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MOAT.AX vs. SUBD.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MOAT.AX vs. SUBD.AX

Last updated Jul 16, 2026
Documentation

MOAT.AX (VanEck Morningstar Wide Moat ETF) and SUBD.AX (Vaneck Australian Subordinated Debt ETF) are both exchange-traded funds - MOAT.AX is a Global Equities fund tracking the VanEck Morningstar Wide Moat Index, while SUBD.AX is a High Yield Bonds fund tracking the iBoxx AUD Investment Grade Subordinated Debt Mid Price Index. Both are passively managed. Over the past 5 years, MOAT.AX returned 9.50%/yr vs 4.63%/yr for SUBD.AX. At a 0.01 correlation, their price movements are largely independent.

Performance

MOAT.AX vs. SUBD.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck Morningstar Wide Moat ETF (MOAT.AX) and Vaneck Australian Subordinated Debt ETF (SUBD.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, MOAT.AX achieves a -2.79% return, which is significantly lower than SUBD.AX's 3.04% return.

MOAT.AX

1D
0.22%
1M
3.39%
6M
-5.09%
YTD
-2.79%
1Y
4.18%
3Y*
9.17%
5Y*
9.50%
10Y*
14.17%

SUBD.AX

1D
0.04%
1M
0.80%
6M
2.67%
YTD
3.04%
1Y
6.00%
3Y*
6.36%
5Y*
4.63%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MOAT.AX vs. SUBD.AX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
MOAT.AX
VanEck Morningstar Wide Moat ETF		-2.79%5.68%20.43%30.52%-7.38%30.97%3.35%4.88%
SUBD.AX
Vaneck Australian Subordinated Debt ETF		3.04%5.55%7.13%7.11%0.27%2.12%2.39%0.59%

Correlation

The correlation between MOAT.AX and SUBD.AX is -0.07, 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

-0.07

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

-0.01

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

-0.03

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2019

0.01

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VanEck Morningstar Wide Moat ETF

Vaneck Australian Subordinated Debt ETF

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Return for Risk

MOAT.AX vs. SUBD.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MOAT.AX
MOAT.AX Risk / Return Rank: 1515
Overall Rank
MOAT.AX Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
MOAT.AX Sortino Ratio Rank: 1616
Sortino Ratio Rank
MOAT.AX Omega Ratio Rank: 1515
Omega Ratio Rank
MOAT.AX Calmar Ratio Rank: 1414
Calmar Ratio Rank
MOAT.AX Martin Ratio Rank: 1313
Martin Ratio Rank
SUBD.AX
SUBD.AX Risk / Return Rank: 9999
Overall Rank
SUBD.AX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
SUBD.AX Sortino Ratio Rank: 9999
Sortino Ratio Rank
SUBD.AX Omega Ratio Rank: 9999
Omega Ratio Rank
SUBD.AX Calmar Ratio Rank: 9999
Calmar Ratio Rank
SUBD.AX Martin Ratio Rank: 9999
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.

MOAT.AX vs. SUBD.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Wide Moat ETF (MOAT.AX) and Vaneck Australian Subordinated Debt ETF (SUBD.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.

MOAT.AXSUBD.AXDifference
Sharpe ratioReturn per unit of total volatility
0.44
6.73

-6.30

Sortino ratioReturn per unit of downside risk
0.70
12.70

-12.00

Omega ratioGain probability vs. loss probability

1.08

3.06

-1.98

Calmar ratioReturn relative to maximum drawdown

0.35

24.82

-24.47

Martin ratioReturn relative to average drawdown

0.72

101.01

-100.29

MOAT.AX vs. SUBD.AX - Sharpe Ratio Comparison

The current MOAT.AX Sharpe Ratio is 0.44, which is lower than the SUBD.AX Sharpe Ratio of 6.73. The chart below compares the historical Sharpe Ratios of MOAT.AX and SUBD.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

MOAT.AX vs. SUBD.AX - Drawdown Comparison

The maximum MOAT.AX drawdown since its inception was -23.63%, which is greater than SUBD.AX's maximum drawdown of -10.85%. Use the drawdown chart below to compare losses from any high point for MOAT.AX and SUBD.AX.

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Drawdown Indicators

MOAT.AXSUBD.AXDifference

Max Drawdown

Largest peak-to-trough decline

-23.63%

-10.85%

-12.78%

Max Drawdown (1Y)

Largest decline over 1 year

-15.16%

-0.24%

-14.92%

Max Drawdown (3Y)

Largest decline over 3 years

-19.11%

-1.19%

-17.92%

Max Drawdown (5Y)

Largest decline over 5 years

-19.11%

-2.99%

-16.12%

Max Drawdown (10Y)

Largest decline over 10 years

-23.63%

—

—

Current Drawdown

Current decline from peak

-6.11%

0.00%

-6.11%

Average Drawdown

Average peak-to-trough decline

-3.97%

-0.44%

-3.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.59%

0.06%

+7.53%

Volatility

MOAT.AX vs. SUBD.AX - Volatility Comparison

VanEck Morningstar Wide Moat ETF (MOAT.AX) has a higher volatility of 3.66% compared to Vaneck Australian Subordinated Debt ETF (SUBD.AX) at 0.27%. This indicates that MOAT.AX's price experiences larger fluctuations and is considered to be riskier than SUBD.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MOAT.AXSUBD.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.66%

0.27%

+3.39%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

0.64%

+9.05%

Volatility (1Y)

Calculated over the trailing 1-year period

12.31%

0.88%

+11.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.96%

1.35%

+13.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.47%

4.76%

+10.71%

Dividends

MOAT.AX vs. SUBD.AX - Dividend Comparison

MOAT.AX's dividend yield for the trailing twelve months is around 10.05%, more than SUBD.AX's 5.35% yield.

PositionTTM20252024202320222021202020192018201720162015
MOAT.AX
VanEck Morningstar Wide Moat ETF		10.05%5.78%7.39%6.87%0.00%0.00%1.26%1.12%2.52%0.00%1.78%3.30%
SUBD.AX
Vaneck Australian Subordinated Debt ETF		5.35%5.54%5.85%5.13%2.60%1.90%2.01%0.18%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MOAT.AX and SUBD.AX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MOAT.AX is categorized as Global Equities, while SUBD.AX is High Yield Bonds. MOAT.AX tracks VanEck Morningstar Wide Moat Index, while SUBD.AX tracks iBoxx AUD Investment Grade Subordinated Debt Mid Price Index.

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