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

IHEB.AX vs. ISEC.AX

Last updated Jul 18, 2026
Documentation

IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) and ISEC.AX (iShares Enhanced Cash 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 ISEC.AX is a Money Market fund tracking the iShares Enhanced Cash Index. Both are passively managed. Over the past 5 years, IHEB.AX returned 1.52%/yr vs 3.28%/yr for ISEC.AX. At a correlation of -0.00, they often move in opposite directions.

Performance

IHEB.AX vs. ISEC.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 Enhanced Cash ETF (ISEC.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 ISEC.AX's 1.94% 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%

ISEC.AX

1D
0.02%
1M
0.43%
6M
1.75%
YTD
1.94%
1Y
3.79%
3Y*
4.37%
5Y*
3.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHEB.AX vs. ISEC.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%4.52%
ISEC.AX
iShares Enhanced Cash ETF		1.94%4.40%4.74%4.06%1.29%0.08%0.63%1.77%2.05%1.24%

Correlation

The correlation between IHEB.AX and ISEC.AX is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.14

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

-0.03

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

0.04

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2017

-0.00

The correlation between IHEB.AX and ISEC.AX shifts across timeframes, from -0.14 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.

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

iShares Enhanced Cash 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 ISEC.AX:
ISEC.AX vs. MVOL.AXISEC.AX vs. WVOL.AXISEC.AX vs. GLIN.AXISEC.AX vs. IHWL.AXISEC.AX vs. ILB.AXISEC.AX vs. IOZ.AXISEC.AX vs. WDMF.AX

Return for Risk

IHEB.AX vs. ISEC.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
ISEC.AX
ISEC.AX Risk / Return Rank: 9797
Overall Rank
ISEC.AX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ISEC.AX Sortino Ratio Rank: 9797
Sortino Ratio Rank
ISEC.AX Omega Ratio Rank: 9999
Omega Ratio Rank
ISEC.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
ISEC.AX Martin Ratio Rank: 9797
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. ISEC.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 Enhanced Cash ETF (ISEC.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.AXISEC.AXDifference
Sharpe ratioReturn per unit of total volatility
1.55
3.59

-2.03

Sortino ratioReturn per unit of downside risk
2.23
5.05

-2.83

Omega ratioGain probability vs. loss probability

1.30

2.74

-1.44

Calmar ratioReturn relative to maximum drawdown

1.92

9.83

-7.91

Martin ratioReturn relative to average drawdown

7.25

30.27

-23.02

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

The current IHEB.AX Sharpe Ratio is 1.55, which is lower than the ISEC.AX Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of IHEB.AX and ISEC.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. ISEC.AX - Drawdown Comparison

The maximum IHEB.AX drawdown since its inception was -31.64%, which is greater than ISEC.AX's maximum drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for IHEB.AX and ISEC.AX.

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Drawdown Indicators

IHEB.AXISEC.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.64%

-0.38%

-31.26%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-0.38%

-4.26%

Max Drawdown (3Y)

Largest decline over 3 years

-7.51%

-0.38%

-7.13%

Max Drawdown (5Y)

Largest decline over 5 years

-27.90%

-0.38%

-27.52%

Max Drawdown (10Y)

Largest decline over 10 years

-31.64%

—

—

Current Drawdown

Current decline from peak

-1.10%

0.00%

-1.10%

Average Drawdown

Average peak-to-trough decline

-6.27%

-0.03%

-6.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.24%

0.12%

+1.12%

Volatility

IHEB.AX vs. ISEC.AX - Volatility Comparison

iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) has a higher volatility of 1.11% compared to iShares Enhanced Cash ETF (ISEC.AX) at 0.09%. This indicates that IHEB.AX's price experiences larger fluctuations and is considered to be riskier than ISEC.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.AXISEC.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.11%

0.09%

+1.02%

Volatility (6M)

Calculated over the trailing 6-month period

4.83%

0.78%

+4.05%

Volatility (1Y)

Calculated over the trailing 1-year period

5.76%

1.03%

+4.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.72%

0.72%

+10.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.04%

0.57%

+11.47%

Dividends

IHEB.AX vs. ISEC.AX - Dividend Comparison

IHEB.AX's dividend yield for the trailing twelve months is around 6.03%, more than ISEC.AX's 3.75% 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%
ISEC.AX
iShares Enhanced Cash ETF		3.75%4.32%4.55%3.93%1.05%0.13%0.57%1.68%1.96%0.88%

Frequently Asked Questions

IHEB.AX and ISEC.AX have a correlation of -0.14, 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 ISEC.AX is Money Market. IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index, while ISEC.AX tracks iShares Enhanced Cash Index.

Portfolio Optimizer

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