IOZ.AX vs. VAE.AX

Last updated Jul 18, 2026

IOZ.AX (Ishares Core S&P/ASX 200 ETF) and VAE.AX (Vanguard FTSE Asia ex Japan Shares Index ETF) are both exchange-traded funds - IOZ.AX is a Australia Equities fund tracking the S&P/ASX 200 Index, while VAE.AX is a Asia Pacific Equities fund tracking the FTSE Asia Pacific ex Japan, Australia and New Zealand Index. Both are passively managed. Over the past 10 years, IOZ.AX returned 8.92%/yr vs 9.26%/yr for VAE.AX. At a 0.41 correlation, their price movements are largely independent. IOZ.AX charges 0.05%/yr vs 0.40%/yr for VAE.AX.

Performance

IOZ.AX vs. VAE.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 Vanguard FTSE Asia ex Japan Shares Index ETF (VAE.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IOZ.AX achieves a 2.52% return, which is significantly lower than VAE.AX's 9.78% return. Both investments have delivered pretty close results over the past 10 years, with IOZ.AX having a 8.92% annualized return and VAE.AX not far ahead at 9.26%.

IOZ.AX

• 1D: -0.48%
• 1M: -1.76%
• 6M: 0.30%
• YTD: 2.52%
• 1Y: 5.03%
• 3Y*: 10.20%
• 5Y*: 7.61%
• 10Y*: 8.92%

VAE.AX

• 1D: -3.98%
• 1M: -9.64%
• 6M: 4.02%
• YTD: 9.78%
• 1Y: 20.17%
• 3Y*: 18.38%
• 5Y*: 6.68%
• 10Y*: 9.26%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IOZ.AX Ishares Core S&P/ASX 200 ETF	2.52%	10.22%	11.35%	12.19%	-0.91%	16.90%	1.35%	23.29%	-2.99%	11.59%
VAE.AX Vanguard FTSE Asia ex Japan Shares Index ETF	9.78%	23.98%	22.74%	3.18%	-14.06%	0.49%	12.05%	17.01%	-5.50%	27.59%

Correlation

The correlation between IOZ.AX and VAE.AX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 9, 2015	0.41

The correlation between IOZ.AX and VAE.AX shifts across timeframes, from 0.38 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IOZ.AX vs. VAE.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: 17
IOZ.AX Sharpe Ratio Rank: 17
IOZ.AX Sortino Ratio Rank: 16
IOZ.AX Omega Ratio Rank: 16
IOZ.AX Calmar Ratio Rank: 19
IOZ.AX Martin Ratio Rank: 18

VAE.AX

VAE.AX Risk / Return Rank: 40
VAE.AX Sharpe Ratio Rank: 37
VAE.AX Sortino Ratio Rank: 36
VAE.AX Omega Ratio Rank: 39
VAE.AX Calmar Ratio Rank: 42
VAE.AX Martin Ratio Rank: 44

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. VAE.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 Vanguard FTSE Asia ex Japan Shares Index ETF (VAE.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.AX	VAE.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.05	-0.65
Sortino ratio: Return per unit of downside risk	0.65	1.50	-0.84
Omega ratio: Gain probability vs. loss probability	1.08	1.20	-0.12
Calmar ratio: Return relative to maximum drawdown	0.57	1.69	-1.11
Martin ratio: Return relative to average drawdown	1.36	5.46	-4.10

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

The current IOZ.AX Sharpe Ratio is 0.40, which is lower than the VAE.AX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of IOZ.AX and VAE.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

IOZ.AX vs. VAE.AX - Drawdown Comparison

The maximum IOZ.AX drawdown since its inception was -35.75%, which is greater than VAE.AX's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for IOZ.AX and VAE.AX.

Drawdown Indicators

	IOZ.AX	VAE.AX	Difference
Max Drawdown Largest peak-to-trough decline	-35.75%	-31.55%	-4.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-11.47%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-13.35%	-11.47%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-28.59%	+13.67%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-31.55%	-4.20%
Current Drawdown Current decline from peak	-3.30%	-11.47%	+8.17%
Average Drawdown Average peak-to-trough decline	-4.70%	-7.70%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.61%	0.00%

Volatility

IOZ.AX vs. VAE.AX - Volatility Comparison

The current volatility for Ishares Core S&P/ASX 200 ETF (IOZ.AX) is 2.32%, while Vanguard FTSE Asia ex Japan Shares Index ETF (VAE.AX) has a volatility of 9.15%. This indicates that IOZ.AX experiences smaller price fluctuations and is considered to be less risky than VAE.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOZ.AX	VAE.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	9.15%	-6.83%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	16.99%	-7.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	18.42%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	15.53%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.28%	14.83%	-0.55%

IOZ.AX vs. VAE.AX - Expense Ratio Comparison

IOZ.AX has a 0.05% expense ratio, which is lower than VAE.AX's 0.40% expense ratio.

Dividends

IOZ.AX vs. VAE.AX - Dividend Comparison

IOZ.AX's dividend yield for the trailing twelve months is around 3.44%, more than VAE.AX's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOZ.AX Ishares Core S&P/ASX 200 ETF	3.44%	3.39%	3.47%	3.73%	6.11%	3.32%	2.40%	4.62%	4.27%	3.90%	4.89%	7.69%
VAE.AX Vanguard FTSE Asia ex Japan Shares Index ETF	1.23%	2.29%	3.07%	1.93%	0.73%	0.58%	1.00%	1.83%	2.59%	1.44%	2.26%	0.00%

Frequently Asked Questions

Can I hold both IOZ.AX and VAE.AX in my portfolio?

IOZ.AX and VAE.AX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IOZ.AX or VAE.AX?

On fees, IOZ.AX is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IOZ.AX or VAE.AX?

IOZ.AX is cheaper with a 0.05% expense ratio, compared with 0.40% for VAE.AX.

What is the main difference between IOZ.AX and VAE.AX?

IOZ.AX is categorized as Australia Equities, while VAE.AX is Asia Pacific Equities. IOZ.AX tracks S&P/ASX 200 Index, while VAE.AX tracks FTSE Asia Pacific ex Japan, Australia and New Zealand Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.05% for IOZ.AX and 0.40% for VAE.AX.