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

IHEB.AX vs. XARO.AX

Last updated Jul 16, 2026
Documentation

IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) and XARO.AX (Ardea Real Outcome Bond Complex ETF) are both Total Bond Market funds. IHEB.AX is passively managed, while XARO.AX is actively managed. Over the past 5 years, IHEB.AX returned 1.58%/yr vs 2.03%/yr for XARO.AX. At a correlation of -0.04, they often move in opposite directions.

Performance

IHEB.AX vs. XARO.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 Ardea Real Outcome Bond Complex ETF (XARO.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 1.27% return, which is significantly lower than XARO.AX's 1.43% return.

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%

XARO.AX

1D
0.12%
1M
0.96%
6M
1.47%
YTD
1.43%
1Y
4.40%
3Y*
2.59%
5Y*
2.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%0.59%
XARO.AX
Ardea Real Outcome Bond Complex ETF		1.43%6.78%0.49%2.17%0.46%-0.60%5.21%8.56%0.20%

Correlation

The correlation between IHEB.AX and XARO.AX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.03

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

-0.08

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

-0.06

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2018

-0.04

The correlation between IHEB.AX and XARO.AX shifts across timeframes, from -0.08 (3 years) to 0.03 (1 year), reflecting how their relationship changes across market environments.

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

Ardea Real Outcome Bond Complex ETF

Return for Risk

IHEB.AX vs. XARO.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: 5151
Overall Rank
IHEB.AX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IHEB.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHEB.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHEB.AX Calmar Ratio Rank: 4343
Calmar Ratio Rank
IHEB.AX Martin Ratio Rank: 5151
Martin Ratio Rank
XARO.AX
XARO.AX Risk / Return Rank: 4646
Overall Rank
XARO.AX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
XARO.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
XARO.AX Omega Ratio Rank: 4242
Omega Ratio Rank
XARO.AX Calmar Ratio Rank: 4747
Calmar Ratio Rank
XARO.AX Martin Ratio Rank: 5050
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. XARO.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 Ardea Real Outcome Bond Complex ETF (XARO.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.AXXARO.AXDifference
Sharpe ratioReturn per unit of total volatility
1.50
1.28

+0.22

Sortino ratioReturn per unit of downside risk
2.14
1.99

+0.15

Omega ratioGain probability vs. loss probability

1.28

1.23

+0.05

Calmar ratioReturn relative to maximum drawdown

1.86

1.94

-0.09

Martin ratioReturn relative to average drawdown

7.02

6.74

+0.28

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

The current IHEB.AX Sharpe Ratio is 1.50, which is comparable to the XARO.AX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of IHEB.AX and XARO.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. XARO.AX - Drawdown Comparison

The maximum IHEB.AX drawdown since its inception was -31.64%, which is greater than XARO.AX's maximum drawdown of -7.44%. Use the drawdown chart below to compare losses from any high point for IHEB.AX and XARO.AX.

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Drawdown Indicators

IHEB.AXXARO.AXDifference

Max Drawdown

Largest peak-to-trough decline

-31.64%

-7.44%

-24.20%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-2.26%

-2.38%

Max Drawdown (3Y)

Largest decline over 3 years

-7.51%

-3.42%

-4.09%

Max Drawdown (5Y)

Largest decline over 5 years

-27.90%

-6.98%

-20.92%

Max Drawdown (10Y)

Largest decline over 10 years

-31.64%

—

—

Current Drawdown

Current decline from peak

-0.80%

-0.00%

-0.80%

Average Drawdown

Average peak-to-trough decline

-6.27%

-1.58%

-4.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.24%

0.66%

+0.58%

Volatility

IHEB.AX vs. XARO.AX - Volatility Comparison

iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) has a higher volatility of 1.08% compared to Ardea Real Outcome Bond Complex ETF (XARO.AX) at 0.99%. This indicates that IHEB.AX's price experiences larger fluctuations and is considered to be riskier than XARO.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.AXXARO.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.08%

0.99%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

4.82%

2.69%

+2.13%

Volatility (1Y)

Calculated over the trailing 1-year period

5.75%

3.43%

+2.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.73%

6.04%

+4.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.04%

6.45%

+5.59%

Dividends

IHEB.AX vs. XARO.AX - Dividend Comparison

IHEB.AX's dividend yield for the trailing twelve months is around 6.02%, more than XARO.AX's 1.09% yield.

PositionTTM202520242023202220212020201920182017
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%
XARO.AX
Ardea Real Outcome Bond Complex ETF		1.09%1.57%2.46%0.77%7.38%4.26%4.20%2.46%0.00%0.00%

Frequently Asked Questions

IHEB.AX and XARO.AX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and ETF Issuer.

Portfolio Optimizer

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