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

IHEB.AX vs. VIF.AX

Last updated Jul 18, 2026
Documentation

IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) and VIF.AX (Vanguard International Fixed Interest Index (Hedged) ETF) are both Total Bond Market funds - IHEB.AX tracks the iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index while VIF.AX tracks the Vanguard International Fixed Interest Index (Hedged) Index. Both are passively managed. Over the past 10 years, IHEB.AX returned 3.42%/yr vs 0.39%/yr for VIF.AX. At a 0.28 correlation, their price movements are largely independent.

Performance

IHEB.AX vs. VIF.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 Vanguard International Fixed Interest Index (Hedged) ETF (VIF.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 higher than VIF.AX's -0.76% return. Over the past 10 years, IHEB.AX has outperformed VIF.AX with an annualized return of 3.42%, while VIF.AX has yielded a comparatively lower 0.39% 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%

VIF.AX

1D
-0.08%
1M
-0.52%
6M
-0.43%
YTD
-0.76%
1Y
0.91%
3Y*
1.77%
5Y*
-1.45%
10Y*
0.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHEB.AX vs. VIF.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%
VIF.AX
Vanguard International Fixed Interest Index (Hedged) ETF		-0.76%2.58%0.77%4.57%-12.59%-2.40%4.55%6.40%2.46%2.24%

Correlation

The correlation between IHEB.AX and VIF.AX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.48

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

0.47

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

0.31

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

0.28

The correlation between IHEB.AX and VIF.AX shifts across timeframes, from 0.28 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.

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

Vanguard International Fixed Interest Index (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 VIF.AX:
VIF.AX vs. BNDS.AXVIF.AX vs. BOND.AXVIF.AX vs. IAF.AXVIF.AX vs. IHHY.AXVIF.AX vs. QPON.AXVIF.AX vs. VACF.AXVIF.AX vs. VAE.AX

Return for Risk

IHEB.AX vs. VIF.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
VIF.AX
VIF.AX Risk / Return Rank: 1313
Overall Rank
VIF.AX Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
VIF.AX Sortino Ratio Rank: 1111
Sortino Ratio Rank
VIF.AX Omega Ratio Rank: 1212
Omega Ratio Rank
VIF.AX Calmar Ratio Rank: 1313
Calmar Ratio Rank
VIF.AX Martin Ratio Rank: 1313
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. VIF.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 Vanguard International Fixed Interest Index (Hedged) ETF (VIF.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.AXVIF.AXDifference
Sharpe ratioReturn per unit of total volatility
1.55
0.14

+1.41

Sortino ratioReturn per unit of downside risk
2.23
0.26

+1.97

Omega ratioGain probability vs. loss probability

1.30

1.04

+0.26

Calmar ratioReturn relative to maximum drawdown

1.92

0.21

+1.71

Martin ratioReturn relative to average drawdown

7.25

0.50

+6.75

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

The current IHEB.AX Sharpe Ratio is 1.55, which is higher than the VIF.AX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of IHEB.AX and VIF.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. VIF.AX - Drawdown Comparison

The maximum IHEB.AX drawdown since its inception was -31.64%, which is greater than VIF.AX's maximum drawdown of -16.71%. Use the drawdown chart below to compare losses from any high point for IHEB.AX and VIF.AX.

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Drawdown Indicators

IHEB.AXVIF.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.64%

-16.71%

-14.93%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-4.13%

-0.51%

Max Drawdown (3Y)

Largest decline over 3 years

-7.51%

-4.13%

-3.38%

Max Drawdown (5Y)

Largest decline over 5 years

-27.90%

-15.87%

-12.03%

Max Drawdown (10Y)

Largest decline over 10 years

-31.64%

-16.71%

-14.93%

Current Drawdown

Current decline from peak

-1.10%

-8.82%

+7.72%

Average Drawdown

Average peak-to-trough decline

-6.27%

-5.48%

-0.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.24%

1.79%

-0.55%

Volatility

IHEB.AX vs. VIF.AX - Volatility Comparison

The current volatility for iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) is 1.11%, while Vanguard International Fixed Interest Index (Hedged) ETF (VIF.AX) has a volatility of 2.00%. This indicates that IHEB.AX experiences smaller price fluctuations and is considered to be less risky than VIF.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.AXVIF.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.11%

2.00%

-0.89%

Volatility (6M)

Calculated over the trailing 6-month period

4.83%

5.82%

-0.99%

Volatility (1Y)

Calculated over the trailing 1-year period

5.76%

6.13%

-0.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.72%

5.26%

+5.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.04%

5.05%

+6.99%

Dividends

IHEB.AX vs. VIF.AX - Dividend Comparison

IHEB.AX's dividend yield for the trailing twelve months is around 6.03%, less than VIF.AX's 8.45% yield.

PositionTTM2025202420232022202120202019201820172016
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%0.00%
VIF.AX
Vanguard International Fixed Interest Index (Hedged) ETF		8.45%2.10%1.76%1.32%1.68%9.39%6.42%2.29%1.95%9.65%1.99%

Frequently Asked Questions

IHEB.AX and VIF.AX have a correlation of 0.38, 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 VIF.AX tracks Vanguard International Fixed Interest Index (Hedged) Index. They also come from different issuers: iShares and Vanguard.

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