INIF.AX vs. INES.AX

Last updated Jul 16, 2026

INIF.AX (Intelligent Investor Australian Equity Income ETF) and INES.AX (Intelligent Investor Ethical Share ETF) are both exchange-traded funds - INIF.AX is a Dividend fund tracking the Intelligent Investor Australian Equity Income Index, while INES.AX is a Global Equities fund tracking the Intelligent Investor Ethical Share Index. Both are passively managed. Over the past 5 years, INIF.AX returned 6.73%/yr vs 3.31%/yr for INES.AX. At a 0.43 correlation, their price movements are largely independent.

Performance

INIF.AX vs. INES.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Intelligent Investor Australian Equity Income ETF (INIF.AX) and Intelligent Investor Ethical Share ETF (INES.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INIF.AX achieves a 0.46% return, which is significantly higher than INES.AX's -9.15% return.

INIF.AX

• 1D: 0.37%
• 1M: -2.47%
• 6M: -1.51%
• YTD: 0.46%
• 1Y: 9.33%
• 3Y*: 5.69%
• 5Y*: 6.73%
• 10Y*: —

INES.AX

• 1D: 1.60%
• 1M: 1.27%
• 6M: -8.43%
• YTD: -9.15%
• 1Y: -7.94%
• 3Y*: 5.87%
• 5Y*: 3.31%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

INIF.AX vs. INES.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
INIF.AX Intelligent Investor Australian Equity Income ETF	0.46%	14.36%	-0.18%	1.45%	10.56%	22.72%	4.68%	5.75%
INES.AX Intelligent Investor Ethical Share ETF	-9.15%	12.62%	7.21%	11.49%	-12.72%	21.30%	25.01%	4.38%

Correlation

The correlation between INIF.AX and INES.AX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 12, 2019	0.43

The correlation between INIF.AX and INES.AX shifts across timeframes, from 0.43 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

INIF.AX vs. INES.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INIF.AX

INIF.AX Risk / Return Rank: 22
INIF.AX Sharpe Ratio Rank: 23
INIF.AX Sortino Ratio Rank: 21
INIF.AX Omega Ratio Rank: 22
INIF.AX Calmar Ratio Rank: 22
INIF.AX Martin Ratio Rank: 23

INES.AX

INES.AX Risk / Return Rank: 5
INES.AX Sharpe Ratio Rank: 5
INES.AX Sortino Ratio Rank: 5
INES.AX Omega Ratio Rank: 5
INES.AX Calmar Ratio Rank: 6
INES.AX Martin Ratio Rank: 6

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.

INIF.AX vs. INES.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intelligent Investor Australian Equity Income ETF (INIF.AX) and Intelligent Investor Ethical Share ETF (INES.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.

	INIF.AX	INES.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	-0.54	+1.21
Sortino ratio: Return per unit of downside risk	1.02	-0.67	+1.69
Omega ratio: Gain probability vs. loss probability	1.13	0.92	+0.21
Calmar ratio: Return relative to maximum drawdown	0.87	-0.40	+1.27
Martin ratio: Return relative to average drawdown	2.43	-0.78	+3.20

INIF.AX vs. INES.AX - Sharpe Ratio Comparison

The current INIF.AX Sharpe Ratio is 0.67, which is higher than the INES.AX Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of INIF.AX and INES.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.

Drawdowns

INIF.AX vs. INES.AX - Drawdown Comparison

The maximum INIF.AX drawdown since its inception was -40.96%, which is greater than INES.AX's maximum drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for INIF.AX and INES.AX.

Drawdown Indicators

	INIF.AX	INES.AX	Difference
Max Drawdown Largest peak-to-trough decline	-40.96%	-33.57%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.93%	-19.49%	+8.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-19.49%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.09%	-19.49%	+1.40%
Current Drawdown Current decline from peak	-3.10%	-11.72%	+8.62%
Average Drawdown Average peak-to-trough decline	-5.26%	-5.81%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	10.13%	-6.18%

Volatility

INIF.AX vs. INES.AX - Volatility Comparison

The current volatility for Intelligent Investor Australian Equity Income ETF (INIF.AX) is 3.41%, while Intelligent Investor Ethical Share ETF (INES.AX) has a volatility of 3.87%. This indicates that INIF.AX experiences smaller price fluctuations and is considered to be less risky than INES.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INIF.AX	INES.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	3.87%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	12.71%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	14.51%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	13.84%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	15.70%	+0.72%

Dividends

INIF.AX vs. INES.AX - Dividend Comparison

INIF.AX's dividend yield for the trailing twelve months is around 12.02%, more than INES.AX's 8.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
INES.AX Intelligent Investor Ethical Share ETF	8.36%	0.71%	4.24%	1.22%	12.37%	1.63%	0.67%	0.00%	0.00%
INIF.AX Intelligent Investor Australian Equity Income ETF	12.02%	4.02%	0.90%	7.31%	14.68%	1.27%	1.17%	3.88%	1.58%

Frequently Asked Questions

Can I hold both INIF.AX and INES.AX in my portfolio?

INIF.AX and INES.AX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between INIF.AX and INES.AX?

INIF.AX is categorized as Dividend, while INES.AX is Global Equities. INIF.AX tracks Intelligent Investor Australian Equity Income Index, while INES.AX tracks Intelligent Investor Ethical Share Index.