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SUBD.AX vs. GRNV.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SUBD.AX vs. GRNV.AX

Last updated Jul 16, 2026
Documentation

SUBD.AX (Vaneck Australian Subordinated Debt ETF) and GRNV.AX (VanEck MSCI Australian Sustainable Equity ETF) are both exchange-traded funds - SUBD.AX is a High Yield Bonds fund tracking the iBoxx AUD Investment Grade Subordinated Debt Mid Price Index, while GRNV.AX is a Global Equities fund tracking the VanEck MSCI Australian Sustainable Equity Index. Both are passively managed. Over the past 5 years, SUBD.AX returned 4.63%/yr vs 3.91%/yr for GRNV.AX. At a correlation of -0.00, they often move in opposite directions.

Performance

SUBD.AX vs. GRNV.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vaneck Australian Subordinated Debt ETF (SUBD.AX) and VanEck MSCI Australian Sustainable Equity ETF (GRNV.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, SUBD.AX achieves a 3.04% return, which is significantly higher than GRNV.AX's -5.59% return.

SUBD.AX

1D
0.04%
1M
0.80%
6M
2.67%
YTD
3.04%
1Y
6.00%
3Y*
6.36%
5Y*
4.63%
10Y*
—

GRNV.AX

1D
-0.16%
1M
-0.61%
6M
-5.39%
YTD
-5.59%
1Y
-5.50%
3Y*
6.15%
5Y*
3.91%
10Y*
5.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SUBD.AX vs. GRNV.AX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SUBD.AX
Vaneck Australian Subordinated Debt ETF		3.04%5.55%7.13%7.11%0.27%2.12%2.39%0.59%
GRNV.AX
VanEck MSCI Australian Sustainable Equity ETF		-5.59%8.50%11.86%14.17%-13.00%18.36%2.26%0.57%

Correlation

The correlation between SUBD.AX and GRNV.AX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.08

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

0.01

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

-0.04

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2019

-0.00

The correlation between SUBD.AX and GRNV.AX shifts across timeframes, from -0.04 (5 years) to 0.08 (1 year), reflecting how their relationship changes across market environments.

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Vaneck Australian Subordinated Debt ETF

VanEck MSCI Australian Sustainable Equity ETF

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Return for Risk

SUBD.AX vs. GRNV.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SUBD.AX
SUBD.AX Risk / Return Rank: 9999
Overall Rank
SUBD.AX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
SUBD.AX Sortino Ratio Rank: 9999
Sortino Ratio Rank
SUBD.AX Omega Ratio Rank: 9999
Omega Ratio Rank
SUBD.AX Calmar Ratio Rank: 9999
Calmar Ratio Rank
SUBD.AX Martin Ratio Rank: 9999
Martin Ratio Rank
GRNV.AX
GRNV.AX Risk / Return Rank: 77
Overall Rank
GRNV.AX Sharpe Ratio Rank: 77
Sharpe Ratio Rank
GRNV.AX Sortino Ratio Rank: 66
Sortino Ratio Rank
GRNV.AX Omega Ratio Rank: 66
Omega Ratio Rank
GRNV.AX Calmar Ratio Rank: 77
Calmar Ratio Rank
GRNV.AX Martin Ratio Rank: 77
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.

SUBD.AX vs. GRNV.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vaneck Australian Subordinated Debt ETF (SUBD.AX) and VanEck MSCI Australian Sustainable Equity ETF (GRNV.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.

SUBD.AXGRNV.AXDifference
Sharpe ratioReturn per unit of total volatility
6.73
-0.28

+7.01

Sortino ratioReturn per unit of downside risk
12.70
-0.28

+12.98

Omega ratioGain probability vs. loss probability

3.06

0.97

+2.09

Calmar ratioReturn relative to maximum drawdown

24.82

-0.24

+25.07

Martin ratioReturn relative to average drawdown

101.01

-0.48

+101.48

SUBD.AX vs. GRNV.AX - Sharpe Ratio Comparison

The current SUBD.AX Sharpe Ratio is 6.73, which is higher than the GRNV.AX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of SUBD.AX and GRNV.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

SUBD.AX vs. GRNV.AX - Drawdown Comparison

The maximum SUBD.AX drawdown since its inception was -10.85%, smaller than the maximum GRNV.AX drawdown of -37.16%. Use the drawdown chart below to compare losses from any high point for SUBD.AX and GRNV.AX.

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Drawdown Indicators

SUBD.AXGRNV.AXDifference

Max Drawdown

Largest peak-to-trough decline

-10.85%

-37.16%

+26.31%

Max Drawdown (1Y)

Largest decline over 1 year

-0.24%

-19.26%

+19.02%

Max Drawdown (3Y)

Largest decline over 3 years

-1.19%

-19.26%

+18.07%

Max Drawdown (5Y)

Largest decline over 5 years

-2.99%

-20.56%

+17.57%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.16%

—

Current Drawdown

Current decline from peak

0.00%

-12.07%

+12.07%

Average Drawdown

Average peak-to-trough decline

-0.44%

-6.20%

+5.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.06%

9.91%

-9.85%

Volatility

SUBD.AX vs. GRNV.AX - Volatility Comparison

The current volatility for Vaneck Australian Subordinated Debt ETF (SUBD.AX) is 0.27%, while VanEck MSCI Australian Sustainable Equity ETF (GRNV.AX) has a volatility of 3.24%. This indicates that SUBD.AX experiences smaller price fluctuations and is considered to be less risky than GRNV.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SUBD.AXGRNV.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.27%

3.24%

-2.97%

Volatility (6M)

Calculated over the trailing 6-month period

0.64%

12.34%

-11.70%

Volatility (1Y)

Calculated over the trailing 1-year period

0.88%

16.82%

-15.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.35%

14.97%

-13.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.76%

15.51%

-10.75%

Dividends

SUBD.AX vs. GRNV.AX - Dividend Comparison

SUBD.AX's dividend yield for the trailing twelve months is around 5.35%, more than GRNV.AX's 2.10% yield.

PositionTTM2025202420232022202120202019201820172016
GRNV.AX
VanEck MSCI Australian Sustainable Equity ETF		2.10%3.34%1.53%1.72%0.62%2.33%3.88%4.82%3.98%4.10%0.76%
SUBD.AX
Vaneck Australian Subordinated Debt ETF		5.35%5.54%5.85%5.13%2.60%1.90%2.01%0.18%0.00%0.00%0.00%

Frequently Asked Questions

SUBD.AX and GRNV.AX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SUBD.AX is categorized as High Yield Bonds, while GRNV.AX is Global Equities. SUBD.AX tracks iBoxx AUD Investment Grade Subordinated Debt Mid Price Index, while GRNV.AX tracks VanEck MSCI Australian Sustainable Equity Index.

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