IAE vs. IHD

Last updated Jun 4, 2026

IAE (Voya Asia Pacific High Dividend Equity Income Fund) and IHD (Voya Emerging Markets High Dividend Equity Fund) are both mutual funds - IAE is a Asia Pacific Equities fund managed by Voya, while IHD is a Emerging Markets Diversified fund managed by Voya. Over the past 10 years, IAE returned 11.82%/yr vs 12.53%/yr for IHD. A 0.62 correlation means they provide meaningful diversification when combined. IAE charges 0.02%/yr vs 0.01%/yr for IHD.

Performance

IAE vs. IHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Voya Emerging Markets High Dividend Equity Fund (IHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAE achieves a 30.87% return, which is significantly lower than IHD's 33.01% return. Over the past 10 years, IAE has underperformed IHD with an annualized return of 11.82%, while IHD has yielded a comparatively higher 12.53% annualized return.

IAE

• 1D: 3.16%
• 1M: 14.39%
• YTD: 30.87%
• 6M: 31.14%
• 1Y: 52.74%
• 3Y*: 29.70%
• 5Y*: 11.69%
• 10Y*: 11.82%

IHD

• 1D: 3.89%
• 1M: 11.74%
• YTD: 33.01%
• 6M: 35.68%
• 1Y: 59.25%
• 3Y*: 31.08%
• 5Y*: 11.16%
• 10Y*: 12.53%

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

IAE vs. IHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAE Voya Asia Pacific High Dividend Equity Income Fund	30.87%	35.90%	14.60%	9.06%	-13.97%	3.60%	13.77%	9.62%	-11.31%	30.19%
IHD Voya Emerging Markets High Dividend Equity Fund	33.01%	41.70%	7.80%	13.95%	-17.18%	7.39%	1.73%	20.55%	-10.23%	29.84%

Correlation

The correlation between IAE and IHD is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 29, 2011	0.62

The correlation between IAE and IHD has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Return for Risk

IAE vs. IHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IAE

IAE Risk / Return Rank: 75
IAE Sharpe Ratio Rank: 79
IAE Sortino Ratio Rank: 68
IAE Omega Ratio Rank: 73
IAE Calmar Ratio Rank: 86
IAE Martin Ratio Rank: 70

IHD

IHD Risk / Return Rank: 91
IHD Sharpe Ratio Rank: 95
IHD Sortino Ratio Rank: 87
IHD Omega Ratio Rank: 87
IHD Calmar Ratio Rank: 93
IHD Martin Ratio Rank: 92

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.

IAE vs. IHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Voya Emerging Markets High Dividend Equity Fund (IHD). 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.

	IAE	IHD	Difference
Sharpe ratio: Return per unit of total volatility	2.61	3.35	-0.75
Sortino ratio: Return per unit of downside risk	3.44	4.23	-0.79
Omega ratio: Gain probability vs. loss probability	1.48	1.61	-0.12
Calmar ratio: Return relative to maximum drawdown	4.12	5.34	-1.22
Martin ratio: Return relative to average drawdown	13.41	19.77	-6.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAE vs. IHD - Sharpe Ratio Comparison

The current IAE Sharpe Ratio is 2.61, which is comparable to the IHD Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of IAE and IHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IAE	IHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	3.35	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.63	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.64	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.24	-0.01

Drawdowns

IAE vs. IHD - Drawdown Comparison

The maximum IAE drawdown since its inception was -60.72%, which is greater than IHD's maximum drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for IAE and IHD.

Drawdown Indicators

	IAE	IHD	Difference
Max Drawdown Largest peak-to-trough decline	-60.72%	-48.76%	-11.96%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-11.15%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	-14.73%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-32.87%	-36.13%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-42.81%	+0.37%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.75%	-17.96%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.01%	+0.93%

Volatility

IAE vs. IHD - Volatility Comparison

Voya Asia Pacific High Dividend Equity Income Fund (IAE) and Voya Emerging Markets High Dividend Equity Fund (IHD) have volatilities of 6.57% and 6.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAE	IHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	6.75%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	15.07%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.33%	17.78%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	17.93%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	19.53%	-0.12%

IAE vs. IHD - Expense Ratio Comparison

IAE has a 0.02% expense ratio, which is higher than IHD's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IAE vs. IHD - Dividend Comparison

IAE's dividend yield for the trailing twelve months is around 9.23%, more than IHD's 8.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAE Voya Asia Pacific High Dividend Equity Income Fund	9.23%	11.61%	13.37%	10.65%	14.03%	10.60%	9.97%	9.88%	9.61%	7.82%	11.14%	12.74%
IHD Voya Emerging Markets High Dividend Equity Fund	8.92%	11.40%	13.67%	10.21%	13.95%	10.14%	9.92%	9.14%	10.15%	8.31%	11.74%	14.00%

Frequently Asked Questions

Can I hold both IAE and IHD in my portfolio?

IAE and IHD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAE or IHD?

IHD has higher volatility (6.75%) compared to IAE (6.57%). In terms of maximum drawdown, IAE dropped -60.72% vs IHD's -48.76%.

Which has better risk-adjusted returns?

IHD currently has the higher Sharpe Ratio (3.35 vs 2.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.