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

ISEC.AX vs. BILL.AX

Last updated Jul 16, 2026
Documentation

ISEC.AX (iShares Enhanced Cash ETF) and BILL.AX (iShares Core Cash ETF) are both Money Market funds from iShares - ISEC.AX tracks the iShares Enhanced Cash Index while BILL.AX tracks the S&P/ASX Bank Bill Index. Both are passively managed. Over the past 5 years, ISEC.AX returned 3.27%/yr vs 3.25%/yr for BILL.AX. At a 0.25 correlation, their price movements are largely independent.

Performance

ISEC.AX vs. BILL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Enhanced Cash ETF (ISEC.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, ISEC.AX achieves a 1.92% return, which is significantly lower than BILL.AX's 2.24% return.

ISEC.AX

1D
0.01%
1M
0.43%
6M
1.78%
YTD
1.92%
1Y
3.77%
3Y*
4.36%
5Y*
3.27%
10Y*
—

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)

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

2026 (YTD)202520242023202220212020201920182017
ISEC.AX
iShares Enhanced Cash ETF		1.92%4.40%4.74%4.06%1.29%0.08%0.63%1.77%2.05%1.24%
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 ISEC.AX and BILL.AX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.27

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

0.27

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

0.25

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iShares Enhanced Cash ETF

iShares Core Cash ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ISEC.AX
ISEC.AX Risk / Return Rank: 9797
Overall Rank
ISEC.AX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ISEC.AX Sortino Ratio Rank: 9797
Sortino Ratio Rank
ISEC.AX Omega Ratio Rank: 9999
Omega Ratio Rank
ISEC.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
ISEC.AX Martin Ratio Rank: 9696
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Cash ETF (ISEC.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.

ISEC.AXBILL.AXDifference
Sharpe ratioReturn per unit of total volatility
3.54
4.34

-0.80

Sortino ratioReturn per unit of downside risk
5.00
6.56

-1.56

Omega ratioGain probability vs. loss probability

2.70

3.26

-0.56

Calmar ratioReturn relative to maximum drawdown

9.72

11.39

-1.67

Martin ratioReturn relative to average drawdown

29.94

37.49

-7.55

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

The current ISEC.AX Sharpe Ratio is 3.54, which is comparable to the BILL.AX Sharpe Ratio of 4.34. The chart below compares the historical Sharpe Ratios of ISEC.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

ISEC.AX vs. BILL.AX - Drawdown Comparison

The maximum ISEC.AX drawdown since its inception was -0.38%, roughly equal to the maximum BILL.AX drawdown of -0.37%. Use the drawdown chart below to compare losses from any high point for ISEC.AX and BILL.AX.

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Drawdown Indicators

ISEC.AXBILL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.38%

-0.37%

-0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-0.38%

-0.34%

-0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-0.38%

-0.37%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-0.38%

-0.37%

-0.01%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.03%

-0.02%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

0.10%

+0.02%

Volatility

ISEC.AX vs. BILL.AX - Volatility Comparison

iShares Enhanced Cash ETF (ISEC.AX) has a higher volatility of 0.09% compared to iShares Core Cash ETF (BILL.AX) at 0.07%. This indicates that ISEC.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

ISEC.AXBILL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.09%

0.07%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

0.78%

0.64%

+0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

1.03%

0.89%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

0.69%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.57%

0.55%

+0.02%

Dividends

ISEC.AX vs. BILL.AX - Dividend Comparison

ISEC.AX's dividend yield for the trailing twelve months is around 3.75%, less than BILL.AX's 3.97% yield.

PositionTTM202520242023202220212020201920182017
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%
ISEC.AX
iShares Enhanced Cash ETF		3.75%4.32%4.55%3.93%1.05%0.13%0.57%1.68%1.96%0.88%

Frequently Asked Questions

ISEC.AX and BILL.AX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISEC.AX tracks iShares Enhanced Cash Index, while BILL.AX tracks S&P/ASX Bank Bill Index.

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