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IHVV.AX vs. VGS.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHVV.AX vs. VGS.AX

Last updated Jul 16, 2026
Documentation

IHVV.AX (iShares S&P 500 AUD Hedged ETF) and VGS.AX (Vanguard MSCI Index International Shares ETF) are both Global Equities funds - IHVV.AX tracks the iShares S&P 500 AUD Hedged Index while VGS.AX tracks the Vanguard MSCI Index International Shares Index. Both are passively managed. Over the past 10 years, IHVV.AX returned 13.21%/yr vs 13.63%/yr for VGS.AX. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

IHVV.AX vs. VGS.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares S&P 500 AUD Hedged ETF (IHVV.AX) and Vanguard MSCI Index International Shares ETF (VGS.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, IHVV.AX achieves a 9.76% return, which is significantly higher than VGS.AX's 5.31% return. Both investments have delivered pretty close results over the past 10 years, with IHVV.AX having a 13.21% annualized return and VGS.AX not far ahead at 13.63%.

IHVV.AX

1D
0.15%
1M
0.70%
6M
8.74%
YTD
9.76%
1Y
20.48%
3Y*
18.71%
5Y*
11.13%
10Y*
13.21%

VGS.AX

1D
-0.01%
1M
1.72%
6M
4.14%
YTD
5.31%
1Y
13.66%
3Y*
17.60%
5Y*
12.49%
10Y*
13.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHVV.AX vs. VGS.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHVV.AX
iShares S&P 500 AUD Hedged ETF		9.76%17.13%23.18%23.30%-20.77%28.58%11.96%29.96%-6.70%21.81%
VGS.AX
Vanguard MSCI Index International Shares ETF		5.31%12.89%29.23%22.54%-12.72%29.67%5.76%29.16%-0.01%12.95%

Correlation

The correlation between IHVV.AX and VGS.AX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.69

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

0.69

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

0.74

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

0.73

Correlation (All Time)
Calculated using the full available price history since Dec 15, 2014

0.69

The correlation between IHVV.AX and VGS.AX has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

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iShares S&P 500 AUD Hedged ETF

Vanguard MSCI Index International Shares ETF

Return for Risk

IHVV.AX vs. VGS.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHVV.AX
IHVV.AX Risk / Return Rank: 5858
Overall Rank
IHVV.AX Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IHVV.AX Sortino Ratio Rank: 5555
Sortino Ratio Rank
IHVV.AX Omega Ratio Rank: 5858
Omega Ratio Rank
IHVV.AX Calmar Ratio Rank: 5757
Calmar Ratio Rank
IHVV.AX Martin Ratio Rank: 6565
Martin Ratio Rank
VGS.AX
VGS.AX Risk / Return Rank: 4242
Overall Rank
VGS.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VGS.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VGS.AX Omega Ratio Rank: 5252
Omega Ratio Rank
VGS.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
VGS.AX Martin Ratio Rank: 3232
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.

IHVV.AX vs. VGS.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 AUD Hedged ETF (IHVV.AX) and Vanguard MSCI Index International Shares ETF (VGS.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.

IHVV.AXVGS.AXDifference
Sharpe ratioReturn per unit of total volatility
1.56
1.41

+0.16

Sortino ratioReturn per unit of downside risk
2.19
1.98

+0.21

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

2.32

1.28

+1.04

Martin ratioReturn relative to average drawdown

9.37

3.83

+5.54

IHVV.AX vs. VGS.AX - Sharpe Ratio Comparison

The current IHVV.AX Sharpe Ratio is 1.56, which is comparable to the VGS.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of IHVV.AX and VGS.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

IHVV.AX vs. VGS.AX - Drawdown Comparison

The maximum IHVV.AX drawdown since its inception was -36.07%, which is greater than VGS.AX's maximum drawdown of -23.39%. Use the drawdown chart below to compare losses from any high point for IHVV.AX and VGS.AX.

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Drawdown Indicators

IHVV.AXVGS.AXDifference

Max Drawdown

Largest peak-to-trough decline

-36.07%

-23.39%

-12.68%

Max Drawdown (1Y)

Largest decline over 1 year

-9.02%

-10.72%

+1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-20.47%

-13.82%

-6.65%

Max Drawdown (5Y)

Largest decline over 5 years

-26.64%

-20.53%

-6.11%

Max Drawdown (10Y)

Largest decline over 10 years

-36.07%

-23.39%

-12.68%

Current Drawdown

Current decline from peak

-0.24%

-0.36%

+0.12%

Average Drawdown

Average peak-to-trough decline

-4.81%

-4.18%

-0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

3.65%

-1.39%

Volatility

IHVV.AX vs. VGS.AX - Volatility Comparison

iShares S&P 500 AUD Hedged ETF (IHVV.AX) has a higher volatility of 2.84% compared to Vanguard MSCI Index International Shares ETF (VGS.AX) at 2.21%. This indicates that IHVV.AX's price experiences larger fluctuations and is considered to be riskier than VGS.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IHVV.AXVGS.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

2.21%

+0.63%

Volatility (6M)

Calculated over the trailing 6-month period

10.95%

7.83%

+3.12%

Volatility (1Y)

Calculated over the trailing 1-year period

13.42%

9.77%

+3.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.68%

12.41%

+5.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.95%

12.92%

+6.03%

Dividends

IHVV.AX vs. VGS.AX - Dividend Comparison

IHVV.AX's dividend yield for the trailing twelve months is around 4.08%, more than VGS.AX's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
IHVV.AX
iShares S&P 500 AUD Hedged ETF		4.08%0.79%0.92%1.30%1.52%19.67%1.64%0.00%3.20%1.74%0.57%1.84%
VGS.AX
Vanguard MSCI Index International Shares ETF		0.97%2.49%1.76%1.82%1.42%1.75%2.24%2.42%2.19%2.25%3.29%2.35%

Frequently Asked Questions

IHVV.AX and VGS.AX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHVV.AX tracks iShares S&P 500 AUD Hedged Index, while VGS.AX tracks Vanguard MSCI Index International Shares Index. They also come from different issuers: iShares and Vanguard.

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