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OZF.AX vs. GOVT.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OZF.AX vs. GOVT.AX

Last updated Jul 16, 2026
Documentation

OZF.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF) and GOVT.AX (SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF) are both exchange-traded funds - OZF.AX is a Financials Equities fund tracking the SPDR Index, while GOVT.AX is a Government Bonds fund tracking the SPDR Index. Both are passively managed. Over the past 10 years, OZF.AX returned 9.31%/yr vs 1.15%/yr for GOVT.AX. At a correlation of -0.01, they often move in opposite directions.

Performance

OZF.AX vs. GOVT.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF (OZF.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.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, OZF.AX achieves a 6.30% return, which is significantly higher than GOVT.AX's 1.20% return. Over the past 10 years, OZF.AX has outperformed GOVT.AX with an annualized return of 9.31%, while GOVT.AX has yielded a comparatively lower 1.15% annualized return.

OZF.AX

1D
1.14%
1M
5.52%
6M
7.91%
YTD
6.30%
1Y
5.96%
3Y*
18.58%
5Y*
12.36%
10Y*
9.31%

GOVT.AX

1D
0.08%
1M
-0.06%
6M
1.20%
YTD
1.20%
1Y
1.46%
3Y*
3.19%
5Y*
-0.88%
10Y*
1.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OZF.AX vs. GOVT.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OZF.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF		6.30%11.07%29.96%10.42%1.05%23.44%-5.79%12.70%-9.21%4.50%
GOVT.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF		1.20%2.72%2.83%4.91%-12.45%-3.42%3.78%8.85%4.34%3.39%

Correlation

The correlation between OZF.AX and GOVT.AX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.13

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

0.21

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

0.15

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

0.03

Correlation (All Time)
Calculated using the full available price history since Jul 27, 2012

-0.01

The correlation between OZF.AX and GOVT.AX shifts across timeframes, from -0.01 (all time) to 0.21 (3 years), reflecting how their relationship changes across market environments.

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SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF

SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF

Return for Risk

OZF.AX vs. GOVT.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OZF.AX
OZF.AX Risk / Return Rank: 1717
Overall Rank
OZF.AX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
OZF.AX Sortino Ratio Rank: 1515
Sortino Ratio Rank
OZF.AX Omega Ratio Rank: 1515
Omega Ratio Rank
OZF.AX Calmar Ratio Rank: 1919
Calmar Ratio Rank
OZF.AX Martin Ratio Rank: 1717
Martin Ratio Rank
GOVT.AX
GOVT.AX Risk / Return Rank: 1414
Overall Rank
GOVT.AX Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
GOVT.AX Sortino Ratio Rank: 1414
Sortino Ratio Rank
GOVT.AX Omega Ratio Rank: 1313
Omega Ratio Rank
GOVT.AX Calmar Ratio Rank: 1414
Calmar Ratio Rank
GOVT.AX Martin Ratio Rank: 1414
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.

OZF.AX vs. GOVT.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF (OZF.AX) and SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.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.

OZF.AXGOVT.AXDifference
Sharpe ratioReturn per unit of total volatility
0.40
0.36

+0.04

Sortino ratioReturn per unit of downside risk
0.66
0.55

+0.11

Omega ratioGain probability vs. loss probability

1.08

1.06

+0.02

Calmar ratioReturn relative to maximum drawdown

0.68

0.36

+0.31

Martin ratioReturn relative to average drawdown

1.37

0.77

+0.60

OZF.AX vs. GOVT.AX - Sharpe Ratio Comparison

The current OZF.AX Sharpe Ratio is 0.40, which is comparable to the GOVT.AX Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of OZF.AX and GOVT.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

OZF.AX vs. GOVT.AX - Drawdown Comparison

The maximum OZF.AX drawdown since its inception was -42.63%, which is greater than GOVT.AX's maximum drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for OZF.AX and GOVT.AX.

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Drawdown Indicators

OZF.AXGOVT.AXDifference

Max Drawdown

Largest peak-to-trough decline

-42.63%

-18.22%

-24.41%

Max Drawdown (1Y)

Largest decline over 1 year

-10.43%

-3.96%

-6.47%

Max Drawdown (3Y)

Largest decline over 3 years

-15.91%

-4.78%

-11.13%

Max Drawdown (5Y)

Largest decline over 5 years

-20.52%

-17.70%

-2.82%

Max Drawdown (10Y)

Largest decline over 10 years

-42.63%

-18.22%

-24.41%

Current Drawdown

Current decline from peak

-2.51%

-6.19%

+3.68%

Average Drawdown

Average peak-to-trough decline

-6.99%

-4.64%

-2.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.17%

1.92%

+3.25%

Volatility

OZF.AX vs. GOVT.AX - Volatility Comparison

SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF (OZF.AX) has a higher volatility of 3.75% compared to SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF (GOVT.AX) at 0.94%. This indicates that OZF.AX's price experiences larger fluctuations and is considered to be riskier than GOVT.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OZF.AXGOVT.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

0.94%

+2.81%

Volatility (6M)

Calculated over the trailing 6-month period

13.25%

3.01%

+10.24%

Volatility (1Y)

Calculated over the trailing 1-year period

17.86%

4.01%

+13.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.41%

6.16%

+10.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.30%

5.78%

+12.52%

Dividends

OZF.AX vs. GOVT.AX - Dividend Comparison

OZF.AX's dividend yield for the trailing twelve months is around 2.84%, less than GOVT.AX's 3.01% yield.

PositionTTM20252024202320222021202020192018201720162015
GOVT.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX iBoxx Australian Government Bond ETF		3.01%2.83%1.95%1.10%1.03%2.21%2.20%2.03%2.02%2.36%3.16%3.42%
OZF.AX
SPDR ETFs Australia - State Street SPDR S&P/ASX 200 Financials EX A-REIT ETF		2.84%4.47%1.97%3.91%3.99%3.80%1.71%4.57%5.01%4.86%5.74%6.49%

Frequently Asked Questions

OZF.AX and GOVT.AX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OZF.AX is categorized as Financials Equities, while GOVT.AX is Government Bonds. Both ETFs track SPDR Index.

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