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HJPN.AX vs. IVE.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HJPN.AX vs. IVE.AX

Last updated Jul 18, 2026
Documentation

HJPN.AX (Betashares Japan Currency Hedged ETF) and IVE.AX (iShares MSCI EAFE ETF (AU)) are both Global Equities funds - HJPN.AX tracks the Betashares Japan Currency Hedged Index while IVE.AX tracks the iShares MSCI EAFE Index. Both are passively managed. Over the past 10 years, HJPN.AX returned 15.01%/yr vs 9.87%/yr for IVE.AX. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

HJPN.AX vs. IVE.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 EAFE ETF (AU) (IVE.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, HJPN.AX achieves a 20.94% return, which is significantly higher than IVE.AX's 3.52% return. Over the past 10 years, HJPN.AX has outperformed IVE.AX with an annualized return of 15.01%, while IVE.AX has yielded a comparatively lower 9.87% annualized return.

HJPN.AX

1D
-3.91%
1M
-4.66%
6M
11.09%
YTD
20.94%
1Y
50.26%
3Y*
25.78%
5Y*
18.93%
10Y*
15.01%

IVE.AX

1D
-1.72%
1M
-1.09%
6M
0.19%
YTD
3.52%
1Y
10.92%
3Y*
12.87%
5Y*
9.77%
10Y*
9.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HJPN.AX
Betashares Japan Currency Hedged ETF		20.94%25.64%24.96%34.17%-13.44%16.18%15.92%16.79%-21.05%22.05%
IVE.AX
iShares MSCI EAFE ETF (AU)		3.52%21.53%11.29%16.82%-6.23%16.98%-0.38%22.82%-3.05%14.57%

Correlation

The correlation between HJPN.AX and IVE.AX is 0.70, 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

0.70

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

0.59

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

0.59

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

0.58

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

0.57

The correlation between HJPN.AX and IVE.AX shifts across timeframes, from 0.57 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

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Betashares Japan Currency Hedged ETF

iShares MSCI EAFE ETF (AU)

Often compared with HJPN.AX:
HJPN.AX vs. CORE.AXHJPN.AX vs. ESGI.AXHJPN.AX vs. ESTX.AXHJPN.AX vs. F100.AXHJPN.AX vs. FOOD.AXHJPN.AX vs. FUEL.AXHJPN.AX vs. GEAR.AX
Often compared with IVE.AX:
IVE.AX vs. AUMF.AXIVE.AX vs. BILL.AXIVE.AX vs. CORE.AXIVE.AX vs. ESGI.AXIVE.AX vs. ESTX.AXIVE.AX vs. F100.AXIVE.AX vs. GLDN.AX

Return for Risk

HJPN.AX vs. IVE.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: 8181
Overall Rank
HJPN.AX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
HJPN.AX Sortino Ratio Rank: 7676
Sortino Ratio Rank
HJPN.AX Omega Ratio Rank: 7777
Omega Ratio Rank
HJPN.AX Calmar Ratio Rank: 9090
Calmar Ratio Rank
HJPN.AX Martin Ratio Rank: 8484
Martin Ratio Rank
IVE.AX
IVE.AX Risk / Return Rank: 3030
Overall Rank
IVE.AX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
IVE.AX Sortino Ratio Rank: 3030
Sortino Ratio Rank
IVE.AX Omega Ratio Rank: 3131
Omega Ratio Rank
IVE.AX Calmar Ratio Rank: 2727
Calmar Ratio Rank
IVE.AX Martin Ratio Rank: 3131
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. IVE.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 EAFE ETF (AU) (IVE.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.AXIVE.AXDifference
Sharpe ratioReturn per unit of total volatility
1.80
0.85

+0.96

Sortino ratioReturn per unit of downside risk
2.59
1.26

+1.33

Omega ratioGain probability vs. loss probability

1.34

1.17

+0.17

Calmar ratioReturn relative to maximum drawdown

4.10

0.99

+3.11

Martin ratioReturn relative to average drawdown

12.52

3.36

+9.17

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

The current HJPN.AX Sharpe Ratio is 1.80, which is higher than the IVE.AX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of HJPN.AX and IVE.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

HJPN.AX vs. IVE.AX - Drawdown Comparison

The maximum HJPN.AX drawdown since its inception was -36.74%, smaller than the maximum IVE.AX drawdown of -45.63%. Use the drawdown chart below to compare losses from any high point for HJPN.AX and IVE.AX.

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Drawdown Indicators

HJPN.AXIVE.AXDifference

Max Drawdown

Largest peak-to-trough decline

-36.74%

-45.63%

+8.89%

Max Drawdown (1Y)

Largest decline over 1 year

-11.86%

-10.66%

-1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-26.71%

-10.66%

-16.05%

Max Drawdown (5Y)

Largest decline over 5 years

-26.71%

-19.28%

-7.43%

Max Drawdown (10Y)

Largest decline over 10 years

-36.74%

-24.20%

-12.54%

Current Drawdown

Current decline from peak

-8.20%

-3.35%

-4.85%

Average Drawdown

Average peak-to-trough decline

-7.84%

-13.68%

+5.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.90%

3.18%

+0.72%

Volatility

HJPN.AX vs. IVE.AX - Volatility Comparison

Betashares Japan Currency Hedged ETF (HJPN.AX) has a higher volatility of 8.12% compared to iShares MSCI EAFE ETF (AU) (IVE.AX) at 3.31%. This indicates that HJPN.AX's price experiences larger fluctuations and is considered to be riskier than IVE.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HJPN.AXIVE.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.12%

3.31%

+4.81%

Volatility (6M)

Calculated over the trailing 6-month period

20.18%

10.99%

+9.19%

Volatility (1Y)

Calculated over the trailing 1-year period

26.97%

12.52%

+14.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.86%

12.14%

+11.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.02%

12.77%

+8.25%

Dividends

HJPN.AX vs. IVE.AX - Dividend Comparison

HJPN.AX's dividend yield for the trailing twelve months is around 6.17%, more than IVE.AX's 3.65% yield.

PositionTTM2025202420232022202120202019201820172016
HJPN.AX
Betashares Japan Currency Hedged ETF		6.17%0.00%5.68%3.06%8.35%5.39%0.00%0.37%2.46%1.47%0.11%
IVE.AX
iShares MSCI EAFE ETF (AU)		3.65%3.54%1.59%2.76%3.74%3.49%2.53%4.82%3.37%1.17%0.00%

Frequently Asked Questions

HJPN.AX and IVE.AX have a correlation of 0.70, 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 IVE.AX tracks iShares MSCI EAFE Index. They also come from different issuers: BetaShares and iShares.

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