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

ISEC.AX vs. IHEB.AX

Last updated Jul 18, 2026
Documentation

ISEC.AX (iShares Enhanced Cash ETF) and IHEB.AX (iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF) are both exchange-traded funds - ISEC.AX is a Money Market fund tracking the iShares Enhanced Cash 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 5 years, ISEC.AX returned 3.28%/yr vs 1.52%/yr for IHEB.AX. At a correlation of -0.00, they often move in opposite directions.

Performance

ISEC.AX vs. IHEB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Enhanced Cash ETF (ISEC.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, ISEC.AX achieves a 1.94% return, which is significantly higher than IHEB.AX's 0.96% return.

ISEC.AX

1D
0.02%
1M
0.43%
6M
1.75%
YTD
1.94%
1Y
3.79%
3Y*
4.37%
5Y*
3.28%
10Y*
—

IHEB.AX

1D
-0.30%
1M
-1.10%
6M
1.00%
YTD
0.96%
1Y
9.05%
3Y*
8.33%
5Y*
1.52%
10Y*
3.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ISEC.AX
iShares Enhanced Cash ETF		1.94%4.40%4.74%4.06%1.29%0.08%0.63%1.77%2.05%1.24%
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		0.96%13.46%6.18%9.22%-17.76%-1.00%7.74%18.63%-7.42%4.52%

Correlation

The correlation between ISEC.AX and IHEB.AX is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.14

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

-0.03

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

0.04

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2017

-0.00

The correlation between ISEC.AX and IHEB.AX shifts across timeframes, from -0.14 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Enhanced Cash ETF

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

Often compared with ISEC.AX:
ISEC.AX vs. MVOL.AXISEC.AX vs. WVOL.AXISEC.AX vs. GLIN.AXISEC.AX vs. IHWL.AXISEC.AX vs. ILB.AXISEC.AX vs. IOZ.AXISEC.AX vs. WDMF.AX
Often compared with IHEB.AX:
IHEB.AX vs. BNDS.AXIHEB.AX vs. BOND.AXIHEB.AX vs. IAF.AXIHEB.AX vs. IHHY.AXIHEB.AX vs. IVV.AXIHEB.AX vs. QPON.AXIHEB.AX vs. VAF.AX

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ISEC.AX
ISEC.AX Risk / Return Rank: 9797
Overall Rank
ISEC.AX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ISEC.AX Sortino Ratio Rank: 9797
Sortino Ratio Rank
ISEC.AX Omega Ratio Rank: 9999
Omega Ratio Rank
ISEC.AX Calmar Ratio Rank: 9898
Calmar Ratio Rank
ISEC.AX Martin Ratio Rank: 9797
Martin Ratio Rank
IHEB.AX
IHEB.AX Risk / Return Rank: 6060
Overall Rank
IHEB.AX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
IHEB.AX Sortino Ratio Rank: 6363
Sortino Ratio Rank
IHEB.AX Omega Ratio Rank: 6666
Omega Ratio Rank
IHEB.AX Calmar Ratio Rank: 5050
Calmar Ratio Rank
IHEB.AX Martin Ratio Rank: 5656
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Cash ETF (ISEC.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.

ISEC.AXIHEB.AXDifference
Sharpe ratioReturn per unit of total volatility
3.59
1.55

+2.03

Sortino ratioReturn per unit of downside risk
5.05
2.23

+2.83

Omega ratioGain probability vs. loss probability

2.74

1.30

+1.44

Calmar ratioReturn relative to maximum drawdown

9.83

1.92

+7.91

Martin ratioReturn relative to average drawdown

30.27

7.25

+23.02

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

The current ISEC.AX Sharpe Ratio is 3.59, which is higher than the IHEB.AX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ISEC.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

ISEC.AX vs. IHEB.AX - Drawdown Comparison

The maximum ISEC.AX drawdown since its inception was -0.38%, smaller than the maximum IHEB.AX drawdown of -31.64%. Use the drawdown chart below to compare losses from any high point for ISEC.AX and IHEB.AX.

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Drawdown Indicators

ISEC.AXIHEB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-0.38%

-31.64%

+31.26%

Max Drawdown (1Y)

Largest decline over 1 year

-0.38%

-4.64%

+4.26%

Max Drawdown (3Y)

Largest decline over 3 years

-0.38%

-7.51%

+7.13%

Max Drawdown (5Y)

Largest decline over 5 years

-0.38%

-27.90%

+27.52%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.64%

—

Current Drawdown

Current decline from peak

0.00%

-1.10%

+1.10%

Average Drawdown

Average peak-to-trough decline

-0.03%

-6.27%

+6.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

1.24%

-1.12%

Volatility

ISEC.AX vs. IHEB.AX - Volatility Comparison

The current volatility for iShares Enhanced Cash ETF (ISEC.AX) is 0.09%, while iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF (IHEB.AX) has a volatility of 1.11%. This indicates that ISEC.AX experiences smaller price fluctuations and is considered to be less risky 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

ISEC.AXIHEB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.09%

1.11%

-1.02%

Volatility (6M)

Calculated over the trailing 6-month period

0.78%

4.83%

-4.05%

Volatility (1Y)

Calculated over the trailing 1-year period

1.03%

5.76%

-4.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

10.72%

-10.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.57%

12.04%

-11.47%

Dividends

ISEC.AX vs. IHEB.AX - Dividend Comparison

ISEC.AX's dividend yield for the trailing twelve months is around 3.75%, less than IHEB.AX's 6.03% yield.

PositionTTM202520242023202220212020201920182017
IHEB.AX
iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) ETF		6.03%5.74%9.24%5.17%8.58%6.14%9.71%6.51%3.59%6.82%
ISEC.AX
iShares Enhanced Cash ETF		3.75%4.32%4.55%3.93%1.05%0.13%0.57%1.68%1.96%0.88%

Frequently Asked Questions

ISEC.AX and IHEB.AX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISEC.AX is categorized as Money Market, while IHEB.AX is Total Bond Market. ISEC.AX tracks iShares Enhanced Cash Index, while IHEB.AX tracks iShares JP Morgan USD Emerging Markets Bond (AUD Hedged) Index.

Portfolio Optimizer

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