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

IHEB.AX vs. IHWL.AX

Last updated Jul 18, 2026
Documentation

IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) and IHWL.AX (iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF) are both exchange-traded funds - IHEB.AX is a Total Bond Market fund tracking the iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index, while IHWL.AX is a Global Equities fund tracking the iShares Core MSCI World ex Australia ESG (AUD Hedged) Index. Both are passively managed. Over the past 10 years, IHEB.AX returned 3.42%/yr vs 12.38%/yr for IHWL.AX. At a 0.31 correlation, their price movements are largely independent.

Performance

IHEB.AX vs. IHWL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) and iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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, IHEB.AX achieves a 0.96% return, which is significantly lower than IHWL.AX's 8.01% return. Over the past 10 years, IHEB.AX has underperformed IHWL.AX with an annualized return of 3.42%, while IHWL.AX has yielded a comparatively higher 12.38% annualized return.

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%

IHWL.AX

1D
-1.30%
1M
-0.53%
6M
6.33%
YTD
8.01%
1Y
20.04%
3Y*
17.75%
5Y*
11.11%
10Y*
12.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		8.01%17.85%20.95%26.93%-21.57%31.44%7.65%24.82%-8.18%19.90%

Correlation

The correlation between IHEB.AX and IHWL.AX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.40

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

0.41

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

0.32

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2016

0.31

The correlation between IHEB.AX and IHWL.AX shifts across timeframes, from 0.31 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF

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
Often compared with IHWL.AX:
IHWL.AX vs. AUMF.AXIHWL.AX vs. ISEC.AXIHWL.AX vs. BILL.AXIHWL.AX vs. F100.AXIHWL.AX vs. HJPN.AXIHWL.AX vs. OOO.AXIHWL.AX vs. VDCO.AX

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
IHWL.AX
IHWL.AX Risk / Return Rank: 5555
Overall Rank
IHWL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IHWL.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHWL.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHWL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
IHWL.AX Martin Ratio Rank: 6161
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.

IHEB.AX vs. IHWL.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 Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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.AXIHWL.AXDifference
Sharpe ratioReturn per unit of total volatility
1.55
1.38

+0.17

Sortino ratioReturn per unit of downside risk
2.23
1.98

+0.25

Omega ratioGain probability vs. loss probability

1.30

1.26

+0.03

Calmar ratioReturn relative to maximum drawdown

1.92

1.89

+0.03

Martin ratioReturn relative to average drawdown

7.25

7.98

-0.73

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

The current IHEB.AX Sharpe Ratio is 1.55, which is comparable to the IHWL.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of IHEB.AX and IHWL.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

IHEB.AX vs. IHWL.AX - Drawdown Comparison

The maximum IHEB.AX drawdown since its inception was -31.64%, smaller than the maximum IHWL.AX drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for IHEB.AX and IHWL.AX.

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Drawdown Indicators

IHEB.AXIHWL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.64%

-39.03%

+7.39%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-10.16%

+5.52%

Max Drawdown (3Y)

Largest decline over 3 years

-7.51%

-19.96%

+12.45%

Max Drawdown (5Y)

Largest decline over 5 years

-27.90%

-27.41%

-0.49%

Max Drawdown (10Y)

Largest decline over 10 years

-31.64%

-39.03%

+7.39%

Current Drawdown

Current decline from peak

-1.10%

-1.30%

+0.20%

Average Drawdown

Average peak-to-trough decline

-6.27%

-5.15%

-1.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.24%

2.44%

-1.20%

Volatility

IHEB.AX vs. IHWL.AX - Volatility Comparison

The current volatility for iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) is 1.11%, while iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) has a volatility of 2.78%. This indicates that IHEB.AX experiences smaller price fluctuations and is considered to be less risky than IHWL.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.AXIHWL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.11%

2.78%

-1.67%

Volatility (6M)

Calculated over the trailing 6-month period

4.83%

11.53%

-6.70%

Volatility (1Y)

Calculated over the trailing 1-year period

5.76%

13.91%

-8.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.72%

17.51%

-6.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.04%

17.30%

-5.26%

Dividends

IHEB.AX vs. IHWL.AX - Dividend Comparison

IHEB.AX's dividend yield for the trailing twelve months is around 6.03%, more than IHWL.AX's 5.28% yield.

PositionTTM202520242023202220212020201920182017
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%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		5.28%0.98%1.11%3.06%0.77%11.16%0.00%0.00%2.35%1.07%

Frequently Asked Questions

IHEB.AX and IHWL.AX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHEB.AX is categorized as Total Bond Market, while IHWL.AX is Global Equities. IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index, while IHWL.AX tracks iShares Core MSCI World ex Australia ESG (AUD Hedged) Index.

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