IHEB.AX vs. IHHY.AX
IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) and IHHY.AX (iShares Global High Yield Bond (AUD Hedged) ETF) are both Total Bond Market funds from iShares - IHEB.AX tracks the iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index while IHHY.AX tracks the iShares Global High Yield Bond (AUD Hedged) Index. Both are passively managed. Over the past 10 years, IHEB.AX returned 3.51%/yr vs 3.67%/yr for IHHY.AX. At a 0.31 correlation, their price movements are largely independent.
Performance
IHEB.AX vs. IHHY.AX - Performance Comparison
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Returns By Period
In the year-to-date period, IHEB.AX achieves a 1.27% return, which is significantly lower than IHHY.AX's 2.08% return. Both investments have delivered pretty close results over the past 10 years, with IHEB.AX having a 3.51% annualized return and IHHY.AX not far ahead at 3.67%.
IHEB.AX
- 1D
- 0.04%
- 1M
- -0.76%
- 6M
- 1.61%
- YTD
- 1.27%
- 1Y
- 8.50%
- 3Y*
- 8.63%
- 5Y*
- 1.58%
- 10Y*
- 3.51%
IHHY.AX
- 1D
- 0.37%
- 1M
- 0.55%
- 6M
- 1.47%
- YTD
- 2.08%
- 1Y
- 5.24%
- 3Y*
- 7.40%
- 5Y*
- 3.05%
- 10Y*
- 3.67%
IHEB.AX vs. IHHY.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHEB.AX iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF | 1.27% | 13.46% | 6.18% | 9.22% | -17.76% | -1.00% | 7.74% | 18.63% | -7.42% | 12.01% |
IHHY.AX iShares Global High Yield Bond (AUD Hedged) ETF | 2.08% | 7.65% | 6.11% | 9.78% | -9.32% | 2.80% | 1.62% | 10.84% | -4.15% | 6.69% |
Correlation
The correlation between IHEB.AX and IHHY.AX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015 | 0.31 |
The correlation between IHEB.AX and IHHY.AX shifts across timeframes, from 0.21 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IHEB.AX vs. IHHY.AX — Risk / Return Rank
IHEB.AX
IHHY.AX
IHEB.AX vs. IHHY.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) and iShares Global High Yield Bond (AUD Hedged) ETF (IHHY.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.
| IHEB.AX | IHHY.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 1.97 | -0.11 |
| Martin ratioReturn relative to average drawdown | 7.02 | 7.53 | -0.51 |
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Drawdowns
IHEB.AX vs. IHHY.AX - Drawdown Comparison
The maximum IHEB.AX drawdown since its inception was -31.64%, roughly equal to the maximum IHHY.AX drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for IHEB.AX and IHHY.AX.
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Drawdown Indicators
| IHEB.AX | IHHY.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.64% | -31.56% | -0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -2.68% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.51% | -6.82% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -27.90% | -14.99% | -12.91% |
Max Drawdown (10Y)Largest decline over 10 years | -31.64% | -31.56% | -0.08% |
Current DrawdownCurrent decline from peak | -0.80% | -0.03% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -2.78% | -3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.71% | +0.53% |
Volatility
IHEB.AX vs. IHHY.AX - Volatility Comparison
The current volatility for iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) is 1.08%, while iShares Global High Yield Bond (AUD Hedged) ETF (IHHY.AX) has a volatility of 1.74%. This indicates that IHEB.AX experiences smaller price fluctuations and is considered to be less risky than IHHY.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHEB.AX | IHHY.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 1.74% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 4.74% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.75% | 5.20% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.73% | 8.08% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.04% | 10.03% | +2.01% |
Dividends
IHEB.AX vs. IHHY.AX - Dividend Comparison
IHEB.AX's dividend yield for the trailing twelve months is around 6.02%, less than IHHY.AX's 6.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IHEB.AX iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF | 6.02% | 5.74% | 9.24% | 5.17% | 8.58% | 6.14% | 9.71% | 6.51% | 3.59% | 6.82% | 0.00% |
IHHY.AX iShares Global High Yield Bond (AUD Hedged) ETF | 6.87% | 5.59% | 5.87% | 4.99% | 3.70% | 3.95% | 5.24% | 2.29% | 3.11% | 6.98% | 2.71% |
Frequently Asked Questions
IHEB.AX and IHHY.AX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index, while IHHY.AX tracks iShares Global High Yield Bond (AUD Hedged) Index.
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