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

IAF.AX vs. IOZ.AX

Last updated Jul 16, 2026
Documentation

IAF.AX (iShares Core Composite Bond ETF) and IOZ.AX (Ishares Core S&P/ASX 200 ETF) are both exchange-traded funds - IAF.AX is a Total Bond Market fund tracking the iShares Core Composite Bond Index, while IOZ.AX is a Australia Equities fund tracking the S&P/ASX 200 Index. Both are passively managed. Over the past 10 years, IAF.AX returned 1.53%/yr vs 8.95%/yr for IOZ.AX. At a 0.05 correlation, their price movements are largely independent.

Performance

IAF.AX vs. IOZ.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 S&P/ASX 200 ETF (IOZ.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 IOZ.AX's 3.07% return. Over the past 10 years, IAF.AX has underperformed IOZ.AX with an annualized return of 1.53%, while IOZ.AX has yielded a comparatively higher 8.95% annualized 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%

IOZ.AX

1D
0.11%
1M
-0.68%
6M
1.81%
YTD
3.07%
1Y
5.71%
3Y*
10.31%
5Y*
7.72%
10Y*
8.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAF.AX vs. IOZ.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%3.38%
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.07%10.22%11.35%12.19%-0.91%16.90%1.35%23.29%-2.99%11.59%

Correlation

The correlation between IAF.AX and IOZ.AX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.30

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

0.25

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

0.11

Correlation (All Time)
Calculated using the full available price history since Mar 14, 2012

0.05

Over the past year, IAF.AX and IOZ.AX have become more correlated (0.30) than their long-term average of 0.05, meaning their price movements have been converging.

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iShares Core Composite Bond ETF

Ishares Core S&P/ASX 200 ETF

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Return for Risk

IAF.AX vs. IOZ.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
IOZ.AX
IOZ.AX Risk / Return Rank: 1919
Overall Rank
IOZ.AX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
IOZ.AX Sortino Ratio Rank: 1818
Sortino Ratio Rank
IOZ.AX Omega Ratio Rank: 1818
Omega Ratio Rank
IOZ.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
IOZ.AX Martin Ratio Rank: 2020
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. IOZ.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 S&P/ASX 200 ETF (IOZ.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.AXIOZ.AXDifference
Sharpe ratioReturn per unit of total volatility
0.50
0.53

-0.02

Sortino ratioReturn per unit of downside risk
0.75
0.83

-0.08

Omega ratioGain probability vs. loss probability

1.09

1.10

-0.01

Calmar ratioReturn relative to maximum drawdown

0.51

0.75

-0.24

Martin ratioReturn relative to average drawdown

1.09

1.80

-0.71

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

The current IAF.AX Sharpe Ratio is 0.50, which is comparable to the IOZ.AX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of IAF.AX and IOZ.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. IOZ.AX - Drawdown Comparison

The maximum IAF.AX drawdown since its inception was -15.62%, smaller than the maximum IOZ.AX drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for IAF.AX and IOZ.AX.

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Drawdown Indicators

IAF.AXIOZ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-15.62%

-35.75%

+20.13%

Max Drawdown (1Y)

Largest decline over 1 year

-3.57%

-8.45%

+4.88%

Max Drawdown (3Y)

Largest decline over 3 years

-3.65%

-13.35%

+9.70%

Max Drawdown (5Y)

Largest decline over 5 years

-15.10%

-14.92%

-0.18%

Max Drawdown (10Y)

Largest decline over 10 years

-15.62%

-35.75%

+20.13%

Current Drawdown

Current decline from peak

-1.92%

-2.78%

+0.86%

Average Drawdown

Average peak-to-trough decline

-3.25%

-4.70%

+1.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.72%

3.61%

-1.89%

Volatility

IAF.AX vs. IOZ.AX - Volatility Comparison

The current volatility for iShares Core Composite Bond ETF (IAF.AX) is 0.68%, while Ishares Core S&P/ASX 200 ETF (IOZ.AX) has a volatility of 2.34%. This indicates that IAF.AX experiences smaller price fluctuations and is considered to be less risky than IOZ.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.AXIOZ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.68%

2.34%

-1.66%

Volatility (6M)

Calculated over the trailing 6-month period

2.70%

9.91%

-7.21%

Volatility (1Y)

Calculated over the trailing 1-year period

3.65%

12.17%

-8.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.00%

12.86%

-7.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.33%

14.28%

-9.95%

Dividends

IAF.AX vs. IOZ.AX - Dividend Comparison

IAF.AX's dividend yield for the trailing twelve months is around 3.15%, less than IOZ.AX's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.42%3.39%3.47%3.73%6.11%3.32%2.40%4.62%4.27%3.90%4.89%7.69%

Frequently Asked Questions

IAF.AX and IOZ.AX have a correlation of 0.30, 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 IOZ.AX is Australia Equities. IAF.AX tracks iShares Core Composite Bond Index, while IOZ.AX tracks S&P/ASX 200 Index.

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