IAE vs. JOF

Last updated Jul 14, 2026

IAE (Voya Asia Pacific High Dividend Equity Income Fund) and JOF (Japan Smaller Capitalization Fund) are both mutual funds - IAE is a Asia Pacific Equities fund managed by Voya, while JOF is a Japan Equities fund managed by Japan Smaller Capitalization Fund. Over the past 10 years, IAE returned 10.45%/yr vs 9.91%/yr for JOF. At a 0.43 correlation, their price movements are largely independent. IAE charges 0.02%/yr vs 0.01%/yr for JOF.

Performance

IAE vs. JOF - 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 Japan Smaller Capitalization Fund (JOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAE achieves a 23.59% return, which is significantly higher than JOF's 10.20% return. Over the past 10 years, IAE has outperformed JOF with an annualized return of 10.45%, while JOF has yielded a comparatively lower 9.91% annualized return.

IAE

• 1D: -1.72%
• 1M: -3.24%
• 6M: 15.05%
• YTD: 23.59%
• 1Y: 36.87%
• 3Y*: 24.04%
• 5Y*: 10.29%
• 10Y*: 10.45%

JOF

• 1D: -0.68%
• 1M: 1.91%
• 6M: 8.15%
• YTD: 10.20%
• 1Y: 33.10%
• 3Y*: 24.07%
• 5Y*: 10.79%
• 10Y*: 9.91%

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

IAE vs. JOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAE Voya Asia Pacific High Dividend Equity Income Fund	23.59%	34.63%	13.44%	9.06%	-13.97%	3.60%	13.77%	9.62%	-11.31%	30.19%
JOF Japan Smaller Capitalization Fund	10.20%	52.12%	5.28%	21.40%	-17.07%	-6.15%	4.76%	16.62%	-15.66%	40.78%

Correlation

The correlation between IAE and JOF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 28, 2007	0.43

Return for Risk

IAE vs. JOF — Risk / Return Rank

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

IAE

IAE Risk / Return Rank: 60
IAE Sharpe Ratio Rank: 55
IAE Sortino Ratio Rank: 54
IAE Omega Ratio Rank: 57
IAE Calmar Ratio Rank: 79
IAE Martin Ratio Rank: 58

JOF

JOF Risk / Return Rank: 44
JOF Sharpe Ratio Rank: 53
JOF Sortino Ratio Rank: 49
JOF Omega Ratio Rank: 50
JOF Calmar Ratio Rank: 41
JOF Martin Ratio Rank: 29

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. JOF - 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 Japan Smaller Capitalization Fund (JOF). 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.

	IAE	JOF	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.64	+0.02
Sortino ratio: Return per unit of downside risk	2.33	2.24	+0.08
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.88	1.93	+0.95
Martin ratio: Return relative to average drawdown	8.96	5.21	+3.75

IAE vs. JOF - Sharpe Ratio Comparison

The current IAE Sharpe Ratio is 1.66, which is comparable to the JOF Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of IAE and JOF, 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

IAE vs. JOF - Drawdown Comparison

The maximum IAE drawdown since its inception was -60.72%, smaller than the maximum JOF drawdown of -74.98%. Use the drawdown chart below to compare losses from any high point for IAE and JOF.

Drawdown Indicators

	IAE	JOF	Difference
Max Drawdown Largest peak-to-trough decline	-60.72%	-74.98%	+14.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-17.21%	+4.35%
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	-17.21%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-31.61%	-37.03%	+5.42%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-42.37%	-0.07%
Current Drawdown Current decline from peak	-6.79%	-5.62%	-1.17%
Average Drawdown Average peak-to-trough decline	-13.69%	-32.63%	+18.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	6.37%	-2.24%

Volatility

IAE vs. JOF - Volatility Comparison

Voya Asia Pacific High Dividend Equity Income Fund (IAE) has a higher volatility of 9.19% compared to Japan Smaller Capitalization Fund (JOF) at 6.79%. This indicates that IAE's price experiences larger fluctuations and is considered to be riskier than JOF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAE	JOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.19%	6.79%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	16.25%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	20.27%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	17.16%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	17.59%	+1.95%

IAE vs. JOF - Expense Ratio Comparison

IAE has a 0.02% expense ratio, which is higher than JOF's 0.02% 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. JOF - Dividend Comparison

IAE's dividend yield for the trailing twelve months is around 9.09%, which matches JOF's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAE Voya Asia Pacific High Dividend Equity Income Fund	9.09%	10.71%	12.29%	10.65%	14.03%	10.60%	9.97%	9.88%	9.61%	7.82%	11.14%	12.74%
JOF Japan Smaller Capitalization Fund	9.14%	4.80%	4.07%	3.50%	0.71%	7.70%	3.81%	8.30%	20.55%	15.89%	9.63%	8.58%

Frequently Asked Questions

Can I hold both IAE and JOF in my portfolio?

IAE and JOF have a correlation of 0.46, 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 JOF?

IAE has higher volatility (9.19%) compared to JOF (6.79%). In terms of maximum drawdown, IAE dropped -60.72% vs JOF's -74.98%.

Which has better risk-adjusted returns?

IAE currently has the higher Sharpe Ratio (1.66 vs 1.64), 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.