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IHCB.AX vs. IGB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHCB.AX vs. IGB.AX

Last updated Jul 18, 2026
Documentation

IHCB.AX (iShares Core Global Corporate Bond (AUD Hedged) ETF) and IGB.AX (iShares Treasury ETF) are both exchange-traded funds - IHCB.AX is a Corporate Bonds fund tracking the iShares Core Global Corporate Bond (AUD Hedged) Index, while IGB.AX is a Government Bonds fund tracking the iShares Treasury Index. Both are passively managed. Over the past 10 years, IHCB.AX returned 1.27%/yr vs 0.94%/yr for IGB.AX. At a 0.43 correlation, their price movements are largely independent.

Performance

IHCB.AX vs. IGB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Core Global Corporate Bond (AUD Hedged) ETF (IHCB.AX) and iShares Treasury ETF (IGB.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, IHCB.AX achieves a 0.48% return, which is significantly lower than IGB.AX's 1.29% return. Over the past 10 years, IHCB.AX has outperformed IGB.AX with an annualized return of 1.27%, while IGB.AX has yielded a comparatively lower 0.94% annualized return.

IHCB.AX

1D
0.13%
1M
-0.18%
6M
0.29%
YTD
0.48%
1Y
3.78%
3Y*
4.52%
5Y*
-0.65%
10Y*
1.27%

IGB.AX

1D
-0.21%
1M
-0.34%
6M
0.91%
YTD
1.29%
1Y
0.77%
3Y*
2.77%
5Y*
-0.75%
10Y*
0.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHCB.AX vs. IGB.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHCB.AX
iShares Core Global Corporate Bond (AUD Hedged) ETF		0.48%6.31%2.34%6.23%-15.93%-1.45%5.96%10.36%-2.80%5.67%
IGB.AX
iShares Treasury ETF		1.29%2.62%1.90%3.88%-10.24%-3.27%3.68%7.38%4.73%2.37%

Correlation

The correlation between IHCB.AX and IGB.AX is 0.52, 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

0.52

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

0.63

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

0.62

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

0.45

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

0.43

The correlation between IHCB.AX and IGB.AX shifts across timeframes, from 0.43 (all time) to 0.63 (3 years), reflecting how their relationship changes across market environments.

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iShares Core Global Corporate Bond (AUD Hedged) ETF

iShares Treasury ETF

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Often compared with IGB.AX:
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Return for Risk

IHCB.AX vs. IGB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHCB.AX
IHCB.AX Risk / Return Rank: 3232
Overall Rank
IHCB.AX Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
IHCB.AX Sortino Ratio Rank: 3030
Sortino Ratio Rank
IHCB.AX Omega Ratio Rank: 2929
Omega Ratio Rank
IHCB.AX Calmar Ratio Rank: 3434
Calmar Ratio Rank
IHCB.AX Martin Ratio Rank: 3636
Martin Ratio Rank
IGB.AX
IGB.AX Risk / Return Rank: 1212
Overall Rank
IGB.AX Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
IGB.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
IGB.AX Omega Ratio Rank: 1212
Omega Ratio Rank
IGB.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
IGB.AX Martin Ratio Rank: 1212
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.

IHCB.AX vs. IGB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Global Corporate Bond (AUD Hedged) ETF (IHCB.AX) and iShares Treasury ETF (IGB.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.

IHCB.AXIGB.AXDifference
Sharpe ratioReturn per unit of total volatility
0.88
0.19

+0.69

Sortino ratioReturn per unit of downside risk
1.28
0.30

+0.98

Omega ratioGain probability vs. loss probability

1.16

1.03

+0.12

Calmar ratioReturn relative to maximum drawdown

1.34

0.19

+1.15

Martin ratioReturn relative to average drawdown

4.13

0.37

+3.76

IHCB.AX vs. IGB.AX - Sharpe Ratio Comparison

The current IHCB.AX Sharpe Ratio is 0.88, which is higher than the IGB.AX Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of IHCB.AX and IGB.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

IHCB.AX vs. IGB.AX - Drawdown Comparison

The maximum IHCB.AX drawdown since its inception was -21.96%, which is greater than IGB.AX's maximum drawdown of -16.94%. Use the drawdown chart below to compare losses from any high point for IHCB.AX and IGB.AX.

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Drawdown Indicators

IHCB.AXIGB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-21.96%

-16.94%

-5.02%

Max Drawdown (1Y)

Largest decline over 1 year

-2.75%

-3.87%

+1.12%

Max Drawdown (3Y)

Largest decline over 3 years

-5.96%

-3.92%

-2.04%

Max Drawdown (5Y)

Largest decline over 5 years

-21.96%

-16.01%

-5.95%

Max Drawdown (10Y)

Largest decline over 10 years

-21.96%

-16.94%

-5.02%

Current Drawdown

Current decline from peak

-4.03%

-5.91%

+1.88%

Average Drawdown

Average peak-to-trough decline

-5.66%

-4.45%

-1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.90%

2.05%

-1.15%

Volatility

IHCB.AX vs. IGB.AX - Volatility Comparison

iShares Core Global Corporate Bond (AUD Hedged) ETF (IHCB.AX) and iShares Treasury ETF (IGB.AX) have volatilities of 0.86% and 0.87%, 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.

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Volatility by Period

IHCB.AXIGB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.86%

0.87%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

3.56%

2.89%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

4.19%

4.01%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.41%

5.40%

+2.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.48%

5.02%

+3.46%

Dividends

IHCB.AX vs. IGB.AX - Dividend Comparison

IHCB.AX's dividend yield for the trailing twelve months is around 4.23%, more than IGB.AX's 2.60% yield.

PositionTTM20252024202320222021202020192018201720162015
IGB.AX
iShares Treasury ETF		2.60%3.10%2.47%1.63%0.80%1.20%2.47%1.54%1.56%2.11%2.09%5.81%
IHCB.AX
iShares Core Global Corporate Bond (AUD Hedged) ETF		4.23%4.46%4.47%3.22%1.19%3.35%2.49%1.40%1.77%3.91%0.45%0.00%

Frequently Asked Questions

IHCB.AX and IGB.AX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHCB.AX is categorized as Corporate Bonds, while IGB.AX is Government Bonds. IHCB.AX tracks iShares Core Global Corporate Bond (AUD Hedged) Index, while IGB.AX tracks iShares Treasury Index.

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