PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VBND.AX vs. VHY.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VBND.AX vs. VHY.AX

Last updated Jul 16, 2026
Documentation

VBND.AX (Vanguard Global Aggregate Bond (Hedged) Index ETF) and VHY.AX (Vanguard Australian Shares High Yield ETF) are both exchange-traded funds - VBND.AX is a Total Bond Market fund tracking the Vanguard Global Aggregate Bond (Hedged) Index Index, while VHY.AX is a Dividend fund tracking the FTSE Australia High Dividend Yield Index. Both are passively managed. Over the past 5 years, VBND.AX returned -1.51%/yr vs 9.87%/yr for VHY.AX. At a 0.07 correlation, their price movements are largely independent.

Performance

VBND.AX vs. VHY.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard Global Aggregate Bond (Hedged) Index ETF (VBND.AX) and Vanguard Australian Shares High Yield ETF (VHY.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VBND.AX achieves a -0.51% return, which is significantly lower than VHY.AX's 8.22% return.

VBND.AX

1D
0.05%
1M
-0.50%
6M
0.08%
YTD
-0.51%
1Y
2.04%
3Y*
2.54%
5Y*
-1.51%
10Y*
—

VHY.AX

1D
0.20%
1M
-0.91%
6M
9.04%
YTD
8.22%
1Y
15.11%
3Y*
12.91%
5Y*
9.87%
10Y*
9.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VBND.AX vs. VHY.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VBND.AX
Vanguard Global Aggregate Bond (Hedged) Index ETF		-0.51%4.32%0.38%4.47%-14.06%-2.20%5.43%7.97%0.27%1.10%
VHY.AX
Vanguard Australian Shares High Yield ETF		8.22%14.77%9.04%9.83%7.71%16.73%1.71%20.44%-8.52%2.76%

Correlation

The correlation between VBND.AX and VHY.AX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.27

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

0.26

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

0.17

Correlation (All Time)
Calculated using the full available price history since Oct 10, 2017

0.07

The correlation between VBND.AX and VHY.AX shifts across timeframes, from 0.07 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Global Aggregate Bond (Hedged) Index ETF

Vanguard Australian Shares High Yield ETF

Often compared with VHY.AX:
VHY.AX vs. VAS.AXVHY.AX vs. VDHG.AXVHY.AX vs. VDGR.AXVHY.AX vs. VSO.AXVHY.AX vs. VDBA.AXVHY.AX vs. VAE.AXVHY.AX vs. RCD.TO

Return for Risk

VBND.AX vs. VHY.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VBND.AX
VBND.AX Risk / Return Rank: 1515
Overall Rank
VBND.AX Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
VBND.AX Sortino Ratio Rank: 1313
Sortino Ratio Rank
VBND.AX Omega Ratio Rank: 1717
Omega Ratio Rank
VBND.AX Calmar Ratio Rank: 1616
Calmar Ratio Rank
VBND.AX Martin Ratio Rank: 1616
Martin Ratio Rank
VHY.AX
VHY.AX Risk / Return Rank: 5858
Overall Rank
VHY.AX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VHY.AX Sortino Ratio Rank: 5555
Sortino Ratio Rank
VHY.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VHY.AX Calmar Ratio Rank: 7777
Calmar Ratio Rank
VHY.AX Martin Ratio Rank: 5353
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.

VBND.AX vs. VHY.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond (Hedged) Index ETF (VBND.AX) and Vanguard Australian Shares High Yield ETF (VHY.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.

VBND.AXVHY.AXDifference
Sharpe ratioReturn per unit of total volatility
0.31
1.49

-1.18

Sortino ratioReturn per unit of downside risk
0.52
2.15

-1.63

Omega ratioGain probability vs. loss probability

1.09

1.27

-0.17

Calmar ratioReturn relative to maximum drawdown

0.48

3.18

-2.70

Martin ratioReturn relative to average drawdown

1.13

7.34

-6.21

VBND.AX vs. VHY.AX - Sharpe Ratio Comparison

The current VBND.AX Sharpe Ratio is 0.31, which is lower than the VHY.AX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VBND.AX and VHY.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.

Loading charts...

Drawdowns

VBND.AX vs. VHY.AX - Drawdown Comparison

The maximum VBND.AX drawdown since its inception was -18.57%, smaller than the maximum VHY.AX drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for VBND.AX and VHY.AX.

Loading charts...

Drawdown Indicators

VBND.AXVHY.AXDifference

Max Drawdown

Largest peak-to-trough decline

-18.57%

-35.54%

+16.97%

Max Drawdown (1Y)

Largest decline over 1 year

-4.02%

-4.84%

+0.82%

Max Drawdown (3Y)

Largest decline over 3 years

-4.51%

-11.68%

+7.17%

Max Drawdown (5Y)

Largest decline over 5 years

-18.17%

-14.41%

-3.76%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.54%

—

Current Drawdown

Current decline from peak

-8.51%

-1.80%

-6.71%

Average Drawdown

Average peak-to-trough decline

-6.74%

-4.87%

-1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.73%

2.14%

-0.41%

Volatility

VBND.AX vs. VHY.AX - Volatility Comparison

The current volatility for Vanguard Global Aggregate Bond (Hedged) Index ETF (VBND.AX) is 0.81%, while Vanguard Australian Shares High Yield ETF (VHY.AX) has a volatility of 2.23%. This indicates that VBND.AX experiences smaller price fluctuations and is considered to be less risky than VHY.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VBND.AXVHY.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.81%

2.23%

-1.42%

Volatility (6M)

Calculated over the trailing 6-month period

5.90%

8.14%

-2.24%

Volatility (1Y)

Calculated over the trailing 1-year period

6.22%

10.37%

-4.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.54%

12.70%

-7.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.04%

14.30%

-9.26%

Dividends

VBND.AX vs. VHY.AX - Dividend Comparison

VBND.AX's dividend yield for the trailing twelve months is around 8.48%, more than VHY.AX's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
VBND.AX
Vanguard Global Aggregate Bond (Hedged) Index ETF		8.48%2.55%1.00%1.30%1.07%8.61%4.52%2.08%0.90%0.00%0.00%0.00%
VHY.AX
Vanguard Australian Shares High Yield ETF		2.76%8.37%2.92%3.73%5.02%4.84%3.54%5.35%7.81%5.69%3.84%6.40%

Frequently Asked Questions

VBND.AX and VHY.AX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VBND.AX is categorized as Total Bond Market, while VHY.AX is Dividend. VBND.AX tracks Vanguard Global Aggregate Bond (Hedged) Index Index, while VHY.AX tracks FTSE Australia High Dividend Yield Index.

Portfolio Optimizer

Find the right allocation for VBND.AX and VHY.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer