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BILL.AX vs. IHWL.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BILL.AX vs. IHWL.AX

Last updated Jul 18, 2026
Documentation

BILL.AX (iShares Core Cash ETF) and IHWL.AX (iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF) are both exchange-traded funds - BILL.AX is a Money Market fund tracking the S&P/ASX Bank Bill Index, while IHWL.AX is a Global Equities fund tracking the iShares Core MSCI World ex Australia ESG (AUD Hedged) Index. Both are passively managed. Over the past 5 years, BILL.AX returned 3.25%/yr vs 11.11%/yr for IHWL.AX. At a correlation of -0.02, they often move in opposite directions.

Performance

BILL.AX vs. IHWL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Core Cash ETF (BILL.AX) and iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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, BILL.AX achieves a 2.24% return, which is significantly lower than IHWL.AX's 8.01% return.

BILL.AX

1D
0.00%
1M
0.40%
6M
2.06%
YTD
2.24%
1Y
3.99%
3Y*
4.36%
5Y*
3.25%
10Y*
—

IHWL.AX

1D
-1.30%
1M
-0.53%
6M
6.33%
YTD
8.01%
1Y
20.04%
3Y*
17.75%
5Y*
11.11%
10Y*
12.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BILL.AX vs. IHWL.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BILL.AX
iShares Core Cash ETF		2.24%4.25%4.57%3.93%1.30%0.00%0.39%1.52%1.91%0.88%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		8.01%17.85%20.95%26.93%-21.57%31.44%7.65%24.82%-8.18%9.87%

Correlation

The correlation between BILL.AX and IHWL.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

-0.03

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2017

-0.02

Compare stocks, funds, or ETFs

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iShares Core Cash ETF

iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF

Often compared with BILL.AX:
BILL.AX vs. AUMF.AXBILL.AX vs. GLIN.AXBILL.AX vs. IEM.AXBILL.AX vs. ILB.AXBILL.AX vs. ILC.AXBILL.AX vs. IOZ.AXBILL.AX vs. MVOL.AX
Often compared with IHWL.AX:
IHWL.AX vs. AUMF.AXIHWL.AX vs. ISEC.AXIHWL.AX vs. F100.AXIHWL.AX vs. HJPN.AXIHWL.AX vs. OOO.AXIHWL.AX vs. VDCO.AXIHWL.AX vs. CORE.AX

Return for Risk

BILL.AX vs. IHWL.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BILL.AX
BILL.AX Risk / Return Rank: 9898
Overall Rank
BILL.AX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
BILL.AX Sortino Ratio Rank: 9898
Sortino Ratio Rank
BILL.AX Omega Ratio Rank: 9999
Omega Ratio Rank
BILL.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
BILL.AX Martin Ratio Rank: 9797
Martin Ratio Rank
IHWL.AX
IHWL.AX Risk / Return Rank: 5555
Overall Rank
IHWL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IHWL.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHWL.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHWL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
IHWL.AX Martin Ratio Rank: 6161
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.

BILL.AX vs. IHWL.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Cash ETF (BILL.AX) and iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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.

BILL.AXIHWL.AXDifference
Sharpe ratioReturn per unit of total volatility
4.33
1.38

+2.95

Sortino ratioReturn per unit of downside risk
6.54
1.98

+4.56

Omega ratioGain probability vs. loss probability

3.25

1.26

+1.99

Calmar ratioReturn relative to maximum drawdown

11.37

1.89

+9.48

Martin ratioReturn relative to average drawdown

37.40

7.98

+29.42

BILL.AX vs. IHWL.AX - Sharpe Ratio Comparison

The current BILL.AX Sharpe Ratio is 4.33, which is higher than the IHWL.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of BILL.AX and IHWL.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

BILL.AX vs. IHWL.AX - Drawdown Comparison

The maximum BILL.AX drawdown since its inception was -0.37%, smaller than the maximum IHWL.AX drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for BILL.AX and IHWL.AX.

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Drawdown Indicators

BILL.AXIHWL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.37%

-39.03%

+38.66%

Max Drawdown (1Y)

Largest decline over 1 year

-0.34%

-10.16%

+9.82%

Max Drawdown (3Y)

Largest decline over 3 years

-0.37%

-19.96%

+19.59%

Max Drawdown (5Y)

Largest decline over 5 years

-0.37%

-27.41%

+27.04%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.03%

—

Current Drawdown

Current decline from peak

0.00%

-1.30%

+1.30%

Average Drawdown

Average peak-to-trough decline

-0.02%

-5.15%

+5.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.10%

2.44%

-2.34%

Volatility

BILL.AX vs. IHWL.AX - Volatility Comparison

The current volatility for iShares Core Cash ETF (BILL.AX) is 0.08%, while iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) has a volatility of 2.78%. This indicates that BILL.AX experiences smaller price fluctuations and is considered to be less risky than IHWL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BILL.AXIHWL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.08%

2.78%

-2.70%

Volatility (6M)

Calculated over the trailing 6-month period

0.64%

11.53%

-10.89%

Volatility (1Y)

Calculated over the trailing 1-year period

0.89%

13.91%

-13.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

17.51%

-16.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.55%

17.30%

-16.75%

Dividends

BILL.AX vs. IHWL.AX - Dividend Comparison

BILL.AX's dividend yield for the trailing twelve months is around 3.97%, less than IHWL.AX's 5.28% yield.

PositionTTM202520242023202220212020201920182017
BILL.AX
iShares Core Cash ETF		3.97%4.13%4.46%3.69%0.98%0.02%0.46%1.50%1.83%0.61%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		5.28%0.98%1.11%3.06%0.77%11.16%0.00%0.00%2.35%1.07%

Frequently Asked Questions

BILL.AX and IHWL.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.

BILL.AX is categorized as Money Market, while IHWL.AX is Global Equities. BILL.AX tracks S&P/ASX Bank Bill Index, while IHWL.AX tracks iShares Core MSCI World ex Australia ESG (AUD Hedged) Index.

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