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IAA.AX vs. IHEB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAA.AX vs. IHEB.AX

Last updated Jul 18, 2026
Documentation

IAA.AX (iShares Asia 50 ETF (AU)) and IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) are both exchange-traded funds - IAA.AX is a Global Equities fund tracking the iShares Asia 50 Index, while IHEB.AX is a Total Bond Market fund tracking the iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index. Both are passively managed. Over the past 10 years, IAA.AX returned 13.80%/yr vs 3.42%/yr for IHEB.AX. At a 0.17 correlation, their price movements are largely independent.

Performance

IAA.AX vs. IHEB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Asia 50 ETF (AU) (IAA.AX) and iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.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, IAA.AX achieves a 26.96% return, which is significantly higher than IHEB.AX's 0.96% return. Over the past 10 years, IAA.AX has outperformed IHEB.AX with an annualized return of 13.80%, while IHEB.AX has yielded a comparatively lower 3.42% annualized return.

IAA.AX

1D
-6.06%
1M
-10.93%
6M
16.30%
YTD
26.96%
1Y
48.36%
3Y*
28.73%
5Y*
10.89%
10Y*
13.80%

IHEB.AX

1D
-0.30%
1M
-1.10%
6M
1.00%
YTD
0.96%
1Y
9.05%
3Y*
8.33%
5Y*
1.52%
10Y*
3.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IAA.AX
iShares Asia 50 ETF (AU)		26.96%36.38%29.68%1.92%-17.59%-5.27%22.79%22.16%-4.60%34.31%
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		0.96%13.46%6.18%9.22%-17.76%-1.00%7.74%18.63%-7.42%12.01%

Correlation

The correlation between IAA.AX and IHEB.AX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

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

0.20

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

0.19

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

0.17

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2015

0.17

The correlation between IAA.AX and IHEB.AX shifts across timeframes, from 0.17 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

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iShares Asia 50 ETF (AU)

iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF

Often compared with IAA.AX:
IAA.AX vs. CORE.AXIAA.AX vs. ESGI.AXIAA.AX vs. ESTX.AXIAA.AX vs. F100.AXIAA.AX vs. GLIN.AXIAA.AX vs. HGEN.AXIAA.AX vs. HJPN.AX
Often compared with IHEB.AX:
IHEB.AX vs. BNDS.AXIHEB.AX vs. BOND.AXIHEB.AX vs. IAF.AXIHEB.AX vs. IHHY.AXIHEB.AX vs. IVV.AXIHEB.AX vs. QPON.AXIHEB.AX vs. VAF.AX

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAA.AX
IAA.AX Risk / Return Rank: 7373
Overall Rank
IAA.AX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
IAA.AX Sortino Ratio Rank: 6161
Sortino Ratio Rank
IAA.AX Omega Ratio Rank: 7070
Omega Ratio Rank
IAA.AX Calmar Ratio Rank: 8282
Calmar Ratio Rank
IAA.AX Martin Ratio Rank: 8080
Martin Ratio Rank
IHEB.AX
IHEB.AX Risk / Return Rank: 6060
Overall Rank
IHEB.AX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
IHEB.AX Sortino Ratio Rank: 6363
Sortino Ratio Rank
IHEB.AX Omega Ratio Rank: 6666
Omega Ratio Rank
IHEB.AX Calmar Ratio Rank: 5050
Calmar Ratio Rank
IHEB.AX Martin Ratio Rank: 5656
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AU) (IAA.AX) and iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.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.AXIHEB.AXDifference
Sharpe ratioReturn per unit of total volatility
1.73
1.55

+0.18

Sortino ratioReturn per unit of downside risk
2.18
2.23

-0.05

Omega ratioGain probability vs. loss probability

1.31

1.30

+0.01

Calmar ratioReturn relative to maximum drawdown

3.21

1.92

+1.29

Martin ratioReturn relative to average drawdown

11.22

7.25

+3.97

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

The current IAA.AX Sharpe Ratio is 1.73, which is comparable to the IHEB.AX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of IAA.AX and IHEB.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

IAA.AX vs. IHEB.AX - Drawdown Comparison

The maximum IAA.AX drawdown since its inception was -44.90%, which is greater than IHEB.AX's maximum drawdown of -31.64%. Use the drawdown chart below to compare losses from any high point for IAA.AX and IHEB.AX.

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Drawdown Indicators

IAA.AXIHEB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-44.90%

-31.64%

-13.26%

Max Drawdown (1Y)

Largest decline over 1 year

-14.31%

-4.64%

-9.67%

Max Drawdown (3Y)

Largest decline over 3 years

-17.55%

-7.51%

-10.04%

Max Drawdown (5Y)

Largest decline over 5 years

-39.91%

-27.90%

-12.01%

Max Drawdown (10Y)

Largest decline over 10 years

-44.90%

-31.64%

-13.26%

Current Drawdown

Current decline from peak

-14.31%

-1.10%

-13.21%

Average Drawdown

Average peak-to-trough decline

-10.35%

-6.27%

-4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.18%

1.24%

+2.94%

Volatility

IAA.AX vs. IHEB.AX - Volatility Comparison

iShares Asia 50 ETF (AU) (IAA.AX) has a higher volatility of 14.55% compared to iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) at 1.11%. This indicates that IAA.AX's price experiences larger fluctuations and is considered to be riskier than IHEB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAA.AXIHEB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.55%

1.11%

+13.44%

Volatility (6M)

Calculated over the trailing 6-month period

24.36%

4.83%

+19.53%

Volatility (1Y)

Calculated over the trailing 1-year period

26.53%

5.76%

+20.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.20%

10.72%

+11.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.43%

12.04%

+7.39%

Dividends

IAA.AX vs. IHEB.AX - Dividend Comparison

IAA.AX's dividend yield for the trailing twelve months is around 1.06%, less than IHEB.AX's 6.03% yield.

PositionTTM2025202420232022202120202019201820172016
IAA.AX
iShares Asia 50 ETF (AU)		1.06%2.16%0.44%1.36%3.40%1.68%1.18%4.31%0.48%1.28%1.78%
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		6.03%5.74%9.24%5.17%8.58%6.14%9.71%6.51%3.59%6.82%0.00%

Frequently Asked Questions

IAA.AX and IHEB.AX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAA.AX is categorized as Global Equities, while IHEB.AX is Total Bond Market. IAA.AX tracks iShares Asia 50 Index, while IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index.

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