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ILB.AX vs. IHHY.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILB.AX vs. IHHY.AX

Last updated Jul 18, 2026
Documentation

ILB.AX (iShares Government Inflation ETF) and IHHY.AX (iShares Global High Yield Bond (AUD Hedged) ETF) are both exchange-traded funds - ILB.AX is a Global Equities fund tracking the iShares Government Inflation Index, while IHHY.AX is a Total Bond Market fund tracking the iShares Global High Yield Bond (AUD Hedged) Index. Both are passively managed. Over the past 10 years, ILB.AX returned 1.95%/yr vs 3.65%/yr for IHHY.AX. At a 0.12 correlation, their price movements are largely independent.

Performance

ILB.AX vs. IHHY.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Government Inflation ETF (ILB.AX) and iShares Global High Yield Bond (AUD Hedged) ETF (IHHY.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ILB.AX having a 1.74% return and IHHY.AX slightly lower at 1.70%. Over the past 10 years, ILB.AX has underperformed IHHY.AX with an annualized return of 1.95%, while IHHY.AX has yielded a comparatively higher 3.65% annualized return.

ILB.AX

1D
-0.02%
1M
-0.46%
6M
1.79%
YTD
1.74%
1Y
2.86%
3Y*
2.56%
5Y*
0.07%
10Y*
1.95%

IHHY.AX

1D
-0.38%
1M
-0.09%
6M
1.39%
YTD
1.70%
1Y
4.88%
3Y*
7.17%
5Y*
2.97%
10Y*
3.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ILB.AX vs. IHHY.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ILB.AX
iShares Government Inflation ETF		1.74%2.96%-0.96%8.89%-10.83%1.13%6.23%9.07%3.00%2.70%
IHHY.AX
iShares Global High Yield Bond (AUD Hedged) ETF		1.70%7.65%6.11%9.78%-9.32%2.80%1.62%10.84%-4.15%6.69%

Correlation

The correlation between ILB.AX and IHHY.AX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

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

0.22

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

0.24

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

0.14

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

0.12

The correlation between ILB.AX and IHHY.AX shifts across timeframes, from 0.12 (all time) to 0.24 (5 years), reflecting how their relationship changes across market environments.

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iShares Government Inflation ETF

iShares Global High Yield Bond (AUD Hedged) ETF

Often compared with ILB.AX:
ILB.AX vs. USD.AXILB.AX vs. AUMF.AXILB.AX vs. BILL.AXILB.AX vs. CORE.AXILB.AX vs. ESGI.AXILB.AX vs. ESTX.AXILB.AX vs. F100.AX
Often compared with IHHY.AX:
IHHY.AX vs. BNDS.AXIHHY.AX vs. BOND.AXIHHY.AX vs. IAF.AXIHHY.AX vs. IHEB.AXIHHY.AX vs. QPON.AXIHHY.AX vs. VAF.AXIHHY.AX vs. VEFI.AX

Return for Risk

ILB.AX vs. IHHY.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ILB.AX
ILB.AX Risk / Return Rank: 2020
Overall Rank
ILB.AX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ILB.AX Sortino Ratio Rank: 1919
Sortino Ratio Rank
ILB.AX Omega Ratio Rank: 1919
Omega Ratio Rank
ILB.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
ILB.AX Martin Ratio Rank: 1919
Martin Ratio Rank
IHHY.AX
IHHY.AX Risk / Return Rank: 4040
Overall Rank
IHHY.AX Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
IHHY.AX Sortino Ratio Rank: 3232
Sortino Ratio Rank
IHHY.AX Omega Ratio Rank: 3434
Omega Ratio Rank
IHHY.AX Calmar Ratio Rank: 4545
Calmar Ratio Rank
IHHY.AX Martin Ratio Rank: 5353
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.

ILB.AX vs. IHHY.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Government Inflation ETF (ILB.AX) and iShares Global High Yield Bond (AUD Hedged) ETF (IHHY.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.

ILB.AXIHHY.AXDifference
Sharpe ratioReturn per unit of total volatility
0.54
0.91

-0.37

Sortino ratioReturn per unit of downside risk
0.81
1.35

-0.54

Omega ratioGain probability vs. loss probability

1.10

1.18

-0.09

Calmar ratioReturn relative to maximum drawdown

0.63

1.77

-1.14

Martin ratioReturn relative to average drawdown

1.44

6.77

-5.34

ILB.AX vs. IHHY.AX - Sharpe Ratio Comparison

The current ILB.AX Sharpe Ratio is 0.54, which is lower than the IHHY.AX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of ILB.AX and IHHY.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

ILB.AX vs. IHHY.AX - Drawdown Comparison

The maximum ILB.AX drawdown since its inception was -17.45%, smaller than the maximum IHHY.AX drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for ILB.AX and IHHY.AX.

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Drawdown Indicators

ILB.AXIHHY.AXDifference

Max Drawdown

Largest peak-to-trough decline

-17.45%

-31.56%

+14.11%

Max Drawdown (1Y)

Largest decline over 1 year

-4.40%

-2.68%

-1.72%

Max Drawdown (3Y)

Largest decline over 3 years

-4.40%

-6.82%

+2.42%

Max Drawdown (5Y)

Largest decline over 5 years

-17.45%

-14.99%

-2.46%

Max Drawdown (10Y)

Largest decline over 10 years

-17.45%

-31.56%

+14.11%

Current Drawdown

Current decline from peak

-0.94%

-0.41%

-0.53%

Average Drawdown

Average peak-to-trough decline

-3.58%

-2.78%

-0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

0.71%

+1.24%

Volatility

ILB.AX vs. IHHY.AX - Volatility Comparison

The current volatility for iShares Government Inflation ETF (ILB.AX) is 0.80%, while iShares Global High Yield Bond (AUD Hedged) ETF (IHHY.AX) has a volatility of 1.73%. This indicates that ILB.AX experiences smaller price fluctuations and is considered to be less risky than IHHY.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ILB.AXIHHY.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.80%

1.73%

-0.93%

Volatility (6M)

Calculated over the trailing 6-month period

3.48%

4.75%

-1.27%

Volatility (1Y)

Calculated over the trailing 1-year period

5.05%

5.21%

-0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.37%

8.07%

-0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.33%

10.03%

-2.70%

Dividends

ILB.AX vs. IHHY.AX - Dividend Comparison

ILB.AX's dividend yield for the trailing twelve months is around 1.64%, less than IHHY.AX's 6.90% yield.

PositionTTM20252024202320222021202020192018201720162015
IHHY.AX
iShares Global High Yield Bond (AUD Hedged) ETF		6.90%5.59%5.87%4.99%3.70%3.95%5.24%2.29%3.11%6.98%2.71%0.00%
ILB.AX
iShares Government Inflation ETF		1.64%1.56%1.65%1.56%0.85%0.53%0.83%1.40%0.74%0.70%1.22%1.63%

Frequently Asked Questions

ILB.AX and IHHY.AX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ILB.AX is categorized as Global Equities, while IHHY.AX is Total Bond Market. ILB.AX tracks iShares Government Inflation Index, while IHHY.AX tracks iShares Global High Yield Bond (AUD Hedged) Index.

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