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RSM.AX vs. IGB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RSM.AX vs. IGB.AX

Last updated Jul 16, 2026
Documentation

RSM.AX (Russell Investments Australian Semi-Government Bond ETF) and IGB.AX (iShares Treasury ETF) are both Government Bonds funds - RSM.AX tracks the Russell Investments Australian Semi-Government Bond Index while IGB.AX tracks the iShares Treasury Index. Both are passively managed. Over the past 10 years, RSM.AX returned 2.45%/yr vs 0.98%/yr for IGB.AX. At a 0.46 correlation, their price movements are largely independent.

Performance

RSM.AX vs. IGB.AX - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with RSM.AX having a 1.44% return and IGB.AX slightly higher at 1.50%. Over the past 10 years, RSM.AX has outperformed IGB.AX with an annualized return of 2.45%, while IGB.AX has yielded a comparatively lower 0.98% annualized return.

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%

IGB.AX

1D
0.15%
1M
0.05%
6M
1.25%
YTD
1.50%
1Y
1.15%
3Y*
2.86%
5Y*
-0.71%
10Y*
0.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
IGB.AX
iShares Treasury ETF		1.50%2.62%1.90%3.88%-10.24%-3.27%3.68%7.38%4.73%2.37%

Correlation

The correlation between RSM.AX and IGB.AX is 0.70, 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

0.70

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

0.71

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

0.72

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

0.51

Correlation (All Time)
Calculated using the full available price history since Mar 13, 2012

0.46

Over the past year, RSM.AX and IGB.AX have become more correlated (0.70) than their long-term average of 0.46, meaning their price movements have been converging.

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Russell Investments Australian Semi-Government Bond ETF

iShares Treasury ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RSM.AX
RSM.AX Risk / Return Rank: 1414
Overall Rank
RSM.AX Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
RSM.AX Sortino Ratio Rank: 1313
Sortino Ratio Rank
RSM.AX Omega Ratio Rank: 1313
Omega Ratio Rank
RSM.AX Calmar Ratio Rank: 1414
Calmar Ratio Rank
RSM.AX Martin Ratio Rank: 1414
Martin Ratio Rank
IGB.AX
IGB.AX Risk / Return Rank: 1313
Overall Rank
IGB.AX Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
IGB.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
IGB.AX Omega Ratio Rank: 1212
Omega Ratio Rank
IGB.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
IGB.AX Martin Ratio Rank: 1313
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.

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

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

RSM.AXIGB.AXDifference
Sharpe ratioReturn per unit of total volatility
0.33
0.30

+0.03

Sortino ratioReturn per unit of downside risk
0.49
0.45

+0.03

Omega ratioGain probability vs. loss probability

1.06

1.05

+0.01

Calmar ratioReturn relative to maximum drawdown

0.34

0.31

+0.03

Martin ratioReturn relative to average drawdown

0.75

0.59

+0.16

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

The current RSM.AX Sharpe Ratio is 0.33, which is comparable to the IGB.AX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of RSM.AX and IGB.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

RSM.AX vs. IGB.AX - Drawdown Comparison

The maximum RSM.AX drawdown since its inception was -12.07%, smaller than the maximum IGB.AX drawdown of -16.94%. Use the drawdown chart below to compare losses from any high point for RSM.AX and IGB.AX.

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Drawdown Indicators

RSM.AXIGB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-12.07%

-16.94%

+4.87%

Max Drawdown (1Y)

Largest decline over 1 year

-3.96%

-3.87%

-0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-3.96%

-3.92%

-0.04%

Max Drawdown (5Y)

Largest decline over 5 years

-12.07%

-16.01%

+3.94%

Max Drawdown (10Y)

Largest decline over 10 years

-12.07%

-16.94%

+4.87%

Current Drawdown

Current decline from peak

-0.69%

-5.71%

+5.02%

Average Drawdown

Average peak-to-trough decline

-1.93%

-4.44%

+2.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

2.05%

-0.25%

Volatility

RSM.AX vs. IGB.AX - Volatility Comparison

The current volatility for Russell Investments Australian Semi-Government Bond ETF (RSM.AX) is 0.74%, while iShares Treasury ETF (IGB.AX) has a volatility of 0.85%. This indicates that RSM.AX experiences smaller price fluctuations and is considered to be less risky than IGB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RSM.AXIGB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.74%

0.85%

-0.11%

Volatility (6M)

Calculated over the trailing 6-month period

2.81%

2.91%

-0.10%

Volatility (1Y)

Calculated over the trailing 1-year period

4.05%

4.01%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.77%

5.40%

-0.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.50%

5.02%

-0.52%

Dividends

RSM.AX vs. IGB.AX - Dividend Comparison

RSM.AX's dividend yield for the trailing twelve months is around 3.94%, more than IGB.AX's 2.60% yield.

PositionTTM20252024202320222021202020192018201720162015
IGB.AX
iShares Treasury ETF		2.60%3.10%2.47%1.63%0.80%1.20%2.47%1.54%1.56%2.11%2.09%5.81%
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

RSM.AX and IGB.AX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RSM.AX tracks Russell Investments Australian Semi-Government Bond Index, while IGB.AX tracks iShares Treasury Index. They also come from different issuers: Russell and iShares.

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