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

IZZ.AX vs. IGB.AX

Last updated Jul 18, 2026
Documentation

IZZ.AX (iShares China Large-Cap ETF (AU)) and IGB.AX (iShares Treasury ETF) are both exchange-traded funds - IZZ.AX is a China Equities fund tracking the iShares China Large-Cap Index, while IGB.AX is a Government Bonds fund tracking the iShares Treasury Index. Both are passively managed. Over the past 10 years, IZZ.AX returned 2.03%/yr vs 0.94%/yr for IGB.AX. At a correlation of -0.04, they often move in opposite directions.

Performance

IZZ.AX vs. IGB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares China Large-Cap ETF (AU) (IZZ.AX) and iShares Treasury ETF (IGB.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, IZZ.AX achieves a -14.39% return, which is significantly lower than IGB.AX's 1.29% return. Over the past 10 years, IZZ.AX has outperformed IGB.AX with an annualized return of 2.03%, while IGB.AX has yielded a comparatively lower 0.94% annualized return.

IZZ.AX

1D
-2.28%
1M
0.48%
6M
-16.62%
YTD
-14.39%
1Y
-14.24%
3Y*
6.66%
5Y*
-2.92%
10Y*
2.03%

IGB.AX

1D
-0.21%
1M
-0.34%
6M
0.91%
YTD
1.29%
1Y
0.77%
3Y*
2.77%
5Y*
-0.75%
10Y*
0.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IZZ.AX
iShares China Large-Cap ETF (AU)		-14.39%18.42%37.40%-15.59%-13.74%-14.93%-0.16%15.16%-2.65%22.62%
IGB.AX
iShares Treasury ETF		1.29%2.62%1.90%3.88%-10.24%-3.27%3.68%7.38%4.73%2.37%

Correlation

The correlation between IZZ.AX and IGB.AX is 0.08, 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

0.08

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

0.02

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

-0.00

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

-0.02

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

-0.04

The correlation between IZZ.AX and IGB.AX shifts across timeframes, from -0.04 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

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iShares China Large-Cap ETF (AU)

iShares Treasury ETF

Often compared with IZZ.AX:
IZZ.AX vs. AUMF.AXIZZ.AX vs. BILL.AXIZZ.AX vs. GLDN.AXIZZ.AX vs. GLIN.AXIZZ.AX vs. ILB.AXIZZ.AX vs. IOZ.AXIZZ.AX vs. IVV.AX
Often compared with IGB.AX:
IGB.AX vs. AGVT.AXIGB.AX vs. GOVT.AXIGB.AX vs. RGB.AXIGB.AX vs. RSM.AXIGB.AX vs. VGB.AXIGB.AX vs. AUMF.AXIGB.AX vs. BILL.AX

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IZZ.AX
IZZ.AX Risk / Return Rank: 44
Overall Rank
IZZ.AX Sharpe Ratio Rank: 33
Sharpe Ratio Rank
IZZ.AX Sortino Ratio Rank: 44
Sortino Ratio Rank
IZZ.AX Omega Ratio Rank: 44
Omega Ratio Rank
IZZ.AX Calmar Ratio Rank: 55
Calmar Ratio Rank
IZZ.AX Martin Ratio Rank: 55
Martin Ratio Rank
IGB.AX
IGB.AX Risk / Return Rank: 1212
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: 1212
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (AU) (IZZ.AX) and iShares Treasury ETF (IGB.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.

IZZ.AXIGB.AXDifference
Sharpe ratioReturn per unit of total volatility
-0.77
0.19

-0.96

Sortino ratioReturn per unit of downside risk
-1.04
0.30

-1.33

Omega ratioGain probability vs. loss probability

0.89

1.03

-0.15

Calmar ratioReturn relative to maximum drawdown

-0.48

0.19

-0.68

Martin ratioReturn relative to average drawdown

-0.98

0.37

-1.35

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

The current IZZ.AX Sharpe Ratio is -0.77, which is lower than the IGB.AX Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of IZZ.AX and IGB.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

IZZ.AX vs. IGB.AX - Drawdown Comparison

The maximum IZZ.AX drawdown since its inception was -52.00%, which is greater than IGB.AX's maximum drawdown of -16.94%. Use the drawdown chart below to compare losses from any high point for IZZ.AX and IGB.AX.

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Drawdown Indicators

IZZ.AXIGB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-52.00%

-16.94%

-35.06%

Max Drawdown (1Y)

Largest decline over 1 year

-28.85%

-3.87%

-24.98%

Max Drawdown (3Y)

Largest decline over 3 years

-29.63%

-3.92%

-25.71%

Max Drawdown (5Y)

Largest decline over 5 years

-43.90%

-16.01%

-27.89%

Max Drawdown (10Y)

Largest decline over 10 years

-52.00%

-16.94%

-35.06%

Current Drawdown

Current decline from peak

-25.16%

-5.91%

-19.25%

Average Drawdown

Average peak-to-trough decline

-23.78%

-4.45%

-19.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.35%

2.05%

+12.30%

Volatility

IZZ.AX vs. IGB.AX - Volatility Comparison

iShares China Large-Cap ETF (AU) (IZZ.AX) has a higher volatility of 7.30% compared to iShares Treasury ETF (IGB.AX) at 0.87%. This indicates that IZZ.AX's price experiences larger fluctuations and is considered to be riskier than IGB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IZZ.AXIGB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.30%

0.87%

+6.43%

Volatility (6M)

Calculated over the trailing 6-month period

13.47%

2.89%

+10.58%

Volatility (1Y)

Calculated over the trailing 1-year period

18.07%

4.01%

+14.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.57%

5.40%

+21.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.99%

5.02%

+17.97%

Dividends

IZZ.AX vs. IGB.AX - Dividend Comparison

IZZ.AX's dividend yield for the trailing twelve months is around 0.93%, less than IGB.AX's 2.60% 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%
IZZ.AX
iShares China Large-Cap ETF (AU)		0.93%1.11%0.20%1.81%2.66%1.46%2.39%4.11%2.24%0.21%0.56%2.55%

Frequently Asked Questions

IZZ.AX and IGB.AX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IZZ.AX is categorized as China Equities, while IGB.AX is Government Bonds. IZZ.AX tracks iShares China Large-Cap Index, while IGB.AX tracks iShares Treasury Index.

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