PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IJR.AX vs. IHWL.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJR.AX vs. IHWL.AX

Last updated Jul 18, 2026
Documentation

IJR.AX (iShares S&P Small-Cap ETF) and IHWL.AX (iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF) are both exchange-traded funds - IJR.AX is a Small Cap Blend Equities fund tracking the iShares S&P Small-Cap Index, while IHWL.AX is a Global Equities fund tracking the iShares Core MSCI World ex Australia ESG (AUD Hedged) Index. Both are passively managed. Over the past 10 years, IJR.AX returned 19.56%/yr vs 12.38%/yr for IHWL.AX. At a 0.50 correlation, their price movements are largely independent.

Performance

IJR.AX vs. IHWL.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares S&P Small-Cap ETF (IJR.AX) and iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IJR.AX achieves a 16.16% return, which is significantly higher than IHWL.AX's 8.01% return. Over the past 10 years, IJR.AX has outperformed IHWL.AX with an annualized return of 19.56%, while IHWL.AX has yielded a comparatively lower 12.38% annualized return.

IJR.AX

1D
0.28%
1M
3.74%
6M
8.94%
YTD
16.16%
1Y
22.67%
3Y*
13.24%
5Y*
9.11%
10Y*
19.56%

IHWL.AX

1D
-1.30%
1M
-0.53%
6M
6.33%
YTD
8.01%
1Y
20.04%
3Y*
17.75%
5Y*
11.11%
10Y*
12.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IJR.AX
iShares S&P Small-Cap ETF		16.16%-1.20%16.88%16.63%-9.47%34.92%1.20%24.13%1.02%107.76%
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		8.01%17.85%20.95%26.93%-21.57%31.44%7.65%24.82%-8.18%19.90%

Correlation

The correlation between IJR.AX and IHWL.AX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.48

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

0.53

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

0.50

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2016

0.50

The correlation between IJR.AX and IHWL.AX has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P Small-Cap ETF

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

Often compared with IJR.AX:
IJR.AX vs. SSO.AXIJR.AX vs. ISO.AXIJR.AX vs. MVS.AXIJR.AX vs. SMLL.AXIJR.AX vs. VISM.AXIJR.AX vs. AUMF.AXIJR.AX vs. BILL.AX
Often compared with IHWL.AX:
IHWL.AX vs. AUMF.AXIHWL.AX vs. ISEC.AXIHWL.AX vs. BILL.AXIHWL.AX vs. F100.AXIHWL.AX vs. HJPN.AXIHWL.AX vs. OOO.AXIHWL.AX vs. VDCO.AX

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IJR.AX
IJR.AX Risk / Return Rank: 4949
Overall Rank
IJR.AX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
IJR.AX Sortino Ratio Rank: 5050
Sortino Ratio Rank
IJR.AX Omega Ratio Rank: 4949
Omega Ratio Rank
IJR.AX Calmar Ratio Rank: 5050
Calmar Ratio Rank
IJR.AX Martin Ratio Rank: 4747
Martin Ratio Rank
IHWL.AX
IHWL.AX Risk / Return Rank: 5555
Overall Rank
IHWL.AX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IHWL.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHWL.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHWL.AX Calmar Ratio Rank: 4949
Calmar Ratio Rank
IHWL.AX Martin Ratio Rank: 6161
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P Small-Cap ETF (IJR.AX) and iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.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.

IJR.AXIHWL.AXDifference
Sharpe ratioReturn per unit of total volatility
1.33
1.38

-0.05

Sortino ratioReturn per unit of downside risk
1.90
1.98

-0.08

Omega ratioGain probability vs. loss probability

1.24

1.26

-0.02

Calmar ratioReturn relative to maximum drawdown

1.91

1.89

+0.02

Martin ratioReturn relative to average drawdown

5.86

7.98

-2.13

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

The current IJR.AX Sharpe Ratio is 1.33, which is comparable to the IHWL.AX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of IJR.AX and IHWL.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.

Loading charts...

Drawdowns

IJR.AX vs. IHWL.AX - Drawdown Comparison

The maximum IJR.AX drawdown since its inception was -35.55%, smaller than the maximum IHWL.AX drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for IJR.AX and IHWL.AX.

Loading charts...

Drawdown Indicators

IJR.AXIHWL.AXDifference

Max Drawdown

Largest peak-to-trough decline

-35.55%

-39.03%

+3.48%

Max Drawdown (1Y)

Largest decline over 1 year

-11.45%

-10.16%

-1.29%

Max Drawdown (3Y)

Largest decline over 3 years

-24.63%

-19.96%

-4.67%

Max Drawdown (5Y)

Largest decline over 5 years

-24.63%

-27.41%

+2.78%

Max Drawdown (10Y)

Largest decline over 10 years

-34.84%

-39.03%

+4.19%

Current Drawdown

Current decline from peak

-2.19%

-1.30%

-0.89%

Average Drawdown

Average peak-to-trough decline

-8.01%

-5.15%

-2.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.78%

2.44%

+1.34%

Volatility

IJR.AX vs. IHWL.AX - Volatility Comparison

iShares S&P Small-Cap ETF (IJR.AX) has a higher volatility of 3.47% compared to iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF (IHWL.AX) at 2.78%. This indicates that IJR.AX's price experiences larger fluctuations and is considered to be riskier than IHWL.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IJR.AXIHWL.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

2.78%

+0.69%

Volatility (6M)

Calculated over the trailing 6-month period

12.33%

11.53%

+0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

16.53%

13.91%

+2.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.46%

17.51%

+0.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.91%

17.30%

+19.61%

Dividends

IJR.AX vs. IHWL.AX - Dividend Comparison

IJR.AX's dividend yield for the trailing twelve months is around 0.76%, less than IHWL.AX's 5.28% yield.

PositionTTM2025202420232022202120202019201820172016
IHWL.AX
iShares Core MSCI World ex Australia ESG (AUD Hedged) ETF		5.28%0.98%1.11%3.06%0.77%11.16%0.00%0.00%2.35%1.07%0.00%
IJR.AX
iShares S&P Small-Cap ETF		0.76%0.87%1.26%1.29%1.86%1.66%1.52%2.18%1.53%0.10%0.70%

Frequently Asked Questions

IJR.AX and IHWL.AX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IJR.AX is categorized as Small Cap Blend Equities, while IHWL.AX is Global Equities. IJR.AX tracks iShares S&P Small-Cap Index, while IHWL.AX tracks iShares Core MSCI World ex Australia ESG (AUD Hedged) Index.

Portfolio Optimizer

Find the right allocation for IJR.AX and IHWL.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer