PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HJPN.AX vs. IKO.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HJPN.AX vs. IKO.AX

Last updated Jul 16, 2026
Documentation

HJPN.AX (Betashares Japan Currency Hedged ETF) and IKO.AX (iShares MSCI South Korea ETF (AU)) are both Global Equities funds - HJPN.AX tracks the Betashares Japan Currency Hedged Index while IKO.AX tracks the iShares MSCI South Korea Index. Both are passively managed. Over the past 10 years, HJPN.AX returned 15.57%/yr vs 14.97%/yr for IKO.AX. At a 0.42 correlation, their price movements are largely independent.

Performance

HJPN.AX vs. IKO.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Japan Currency Hedged ETF (HJPN.AX) and iShares MSCI South Korea ETF (AU) (IKO.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, HJPN.AX achieves a 25.87% return, which is significantly lower than IKO.AX's 64.31% return. Both investments have delivered pretty close results over the past 10 years, with HJPN.AX having a 15.57% annualized return and IKO.AX not far behind at 14.97%.

HJPN.AX

1D
-1.55%
1M
-0.07%
6M
17.25%
YTD
25.87%
1Y
56.07%
3Y*
28.09%
5Y*
19.88%
10Y*
15.57%

IKO.AX

1D
-7.36%
1M
-17.70%
6M
49.12%
YTD
64.31%
1Y
119.84%
3Y*
37.01%
5Y*
16.67%
10Y*
14.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HJPN.AX vs. IKO.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HJPN.AX
Betashares Japan Currency Hedged ETF		25.87%25.64%24.96%34.17%-13.44%16.18%15.92%16.79%-21.05%22.05%
IKO.AX
iShares MSCI South Korea ETF (AU)		64.31%80.87%-12.63%16.96%-20.13%-2.25%29.64%7.29%-11.42%30.24%

Correlation

The correlation between HJPN.AX and IKO.AX is 0.50, 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

0.50

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

0.38

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

0.40

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

0.42

Correlation (All Time)
Calculated using the full available price history since May 10, 2016

0.42

The correlation between HJPN.AX and IKO.AX shifts across timeframes, from 0.38 (3 years) to 0.50 (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.

Betashares Japan Currency Hedged ETF

iShares MSCI South Korea ETF (AU)

Return for Risk

HJPN.AX vs. IKO.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HJPN.AX
HJPN.AX Risk / Return Rank: 8484
Overall Rank
HJPN.AX Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
HJPN.AX Sortino Ratio Rank: 8181
Sortino Ratio Rank
HJPN.AX Omega Ratio Rank: 8181
Omega Ratio Rank
HJPN.AX Calmar Ratio Rank: 9191
Calmar Ratio Rank
HJPN.AX Martin Ratio Rank: 8686
Martin Ratio Rank
IKO.AX
IKO.AX Risk / Return Rank: 8787
Overall Rank
IKO.AX Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IKO.AX Sortino Ratio Rank: 7878
Sortino Ratio Rank
IKO.AX Omega Ratio Rank: 8484
Omega Ratio Rank
IKO.AX Calmar Ratio Rank: 9393
Calmar Ratio Rank
IKO.AX Martin Ratio Rank: 8989
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.

HJPN.AX vs. IKO.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Japan Currency Hedged ETF (HJPN.AX) and iShares MSCI South Korea ETF (AU) (IKO.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.

HJPN.AXIKO.AXDifference
Sharpe ratioReturn per unit of total volatility
2.05
2.52

-0.47

Sortino ratioReturn per unit of downside risk
2.91
2.80

+0.11

Omega ratioGain probability vs. loss probability

1.38

1.40

-0.02

Calmar ratioReturn relative to maximum drawdown

4.62

5.18

-0.56

Martin ratioReturn relative to average drawdown

14.24

15.73

-1.49

HJPN.AX vs. IKO.AX - Sharpe Ratio Comparison

The current HJPN.AX Sharpe Ratio is 2.05, which is comparable to the IKO.AX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of HJPN.AX and IKO.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

HJPN.AX vs. IKO.AX - Drawdown Comparison

The maximum HJPN.AX drawdown since its inception was -36.74%, smaller than the maximum IKO.AX drawdown of -57.74%. Use the drawdown chart below to compare losses from any high point for HJPN.AX and IKO.AX.

Loading charts...

Drawdown Indicators

HJPN.AXIKO.AXDifference

Max Drawdown

Largest peak-to-trough decline

-36.74%

-57.74%

+21.00%

Max Drawdown (1Y)

Largest decline over 1 year

-11.86%

-22.15%

+10.29%

Max Drawdown (3Y)

Largest decline over 3 years

-26.71%

-22.15%

-4.56%

Max Drawdown (5Y)

Largest decline over 5 years

-26.71%

-39.03%

+12.32%

Max Drawdown (10Y)

Largest decline over 10 years

-36.74%

-39.50%

+2.76%

Current Drawdown

Current decline from peak

-4.46%

-22.11%

+17.65%

Average Drawdown

Average peak-to-trough decline

-7.84%

-17.29%

+9.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.87%

7.43%

-3.56%

Volatility

HJPN.AX vs. IKO.AX - Volatility Comparison

The current volatility for Betashares Japan Currency Hedged ETF (HJPN.AX) is 7.36%, while iShares MSCI South Korea ETF (AU) (IKO.AX) has a volatility of 21.99%. This indicates that HJPN.AX experiences smaller price fluctuations and is considered to be less risky than IKO.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HJPN.AXIKO.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.36%

21.99%

-14.63%

Volatility (6M)

Calculated over the trailing 6-month period

19.77%

42.47%

-22.70%

Volatility (1Y)

Calculated over the trailing 1-year period

26.67%

45.53%

-18.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.80%

27.00%

-3.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.99%

23.38%

-2.39%

Dividends

HJPN.AX vs. IKO.AX - Dividend Comparison

HJPN.AX's dividend yield for the trailing twelve months is around 5.93%, more than IKO.AX's 5.85% yield.

PositionTTM20252024202320222021202020192018201720162015
HJPN.AX
Betashares Japan Currency Hedged ETF		5.93%0.00%5.68%3.06%8.35%5.39%0.00%0.37%2.46%1.47%0.11%0.00%
IKO.AX
iShares MSCI South Korea ETF (AU)		5.85%0.93%3.03%1.08%1.86%0.87%1.84%1.44%0.00%0.75%1.85%1.07%

Frequently Asked Questions

HJPN.AX and IKO.AX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HJPN.AX tracks Betashares Japan Currency Hedged Index, while IKO.AX tracks iShares MSCI South Korea Index. They also come from different issuers: BetaShares and iShares.

Portfolio Optimizer

Find the right allocation for HJPN.AX and IKO.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