RCB.AX vs. RSM.AX

Last updated Jul 16, 2026

RCB.AX (Russell Investments Australian Select Corporate Bond ETF) and RSM.AX (Russell Investments Australian Semi-Government Bond ETF) are both exchange-traded funds - RCB.AX is a Corporate Bonds fund tracking the Russell Investments Australian Select Corporate Bond Index, while RSM.AX is a Government Bonds fund tracking the Russell Investments Australian Semi-Government Bond Index. Both are passively managed. Over the past 10 years, RCB.AX returned 2.84%/yr vs 2.45%/yr for RSM.AX. At a 0.35 correlation, their price movements are largely independent.

Performance

RCB.AX vs. RSM.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Russell Investments Australian Select Corporate Bond ETF (RCB.AX) and Russell Investments Australian Semi-Government Bond ETF (RSM.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RCB.AX achieves a 1.68% return, which is significantly higher than RSM.AX's 1.44% return. Over the past 10 years, RCB.AX has outperformed RSM.AX with an annualized return of 2.84%, while RSM.AX has yielded a comparatively lower 2.45% annualized return.

RCB.AX

• 1D: 0.05%
• 1M: 0.56%
• 6M: 1.48%
• YTD: 1.68%
• 1Y: 1.93%
• 3Y*: 4.54%
• 5Y*: 1.99%
• 10Y*: 2.84%

RSM.AX

• 1D: 0.10%
• 1M: 0.33%
• 6M: 1.24%
• YTD: 1.44%
• 1Y: 1.32%
• 3Y*: 3.70%
• 5Y*: 0.60%
• 10Y*: 2.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RCB.AX vs. RSM.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RCB.AX Russell Investments Australian Select Corporate Bond ETF	1.68%	4.03%	4.73%	5.33%	-4.29%	-1.83%	5.58%	6.27%	2.87%	3.97%
RSM.AX Russell Investments Australian Semi-Government Bond ETF	1.44%	3.01%	3.67%	4.81%	-7.23%	-2.38%	7.10%	6.95%	4.18%	4.25%

Correlation

The correlation between RCB.AX and RSM.AX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 13, 2012	0.35

Over the past year, RCB.AX and RSM.AX have become more correlated (0.58) than their long-term average of 0.35, meaning their price movements have been converging.

Return for Risk

RCB.AX vs. RSM.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RCB.AX

RCB.AX Risk / Return Rank: 19
RCB.AX Sharpe Ratio Rank: 19
RCB.AX Sortino Ratio Rank: 18
RCB.AX Omega Ratio Rank: 18
RCB.AX Calmar Ratio Rank: 19
RCB.AX Martin Ratio Rank: 19

RSM.AX

RSM.AX Risk / Return Rank: 14
RSM.AX Sharpe Ratio Rank: 15
RSM.AX Sortino Ratio Rank: 13
RSM.AX Omega Ratio Rank: 13
RSM.AX Calmar Ratio Rank: 14
RSM.AX Martin Ratio Rank: 14

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.

RCB.AX vs. RSM.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments Australian Select Corporate Bond ETF (RCB.AX) and Russell Investments Australian Semi-Government Bond ETF (RSM.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.

	RCB.AX	RSM.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	0.33	+0.20
Sortino ratio: Return per unit of downside risk	0.81	0.49	+0.32
Omega ratio: Gain probability vs. loss probability	1.10	1.06	+0.04
Calmar ratio: Return relative to maximum drawdown	0.67	0.34	+0.33
Martin ratio: Return relative to average drawdown	1.65	0.75	+0.90

RCB.AX vs. RSM.AX - Sharpe Ratio Comparison

The current RCB.AX Sharpe Ratio is 0.53, which is higher than the RSM.AX Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of RCB.AX and RSM.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.

Drawdowns

RCB.AX vs. RSM.AX - Drawdown Comparison

The maximum RCB.AX drawdown since its inception was -11.09%, smaller than the maximum RSM.AX drawdown of -12.07%. Use the drawdown chart below to compare losses from any high point for RCB.AX and RSM.AX.

Drawdown Indicators

	RCB.AX	RSM.AX	Difference
Max Drawdown Largest peak-to-trough decline	-11.09%	-12.07%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-3.96%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-2.86%	-3.96%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-8.30%	-12.07%	+3.77%
Max Drawdown (10Y) Largest decline over 10 years	-11.09%	-12.07%	+0.98%
Current Drawdown Current decline from peak	-0.05%	-0.69%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.39%	-1.93%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.80%	-0.62%

Volatility

RCB.AX vs. RSM.AX - Volatility Comparison

The current volatility for Russell Investments Australian Select Corporate Bond ETF (RCB.AX) is 0.59%, while Russell Investments Australian Semi-Government Bond ETF (RSM.AX) has a volatility of 0.74%. This indicates that RCB.AX experiences smaller price fluctuations and is considered to be less risky than RSM.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RCB.AX	RSM.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.74%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	2.81%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	4.05%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	4.77%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.41%	4.50%	+0.91%

Dividends

RCB.AX vs. RSM.AX - Dividend Comparison

RCB.AX's dividend yield for the trailing twelve months is around 4.43%, more than RSM.AX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RCB.AX Russell Investments Australian Select Corporate Bond ETF	4.43%	4.68%	3.76%	1.86%	0.40%	1.30%	4.18%	3.80%	2.94%	4.22%	3.44%	3.57%
RSM.AX Russell Investments Australian Semi-Government Bond ETF	3.94%	2.12%	0.00%	0.00%	0.00%	2.59%	7.27%	3.90%	3.05%	3.66%	5.23%	4.54%

Frequently Asked Questions

Can I hold both RCB.AX and RSM.AX in my portfolio?

RCB.AX and RSM.AX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between RCB.AX and RSM.AX?

RCB.AX is categorized as Corporate Bonds, while RSM.AX is Government Bonds. RCB.AX tracks Russell Investments Australian Select Corporate Bond Index, while RSM.AX tracks Russell Investments Australian Semi-Government Bond Index.