RGB.AX vs. RCB.AX

Last updated Jul 16, 2026

RGB.AX (Russell Investments Australian Government Bond ETF) and RCB.AX (Russell Investments Australian Select Corporate Bond ETF) are both exchange-traded funds - RGB.AX is a Government Bonds fund tracking the Russell Investments Australian Government Bond Index, while RCB.AX is a Corporate Bonds fund tracking the Russell Investments Australian Select Corporate Bond Index. Both are passively managed. Over the past 10 years, RGB.AX returned 0.64%/yr vs 2.84%/yr for RCB.AX. At a 0.36 correlation, their price movements are largely independent.

Performance

RGB.AX vs. RCB.AX - Performance Comparison

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

Returns By Period

In the year-to-date period, RGB.AX achieves a 1.56% return, which is significantly lower than RCB.AX's 1.68% return. Over the past 10 years, RGB.AX has underperformed RCB.AX with an annualized return of 0.64%, while RCB.AX has yielded a comparatively higher 2.84% annualized return.

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%

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%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

The correlation between RGB.AX and RCB.AX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 13, 2012	0.36

Over the past year, RGB.AX and RCB.AX have become more correlated (0.61) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

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

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

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

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

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.

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

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

	RGB.AX	RCB.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.53	-0.43
Sortino ratio: Return per unit of downside risk	0.19	0.81	-0.62
Omega ratio: Gain probability vs. loss probability	1.02	1.10	-0.08
Calmar ratio: Return relative to maximum drawdown	0.10	0.67	-0.57
Martin ratio: Return relative to average drawdown	0.19	1.65	-1.46

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

The current RGB.AX Sharpe Ratio is 0.10, which is lower than the RCB.AX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of RGB.AX and RCB.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

RGB.AX vs. RCB.AX - Drawdown Comparison

The maximum RGB.AX drawdown since its inception was -19.94%, which is greater than RCB.AX's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for RGB.AX and RCB.AX.

Drawdown Indicators

	RGB.AX	RCB.AX	Difference
Max Drawdown Largest peak-to-trough decline	-19.94%	-11.09%	-8.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.77%	-2.86%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-5.77%	-2.86%	-2.91%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-8.30%	-11.35%
Max Drawdown (10Y) Largest decline over 10 years	-19.94%	-11.09%	-8.85%
Current Drawdown Current decline from peak	-8.87%	-0.05%	-8.82%
Average Drawdown Average peak-to-trough decline	-5.83%	-1.39%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.18%	+1.91%

Volatility

RGB.AX vs. RCB.AX - Volatility Comparison

Russell Investments Australian Government Bond ETF (RGB.AX) has a higher volatility of 1.09% compared to Russell Investments Australian Select Corporate Bond ETF (RCB.AX) at 0.59%. This indicates that RGB.AX's price experiences larger fluctuations and is considered to be riskier than RCB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RGB.AX	RCB.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.59%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	2.67%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	3.61%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	3.68%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.58%	5.41%	+1.17%

Dividends

RGB.AX vs. RCB.AX - Dividend Comparison

RGB.AX's dividend yield for the trailing twelve months is around 2.22%, less than RCB.AX's 4.43% 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%
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 RGB.AX and RCB.AX in my portfolio?

RGB.AX and RCB.AX have a correlation of 0.61, 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 RGB.AX and RCB.AX?

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