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

IGB.AX vs. IOZ.AX

Last updated Jul 16, 2026
Documentation

IGB.AX (iShares Treasury ETF) and IOZ.AX (Ishares Core S&P/ASX 200 ETF) are both exchange-traded funds - IGB.AX is a Government Bonds fund tracking the iShares Treasury 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, IGB.AX returned 0.98%/yr vs 8.95%/yr for IOZ.AX. At a 0.03 correlation, their price movements are largely independent.

Performance

IGB.AX vs. IOZ.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Treasury ETF (IGB.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, IGB.AX achieves a 1.50% return, which is significantly lower than IOZ.AX's 3.07% return. Over the past 10 years, IGB.AX has underperformed IOZ.AX with an annualized return of 0.98%, while IOZ.AX has yielded a comparatively higher 8.95% annualized 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%

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)

IGB.AX vs. IOZ.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGB.AX
iShares Treasury ETF		1.50%2.62%1.90%3.88%-10.24%-3.27%3.68%7.38%4.73%2.37%
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 IGB.AX and IOZ.AX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.31

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

0.26

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

0.10

Correlation (All Time)
Calculated using the full available price history since Mar 13, 2012

0.03

Over the past year, IGB.AX and IOZ.AX have become more correlated (0.31) than their long-term average of 0.03, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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iShares Treasury ETF

Ishares Core S&P/ASX 200 ETF

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Return for Risk

IGB.AX vs. IOZ.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGB.AX
IGB.AX Risk / Return Rank: 1313
Overall Rank
IGB.AX Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
IGB.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
IGB.AX Omega Ratio Rank: 1212
Omega Ratio Rank
IGB.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
IGB.AX Martin Ratio Rank: 1313
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.

IGB.AX vs. IOZ.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Treasury ETF (IGB.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.

IGB.AXIOZ.AXDifference
Sharpe ratioReturn per unit of total volatility
0.30
0.53

-0.23

Sortino ratioReturn per unit of downside risk
0.45
0.83

-0.38

Omega ratioGain probability vs. loss probability

1.05

1.10

-0.05

Calmar ratioReturn relative to maximum drawdown

0.31

0.75

-0.45

Martin ratioReturn relative to average drawdown

0.59

1.80

-1.21

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

The current IGB.AX Sharpe Ratio is 0.30, which is lower than the IOZ.AX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of IGB.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

IGB.AX vs. IOZ.AX - Drawdown Comparison

The maximum IGB.AX drawdown since its inception was -16.94%, smaller than the maximum IOZ.AX drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for IGB.AX and IOZ.AX.

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Drawdown Indicators

IGB.AXIOZ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-16.94%

-35.75%

+18.81%

Max Drawdown (1Y)

Largest decline over 1 year

-3.87%

-8.45%

+4.58%

Max Drawdown (3Y)

Largest decline over 3 years

-3.92%

-13.35%

+9.43%

Max Drawdown (5Y)

Largest decline over 5 years

-16.01%

-14.92%

-1.09%

Max Drawdown (10Y)

Largest decline over 10 years

-16.94%

-35.75%

+18.81%

Current Drawdown

Current decline from peak

-5.71%

-2.78%

-2.93%

Average Drawdown

Average peak-to-trough decline

-4.44%

-4.70%

+0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

3.61%

-1.56%

Volatility

IGB.AX vs. IOZ.AX - Volatility Comparison

The current volatility for iShares Treasury ETF (IGB.AX) is 0.85%, while Ishares Core S&P/ASX 200 ETF (IOZ.AX) has a volatility of 2.34%. This indicates that IGB.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

IGB.AXIOZ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.85%

2.34%

-1.49%

Volatility (6M)

Calculated over the trailing 6-month period

2.91%

9.91%

-7.00%

Volatility (1Y)

Calculated over the trailing 1-year period

4.01%

12.17%

-8.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.40%

12.86%

-7.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.02%

14.28%

-9.26%

Dividends

IGB.AX vs. IOZ.AX - Dividend Comparison

IGB.AX's dividend yield for the trailing twelve months is around 2.60%, less than IOZ.AX's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
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

IGB.AX and IOZ.AX have a correlation of 0.31, 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 IOZ.AX is Australia Equities. IGB.AX tracks iShares Treasury Index, while IOZ.AX tracks S&P/ASX 200 Index.

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