RDV.AX vs. RGB.AX

Last updated Jul 16, 2026

RDV.AX (Russell Investments High Dividend Australian Shares ETF) and RGB.AX (Russell Investments Australian Government Bond ETF) are both exchange-traded funds - RDV.AX is a Dividend fund tracking the Russell Investments High Dividend Australian Shares Index, while RGB.AX is a Government Bonds fund tracking the Russell Investments Australian Government Bond Index. Both are passively managed. Over the past 10 years, RDV.AX returned 7.62%/yr vs 0.64%/yr for RGB.AX. At a 0.02 correlation, their price movements are largely independent.

Performance

RDV.AX vs. RGB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Russell Investments High Dividend Australian Shares ETF (RDV.AX) and Russell Investments Australian Government Bond ETF (RGB.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RDV.AX achieves a 4.38% return, which is significantly higher than RGB.AX's 1.56% return. Over the past 10 years, RDV.AX has outperformed RGB.AX with an annualized return of 7.62%, while RGB.AX has yielded a comparatively lower 0.64% annualized return.

RDV.AX

• 1D: 0.38%
• 1M: 0.57%
• 6M: 4.47%
• YTD: 4.38%
• 1Y: 6.90%
• 3Y*: 11.54%
• 5Y*: 8.31%
• 10Y*: 7.62%

RGB.AX

• 1D: 0.11%
• 1M: -0.32%
• 6M: 0.92%
• YTD: 1.56%
• 1Y: 0.50%
• 3Y*: 2.53%
• 5Y*: -1.46%
• 10Y*: 0.64%

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

RDV.AX vs. RGB.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RDV.AX Russell Investments High Dividend Australian Shares ETF	4.38%	12.55%	12.31%	8.23%	2.30%	15.36%	-5.86%	19.92%	-9.14%	9.86%
RGB.AX Russell Investments Australian Government Bond ETF	1.56%	1.29%	2.23%	4.47%	-13.14%	-3.68%	5.45%	7.97%	4.61%	1.60%

Correlation

The correlation between RDV.AX and RGB.AX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 13, 2012	0.02

Over the past year, RDV.AX and RGB.AX have become more correlated (0.30) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

RDV.AX vs. RGB.AX — Risk / Return Rank

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

RDV.AX

RDV.AX Risk / Return Rank: 23
RDV.AX Sharpe Ratio Rank: 24
RDV.AX Sortino Ratio Rank: 22
RDV.AX Omega Ratio Rank: 22
RDV.AX Calmar Ratio Rank: 28
RDV.AX Martin Ratio Rank: 22

RGB.AX

RGB.AX Risk / Return Rank: 10
RGB.AX Sharpe Ratio Rank: 11
RGB.AX Sortino Ratio Rank: 10
RGB.AX Omega Ratio Rank: 9
RGB.AX Calmar Ratio Rank: 11
RGB.AX Martin Ratio Rank: 10

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.

RDV.AX vs. RGB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments High Dividend Australian Shares ETF (RDV.AX) and Russell Investments Australian Government Bond ETF (RGB.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.

	RDV.AX	RGB.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.10	+0.61
Sortino ratio: Return per unit of downside risk	1.03	0.19	+0.84
Omega ratio: Gain probability vs. loss probability	1.13	1.02	+0.11
Calmar ratio: Return relative to maximum drawdown	1.16	0.10	+1.06
Martin ratio: Return relative to average drawdown	2.19	0.19	+1.99

RDV.AX vs. RGB.AX - Sharpe Ratio Comparison

The current RDV.AX Sharpe Ratio is 0.71, which is higher than the RGB.AX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of RDV.AX and RGB.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

RDV.AX vs. RGB.AX - Drawdown Comparison

The maximum RDV.AX drawdown since its inception was -40.60%, which is greater than RGB.AX's maximum drawdown of -19.94%. Use the drawdown chart below to compare losses from any high point for RDV.AX and RGB.AX.

Drawdown Indicators

	RDV.AX	RGB.AX	Difference
Max Drawdown Largest peak-to-trough decline	-40.60%	-19.94%	-20.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.38%	-5.77%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	-5.77%	-4.32%
Max Drawdown (5Y) Largest decline over 5 years	-14.71%	-19.65%	+4.94%
Max Drawdown (10Y) Largest decline over 10 years	-40.60%	-19.94%	-20.66%
Current Drawdown Current decline from peak	-1.31%	-8.87%	+7.56%
Average Drawdown Average peak-to-trough decline	-5.16%	-5.83%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.09%	+0.36%

Volatility

RDV.AX vs. RGB.AX - Volatility Comparison

Russell Investments High Dividend Australian Shares ETF (RDV.AX) has a higher volatility of 2.10% compared to Russell Investments Australian Government Bond ETF (RGB.AX) at 1.09%. This indicates that RDV.AX's price experiences larger fluctuations and is considered to be riskier than RGB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RDV.AX	RGB.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	1.09%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	4.61%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	5.73%	+4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	7.34%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.78%	6.58%	+8.20%

Dividends

RDV.AX vs. RGB.AX - Dividend Comparison

RDV.AX's dividend yield for the trailing twelve months is around 4.03%, more than RGB.AX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RDV.AX Russell Investments High Dividend Australian Shares ETF	4.03%	4.60%	4.02%	4.90%	6.65%	4.12%	3.21%	6.54%	7.41%	5.41%	4.44%	5.93%
RGB.AX Russell Investments Australian Government Bond ETF	2.22%	2.46%	2.24%	1.43%	1.70%	2.99%	3.19%	2.86%	1.88%	0.81%	2.55%	4.26%

Frequently Asked Questions

Can I hold both RDV.AX and RGB.AX in my portfolio?

RDV.AX and RGB.AX have a correlation of 0.30, 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 RDV.AX and RGB.AX?

RDV.AX is categorized as Dividend, while RGB.AX is Government Bonds. RDV.AX tracks Russell Investments High Dividend Australian Shares Index, while RGB.AX tracks Russell Investments Australian Government Bond Index.