It's true that ABF Singapore bond fund tracks multiple bonds including Singapore government bonds, and especially so. It has ~90% Singapore government holdings, which means it is very similar to SSB. Image below is ABF Singapore bond fund's holdings ! Perhaps there are different class of Singapore bonds hence the different return, but maybe because ABF Singapore bond fund bought these longer tenure bonds which is giving out higher returns as compared to current bonds due to the global deflation interest rates. From how I see it, SSB you are buying 100% current Singapore bonds, and ABF Singapore bond fund you are buying 90% existing Singapore bonds. Please let me know if I am getting this right, as it's also my first time looking at the both of them. Thanks! Update: Did some further digging and, based on this 2017 article ABF was holding ~90% of Singapore government, or quasi government bonds in 2017 as well. Which means that is is consistently holding high grade bonds belonging to SG gov.