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ILB.AX vs. VGS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILB.AX vs. VGS.AX

Last updated Jul 16, 2026
Documentation

ILB.AX (iShares Government Inflation ETF) and VGS.AX (Vanguard MSCI Index International Shares ETF) are both Global Equities funds - ILB.AX tracks the iShares Government Inflation Index while VGS.AX tracks the Vanguard MSCI Index International Shares Index. Both are passively managed. Over the past 10 years, ILB.AX returned 1.99%/yr vs 13.63%/yr for VGS.AX. At a 0.03 correlation, their price movements are largely independent.

Performance

ILB.AX vs. VGS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Government Inflation ETF (ILB.AX) and Vanguard MSCI Index International Shares ETF (VGS.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, ILB.AX achieves a 1.76% return, which is significantly lower than VGS.AX's 5.31% return. Over the past 10 years, ILB.AX has underperformed VGS.AX with an annualized return of 1.99%, while VGS.AX has yielded a comparatively higher 13.63% annualized return.

ILB.AX

1D
-0.06%
1M
-0.45%
6M
1.64%
YTD
1.76%
1Y
3.25%
3Y*
2.59%
5Y*
0.08%
10Y*
1.99%

VGS.AX

1D
-0.01%
1M
1.72%
6M
4.14%
YTD
5.31%
1Y
13.66%
3Y*
17.60%
5Y*
12.49%
10Y*
13.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ILB.AX vs. VGS.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ILB.AX
iShares Government Inflation ETF		1.76%2.96%-0.96%8.89%-10.83%1.13%6.23%9.07%3.00%2.70%
VGS.AX
Vanguard MSCI Index International Shares ETF		5.31%12.89%29.23%22.54%-12.72%29.67%5.76%29.16%-0.01%12.95%

Correlation

The correlation between ILB.AX and VGS.AX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.06

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

0.14

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

0.06

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2014

0.03

The correlation between ILB.AX and VGS.AX shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

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iShares Government Inflation ETF

Vanguard MSCI Index International Shares ETF

Return for Risk

ILB.AX vs. VGS.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ILB.AX
ILB.AX Risk / Return Rank: 1919
Overall Rank
ILB.AX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ILB.AX Sortino Ratio Rank: 1919
Sortino Ratio Rank
ILB.AX Omega Ratio Rank: 1818
Omega Ratio Rank
ILB.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
ILB.AX Martin Ratio Rank: 1818
Martin Ratio Rank
VGS.AX
VGS.AX Risk / Return Rank: 4242
Overall Rank
VGS.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGS.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VGS.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VGS.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
VGS.AX Martin Ratio Rank: 3232
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.

ILB.AX vs. VGS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Government Inflation ETF (ILB.AX) and Vanguard MSCI Index International Shares ETF (VGS.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.

ILB.AXVGS.AXDifference
Sharpe ratioReturn per unit of total volatility
0.59
1.41

-0.81

Sortino ratioReturn per unit of downside risk
0.88
1.98

-1.10

Omega ratioGain probability vs. loss probability

1.10

1.27

-0.17

Calmar ratioReturn relative to maximum drawdown

0.68

1.28

-0.60

Martin ratioReturn relative to average drawdown

1.57

3.83

-2.27

ILB.AX vs. VGS.AX - Sharpe Ratio Comparison

The current ILB.AX Sharpe Ratio is 0.59, which is lower than the VGS.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of ILB.AX and VGS.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

ILB.AX vs. VGS.AX - Drawdown Comparison

The maximum ILB.AX drawdown since its inception was -17.45%, smaller than the maximum VGS.AX drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for ILB.AX and VGS.AX.

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Drawdown Indicators

ILB.AXVGS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-17.45%

-23.39%

+5.94%

Max Drawdown (1Y)

Largest decline over 1 year

-4.40%

-10.72%

+6.32%

Max Drawdown (3Y)

Largest decline over 3 years

-4.40%

-13.82%

+9.42%

Max Drawdown (5Y)

Largest decline over 5 years

-17.45%

-20.53%

+3.08%

Max Drawdown (10Y)

Largest decline over 10 years

-17.45%

-23.39%

+5.94%

Current Drawdown

Current decline from peak

-0.93%

-0.36%

-0.57%

Average Drawdown

Average peak-to-trough decline

-3.59%

-4.18%

+0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

3.65%

-1.70%

Volatility

ILB.AX vs. VGS.AX - Volatility Comparison

The current volatility for iShares Government Inflation ETF (ILB.AX) is 0.81%, while Vanguard MSCI Index International Shares ETF (VGS.AX) has a volatility of 2.21%. This indicates that ILB.AX experiences smaller price fluctuations and is considered to be less risky than VGS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ILB.AXVGS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.81%

2.21%

-1.40%

Volatility (6M)

Calculated over the trailing 6-month period

3.51%

7.83%

-4.32%

Volatility (1Y)

Calculated over the trailing 1-year period

5.05%

9.77%

-4.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.38%

12.41%

-5.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.33%

12.92%

-5.59%

Dividends

ILB.AX vs. VGS.AX - Dividend Comparison

ILB.AX's dividend yield for the trailing twelve months is around 1.64%, more than VGS.AX's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
ILB.AX
iShares Government Inflation ETF		1.64%1.56%1.65%1.56%0.85%0.53%0.83%1.40%0.74%0.70%1.22%1.63%
VGS.AX
Vanguard MSCI Index International Shares ETF		0.97%2.49%1.76%1.82%1.42%1.75%2.24%2.42%2.19%2.25%3.29%2.35%

Frequently Asked Questions

ILB.AX and VGS.AX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ILB.AX tracks iShares Government Inflation Index, while VGS.AX tracks Vanguard MSCI Index International Shares Index. They also come from different issuers: iShares and Vanguard.

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