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IOZ.AX vs. IHEB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IOZ.AX vs. IHEB.AX

Last updated Jul 16, 2026
Documentation

IOZ.AX (Ishares Core S&P/ASX 200 ETF) and IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) are both exchange-traded funds - IOZ.AX is a Australia Equities fund tracking the S&P/ASX 200 Index, while IHEB.AX is a Total Bond Market fund tracking the iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index. Both are passively managed. Over the past 10 years, IOZ.AX returned 8.95%/yr vs 3.51%/yr for IHEB.AX. At a 0.25 correlation, their price movements are largely independent.

Performance

IOZ.AX vs. IHEB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Core S&P/ASX 200 ETF (IOZ.AX) and iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.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, IOZ.AX achieves a 3.07% return, which is significantly higher than IHEB.AX's 1.27% return. Over the past 10 years, IOZ.AX has outperformed IHEB.AX with an annualized return of 8.95%, while IHEB.AX has yielded a comparatively lower 3.51% annualized return.

IOZ.AX

1D
0.11%
1M
-0.68%
6M
1.81%
YTD
3.07%
1Y
5.71%
3Y*
10.31%
5Y*
7.72%
10Y*
8.95%

IHEB.AX

1D
0.04%
1M
-0.76%
6M
1.61%
YTD
1.27%
1Y
8.50%
3Y*
8.63%
5Y*
1.58%
10Y*
3.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IOZ.AX vs. IHEB.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.07%10.22%11.35%12.19%-0.91%16.90%1.35%23.29%-2.99%11.59%
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		1.27%13.46%6.18%9.22%-17.76%-1.00%7.74%18.63%-7.42%12.01%

Correlation

The correlation between IOZ.AX and IHEB.AX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.40

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

0.39

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

0.25

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

0.25

The correlation between IOZ.AX and IHEB.AX shifts across timeframes, from 0.25 (all time) to 0.40 (3 years), reflecting how their relationship changes across market environments.

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Ishares Core S&P/ASX 200 ETF

iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF

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Return for Risk

IOZ.AX vs. IHEB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IOZ.AX
IOZ.AX Risk / Return Rank: 1919
Overall Rank
IOZ.AX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
IOZ.AX Sortino Ratio Rank: 1818
Sortino Ratio Rank
IOZ.AX Omega Ratio Rank: 1818
Omega Ratio Rank
IOZ.AX Calmar Ratio Rank: 2020
Calmar Ratio Rank
IOZ.AX Martin Ratio Rank: 2020
Martin Ratio Rank
IHEB.AX
IHEB.AX Risk / Return Rank: 5151
Overall Rank
IHEB.AX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IHEB.AX Sortino Ratio Rank: 5353
Sortino Ratio Rank
IHEB.AX Omega Ratio Rank: 5656
Omega Ratio Rank
IHEB.AX Calmar Ratio Rank: 4343
Calmar Ratio Rank
IHEB.AX Martin Ratio Rank: 5151
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.

IOZ.AX vs. IHEB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Core S&P/ASX 200 ETF (IOZ.AX) and iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.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.

IOZ.AXIHEB.AXDifference
Sharpe ratioReturn per unit of total volatility
0.53
1.50

-0.97

Sortino ratioReturn per unit of downside risk
0.83
2.14

-1.31

Omega ratioGain probability vs. loss probability

1.10

1.28

-0.18

Calmar ratioReturn relative to maximum drawdown

0.75

1.86

-1.10

Martin ratioReturn relative to average drawdown

1.80

7.02

-5.22

IOZ.AX vs. IHEB.AX - Sharpe Ratio Comparison

The current IOZ.AX Sharpe Ratio is 0.53, which is lower than the IHEB.AX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of IOZ.AX and IHEB.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

IOZ.AX vs. IHEB.AX - Drawdown Comparison

The maximum IOZ.AX drawdown since its inception was -35.75%, which is greater than IHEB.AX's maximum drawdown of -31.64%. Use the drawdown chart below to compare losses from any high point for IOZ.AX and IHEB.AX.

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Drawdown Indicators

IOZ.AXIHEB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-35.75%

-31.64%

-4.11%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-4.64%

-3.81%

Max Drawdown (3Y)

Largest decline over 3 years

-13.35%

-7.51%

-5.84%

Max Drawdown (5Y)

Largest decline over 5 years

-14.92%

-27.90%

+12.98%

Max Drawdown (10Y)

Largest decline over 10 years

-35.75%

-31.64%

-4.11%

Current Drawdown

Current decline from peak

-2.78%

-0.80%

-1.98%

Average Drawdown

Average peak-to-trough decline

-4.70%

-6.27%

+1.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.61%

1.24%

+2.37%

Volatility

IOZ.AX vs. IHEB.AX - Volatility Comparison

Ishares Core S&P/ASX 200 ETF (IOZ.AX) has a higher volatility of 2.34% compared to iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) at 1.08%. This indicates that IOZ.AX's price experiences larger fluctuations and is considered to be riskier than IHEB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IOZ.AXIHEB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.34%

1.08%

+1.26%

Volatility (6M)

Calculated over the trailing 6-month period

9.91%

4.82%

+5.09%

Volatility (1Y)

Calculated over the trailing 1-year period

12.17%

5.75%

+6.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.86%

10.73%

+2.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.28%

12.04%

+2.24%

Dividends

IOZ.AX vs. IHEB.AX - Dividend Comparison

IOZ.AX's dividend yield for the trailing twelve months is around 3.42%, less than IHEB.AX's 6.02% yield.

PositionTTM20252024202320222021202020192018201720162015
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		6.02%5.74%9.24%5.17%8.58%6.14%9.71%6.51%3.59%6.82%0.00%0.00%
IOZ.AX
Ishares Core S&P/ASX 200 ETF		3.42%3.39%3.47%3.73%6.11%3.32%2.40%4.62%4.27%3.90%4.89%7.69%

Frequently Asked Questions

IOZ.AX and IHEB.AX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IOZ.AX is categorized as Australia Equities, while IHEB.AX is Total Bond Market. IOZ.AX tracks S&P/ASX 200 Index, while IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index.

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