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

IHWL.AX vs. GLDN.AX

Last updated Jul 16, 2026
Documentation

IHWL.AX (iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF) and GLDN.AX (Ishares Physical Gold ETF) are both exchange-traded funds - IHWL.AX is a Global Equities fund tracking the iShares Core MSCI World ex Australia ESG (AUD Hedged) Index, while GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index. Both are passively managed. Over the past year, IHWL.AX returned 21.65% vs 12.58% for GLDN.AX. At a correlation of -0.09, they often move in opposite directions.

Performance

IHWL.AX vs. GLDN.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) and Ishares Physical Gold ETF (GLDN.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, IHWL.AX achieves a 9.44% return, which is significantly higher than GLDN.AX's -11.15% return.

IHWL.AX

1D
0.03%
1M
0.71%
6M
8.02%
YTD
9.44%
1Y
21.65%
3Y*
18.41%
5Y*
11.41%
10Y*
12.51%

GLDN.AX

1D
0.24%
1M
-4.83%
6M
-16.42%
YTD
-11.15%
1Y
12.58%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		9.44%17.85%20.95%14.51%
GLDN.AX
Ishares Physical Gold ETF		-11.15%55.11%38.15%-3.32%

Correlation

The correlation between IHWL.AX and GLDN.AX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.10

Correlation (All Time)
Calculated using the full available price history since Nov 1, 2023

-0.09

The correlation between IHWL.AX and GLDN.AX shifts across timeframes, from -0.09 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

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

Ishares Physical Gold ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHWL.AX
IHWL.AX Risk / Return Rank: 5757
Overall Rank
IHWL.AX Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IHWL.AX Sortino Ratio Rank: 5656
Sortino Ratio Rank
IHWL.AX Omega Ratio Rank: 5959
Omega Ratio Rank
IHWL.AX Calmar Ratio Rank: 5151
Calmar Ratio Rank
IHWL.AX Martin Ratio Rank: 6363
Martin Ratio Rank
GLDN.AX
GLDN.AX Risk / Return Rank: 1717
Overall Rank
GLDN.AX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
GLDN.AX Sortino Ratio Rank: 1818
Sortino Ratio Rank
GLDN.AX Omega Ratio Rank: 2020
Omega Ratio Rank
GLDN.AX Calmar Ratio Rank: 1515
Calmar Ratio Rank
GLDN.AX Martin Ratio Rank: 1515
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.

IHWL.AX vs. GLDN.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) and Ishares Physical Gold ETF (GLDN.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.

IHWL.AXGLDN.AXDifference
Sharpe ratioReturn per unit of total volatility
1.55
0.49

+1.06

Sortino ratioReturn per unit of downside risk
2.20
0.81

+1.39

Omega ratioGain probability vs. loss probability

1.29

1.12

+0.18

Calmar ratioReturn relative to maximum drawdown

2.12

0.46

+1.65

Martin ratioReturn relative to average drawdown

8.94

1.00

+7.94

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

The current IHWL.AX Sharpe Ratio is 1.55, which is higher than the GLDN.AX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of IHWL.AX and GLDN.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

IHWL.AX vs. GLDN.AX - Drawdown Comparison

The maximum IHWL.AX drawdown since its inception was -39.03%, which is greater than GLDN.AX's maximum drawdown of -26.62%. Use the drawdown chart below to compare losses from any high point for IHWL.AX and GLDN.AX.

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Drawdown Indicators

IHWL.AXGLDN.AXDifference

Max Drawdown

Largest peak-to-trough decline

-39.03%

-26.62%

-12.41%

Max Drawdown (1Y)

Largest decline over 1 year

-10.16%

-26.62%

+16.46%

Max Drawdown (3Y)

Largest decline over 3 years

-19.96%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-27.41%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-39.03%

—

—

Current Drawdown

Current decline from peak

0.00%

-26.28%

+26.28%

Average Drawdown

Average peak-to-trough decline

-5.15%

-5.16%

+0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

12.44%

-9.99%

Volatility

IHWL.AX vs. GLDN.AX - Volatility Comparison

The current volatility for iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) is 2.50%, while Ishares Physical Gold ETF (GLDN.AX) has a volatility of 6.35%. This indicates that IHWL.AX experiences smaller price fluctuations and is considered to be less risky than GLDN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IHWL.AXGLDN.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.50%

6.35%

-3.85%

Volatility (6M)

Calculated over the trailing 6-month period

11.44%

21.71%

-10.27%

Volatility (1Y)

Calculated over the trailing 1-year period

13.86%

25.11%

-11.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.51%

19.55%

-2.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.29%

19.55%

-2.26%

Dividends

IHWL.AX vs. GLDN.AX - Dividend Comparison

IHWL.AX's dividend yield for the trailing twelve months is around 5.21%, while GLDN.AX has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
GLDN.AX
Ishares Physical Gold ETF		0.00%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		5.21%0.98%1.11%3.06%0.77%11.16%0.00%0.00%2.35%1.07%

Frequently Asked Questions

IHWL.AX and GLDN.AX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHWL.AX is categorized as Global Equities, while GLDN.AX is Gold. IHWL.AX tracks iShares Core MSCI World ex Australia ESG (AUD Hedged) Index, while GLDN.AX tracks LBMA Gold Price PM AUD Index.

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