IAA.AX vs. IEU.AX

Last updated Aug 4, 2026

IAA.AX (iShares Asia 50 ETF) and IEU.AX (iShares Europe ETF (AU)) are both exchange-traded funds - IAA.AX is a Asia Pacific Equities fund tracking the S&P Asia 50 Index (Net TR AUD) WM, while IEU.AX is a Europe Equities fund tracking the iShares Europe Index. Both are passively managed. Over the past 10 years, IAA.AX returned 13.93%/yr vs 10.64%/yr for IEU.AX. Their 0.43 correlation means their historical movements had little consistent relationship. IAA.AX charges 0.29%/yr vs 0.59%/yr for IEU.AX.

Performance

IAA.AX vs. IEU.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Asia 50 ETF (IAA.AX) and iShares Europe ETF (AU) (IEU.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAA.AX achieves a 29.13% return, which is significantly higher than IEU.AX's 5.05% return. Over the past 10 years, IAA.AX has outperformed IEU.AX with an annualized return of 13.93%, while IEU.AX has yielded a comparatively lower 10.64% annualized return.

IAA.AX

• 1D: -0.60%
• 1M: -7.42%
• 6M: 21.37%
• YTD: 29.13%
• 1Y: 50.46%
• 3Y*: 28.12%
• 5Y*: 12.37%
• 10Y*: 13.93%
• ALL TIME*: 9.97%

IEU.AX

• 1D: 0.66%
• 1M: -0.30%
• 6M: 5.25%
• YTD: 5.05%
• 1Y: 12.48%
• 3Y*: 12.78%
• 5Y*: 10.57%
• 10Y*: 10.64%
• ALL TIME*: 10.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IAA.AX iShares Asia 50 ETF	A$4.06M	A$4.08M	A$4.93M
IEU.AX iShares Europe ETF (AU)	A$1.91M	A$1.94M	A$1.83M

IAA.AX vs. IEU.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAA.AX iShares Asia 50 ETF	29.13%	36.38%	29.68%	1.92%	-17.59%	-5.27%	22.79%	22.16%	-4.60%	34.31%
IEU.AX iShares Europe ETF (AU)	5.05%	23.63%	10.42%	18.56%	-5.75%	22.27%	-3.43%	25.90%	-4.80%	15.54%

Correlation

The correlation between IAA.AX and IEU.AX is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (10Y) Provides a long-term view across more market conditions.	0.43
Correlation (All Time) Calculated using the full available price history since Sep 10, 2008	0.43

Return for Risk

IAA.AX vs. IEU.AX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IAA.AX

IAA.AX Risk / Return Rank: 66
IAA.AX Sharpe Ratio Rank: 65
IAA.AX Sortino Ratio Rank: 57
IAA.AX Omega Ratio Rank: 65
IAA.AX Calmar Ratio Rank: 69
IAA.AX Martin Ratio Rank: 71

IEU.AX

IEU.AX Risk / Return Rank: 32
IEU.AX Sharpe Ratio Rank: 33
IEU.AX Sortino Ratio Rank: 33
IEU.AX Omega Ratio Rank: 34
IEU.AX Calmar Ratio Rank: 27
IEU.AX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IAA.AX vs. IEU.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (IAA.AX) and iShares Europe ETF (AU) (IEU.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.

	IAA.AX	IEU.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.82	+0.86
Sortino ratio: Return per unit of downside risk	2.19	1.23	+0.96
Omega ratio: Gain probability vs. loss probability	1.30	1.16	+0.14
Calmar ratio: Return relative to maximum drawdown	2.68	0.87	+1.82
Martin ratio: Return relative to average drawdown	9.75	2.77	+6.98

IAA.AX vs. IEU.AX - Sharpe Ratio Comparison

The current IAA.AX Sharpe Ratio is 1.68, which is higher than the IEU.AX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of IAA.AX and IEU.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.

Drawdowns

IAA.AX vs. IEU.AX - Drawdown Comparison

The maximum IAA.AX drawdown since its inception was -44.90%, which is greater than IEU.AX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for IAA.AX and IEU.AX.

Drawdown Indicators

	IAA.AX	IEU.AX	Difference
Max Drawdown Largest peak-to-trough decline	-44.90%	-38.80%	-6.10%
Max Drawdown (1Y) Largest decline over 1 year	-18.03%	-12.04%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.03%	-12.04%	-5.99%
Max Drawdown (5Y) Largest decline over 5 years	-37.96%	-21.67%	-16.29%
Max Drawdown (10Y) Largest decline over 10 years	-44.90%	-29.90%	-15.00%
Current Drawdown Current decline from peak	-12.84%	-0.60%	-12.24%
Average Drawdown Average peak-to-trough decline	-10.36%	-10.61%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	3.84%	+1.23%

Volatility

IAA.AX vs. IEU.AX - Volatility Comparison

iShares Asia 50 ETF (IAA.AX) has a higher volatility of 15.40% compared to iShares Europe ETF (AU) (IEU.AX) at 3.46%. This indicates that IAA.AX's price experiences larger fluctuations and is considered to be riskier than IEU.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAA.AX	IEU.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	3.46%	+11.94%
Volatility (6M) Calculated over the trailing 6-month period	26.41%	11.03%	+15.38%
Volatility (1Y) Calculated over the trailing 1-year period	28.80%	12.71%	+16.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	13.33%	+9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	14.79%	+4.97%

IAA.AX vs. IEU.AX - Expense Ratio Comparison

IAA.AX has a 0.29% expense ratio, which is lower than IEU.AX's 0.59% expense ratio.

Dividends

IAA.AX vs. IEU.AX - Dividend Comparison

IAA.AX's dividend yield for the trailing twelve months is around 1.04%, less than IEU.AX's 7.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAA.AX iShares Asia 50 ETF	1.04%	2.16%	0.44%	1.36%	3.40%	1.68%	1.18%	4.31%	0.48%	1.28%	1.78%	0.00%
IEU.AX iShares Europe ETF (AU)	7.25%	1.98%	1.92%	3.38%	3.95%	2.93%	2.07%	4.52%	3.95%	2.04%	1.88%	2.34%

Frequently Asked Questions

Can I hold both IAA.AX and IEU.AX in my portfolio?

IAA.AX and IEU.AX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IAA.AX or IEU.AX?

On fees, IAA.AX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IAA.AX or IEU.AX?

IAA.AX is cheaper with a 0.29% expense ratio, compared with 0.59% for IEU.AX.

What is the main difference between IAA.AX and IEU.AX?

IAA.AX is categorized as Asia Pacific Equities, while IEU.AX is Europe Equities. IAA.AX tracks S&P Asia 50 Index (Net TR AUD) WM, while IEU.AX tracks iShares Europe Index. Their fees differ too: 0.29% for IAA.AX and 0.59% for IEU.AX.