IGB.AX vs. BILL.AX
IGB.AX (iShares Treasury ETF) and BILL.AX (iShares Core Cash ETF) are both exchange-traded funds - IGB.AX is a Government Bonds fund tracking the iShares Treasury 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, IGB.AX returned -0.71%/yr vs 3.25%/yr for BILL.AX. At a correlation of -0.02, they often move in opposite directions.
Performance
IGB.AX vs. BILL.AX - Performance Comparison
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Returns By Period
In the year-to-date period, IGB.AX achieves a 1.50% return, which is significantly lower than BILL.AX's 2.24% return.
IGB.AX
- 1D
- 0.15%
- 1M
- 0.05%
- 6M
- 1.25%
- YTD
- 1.50%
- 1Y
- 1.15%
- 3Y*
- 2.86%
- 5Y*
- -0.71%
- 10Y*
- 0.98%
BILL.AX
- 1D
- 0.04%
- 1M
- 0.40%
- 6M
- 2.09%
- YTD
- 2.24%
- 1Y
- 4.03%
- 3Y*
- 4.36%
- 5Y*
- 3.25%
- 10Y*
- —
IGB.AX vs. BILL.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGB.AX iShares Treasury ETF | 1.50% | 2.62% | 1.90% | 3.88% | -10.24% | -3.27% | 3.68% | 7.38% | 4.73% | -1.20% |
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 IGB.AX and BILL.AX is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2017 | -0.02 |
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Return for Risk
IGB.AX vs. BILL.AX — Risk / Return Rank
IGB.AX
BILL.AX
IGB.AX vs. BILL.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury ETF (IGB.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.
| IGB.AX | BILL.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.05 | ||
| Sortino ratioReturn per unit of downside risk | -6.10 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 3.26 | -2.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 11.39 | -11.09 |
| Martin ratioReturn relative to average drawdown | 0.59 | 37.49 | -36.90 |
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Drawdowns
IGB.AX vs. BILL.AX - Drawdown Comparison
The maximum IGB.AX drawdown since its inception was -16.94%, 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 IGB.AX and BILL.AX.
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Drawdown Indicators
| IGB.AX | BILL.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.94% | -0.37% | -16.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.87% | -0.34% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -3.92% | -0.37% | -3.55% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -0.37% | -15.64% |
Max Drawdown (10Y)Largest decline over 10 years | -16.94% | — | — |
Current DrawdownCurrent decline from peak | -5.71% | 0.00% | -5.71% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -0.02% | -4.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 0.10% | +1.95% |
Volatility
IGB.AX vs. BILL.AX - Volatility Comparison
iShares Treasury ETF (IGB.AX) has a higher volatility of 0.85% compared to iShares Core Cash ETF (BILL.AX) at 0.07%. This indicates that IGB.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
| IGB.AX | BILL.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.07% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 0.64% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.01% | 0.89% | +3.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.40% | 0.69% | +4.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.02% | 0.55% | +4.47% |
Dividends
IGB.AX vs. BILL.AX - Dividend Comparison
IGB.AX's dividend yield for the trailing twelve months is around 2.60%, less than BILL.AX's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IGB.AX iShares Treasury ETF | 2.60% | 3.10% | 2.47% | 1.63% | 0.80% | 1.20% | 2.47% | 1.54% | 1.56% | 2.11% | 2.09% | 5.81% |
Frequently Asked Questions
IGB.AX and BILL.AX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGB.AX is categorized as Government Bonds, while BILL.AX is Money Market. IGB.AX tracks iShares Treasury Index, while BILL.AX tracks S&P/ASX Bank Bill Index.
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